Amid Concerns, Developers Love Condos

The condo projects and condo conversions just keep coming, even though some experts wonder if they will all be needed.

There were 4,500 permits issued last year in Maricopa county for condo units, the largest number in 10 years, according to Jay Butler at the Arizona Real Estate Center at ASU.

And on top of that, at least 10,000 apartment units were converted to condos last year.

Developers see a market for them because they are more affordable than single-family homes.

Mesa, Chandler and especially Tempe are getting high-rise condos... at least a dozen have been or will be built in Tempe.

Converted condos are selling well but competition is getting stiff, evidenced by developers offering incentives like zero closing costs, zero payments until 2007, and zero condo fees until 2007, to name a few. More...