Just a few years ago, during the crazy days of 30% and 40% annual appreciation in our local real estate market, living in a Downtown Phoenix condo or loft was reserved primarily for the wealthy who were buying units as second homes, with a few owner-occupants who worked downtown and a few empty nesters mixed in to the equation.
For those individuals who currently work Downtown and are still interested in walking or biking to work, condo living has actually become affordable due to the beating that local real estate values have taken in the last few years.
As an example, lender-owned units at the Orpheum Lofts are currently being offered at the $100,000 price point. With a 20% down payment and even with the steep HOA dues there, an owner-occupant could be looking at a total monthly outlay for housing of under $1,200. For many professionals working in Downtown Phoenix, that is affordable.
To find out more about current bank-owned properties on the market in Downtown Phoenix, contact Lyle Plocher with the Urban Connection Realty team at HomeSmart at email@example.com.