Orpheum Lofts

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.

Artisan Parkview

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.

The Summit at Copper Square

Other Downtown complexes such as the Summit at Copper Square, Stadium Lofts and Artisan Parkview are presenting the same kind of affordable, lender-owned purchase opportunities.

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 lyle@downtownphoenixjournal.com.

  • Jay Moh

    While it’s true that you can find units for $90K in both Summit and Orpheum, you better check out the details. Summit is in chapter 11, and has serious problems selling the units. It could get turned into a dang hotel. Orpheum has serious parking problems (no parking) and the HOA fees are INSANE. Serious problems there too.

    That said, there are many other places around. Check out hotpads.com (I was not paid to post this) or other MLS real estate sites. There are some good deals out there, but do your homework. Don’t get rushed into it if you are not ready.

    Also, because many owners can’t sell now, their units are going for rent. I saw something going for $900/month at the Stadium Lofts the other day — looked like a good deal.