After all we’ve been through it seems amazing, but it’s true. As I’m writing, there are only FIVE condos and ten townhomes currently on the market from McDowell to Lincoln, between the 7′s.
We’ve heard the message repeatedly on the news, and more recently the housing recovery story has become endemic. The market is on the way up and demand, especially in the downtown micro market, is clearly outstripping supply. With a seemingly ever increasing number of students, new business, shops, resturants, sports, culture, and most importantly a vastly improved public transport system, Downtown Phoenix has become a very compelling place to live.
So what’s next if you want to buy a condo or townhome in downtown?
On Thursday we saw the first of several potential answers as Urban Commons (the REIT that owns half of Summit at Copper Square) hit the MLS with two condos, almost doubling the available downtown condo market. But there is a price attached. The new listings at the Summit are $60/sf more than the last recorded sales, starting at $200/sf and $285k for a two bedroom home on the 8th floor. If they sell I’d predict up to 70 more to follow over the course of the year as Summit at Copper Square comes to life again and rightfully looses its tag as the last remaining poster child of distressed buildings in downtown.
The lack of availability is also driving the two new listings at Orpheum Lofts which are $12 – $40/sf above the previous highest sale, coming in at $135k and $179k respectfully. Pricing is also up at the Townhome at St Croix Villas which is almost $70/sf above the last sale.
Expensive? Not really. In fact, the pricing is still well below build cost and will look like a bargain soon as pre-sales start to appear for some really exciting new developments.
In the meantime (at least at the time of writing), here’s where you need to go (quickly!) if you really want to be the last to buy at a bargain rate in downtown Phoenix.
Orpheum Lofts (2)
The Embassy (1)
Summit at Copper Square (2)
Artisan Village (1)
Evergreen 9 (1)
Portland Two (1)
Rennaissance Park (5)
Cathederal Townhomes (1)
St Croix Villas (1)