Phoenix Condos

Much of new development in the Phoenix condo market is taking place in the central and downtown areas. Younger professionals are particularly attracted to residences with easy access to their offices and the plethora of nightlife opportunities that the metropolitan area offers.

The rising cost of homes is also a factor in buyer decisions to consider Phoenix condos. The prices of condos are rising as well, with the median price for a Phoenix condo topping $100,000 in late 2003. This figure is still about $50,000 less than the median cost of condos nationwide, however. In addition, buyers consider their Phoenix condo a better investment than a freestanding home, because it is maintained by a central organization rather than the owner.

The increased popularity of Phoenix condos has spurred increased construction, especially of hip metropolitan lofts, higher-end complexes, and golf community suburban townhomes. Developers are designing city lofts from scratch these days; the first residential lofts in the area were converted industrial spaces. The new designer lofts are selling for as much as $200 per square foot, compared with the average of $90 per square foot for freestanding homes in the Valley. See Phoenix Lofts page for more information.

At one of the more recent condo developments – the very upscale 12-story Esplanade Place at 24th and Camelback – luxury units have sold for over $1 million. Amenities include a concierge, clubroom with fireplace, large screen TV, bar and kitchen, a business center with conference room, secretarial services, computer, copy and fax machine, fitness center, rooftop pool, underground parking with two spaces for residents and available guest parking.

In-town condo living in Phoenix doesn’t have to mean urban high rise. Those who prefer a suburban or golf lifestyle can still enjoy the convenience of city life.

The gated Arcadia Grove condo development, located at 44th Street and Thomas, is bordered by a steam. The landscaped grounds include a lily pad-filled pond that’s stocked with Koi (carp) and home to Mallard ducks. The development has 121 condo residences in six three-story buildings. Each unit has two garage spaces and floor plans range from a two-bedroom unit with around 1,120 square feet, to a 1,740+ square foot, three-bedroom, three-bath residence. Community amenities include a clubhouse, swimming pool, spa and barbecues.

The gated Legacy Golf Resort at E. Baseline and 32nd St. has condo units starting at $150,000. One and two-story floorplans start at 1,336 square feet; largest units are just under 1,700 square feet. The community offers an 18-hole golf course, clubhouse, game room, fitness facility, resort-style pool and spa. Hiking and mountain biking facilities are close by.