Wishing all my readers a very Happy New Year!! The end of holidays and back to a fresh, new year with all the new year resolutions, goals and milestones for this year. Time sure flies fast so it might be prudent to get started on those new year resolutions right away.
The new year is also seeing a new trend of urban living throughout the valley, builders are focusing on green energy and urban lifestyle. A new $47 million luxury condo development is hitting the market in Old Town Scottsdale. The eight-story condo building has 89 units. Condos are priced from $349,000 to more than $1 million. Units range between 750 and 2,400 square feet. Amenities include a yoga study, 24-hour concierge and security and a private lounge for condo owners.
Downtown Phoenix is also getting new developments. It has seen some big changes in past decade with Metro light rail, CityScape, Arizona State University’s downtown campus and an expanded Phoenix Convention Center. This brought in more activity and new residential developments to the central business district. But most of the new apartments and condos coming to downtown are more expensive, and apartment rents that rival Scottsdale and the Biltmore area.
Capitol Lofts are slated to be built which has loft designs with 20-foot ceilings and lower pricing. Their goal is to bring downtown housing options to government workers, young professionals and other downtown workers.
Let’s take a look at the November sales of Residential Properties in Maricopa County-
- Total Sales for Single Family, Town-home, Condos, for November are 5,976 whereas October were 6,229 and September was 6,469
- The Active listings for Single Family, Town-home, Condos, for November are 20,071 whereas October were 20,455 and September was 19,818
- Pending sales for Single Family, Town-home, Condos, for November are 5,667 whereas October were 5,679 and September was 5,800
The total home sales by financing were-
Cash Sales – 1,345
Conventional – 3,033
FHA – 1,128
VA- 422
Now let’s take a look on the commercial side-
There is a new development coming in Tempe, its 407 unit residential and retail mixed-use development covering a full city block at the north-west corner of University Dr and Forest Ave. Delivery is slated for summer 2018.
Plans are to build two high rise apartment buildings on top of retail amenity space and surrounded by mid rise flats and city walk ups. Featuring a cascading design descending towards 7th Street, the first tower will rise 20 stories and the second tower will be 12 stories, primarily offering studios, one- and two bedroom units. 22 walk up city homes and flats will wrap the lower four floors of the two towers. The 857,000 square foot project will also include more than 31,000 square feet of retail and restaurant space with frontage on University and 7th. The amenity-rich residential towers will share a fifth-floor deck with resort-style swimming pool and barbeque grilling area, outdoor lounges with cabanas and fire pits. The asset will offer a state-of-the-art fitness center, dog walk, bike workroom featuring secure storage for more than 450 bikes, on-site parking for residents and 350 public parking stalls. Individual units will offer high-end finishes including nine-foot ceilings, granite counters, stainless steel appliances, and private balconies.
San Tan Corporate Center office building in Chandler was sold for $58.5 million or about $219 per square foot. It was 267,000 total square feet of class A office space. Built in 2000 and 2003 and sits on 16.4 acres.
Gateway Mini Storage Solutions in Gilbert was sold for $14 million, or about $151 per square foot. The 92,855 square feet self-storage facility consists of 669 units. It was built in 2005 on 7.4 acres in the Gateway Airport / Loop 202 submarket of Maricopa County.
A private investor acquired the 60 unit Avenue 801 apartments in Phoenix for $5.43 million, or about $90,000 per unit. It was built in1956, the two-story multifamily property totals 34,464 square feet on two acres.
Hope this article gives you a peek in what’s happening in our valley. As always, I love your questions, comments & feedback. Please keep them coming at arti@artiiyer.com or call me at 480-242-8573.
Disclaimer: This article makes no representation or warranties of any kind as to the accuracy of the data. The source of data has been taken from several sources such as Armls, cromford report, Better Homes and Garden, Costar, Globest, BizJournal, Newsgeni, Realty times, azcentral, wall street journal.
