Phoenix real estate tends to see trends happening about every seven years or so.
Right now, one of the hot new trends is Buyers gravitating towards a lifestyle more centered around the city, instead of buying a larger home on the outskirts of town. Although last year saw real estate not moving very fast, 2015 is already starting to look better. Demand for condos from investors and homeowners has done well, and a new project called Portland on the Park has got a list in the hundreds already, without even having the project completed yet.
While some people have not really looked into condo living previously, the market shows that many people are interested in not having to keep up with all the maintenance of a single family residence, including their own yard. The increased interest right now appears to be in the area of condominiums that offer more of a lifestyle in the downtown community, but popularity for condos in Phoenix has grown over the last couple years, as well. Living in a smaller space is one way to live a simpler life, as you come to appreciate and utilize the space more efficiently.
Another reason people love condos? Affordability and low maintenance. When the market shot up in prices in the early 2000’s, many people bit of more than they could chew with an enormous mortgage payment and inflated valuation. When the market tanked, many people were left severely underwater, leading to a massive amount of homeowners letting their homes go to foreclosure, or trying to work with their bank to do short sale their home in Arizona. Now? Many homeowners are more war-weary and thoughtful in their decision making and deciding “less really can be more.” This type of arrangement could prove to be the ideal situation for seniors, first time homebuyers, or those just looking to simplify; everything that is needed is nearby. Plus, there tends to be more of a community feeling since you're typically interacting with your neighbors more, joining in on planned community events, or just spending more time outdoors.
Portland On the Park
This unique condominium project will be situated between the 32-acres of the Margaret T. Hance Park, and the three-acre Portland Park. The contemporary style condominiums are not only made of concrete, but they will also be energy-efficient, a big draw for climate-conscience millennials and budget-conscience dwellers. The buildings will consist of 4-, 12-, and 14-story towers.
The Portland on the Park project is expected to get started around March 2015. The goal is to have it finished around 18 months later, sometime in mid-2016.
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