The sky is the limit! Valley Condo Prices...

It wasn't too long ago that I remember luxury condos in the valley were not only scarce to begin with but more importantly rarely priced above the half million mark. Today, you can consider yourself lucky if you own a piece of the luxury condo pie anywhere close to that price point. I work with a lot of investors and relocation clients and when they ask me, so what can I get at X price range, my typical answer is, well just about anything...afterall, let's say your price range was $250,000 - I could find you a brand new over 2500sqft home in Queen Creek, Maricopa, Surprise and Buckeye to name just a few cities but then again at that price range maybe we'll be lucky to find a 2 bedroom, 2 bath remodeled condo in Scottsdale. The same is true for just about any price range.

As for the condo market, especially luxury condos, we're setting new record highs with just about every sale. A few weeks ago, a Kierland condo sold for $3.16 M. A recent Arizona Republic article reported "that the Valley's elite condo market continues to stay hot as evidenced by the recent sale of a super-luxury condo at Kierland for $3.16 million, the biggest in state history according to the developer. The condo was on the sixth floor of Tower II of the Landmark at Kierland. This sale follows another recent condo sale of $3 million at the nearby Plaza Lofts at Kierlands Commons. The most expensive condo units in the Valley have been selling well despite the housing downturn and developers expect to see the market go up."

Stay tuned for the next piece...cheers,

Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area