Is anyone gonna buy one of those condo's downtown?

[azjack]

Originally Posted by AZtarheel

The Orpheum Lofts is an excellent place to live. A beautiful building, completed very well done, close to everything.
Everyone I know loves living there and loves living downtown.

Wasn't that the building where they lost their parking spaces?

Downtown Phoenix is generally a nice place, for example, the Orpheum Theatre across the street from AZ TH. But I prefer it in smaller doses than 24/7. To each his own.

[HX_Guy]

That's great to hear that some people are selling their homes out in the suburbs and moving back to the central city. I've heard people comment that they are building too many of these condos downtown but in reality, they are currently less then 500 under construction and only about 500 more planned right now. The Phoenix market is still absorbing about 4500 homes per month so that is going on downtown is a small small fraction. You only need a handful of people to fill these units up...and with downtown having over 50,000 people that work right in the core, it shouldn't be that hard.

[AZtarheel]

I read the article in the Arizona Republic and don't necessarily agree with all of it. It is true that there are lofts that are not selling, but we are in a real estate slump. There houses, condo's, lofts and everything else that are not selling right now.

As far as over priced, I believe that the Orpheum Lofts are one of the best deals in town right now. When the slump is over and the the other projects are complete, the values will go up.

During the recent Urban Tour Downtown we held a few lofts at the Orpheum open, eventhough we were not actually on the tour. The majority of the people that came in, (and there were quite a few) thought the Orpheum was the best lofts they had seen all day.

Don't get me wrong, there are some very nice projects downtown, but most of them are new builds, and don't have the character that the Orpheum has. They do have some good things of there own, like balconys and covered parking!! Despite the fact that we have to wait for the Omega Building to be built to buy our covered parking, I still love the building and living there.

Yes, my loft is on the market, (for those of you sitting back thinking that!!) But I would love to be able to stay downtown Phoenix. I believe it is an excellent investment and I love being a part its growth. If mine were to sell soon enough, I might buy another in the Orpheum. I have been there for 2 years and have a lot of friends there. Regardless, I would like to stay close to downtown.

I do not work down town, I actually work closer to Tempe. The commute to and from work is very easy, because I am going opposite the heavy traffic headed towards downtown Phoenix.

There are a lot more things to do downtown than most people think. I have seen it change a lot over the past 2 years. I look forward to what the new three years will bring.

[enattitude]

Curiously enough, I called an Apartment complex today to verify rents and they are going Condo with lease to buy options on the refurb'ed units. Great way to get in with little or nothing down or in closing fees.

They did the opposite here in Vegas. Kicked everyone out of their Apartments, re-did them, then sold them as Condos for 100k to 500k. Some of the apartment people could afford the "New Condos", but not the HOA fees. Knocked me all the way to AZ. :-)

Any thoughts on it going the opposite way from Vegas?

I like the pictures of the complex, haven't seen it yet. But at least we would get a chance to buy before we were told to leave.

Also, anyone know how much HOA fees/dues run there? Mega $$$$$ here.

Thanks so much.

Who said moving wasn't fun???

[hgbhct]

I think it's an excellent long term investment but it won't pay off if you are seeking to purchase and sell it in a few years. The ASU downtown campus combined with the new medical school will create a vibrant student body. Many of the students will purchase those condos and the area around it will develop to accomodate these students.