Roosevelt and 5th ?? What's that area like? (Phoenix: real estate, apartments)

[mjsmitty]

I am thinking of moving to Phoenix to take a job and looking for apartments in or near Copper Square/downtown...

Among other areas, I am curious about the area around Roosevelt and 5th, a few blocks north of Copper Square, as there are some apartments/condos in that region. And there are one or more luxury buildings that may be built in that area in the next year.

What is that area like now? What do you anticipate it will be like in the next year or two, especially with the downtown ASU campus being populated?

Thanks.

[exit2lef]

Do you mean 5th Street or 5th Avenue? The distinction between street and avenue can be huge in Phoenix. Regardless, the Roosevelt Row area is at the north end of Downtown Phoenix. Until recently, it was blighted, but it's now becoming a center for independent restaurants, pubs, galleries, and upscale apartments and condos. There's still a way to go. There are some vacant lots and dilapidated old houses that need to be cleaned up on some blocks. Still, it's an area that seems to have a bright future. Both the ASU campus and the light rail station at Central / Roosevelt will add to the mix.

[Elmonellie]

Great question. I just had a lovely lunch on 4th Ave and Fillmore, I think...At Palatte. I was surprised and happy to find such a place in that area. I guess I've become a cheerleader for the PHX downtown vitalization...but it WAS a nice dining experience.

If you are a pioneer kind of person, go for it. It's still REAL rough around there. I applaud you if you do. In 2 years, I bet it has been totally gentrified.

I've been looking for real estate in that area for 5 years but never had the guts to buy. I could have made a lot of money if I had more forsight.

[mjsmitty]

silverbear,
I am speaking of Roosevelt and N. 5th St., about 4 blocks north of the Arizona Center...

I recognize your comments. It appears that there are some decent apartments and condos ($300,000+) in that block area.

I am wondering if a luxury high-rise apartment building would be worth the risk (not alot of risk on renting, I know).

[exit2lef]

Originally Posted by mjsmitty

silverbear,
I am speaking of Roosevelt and N. 5th St., about 4 blocks north of the Arizona Center...

I recognize your comments. It appears that there are some decent apartments and condos ($300,000+) in that block area.

I am wondering if a luxury high-rise apartment building would be worth the risk (not alot of risk on renting, I know).

Since predictions are that the condo market may be overbuilt, there's some short-term risk of not being able to make a profit if you had to sell quickly. In the longer term, I think the risk would be less.

[SMG]

I believe the OP is looking to rent...

[Magnum Mike]

Originally Posted by mjsmitty

...What is that area like now? What do you anticipate it will be like in the next year or two, especially with the downtown ASU campus being populated?

Thanks.

Five years ago, I would have discouraged you from moving there, but the area has improved significantly as new construction and revitalization projects have replaced many run-down buildings and areas. Right now on a scale from 1 to 10, I'd give the area a 6 and it's slowly improving. In a couple of years, I'll probably be able to give it an 8.