A recent surge in construction and development suggests that downtown Phoenix is experiencing a housing boom. Currently, in the core of the city's downtown, there are more than 20 condominium and apartment developments under construction. This real estate development ranges in scope, from apartments known as "micro apartments," at only 500 square feet, to much larger penthouse condominiums.
This tremendous development activity is good news for those on the search for a place to live in downtown Phoenix. Upon completion of the ongoing projects, recent reports suggest that there will be more than 2,000 new places for people to live in the area. This is a massive effort at redevelopment in the city, and it represents more residential development in the central city than ever before.
According to a report from a Phoenix growth expert, there is demand to live in the central city from a multitude of different types of buyers, which is good news for those handling development agreements. Despite the rise in average rent in the area, which has increased almost 50 percent in the last five years, the demand is still there. In one ongoing development project, known as Portland on the Park, one-third of the condominium units have already been sold.
Increasingly, there is more interest and access to the central city area of Phoenix. Light rail simplifies transportation for some. Additionally, as Arizona State University's downtown campus expands, more people are interested in living in the vicinity.
It is an exciting time for downtown Phoenix with the uptick in new construction. However, those working on development projects in the city should ensure these agreements are properly executed. Contract disputes concerning real estate should be timely and properly addressed.
Source: azcentral.com, "Downtown Phoenix housing boom finally underway," Catherine Reagor, Dec. 3, 2015