Arizona Republic
❚ SUNDAY, APRIL 15, 2018 ❚ 1R
Real Estate New-condo sales soar 57 percent in Valley
Units, such a these at Borgata Condos in Paradise Valley, are a hot commodity right now. PATRICK BREEN/THE REPUBLIC
Older units also are being snapped up as overall market rises Catherine Reagor Columnist Arizona Republic USA TODAY NETWORK
Developers built thousands of metro Phoenix condominiums over the past few years, and buyers snapped them up. New-condo sales soared 57 percent last year, according to The Arizona Republic/azcentral.com Street Scout Home Values report. Buyers opted not only for new condos but older ones in the Valley, with condo sales overall climbing 12 percent in 2017 from an already heady level in 2016. It could be more people wanting to live closer in and own lower-maintenance homes. It could be that condos were the most affordable option for some homebuyers. It’s likely both.
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Baby Boomers who have become empty-nesters and Millennials who want to buy instead of rent are driving the trend. Both groups are typically buying condos to be closer to restaurants, shops, bars and jobs. Some want to walk to those spots instead of drive. Last year, Lisa and Gregg Larson bought a new luxury condo in central Scottsdale’s Enclave at Borgata. They moved from north Scottsdale to be closer to places they like to hang out. “We can walk to shopping and restaurants, and we are only a $5 Uber ride from Old Town,” Gregg Larson said. See CONDOS, Page 3R
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