One of the hottest real estate markets in the last couple of years has been condominiums. More than a million condominiums are sold in a single year. Of course, the market for single family homes is also strong, but the condo market has become a great alternative to a traditional single family home.
Condos are an affordable alternative for many buyers that are having a difficult time investing in a single family home. But not all condo purchases are made as an entry level sale. There are a number of buyers that are looking for luxury condos.
Condo prices have kept pace with housing appreciation levels of other traditional homes. In some cases, condos are just as expensive as other single family homes. So clearly it isn't merely a matter of affordable pricing that is making condos attractive to buyers. It's the convenience of a low maintenance home combined with great location.
The American Demographics estimates that home owners aged 55 to 74 will increase by 36 percent through 2015. This aging population is making different decisions about what type of housing is most appropriate for them, and many are rejecting the premise of staying in the family home during retirement. Instead, this very mobile and active generation is choosing homes that better accommodate their busy lifestyle, which often translates into the condo market.
These buyers are finding lots of opportunity in the Phoenix real estate market. The condos that are for sale in Phoenix aren't merely the average "boxy" condo found in many markets. These homes are decidedly upscale and are certainly as comfortable as most single family homes.
A standard luxury condo in Phoenix will have:
At least 2,500 square feet
Three or more bedrooms with a minimum of two and a half bathrooms
Interior design details that can be modified to fit the buyer's interest
High-speed data access, multiple phone lines, modular wiring
Use of steel, concrete, and recycled products
Natural stones and hardwoods, designer ceramic and clay tiles
Owning a luxury condominium gives home owners a chance to live in comfort and ease, and there's certainly no better market than the Phoenix home market to find these beautiful condos.
Phoenix is truly an innovative community when it comes to condominium development. You'll find homes that are perched on golf courses, have spectacular mountain views, or are in the heart of the metropolitan city. Whatever your taste, there is a luxury condo for you in Phoenix.
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