"Urban Living" Boom In Downtown Phoenix
This weekend is supposed to be the first to reach 100 degrees in Phoenix this year. So it is apt that we hear of RE fever in downtown. "Downtown living is suddenly very hot, with more than 1,700 residential units just opening, planned or starting construction soon. And the biggest fuel to the fire is the Arizona State University Downtown Phoenix Campus."
But can the ASU freshmen afford this? "Consider that units at 44 Monroe start at about $300,000 for a 780-square-foot space. The new Portland Place Condominiums also start at the low $300s and run up to more than $1 million."
"About 90 people signed conditional sales contracts in the past two weeks for units that range in price from $199,000 to $965,000. Eddie Chang is among them. The 25-year-old apartment broker snapped up a two-bedroom, 2 1/2-bath unit on the eighth floor. 'To me, it was a no-brainer,' said Chang, a self-described Diamondbacks fanatic. 'Phoenix is true urban living.'"
"The city's downtown plan calls for as many as 10,000 units in the next decade."