Condo's and Conversions Recently, Are Hot

Author:	Lucas Jones
Source:	Homes Discovered
Date:	April 21, 2006

In the Phoenix area, condo and condo conversions keep coming with many wondering if they are needed.  According to Jay Butler, director of the Arizona Real Estate Center in Mesa, Permits were issued to build 4,500 condominium units in Maricopa County.  Also, at least 10,000 apartment units were converted to condo's in the county. The reason for adding so many  condo's in the area is in developers believing that there is a market for more affordable housing than single-family homes.  Hundreds of apartments are being converted to condos in Ahwatukee, Gilbert, Chandler, Mesa and Tempe. Recently, condo conversions have slowed.  This is most likely a result of over-converting which may be a good thing for home buyers.  Developers have also started offering incentives to prospective home buyers.  These condo's appeal mostly to first-time home buyers and to winter visitors.  Median condo prices for resales have dropped slightly in Chandler, Gilbert and Mesa but risen in Tempe from February to March.  Converted condos generally sell cheaper than new ones.

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