New condos in centrally-located metro Phoenix neighborhoods are drawing buyers who are willing to pay more to live closer in.
Lisa and Gregg Larson talk about their reasons for moving from Scottsdale to Enclave at Borgata, new luxury condos in Paradise Valley.
"Condos are gaining market share in the Phoenix area, selling in larger numbers and seeing higher prices," said real estate analyst Mike Orr with the Cromford Report."The new attached luxury jewel-boxes (condos) are where prices are really climbing."
"It's clear people want to live in connected areas like downtown Phoenix now," said Chris Chamberlain, a partner with North American Development Group, which is also developing the El Dorado on 1st condos in central Scottsdale.
Most of the buyers of new metro Phoenix condos are either Millennials or empty nesters like the Larsons. Both groups want to be closer to restaurants, shops, job and often light rail. And they don't want the upkeep of a house with a yard, so they can travel and go out more.
That's why Paul Mashni, CEO of PEM Real Estate Group, sold his large Valley home a few years ago and will move into a new condo in El Dorado on 1st this summer.
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The Borgata shopping center, north of downtown Scottsdale, wasn't considered a central location when it opened in the late 1980s. The upscale shops, situated on a large parking lot, were surrounded by vacant land.
But during the past few decades, the vacant land and parking lot have been filled with offices, restaurants, a resort and stores including a Trader Joe's as more growth has headed north.