A New Condo Boom?
Deco Communities' recently announced Envy project in Scottsdale may just be the shot heard 'round the market for new condo development. (Not that we're jealous or anything.) Are we heading for another boom?
Deco's Rob Lyles thinks so and tells us that people are realizing the time to go into Phoenix is now. (In fact, if they get here by May 25, they can see Les Mis at the Phoenix Theater mainstage.) Projects like Envy—a $37M, 90-unit condo at 4422 N 75th St in the Entertainment District—are going to further make them look harder at the market, he says. Deco has $14M in equity for the project.
Rob says the project is targeted to younger professionals who desire to be in that affluent district. While many Millennials seem to prefer leasing, there is a growing desire to own again as well, particularly in popular areas. “There are very limited choices in Scottsdale,” he says. This isn't the only project in its pipeline: Rob says Deco may be closing on a second condo site within the next 30 days.
