Roszak/ADC
Condos put some zip in slow market
East Valley Tribune
09/02/2007
Misty Williams |
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If there’s a bright spot amid the current real estate market slump, some local industry experts say it’s the demand for high-density housing, such as town houses and condominiums.
Scottsdale-based WestStone Communities recently sold more than 25 percent of the 196 condos in its new 26-story Onyx Tower project within its first week of sales. The project will be situated on Tempe Town Lakealong Playa Del Norte Drive and Rural Road near Loop 202.
Onyx has been popular, in part, because of its location on the lake, said Marilyn Pfaff, WestStone’s director of sales and marketing.
People don’t want to look out their windows and see old office buildings; they want lake and mountain views, Pfaff said.
Young professionals are also looking for a more urban lifestyle, she said.
“We are appealing to the couples that do not want to have the house, the yard,” she said.
Construction on Onyx is expected to start later this year and be completed by fourth quarter 2009.
Aquaterra
Another developer is banking on the popularity of high-density developments.
Chicago-area builder Tom Roszak is planning to build 430 condos in Mesa’s Fiesta District. He hopes to break ground on the project, called AquaTerra, in February near the corner of Alma School Road and Southern Avenue.
Plans for the development originally called for 540 condos in four towers, rising as high as 25 stories. But Roszak decided to scale back earlier this year because of market conditions.
The project will now include three interconnected buildings, which will rise as high as six stories.
Condos will range in size from 600 to 3,000 square feet with prices starting in the mid-$200,000s. Penthouses will start at $700,000. In all, 24 units will also combine office and living spaces. A sales center is set to open in October.
Bamford Realty
In the local single-family home market, Gilbert-based Bamford Realty is expanding its Whitewing custom-home development with Germann Estates.
Four homes are currently under construction in the 120-home project, situated along Germann Road between Greenfield and Higley roads. The development will feature a 24-hour manned gatehouse.
Houses in Whitewing currently run as large as 7,000 square feet with a basement. Finished houses in Bamford’s newest subdivision are expected to run between $700,000 and $2 million. The company has five neighborhoods within Whitewing, three almost fully built out. |
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