The condo market got creamed in the last real estate crash. But now there are a number of new projects hitting the market or under construction as developers, financiers and even a prominent home builder look to the multifamily market.
• Shea Homes Arizona has started construction on a new Ahwatukee condo development called Vantage.
The 69-unit project from the home builder is at Fifth Avenue and Chandler Boulevard. The condos will range between 1,400 and 2,000 square feet. They are priced in the high $200,000s and will open in the first quarter of 2016.
Shea took over the development from WestStone, which got the Ahwatukee condos going in 2007. But that ran straight into the recession. This is Shea’s Arizona group’s first condo project here.
“We are always looking for great land opportunities which provide our customers with housing solutions and this community was one of those,” saidKen Peterson, vice president of sales and marketing for Shea Homes Arizona.
• Cypress Development Group has also broken ground on a $350 million luxury condo development — The Sterling Collection at Silverleaf.
The 170 condos are priced starting in the low $1 million range in the 2,000-acre affluent Silverleaf area. The high-end condos range in size from 1,900 to 5,000 square feet. Amenities an automated robotic valet parking system, electric vehicle charge stations and wine storage.
• Scottsdale-based Deco Communities has also broken ground this week on its new midtown Phoenix condo development — The Edison.
The $40 million condo project totals 110 units. It is located at Central Avenue and Monterrey Way in midtown Phoenix on the Metro light rail.
Units are priced starting at $240,000. Deco is marketing the complex to millennials and hipsters.
Deco also is developing a $37 million, 89-unit new condo development in Old Town Scottsdale.
The new condos come alongside the continued wave of new apartments being built in central and downtown Phoenix, Tempe, Scottsdale and parts of the East Valley.
There are also a few projects where developers buying large chunks of condo units and converting them into apartment rentals.
Still, the shadow of the last real estate bubble — which sent some condos into foreclosure and others into apartment conversion — still lingers over the market.