Oct. 10, 2007 03:10 PM
Condominiums
Valley condominium prices are more erratic than the rest of the housing market.
Some areas in Phoenix and Scottsdale posted double-digit increases in condo prices, while residential neighborhoods near those ZIP codes saw double-digit declines.
New condos fared the best in many areas and helped drive up overall median prices. In the northeast Phoenix ZIP 85054, new condo prices shot up 38 percent. In south Phoenix, prices climbed 27 percent.
In Phoenix's Biltmore area, home to a few of the Valley's most high-end condo projects including the Esplanade, the overall median price was down 26 percent.
Tempe's Rio Salado area posted a 10 percent jump in overall median condo prices. New attached homes in the area climbed 9 percent.
Condo prices dropped in most neighborhoods in Mesa, Chandler and Gilbert.
Condo conversions were a drag on the market last year, particularly in those East Valley cities. But many of those projects that didn't sell to homeowners are being reverted back to apartments, which clears some of the glut out of the market.
- Catherine Reagor