When David and Jennifer Staciokas bought a unit at Orpheum Lofts in downtown Phoenix two years ago, lofts were still a novelty here.
Not anymore.
The Staciokases, who wanted to "help shape downtown," are part of an urban-living heat wave. Now, urban living - lofts and the newest trend, high-rise condos - is taking off, not only in Phoenix, but in Tempe, Scottsdale, Chandler and other Valley cities.
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At the time, the Staciokases looked at several projects. These days, they could choose from thousands of units that are planned or in the works.
The numbers tell the story: From 1995 to 2004, 1,500 housing units, mostly lofts and condos in new and refurbished buildings up to six stories, were built in Phoenix. An additional 1,000 units are in the works, from conception to construction. In the next four years, the city expects to double the amount built in the past 10 years.
But is construction short-lived? Is the market just a fad?
Housing experts and city officials are cautiously optimistic, saying that, at least at the time being, condos represent a small submarket that doesn't compete with the single-family-housing boom occurring throughout the Valley.
Many buildings, such as Optima Biltmore Towers, are selling out before they are completed. Others are taking pre-sales. Demand was so great for one 65-unit project that developer Grace Communities scrapped it and started over with a new building, new name and more units. Now, 44 Monroe features a 34-story residential tower and 176 units.
Fueling the urban-living renaissance, experts say, are several factors, among them light-rail construction, ever-increasing commute times from outlying areas, Tempe Town Lake development and downtown Phoenix projects such as the Translational Genomics Research Institute and the Arizona State University campus.
http://www.azcentral.com/home/hb101/articles/0813lofts0813.html
