Now is a great time to look into new Phoenix condos for sale! With the lowest mortgage rates, we’ve seen in years, purchasing a new home has never been more appealing. Condos in Phoenix may not have crossed your mind but there are many advantages to condo living. If you’re exploring condominium territory, you’ve come to the right place for additional information on this booming market.
The Advantages of Buying a Condominium
Depending on your home needs, a condo could be the best option for you right now. Whether you’re just starting a family or an empty nester looking to downsize, condos can come with many advantages. Most people believe that a condo is similar to an apartment. There are some similarities but plenty of significant differences.
A condominium is considered a private residence within a larger community that shares common areas like fitness centers, swimming pools, community centers, and landscaped gardens. Condos also pay monthly dues to an association that maintains these common areas and other important aspects of homeownership like roofing and outdoor paint. They also come as townhouses that are attached to larger buildings or high rises. Some appealing advantages include:
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Safety – Most condos provide excellent security with gated communities, doorkeepers, and security personnel. If you’re moving into your new home alone or just starting a family, you can rest assured that condo living can reduce the risk of break-ins. Being part of a larger community can help ensure that plenty of people are available to help in case of an emergency.
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Affordable – Condos are often priced lower than single-family homes and have a lower average selling price. According to the NAR also known as the National Association of REALTOR®, condos are priced at around $248,000 compared to the average single-family home at $260,000. If you’re on a tighter budget, a condo is a great affordable option.
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Location – Condos are typically located near bustling, downtown urban areas. Young couples have the advantage of being near to city activities like shopping, dining, and entertainment. If you work downtown, you’ll be able to take advantage of public transit depending on where you live. This will cut down on the daily commute and fuel costs. Condos that are located in prime areas will appreciate faster than those located in suburban areas.
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Appreciation – This leads us to another important advantage of condo living. In the past, condos appreciated slower than single-family homes because they were less appealing. This has changed dramatically and condo market values have been rising faster than single-family homes in recent years according to The Washington Post.
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Amenities – Perhaps the biggest benefit of owning a condo is the amenities. For active couples with kids, having a pool, fitness center, community clubhouse, and children’s play area is very convenient. And the best part is you already pay for these amenities in your association fees. These same fees cover maintenance as well so you won’t ever have to worry about cutting grass, cleaning a pool, replacing a roof, or fixing fencing. Property maintenance will take care of all big repairs so you can live an active lifestyle.
The Downside of Condo Ownership
There are disadvantages to owning a condo that you should be aware of. These may not be deal-breakers for you depending on your lifestyle but having a clear picture of what you’re looking forward to is the best way to make an informed decision. Some downsides to owning a condo include:- Rules – Condominiums and townhomes have rules established by property management that owners must abide by. HOA, also known as homeowner associations, generally has many rules and strict guidelines meant to maintain safety and uniformity within the community. For example, there may be designated “quiet times” or strict rules on pet ownership. If living with rules sounds stifling, purchasing a condo may not be a good option for you.
- Association fees – An HOA collects monthly dues that go toward community maintenance and upkeep. It is the price you pay for not having to worry about basic maintenance like cutting grass or pool ownership. This fee is added to your mortgage and varies greatly depending on condominium location, size, and quality. Most HOA fees are reasonable but they typically increase over time.
- Privacy – Condo living means you’ll have neighbors on both sides of you depending on the location of your unit. You may have neighbors going up and down the halls or making noise during the night. If you’re looking for more solitude, a condo may not be the best option for you.
Why Buy Phoenix Condos For Sale
The metro Phoenix condominium market has been labeled as the “most robust” through the pandemic out of 8 West Coast markets. This market trend indicates that the Phoenix condos for sale have been the most resilient and is expected to continue. While most markets have suffered a decline with the current shelter in place restrictions, the Phoenix market has been steady relative to other markets. If you’re looking for a maintenance-free life on a budget, you’ll want to check out the condos for sale in Phoenix.There are currently 45 brand new condos available with asking prices starting at just $139,000! Brand new condos typically come with stainless steel appliances, upgraded countertops, and lavish bathrooms. Seventy-one condos have been sold in the last 90 days and that number keeps growing since more condominium communities are being built. Some condo communities to look into include:
If you’re looking for new condos, Phoenix is the best place to buy! All condos are centrally located near premium golf courses, immaculate sports venues, and incredibly scenic hiking trails. If you’re looking for entertainment, you’ll be within minutes of shopping, dining, and nightlife.
Call a Leading Phoenix Real Estate Agent Today
You won’t find any disadvantages with our current featured condo listings! Whether you’re looking for luxury or a down to earth lifestyle, we have the right condo for you. Current featured and listed condos are located in St. Croix Villas, The Douglas, and Hayden Square Communities. St. Croix Villas is centrally located in downtown Phoenix with a laid back ambiance and school accessibility. These are coveted condos since they are located in one of the hottest spots in Phoenix. The Douglas communities feature exceptional architecture and luxurious spaces. Nestled in Old Town Scottsdale, this community is distinctive and only steps away from world-class art galleries and nightlife. Hayden Square is perfect for Arizona State students and is close to shopping and entertainment.Our team lists condos for sale Phoenix AZ and can help you navigate the local real estate market with expertise and ease. With over 20 years of award-winning experience, Jeff Barchi is a top Phoenix real estate agent closing around 50 transactions per year. A reputation for excellence, homebuyers who partner with us to buy condos in Phoenix have an average final purchase price of 5% lower than comparable homes in the same area. Ranked in the top 1% of REALTORS nationwide, you can rest assured that your dream home purchase is in good hands.
Call us to start the home buying process today!
