The Phoenix housing market is booming right now. In the past year, home values have increased by 7.5%, and they’re predicted to rise by a further 5.4% over the coming year. As a result, an increasing number of individuals are flocking to the city and it’s now the 5th most populous city in the whole country. This has led to Downtown Phoenix primarily focusing on developing affordable housing for the nation. But which new developments promise to offer Downtown Phoenix habitants the most for their money?
Broadstone Roosevelt Row
One of Downtown Phoenix’s newest developments is Broadstone Roosevelt Row. The development consists of more than 300 apartments which sell for an average of $266,000 each or can be rented for between $1,400 and $1,800. Each unit benefits from its own balcony, air conditioning, granite countertops, and walk-in closets among other things. And even if you’re an existing Downtown Phoenix homeowner you can benefit from such amenities. By tapping into the equity in your home, you’ll have access to the funds required to upgrade your existing property. Meanwhile, older homeowners can utilize a reverse mortgage to get their hands on the cash. This is ideal if you’ve just moved into a property in the area or you’re wanting to increase the value of your home before putting it on the market.
Situated along Central Avenue, The Stewart is an impressive 19-story family complex, consisting of luxury studio, 1-bed, and 2-bed apartments. Each apartment is packed full of modern features, including quartz countertops, energy-efficient expansive windows, ceiling fans, and pendant lighting. Meanwhile, the onsite amenities include a rooftop pool, skyline views, and a fitness center. The Stewart officially opened on May, 22 and interested parties can expect to pay upwards of $1,400 per month to rent one of the development’s elusive apartments.
Unlike The Stewart, Block 23 is still undergoing development and is set for completion by the end of 2019. The development will consist of around 330 apartments, with parking, offices, restaurant, and a grocery store set to complete the construction. There’s no word as of yet regarding how much apartments in Block 23 will go for, although it’s fair to say that they’ll fall within the Phoenix average of between $1,275 and $1,482.
The new developments going up in Downtown Phoenix have created a whole host of new accommodation options for locals. And while these exciting new apartments are great for the local housing market, it’s important to note that there are other great properties in the area which should be considered too.
If you are looking for a loft in the Phoenix area Andrew with The Holm Group is here to assist you. Feel free to call at 480-206-4265 with any questions. The Holm Grouprepresents both buyers and sellers throughout Phoenix and the surrounding cities. Whether it’s a loft, custom home, luxury home, or a single family home you can rely on The Holm Group to ensure a smooth and successful transaction. Remove the stress from buying or selling and let The Holm Group assist you today.