Are Condos Overwhelming The Valley???

Are condos overwhelming Valley?, from the Arizona Business Gazette, reports that condo projects and condo conversions keep coming even though some experts wonder if all of them will be needed. Permits were issued last year to build 4,500 condo units in Maricopa County, the largest number in 10 years, according to Jay Butler, director of the Arizona Real Estate Center at ASU. In January and February of this year, an additional 1,300 units were permitted. And on top of that, at least 10,000 apartment units were converted to condos last year in the county. Developers see a market for them because they are affordable compared to single family homes. Mesa, Chandler and especially Tempe are getting high-rise condos. At least a dozen have been built or will be built in Tempe. Butler said conversions have been slowing recently, perhaps because there are so many. "Many are concerned that they might be overconverting. For some projects they are converting things like old office buildings and shopping centers", he said.



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