Condo Market Is Showing Signs Of Slowing...

Condos opening as fever dips, from the Arizona Republic, reports that Scottsdale's condo market is showing signs of slowing just as the Hotel Valley Ho condo project is ready to complete its first condos. "It's certainly not as strong as it was two years ago when people were signing up without even looking at anything," said Alyssa Wick Thomas, a sales agent for Russ Lyon Realty. "Now they're analyzing everything and crunching the numbers." About half of the Valley Ho's 37 condos have sold. Some other projects in the first wave of what is expected to be 2,000 new downtown Scottsdale condos will welcome their first residents during the next few months, including Optima Camelview, Main Street Plaza and Scottsdale Waterfront Residences. Many potential buyers put deposits down on condo units in 2005, but now as the developers are getting their public reports in hand, some buyers are canceling. It is clear that many were just testing the waters. Scottsdale's resale condo market has seen sales dip 18 percent from May to June. Valleywide, sales of existing condos were off 30 percent from May to June.

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