Quoted in Arizona Republic’s Tempe Edition
Posted on February 10th, 2007 by Jonathan Dalton
I hated to bump Tobey’s weekly column, but I was quoted in the Tempe edition of the Arizona Republic’s Tempe edition for a story about a 26-story hotel/condo/retail combination being planned in the city by Las Vegas developer Paragon.
The reporter found me through one of my areas of expertise, the trends in local absorption rates for cities in the greater Phoenix area, then asked me about an area for which most of my data is anecdotal. In any event, a five-minute interview boiled down to just the one quote (and thinking it over I ought to have said there is a glut in condos rather than townhouses; both are accurate, but the former is more accurate.)
Tempe is a unique market for single-family homes because it is and has been landlocked (surrounded on all sides by neighboring communities) for years. Everything that could be developed into single-family housing was developed long ago so there is a very finite supply of single-family detached homes.
But people continue moving to Tempe because of the presence of Arizona State University and the city’s proximity to job centers in Phoenix and Chandler, as well as some within the city’s own borders (US Airways, nee America West Airlines, has a base there for example.)
Condos are another story, especially condos of the variety planned in this latest project. These are following on the heels of lofts projects along Rio Salado and along University Drive. Affordability has been the attraction for Tempe townhouses; affordability allows parents to view the townhouses as an alternative to the dorms. Buy a townhouse, give one room to your student and rent out the second (or third) room – even at today’s prices, it compares favorably to burning cash for a 12-square-foot room in Manzanita dorm.
There’s no such attraction for condos that will cost over a half-million, from what Ms. Nelson was telling me. Add in the anecdotal evidence that there appears to be far less demand for upscale condos and lofts in general, and there could be vacancy issues.
In any event, this was my second star turn of the week. It appears the television cameras captured me at Wednesday’s soccer match between the United States and Mexico in full Sam’s Army regalia – American flag, Uncle Same hat, official US Soccer scarf and all. If I had known, I would have brought Tobey.
One final tangential note … beware the Republic’s news archives. Ms. Nelson searched for my name and discovered an Associated Press sportswriting award I won 13 years ago. I believe the entry was chiseled in stone.
Technorati tags: tempe arizona, tempe arizona condos, tempe arizona lofts, paragon, rio salado, arizona republic
Quoted in Arizona Republic’s Tempe Edition…
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