Urban valuations in a changing market.

By
Real Estate Broker/Owner with Phoenix Urban Living

I am constantly discussing urban valuations with my friend, business partner and biggest competitor, Will Daly. The urban trend in Phoenix occurred during a phase of heavy real estate speculation and therefore there is an unrealistic expectation on the amount of demand or what people are willing to pay for unique urban housing. However, there is a solution that can help be the barometer. If you look at mature urban cores usually urban housing is anywhere from $200-$350 per ft. Also, if you look at local buildings that were marketed, built and sold prior to the run up, they can give you a baseline. Apply yearly appreciation and there you go! Many practitioners will try and to make us the exception which isn't exactly correct. We do have some exceptions (The Plaza Lofts and Scottsdale Waterfront) due to location, near by amenities and the vacation like buyer. Otherwise for the most part we are overpriced given the demand and what the true values are. For more information, please contact me to discuss valuations at: http://www.phoenixurbanliving.com/buyersrequest.html

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Rainer
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Michael Fitzpatrick

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