Rebound for luxury condos in Valley

Upscale, condominium projects in coveted metro Phoenix locations were icons of the region's housing boom and then some of the most visible signs of the crash. Dozens of condo towers and loft projects were planned or under construction just as the housing market started slowing. On prime lots across the Phoenix area, signs promoted the projects, sometimes noting prices well above $500,000. An Arizona Republic analysis in 2006 found as many as 8,000 new condo units were planned. Fewer than half of those condos were built, and several projects that started went into foreclosure or bankruptcy as the housing downturn worsened. Those projects, complete or half-built, sat boarded up or fenced off. But now, five years after the housing crash started, several of the high-rise towers and other luxury-condo projects are filling up with buyers and renters.

Click here to view this article from its source.