Just as with other types of real estate, the value of an Phoenix high rise condo is determined by many factors. Of course, many of these factors are unique when it comes to condos and other homes with shared community space. Heres what determines the value of your Phoenix high rise condo
Location
Location is everything in real estate. Phoenix high rise condos in busy urban areas such as downtown Phoenix and Seaport District are desirable and typically command a higher price than those in more open suburban communities. Nearby amenities are also important.Space/Sq. Footage
Most Phoenix luxury condo buyers prefer a high rise condo with at least two bedrooms for flexibility. If the second bedroom wont be used by the owners, it can be rented out to reduce the carrying costs of the condo. One-bedroom condos in Phoenix Midtown area can be difficult to sell. The premium on living space also extends to the outdoors. Units with balconies or patios are easier to sell with a higher value than condos without private outdoor space. Phoenix high rise condo buyers also place a premium on parking spaces. Units that do not have a parking space can be challenging to sell. As a general rule, any unit with less than 700 square feet of living space will take a hit on its resale value.View and Exposure
The view and sun exposure are much bigger factors with condos than with single-family homes. Phoenix high rise condo for sale in the Seaport District with a great view of the city, harbor or an Phoenix Common will have a better resale value than one that overlooks an alley or neighboring building. Sun exposure is also important to many buyers. A Phoenix condo with western exposure will not get sun in the morning, while a condo with eastern exposure wont receive much afternoon sunlight.Other Factors That Influence Price
There are many other factors that can play a role in a condos value:- Nearby community features like bicycle facilities, walking trails, shopping, and public transportation.
- School proximity and school district.
- Phoenix condo fees When a buyer considers a property, he or she must take into account the monthly costs of owning the property. In addition to the mortgage, the condo fees can represent a major monthly expense and may affect the condos resale value.
- Condo amenities Many Phoenix luxury condo buildings offer amenities that may be attractive to buyers and increase resale value. These amenities may include a swimming pool, BBQ area, dog park, and fitness center.
