As we move into September we thought it would be a good time to write a real estate update for downtown and mid-town Phoenix.

In general, the downtown region is fairing better than most other parts of the valley, especially zip code 85006.  On the good side of the equation, 39 properties sold in the downtown region in August and we have 75 properties in escrow waiting to close soon. The big winners in the condo market are One Lexington, Landmark Towers and The Pierre.

Speaking of One Lexington, they have 34 people who now call One Lexington home. This means they have sold 40% of the units as they move into Fall, a stronger selling period compared to Summer. In addition to One Lexington, Landmark Towers and The Pierre on 5th Avenue showed good sales. We have new posts on these two developments if you want to know more.

The link below will take you to our full market analysis for the downtown and central/north Phoenix market. The report is the work of famed Phoenix market analyst Mike Orr of the Cromford Report. We consider his work to be the finest and most accurate available and are happy we can share it with our readers.

Just to prepare you, Mike’s report is not very favorable; To quote him… “almost all indicators point to a severe deterioration in the residential resale market in the city of Phoenix.”

However, a few downtown and N. Central zip codes are on his good list. Please note too that Mike only evaluates the single family home market. Thus, the downtown condo/loft market in not included.

The Phoenix Real Estate Market Update for August 2010 and Fall Forecast

Best to you and let us know if we can answer any of your specific questions, help you sell your place, explain short sales or other other real estate oriented concerns.

Gene Urban and Ron Urban
The Urban Connection Real Estate Team
602-234-5777