Greetings Urban Life fans. Today we'd like to give a little update on 85003 in downtown Phoenix, AZ. The 85003 zip code is a fun one if you like diversity and urban living. It is bounded by the salt river (s), Thomas (n), 7th Ave. (w) and Central Ave. (e).
The region includes much commercial development as well as a variety of housing. The southern area has seen less updating and improvement with subdivisions like Montgomery much very low priced housing. To the north we have several top historic neighborhoods including Medlock Place, Roosevelt and Willo. Added to the mix are a number of condo developments including the popular Portland Place, Orpheum Lofts, 44 Monroe and Tapestry on Central.
The real estate market data for 85003 is pretty difficult to interpret due to the diversity of housing and the effect a remodel can have on home values. In general we are seeing the price per square foot on the SFH market rising. Supply has fallen from a high of 18 months in April to a low of about 4 months in July. We like to see supply in the 4-6 month range... it indicates a more balanced market.
The condo market is still soft in this region, however, as prices have fallen a buyer market is being found. We still advise caution with the condo market. Recent changes in Fannie Mae lending requirements on condos have made financing and future resale more problematic.
Conclusions: We are big fans of the downtown sector for many reasons and the historic districts of 85003 are a big part. There are some very sweet homes here and many home buyers are taking advantage of the deals REOs and short sales offer.
We also like the growth potential of the city core with ASU's commitment to the area and a fairly diverse employment market. As with all purchases, due diligence is a must... especially with historic properties and condos.
If you would like to see what is currently being offered in 85003, we've included a dedicated search tool for your convenience below. Just so you know, the search show both resale and rentals in 85003. Click on the map to open the search tool, then click on search button to put in your specific criteria. We hope you have fun.
Gene Urban
The Urban Team at Realty Executives
602-234-5777
