FLOURISHING CONDO MARKET IN PHOENIX AND SCOTTSDALE CONTINUES UPWARD TRAJECTORY.
Leading West Coast condominium sales and marketing company Polaris Pacific is strategically expanding its involvement in Arizona to capitalize on two of the fastest growing residential real estate markets in the United States – Phoenix and Scottsdale. After being retained to manage sales and marketing for several new high-profile communities, Polaris Pacific has opened a new office in Phoenix’s Biltmore district as the company continues to grow its local team to support of the rapidly growing housing market.
“As Polaris Pacific continues to expand across the Western United States, we have our attention focused heavily on the Phoenix and Scottsdale markets. The deficit of housing and intense population growth makes these markets ripe for new residential developments rivaling the highly amenitized communities that we are seeing built on the coasts,” said Managing Partner Garrett Frakes. “We are thrilled to partner with our developer clients on some of the most highly regarded residential communities in Phoenix and Scottsdale and to continue expanding our presence in a market that is positioned to hold its value for many years to come.”
Earlier this year, Polaris Pacific partnered with LIVURBN to handle sales and marketing efforts for CONTOUR on Campbell, a collection of new contemporary residences featuring designer interiors, spacious floor plans and a robust collection of amenities in the Biltmore district. The first closings at CONTOUR will commence in March 2018. The team has also notably reached a sales milestone of more than 80 percent sold at Optima Kierland, a high-rise residential community completing construction in North Scottsdale which features unparalleled architecture and lifestyle amenities. In addition, Polaris Pacific has been enlisted to spearhead sales and marketing for The Cays at Downtown Ocotillo, a collection of move-in ready condominium homes and penthouse lofts located in Chandler, as well as at Artesia, a 317-residence luxury condominium and townhouse community in Scottsdale. Polaris Pacific supports developers of high-density housing at all price levels in a variety of neighborhoods throughout the Valley.
Katerina Hardin, Marketing Manager, has relocated from Polaris Pacific’s San Francisco office to join the local team and support the company’s regional expansion.
Year-over-year median prices have increased across both the Phoenix and Scottsdale markets. According to the recent research report released by Polaris Pacific, approximately 1,534 for-sale residential units are either entitled or under construction in the Phoenix and Scottsdale markets combined. Sales volumes have also grown with downtown Phoenix and nearby North Scottsdale increasing 146.2 percent and 29.9 percent, respectively, underscoring the demand in both markets. Both Phoenix and Scottsdale are attracting buyers from California where the median sales price in San Francisco and Los Angeles stands at $1.1M and $750,000, respectively, compared with just $245,100 in Phoenix.
“Right now, we are seeing the right combination of ingredients to create ideal growth conditions for our developer clients in the market and we are expanding our team to properly support them and the market. Phoenix’s population is growing at a faster daily rate than either New York City or Los Angeles, and Phoenix has the jobs and space to accommodate the growth,” said Vice President, Regional Manager Mike Akerly who oversees the company’s portfolio in Southern California, Arizona and Hawaii.