Urban living alive and well

With the real estate downturn, it's hard to say what will become of the fledgling condo/loft market in downtown Phoenix and other urban areas of town, especially in a market that historically is totally single-family housing driven. But last night's open house at Portland Place seems to show that there's still a lot of interest in urban living. The sales center was jammed with buyers from Phase 1 of the project, prospective buyers, and real estate professionals. They even had to valet cars on a nearby dirt lot. And, judging from the upscale food and beverages provided, the builder, Crescent Communities, appears to have some deep pockets to continue to back this project.

Other tidbits: According to Portland Place sales reps, the first phase is not totally sold out (despite what some realtors have believed). In fact, while the permitting process for the 10-story second phase is ongoing, groundbreaking can't occur until the requisite number of sales take place in Phase 1. The sales reps seemed to indicate that they are still short of that figure.