Flagstaff is not a place where, a decade ago, “condos” came to mind. Now, condos are ubiquitous here. True, Flagstaff condos are not high-rises – the city has height limits that would prevent them even if the law of supply and demand did not. Still, as of today, there are 56 condos for sale on the Flagstaff multiple-listing-service and 41 have sold so far this year (including those under contract awaiting closing).
Current asking prices for Flagstaff condos range from $124,900 for a one bedroom, 528 square foot unit right next to the Northern Arizona University campus to $599,900 for a 2572 square foot, two story, next to a golf course designed by U.S. Open Champion Jerry Pate. (Ok, that last one is outside the Flagstaff city limits, but it has a Flagstaff mailing address!)
You’ll find condos in Flagstaff near the NAU campus and in the University Heights, Woodlands, Sunnyside and Country Club neighborhoods, as well as a very few in Downtown Flagstaff and near Flagstaff Medical Center. In the last few years, three major apartment complexes in Flagstaff have converted to condominiums. This has had a significant impact on the rental market in town; however, many of these condo units have been purchased as investments and will or are being rented, so the reduction in rental inventory is not as great as some initially feared.
With the expansion of NAU, even more parents than in previous years are realizing the value of purchasing a home for their NAU students, and then, perhaps, holding it as a rental for a year or two after the student graduates.
Condominiums generally differ from townhomes in their size; however, the real difference is legal. With a condominium, you own the airspace defined in your title as well as the right to use the common ground and other common areas of the building. With a townhome, you own the actual piece of land – and often a bit of yard – which the home sits on, as well as the building itself. In addition to the condos discussed here, Flagstaff has many townhome developments.
If you’d like to buy a Flagstaff townhome or condo, contact us – we’re ready to help.
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