Flagstaff Condo Update

Flagstaff Villages Is At Closeout

This morning's Flagstaff MLS hotsheet showed price reductions on the last units available at The Villages at University Heights. With only ten units left to sell, the developer is advertising "blow-out prices" plus incentives to move these units in the most popular of Flagstaff's apartment-to-condo conversions. Two bedroom units have been reduced $10,000 from the price they have held since the development was introduced in 2007. Meanwhile, the Flagstaff MLS reported that five condos sold everywhere in the city during the month of February. Here's some background:

Three major Flagstaff apartment complexes were converted to condominiums in response to the demand for low cost housing and the real estate boom. The first sales of these units were in 2006 at The Arbors on West University Avenue about a mile from Northern Arizona University. The 310 converted apartment units at The Arbors included studios and one and two bedroom units. The developer is still selling condos at The Arbors and these condos are available through the Flagstaff MLS.

The most successful, so far, of the conversion projects is The Villages at University Heights. Only a ten of these units are left for sale according to the developer's morning ad. They are also available through the Flagstaff MLS, so give me a call if you want to grab one. Also about a mile from NAU, these units had the advantage of cross-ventilation thus allowing them to take advantage of Flagstaff's cool mountain climate in summer.

The most recent of the Flagstaff condo conversions is Timberline Place in the Country Club area of Flagstaff. These have been more expensive than the others, and are slightly larger. Many of the units are still for sale, and are available through the Flagstaff MLS.

Other condos are available for resale in Flagstaff. The University Meadows project on Riordan Ranch Road is adjacent to Northern Arizona University. Condos in this development are available for resale through the Flagstaff MLS. The popular 4th Street project known as Summit Park has resale units available as do several developments in Flagstaff's Country Club area.

Hey, what is a condominium? A condo is a piece of real estate without land – you own floor space only, and the right to use common areas owned by the homeowners’ association involved with the development. That contrasts with a townhome, where the ownership includes the land under, and usually around, the structure as well as, usually, the right to use common area.