Condos Pay Off as Second Homes

199834 Resource 178435 178982 178982 1205869074746 1206202673384 Controlled Flagstaff, AZ Condo Market

Condos are one segment of the Flagstaff real estate market that remains hot

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 title="Flagstaff Ranch golf development" href="http://www.flagstaffranch.com/the-golf-club.html" target="_blank">a golf course designed by U.S. Open Champion Jerry Pate</a>. (Ok, that last one is outside the Flagstaff city limits, but it has a Flagstaff mailing address!) You’ll find <a title="Flagstaff condo near NAU for sale" href="http://www.bestflagstaffhomes.com/bin/web/real_estate/AR49005/HOME_SEARCH/Flagstaff/1205209299.html?ZKEY=&acnt=AR49005&action=HOME_SEARCH&inwindow=&hs_action=VIEW_DETAIL&listing_id=REAGAD40617682&start=0&grp=ALL" target="_blank">condos in Flagstaff near the NAU campus</a> and in the <a title="The Villages at University Heights -- Flagstaff condos" href="http://www.bestflagstaffhomes.com/bin/web/real_estate/AR49005/EXTRA_LISTINGS/Flagstaff/1205209299.html?ZKEY=&acnt=AR49005&action=EXTRA_LISTINGS&inwindow=&hs_action=VIEW_DETAIL&listing_id=REASIL41913083&start=0&grp=ALL" target="_blank">University Heights</a>, <a title="Photos of the Arbors condos in west Flagstaff" href="http://northernarizonamls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Northernaz&PRGNAME=MLSPictureDescriptions&ARGUMENTS=-N389647743,-N129527,-APB,-N0,-ARR" target="_blank">Woodlands</a>, <a title="Sample Sunnyside Neighborhood Condo in Flagstaff" href="http://northernarizonamls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Northernaz&PRGNAME=MLSLogin&ARGUMENT=lTGmPH3gZKprsGBYNIDVhBEHT4giUrHh0IVvDj1TfCo%3D&KeyRid=1&isPreview=Y" target="_blank">Sunnyside</a> and <a title="Country Club neighborhood in Flagstaff" href="public/blog/180101" target="_blank">Country Club</a> neighborhoods, as well as a very <a href="http://northernarizonamls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Northernaz&PRGNAME=MLSLogin&ARGUMENT=lTGmPH3gZKprsGBYNIDVhC13KDcJi10yPDl1Jzk7GaA%3D&KeyRid=1&isPreview=Y">few in Downtown Flagstaff</a> and near <a title="About Flagstaff Medical Center" href="http://www.nahealth.com/pp_fmc/fmc_about_home.htm" target="_blank">Flagstaff Medical Center</a>. 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 <a title="NAU growth plans" href="http://www.azdailysun.com/articles/2007/08/30/news/20070830_front%20page_2.txt" target="_blank">expansion of NAU</a>, 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.<a title="Flagstaff agents who know condos" href="http://bestflagstaffhomes.com/" target="_blank">If you’d like to buy a Flagstaff townhome or condo, contact us – we’re ready to help.</a> 9 application/xml false Flagstaff condominiums Flagstaff condos Flagstaff golf course communities Flagstaff neighborhoods with condos Flagstaff relocation Flagstaff second homes Flagstaff townhomes living in Flagstaff NAU condos Northern Arizona University growth relocating to Flagstaff Condos Pay Off as Second Homes More than seven in 10 condo and townhome residents say they are satisfied with their purchase http://realtytimes.com/rtpages/20080221_secondhomes.htm College Towns: Still a Smart Investment Yahoo News Analysis on Buying a Home in a College Town http://news.yahoo.com/s/bw/20080314/bs_bw/mar2008bw20080313093883 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322; .NET CLR 2.0.50727; .NET CLR 3.0.04506.30; .NET CLR 3.0.04506.648) 127.0.0.1 127.0.0.1 aheitland 24.121.32.9 false true false false true 178975 false false true false false false true 178435 blog blogsite/BestFlagstaffHomes/web