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Arizona Lofts - Loft Living in Tucson AZ


Developers are now, on a wide scale, discovering the international demand for loft development of rare historical commercial properties; and are now planning, building and selling many new exciting projects in Tucson.


As the area's broader housing market continues to show incredible sales levels, lofts are extending the demand into premium prices at $200 to $400 a square foot. That compares to about $150 a square foot for the average Tucson-area home.


Over 500 loft units have been built, with many more renovations under construction and in the final planning phase. None of these developers are expressing any fears that the rush of loft-building will lead to an oversupply. In all other areas of the nation the same interest is being paid to the modernization of real estate with a history.


Developers are seeking more warehouses and other buildings to convert into lofts or space to build their "loft-style" projects from scratch. A development company has transformed a 1920's warehouse into over 50 lofts. Nine more freestanding loft homes have been built across the street.


As urban revitalization sweeps across the country, the demand for loft living has all the developers everywhere taking creative measures to design new, residential living and work environments. Loft houses represent this new discovery to the Tucson buying trend through embodying the loft concept in single-family homes. The lofts offer a unique opportunity, high ceilings and large windows, emphasizing light, space and texture, they have an attitude of ultra-modern, industrial feel of concrete, steel and glass with an abundance of open space, few walls, designer-selected kitchens and baths all extremely energy efficient.


Views to the north from the upper floor capture the magnificent Catalina Mountains and brilliant sunsets, while lower windows and doors showcase private landscaped lush private courtyards. Each unit features a unique entry wall and gate handcrafted by local artisans. These lofts are the authentic residential loft spaces in Arizona. Some marrying the texture and authenticity of a circa 1923 Arizona Ice and Cold Storage Co. building with award-winning modern design, consisting of hundreds of distinctive residences. New projects are opening every week, requiring a real estate professional to stay on top of all the opportunities.


This historically horizontal city is going vertical -- into loft living. Developers have discovered a demand. Now they are planning, building and selling many diverse projects throughout Tucson. "Loft-style apartments," "town lofts," and nearly everything else associated with the word "loft" are sought after. Loft owners come from every imaginable demographic. "When I first arrived I paid about $150 a square foot and they're selling them now for like $300 a square foot today," a Tucson loft investor commented. Developers are seeking more warehouses and other buildings to convert into the high-ceilinged, industrial-style, flexible living spaces, or they are just looking for the right space to build their "loft-style" projects from scratch.


"It's a wide range of people that are interested, including retirement couples calling from Green Valley," a Tucson loft developer described. "'Empty-nesters' whose children have grown and left are an important demographic adding to the driving demand for lofts. They don't need a big yard that requires maintaining, and they especially don't want a big house with large responsibilities." Tucson's city Downtown housing planner explained, "in addition to empty-nesters and young professionals, a surprising number of families are moving to lofts. I take calls daily from people asking about lofts. It's a housing type new to our market, and people really want the kind of urban cultural experience that lofts can encourage."


It's a national trend, people are making the choice to move back into more diverse and unique living spaces, seeking out things like density. This is downtown redevelopment and inflow. So just what are these loft things that people are so excited about? Historically, lofts started as artist space in industrial buildings. What was appealing about those spaces was the size, the light from big windows and a kind of subversive appeal because they weren't allowed to live there. Today, all of this has changed with the times. Loft has become a catch phrase. A lot of what lofts are really about is flexible space, a space you can define in a lot of different ways. Most lofts have a "big-volume" of space with high ceilings, open floor plans and features such as exposed brick and trusses.


Lofts may be more important for what they're not than what they are. They're truly an antidote to sprawl on a lot of different levels. Saving gasoline and time commuting from the suburbs is an obvious appeal of urban loft living, but a host of other reasons have led to the loft craze. People are now realizing that they want density, because by achieving it, you're giving them a sense of security that comes from being near other people, not from wiring their suburban house with the latest electronic monitoring equipment. Friendly neighbors "Sense of Community" is a catch phrase that took on real meaning when San Francisco Bay Area transplants started populating their loft, and sharing with us, "just yesterday, three of our neighbors popped by for various reasons, to say hello or just check in because we'd been out of town. No other place we've ever been has been like that."


We welcome you to be part of this new urban community -- designed in the fashion of the Soho and Tribeca neighborhoods in lower Manhattan, New York City. Live in beautiful, open, stylized spaces with double-height ceilings and views of the city lights and three mountain ranges surrounding Tucson. Amenities can include a beautiful pool and spa, fully equipped exercise facility, secure gated entries, private courtyards and decks, covered parking, and storage units. the loft living makes for a truly unique neighborhood, while being surrounded by the activities of Tucson's city life.


Two and a quarter centuries after soldiers in service to the Spanish crown founded the Presidio that would evolve into modern-day Tucson; our beautiful city is involved in a rebirth. Investors and home owners are retaining ownership in the commercial areas, giving them a stake in history and the future of Tucson. We feel that the revitalizing is an exciting opportunity. You can get the latest information by contacting us at:

(520) 977-0003
or
info@ThePepper.com



Condo Conversions Propel The Market in Tucson

By Maura Webber Sadovi
The Wall Street
Journal

As the Tucson area's rising population closes in on the one-million mark, investors have been snapping up apartment complexes, betting on rising demand for condominiums that offer a slice of the mountainous Sunbelt region's warm winters and laid-back lifestyle.

The economy of the visually dramatic Sonoran Desert region of Arizona has been ramping up since 2003. The burst of activity in the apartment sector comes as employment levels rose to a 10-year high in 2005 after increasing at a year-to-year rate of 3.7%, more than double the national rate of 1.5%, according to the Bureau of Labor Statistics. The job growth and an above-average influx of new residents strengthened both the commercial and residential real estate market these few last years.

Just over 100 miles southeast of Phoenix and a short drive north of the Mexican border, the area is known for the posh spas that dot the landscape. It is also home to defense contractor Raytheon Co.'s missile systems division, the University of Arizona, a strong optics industry, as well as many smaller service companies.

The housing market has posted the region's most impressive growth in recent years. Median home prices climbed 66% from 2002 to $240,000, just above the national level -- but they are still a deal compared with the Western region's median of $322,000, according to the National Association of Realtors.

The froth carried over to the apartment market last year. Aiming to offer ownership options that are more affordable than single-family homes, developers have turned to condominium conversions in Tucson as property prices in many larger cities soared out of reach, said a senior investment associate with real estate investment brokerage firm in Tucson.

The dollar volume of apartment-complex sales far outstripped all other Tucson-area commercial-property transactions last year, with nearly a half-billion dollars of apartments trading hands, more than double the year-earlier level, according to Real Capital Analytics Inc., a New York research firm.

Developers such as president of Brown Cos. in San Francisco, which began purchasing Tucson apartment units last year and expects to own about 1,600 after closings within the end of 2005, are confident the condos will be in demand, in part because retiring baby boomers are expected to flock to the region. The metro area's population increased at an average annual rate of 1.7% over the past five years to an estimated one million. The population is forecast to rise at twice the national pace through 2010, according to Economy.com, a unit of Moody's Corp., and David Taylor, a Tucson city planner.



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