High-end homebuyers attracted to condos

High-end home buyers attracted to condos, leaving homes behind, from the Arizona Republic, reports that many high end homeowners are selling their homes to move into luxury condos closer into the city and amenities such as shopping, dining and entertainment. The article talks about two such buyers; one couple who moved into the Optima Biltmore condo project, the other couple buying a condo at Kierland Commons, and their reasons for doing so. Condo sales have slowed along with the Valley's home market, but the luxury sector has been more stable than the overall market. Through early October, 2,031 homes priced at $1 million or more had been sold in the Valley. That is on pace to top last year's total of 2,285. With luxury condos selling for $1 to $4 million, or roughly $400 to $800 per square foot, the pool of potential buyers is a fairly elite group.
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