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There was a recent article in the real estate section of a newspaper, which stated that the "High-end Phoenix condos' low opening bids signal glut". The article's author cites the auctioning of Phoenix condos at two different communities as "a sure sign that too many high-end condominiums are going up in metropolitan Phoenix." This article may lead you to believe that the real estate market in the Phoenix area, and especially the Phoenix condos part of it is in a slump, going down. However let me tell you that this article is a perfect example of why journalists should research their stories better, and use at least three other sources for confirming a certain story. There is no way in my mind that the so called "journalist" bothered to visit either The Vale Lofts, Optima Baltimore, or any other communities of Phoenix condos, before writing his article.

I'm a real estate agent in the Phoenix area, and I sell Phoenix condos and urban style properties in general for a living. I also live, eat and breathe the life style. There is some truth when saying that we've had quite a large number of investors sweep through the valley area the last couple of years and that the local market has slowed as a result. However I do not think that the problems experienced in those specific communities signal a glut in the market for Phoenix condos, not at all in fact.

Although very interesting from an architectural point of view, and despite its colorful appearance, The Vale Lofts have been slow to sell because they're inferior to the competition, simple as that. One of the main reasons for this is the lot that the lofts are situated on, it's not of the best quality, and it would appear that the developer cut corners with very poor construction and offered inferior finishes. It may have an "urban" design to it, but that's the most urban it will get any time soon. In contrast with the rest of the Phoenix condos The Vale Lofts are far from any urban location, not only is it not within walking distance form anything but the distance to any urban location would exceed the patience and stamina of even the most environmental minded of people that prefer to use their bike for quick dashes into town. Why would anyone buy there when they can buy at Orchid House Lofts, Portland Place Lofts, Artisan Lofts on Central or the much older Hayden Place or any one of the many wonderful Phoenix condos available, is beyond me. If it weren't for the strong market from the past couple of years, The Vale Lofts wouldn't have sold anywhere near as well as they have, and here I'm using the broadest definition of the word "well", as they have. It may come as a shock I know, but inferior products sell slower than superior products, it's the way business is carried in the modern world. Unfortunately the same problem affects Optima Baltimore also.

This community is fantastically located in a superb area. Unfortunately, not much thought has been put into the design of the community as a whole, the amenities being marginal. Even if the estate market, and more specific the Phoenix condos market, wasn't in the good shape that it is it would have still sold well because of the great area. But the prices and the speed it got sold at would have had a much more different evolution. Money hungry investors bought a big part of the community lofts with huge profits on their mind. They bought about 60% of it with hopes of making hundreds of thousands of dollars worth of profit, but I doubt that will happen any time soon. I'm not surprised that inferior products are selling slowly but I do not think that it is fair to say that this signals a general glut in the market for Phoenix condos.

We might be facing a potential glut in higher end lofts and high rises, I'm not saying we aren't, and I want to underscore the word "potential", but I do ask that The Arizona Republic please dig a little deeper before making gross generalizations unsupported by the real time reality.