Phoenix proves ‘most resilient condo market’ in wake of COVID-19
Leading multifamily developer Optima is capitalizing on the resilient Phoenix condo market as the newest tower within its $500 million Optima Kierland development, 7180 Optima Kierland, is now 85 percent sold as it averages 4.5 sales per month, making it among the top two fastest-selling luxury condominium developments on the West Coast.
As the housing market in Arizona continues strong sales in 2020 with healthy annual price increases and substantial sales volume, the multifamily market echoes similar success. 7180 Optima Kierland leads the Arizona condominium market, averaging 4.5 sales per month since January 2020, which is approximately five times greater than the rest of the market where a typical new condominium development averages only 0.89 sales per month.
“Of the eight West Coast condo markets we track, Phoenix has proven to be the most resilient in the wake of COVID-19 and 7180 Optima Kierland stands out as the fastest-selling condominium community in the state of Arizona,” said Paul Zeger, partner of Polaris Pacific, a leading sales and marketing brokerage that tracks condominium market trends. “Compared to other urban cores such as Los Angeles and San Francisco, the Phoenix-metro market stayed more active during the months of the pandemic. Therefore, the area’s growth can be seen more like a continuation of pre-COVID trends rather than merely a rebound from depressed spring and summer sales volumes that many other West Coast cities had to overcome.”
With only 32 residences remaining for sale priced from the $500Ks to over $2 million, 7180 Optima Kierland is comprised of 202 thoughtfully designed, one-, two- and three-bedroom homes, plus a collection of premium penthouses perched atop the highest floor that will be unveiled in March 2021.
The biggest draw for buyers has been the array of lavish amenities, both on the rooftop and the ground level. Set atop the 12th floor is the spectacular Sky Deck, which was designed with a negative-edge view, with the railings lowered just beyond the sightline, so the eye goes straight to the vistas beyond and gives the sensation of floating above the city. The Sky Deck offers residents Arizona’s first residential rooftop running track, a heated lap pool with built-in seating areas, spa and a cold-plunge pool; a steam room, sauna and hydrotherapy areas; an outdoor theater, fire pit seating areas, an indoor/outdoor yoga studio and a full kitchen and entertaining spaces with barbecues, covered bar and counter seating with large flat-screen TVs.
The ground-floor amenity offering is Club One, which includes an indoor/outdoor fitness center with state-of-the-art cardio and fitness equipment, free weights and a yoga studio; a steam room, massage room, sauna, cold plunge pool and spa; barbecues, fire pits, lounge areas and an outdoor fitness area; a covered dog park and dog wash; a game room with a golf simulator, table tennis and billiards; a party room with a chef’s catering kitchen and outdoor entertaining space; basketball/pickle ball, squash and bocce ball courts; a lounge area with seating, TVs and a coffee and tea bar; a theater room with a large-screen display and a business center and conference room.
Among the building’s most unmistakable features is it’s next-generation vertical landscape system, with self-containing irrigation and drainage that enables a palette of vibrantly colored plants at the edge of each floor to grow both up and over the building. 7180 Optima Kierland displays the next evolution of Optima’s award-winning, green-building design created by David Hovey, Jr., AIA, president and principal architect of Optima. Optima is known for cutting-edge, residential buildings that have been nationally and internationally recognized with over 75 prestigious awards for the company’s commitment to design, innovation and sustainability.
“We are happy with the sales success thus far at 7180 Optima Kierland. Despite the pandemic and the challenges it presented, we have seen continued strong demand in the market for this type of design-centric, amenity-driven living,” said Optima President David Hovey, Jr., AIA. “Many of our new homeowners, especially in recent months, are transplants to Arizona or second home buyers and we think that this trend will continue as people are drawn to our state for its strong economy, job market and year-round sunshine.”
7180 Optima Kierland presides over a six acre, lushly landscaped oasis and is mere steps from the dining, shopping and nightlife of Kierland Commons and Scottsdale Quarter. While the residential enclave is at the center of the city’s bustling core, it is also set against a captivating desert backdrop with immediate access to the country’s top golf courses, spas, hiking and biking trails.
For more information about 7180 Optima Kierland, to arrange a private tour of the four models or to experience the community virtually, visit Optima-Kierland.com.