Leading multifamily developer Optima announced today that the latest tower within its $500 million Optima Kierland development, 7180 Optima Kierland, has sold all 205 luxury condominiums.
Since sales for the tower began in January 2019, the community has been selling at a rate of 6.7 homes per month, almost identical to the absorption rate of Optima’s previous condominium development next door, 7120 Optima Kierland. Both Optima communities, totaling 425 residences, sold five times faster than other new condominium communities in the Phoenix-metro market.
“We are pleased with the response we’ve received at 7180 Optima Kierland from homebuyers both locally and across the country and we look forward to developing our next residential community in the Valley,” said David Hovey Jr., president, COO and principal architect of Optima.
Over the past two years, the Phoenix-metro market has been one of the highest performing and most resilient housing markets in the country, according to a recent report from Polaris Pacific, a prominent sales and marketing brokerage that tracks condominium market trends and represented Optima in the sale of Optima Kierland residences.
“Although the stellar performance of detached homes in this area has been well-publicized, the performance of condominiums and townhomes has been equally as strong,” said Paul Zeger, partner of Polaris Pacific that has a regional office in Phoenix. “Of the eight West Coast urban markets that Polaris Pacific tracks, the Phoenix-metro market has consistently shown the strongest fundamentals during the pandemic. As for 7180 Optima Kierland, most notably the building is one of the best selling luxury condominium towers in the country, which is an astounding accomplishment.”
According to the market report, the median price of an existing condominium in the region was $360,000 as of June 30, 2021, which is up 24.6 percent from a year ago. Simultaneously, sales volumes are up 101.6 percent from a year ago, and Months of Remaining Inventory (MRI) currently stands at just 1.1 months. An MRI of six months is considered a balanced market. While most areas of the Valley have performed well, the most pronounced price increases and sales gains have been in the wealthier areas of the region, such as Paradise Valley and Scottsdale.
Optima has designed, developed and built some of the most architecturally significant communities in Phoenix, Scottsdale and the Chicago metropolitan areas for more than 40 years and is well-known for its visually striking architecture, sustainable green design and amenity rich offerings. Designed by David Hovey Jr., FAIA, Optima’s cutting-edge, residential buildings have been nationally recognized for the company’s commitment to design, innovation and sustainability.
