By Catherine Reagor, The Republic | azcentral.com
For the first time, metro Phoenix is growing up more rapidly than out.
A record number of high-rise, townhouse and loft housing developments are shooting up in central Phoenix, Scottsdale and Tempe, and selling out quickly. Condominium sales are climbing faster than regular home sales in the Valley, a reversal of the region’s growth pattern since the 1950s.
Two decades ago, Phoenix had more vacant infill land than any other city its size in the U.S. But over the past few years, builders have sparked bidding wars for vacant parcels and older buildings that can be turned into high-density, infill housing in the Valley.
Empty nesters and Millennials who don’t need as much space, want to drive less and be near restaurants and entertainment hotspots are moving closer in and changing the direction of Phoenix’s housing market.
