A Valley trend that has seen an upward tick in luxury condominium construction is taking hold in Chandler's Fulton Ranch as part of the last new neighborhood in the master-planned community.
Phoenix-based Serenity Development is building 128 luxury condos in a neighborhood called Serenity at Fulton Ranch, located on Fulton Ranch Boulevard just east of Alma School Road.
Fulton Ranch is a high-end master-planned community located south of Ocotillo Road between Arizona Avenue and Alma School Road. It includes lakes, recreational paths and neighborhoods with large homes well into the seven-figure range. The community has blossomed as more large companies have located along the Price Road Corridor in Chandler, bringing with them higher paying jobs.
The addition of the luxury condos reflects a growing demand in the East Valley for low-maintenance residences with an upscale feel and plenty of amenities, said Keith Mishkin, president of Cambridge Properties, which is handling sales for the development.
"Chandler for a long time had been a bedroom community,'' Mishkin said. "It's brought great industry, which also brings a wide array of ages of people to buy, and the more people you have, the more choices they're looking for.''
According to the Arizona Republic's latest Valley Home Values report, which was published this week, a trend toward luxury condominiums has been a major factor in the Phoenix-area housing market.
The median price of a Valley condo climbed 15 percent during 2014, almost three times the price increase for stand-alone or single-family houses, according to the report. More than 1,000 condos and townhouses are under construction in metro Phoenix, among them high-rise developments in Phoenix, Tempe and Scottsdale near more urbanized downtown locations.
However, Mishkin said a growing number of buyers like the idea of living in master-planned communities but without the added maintenance involved with a single-family home. He said Serenity has identified three groups of buyers:
••Young professionals who work in the Price Road Corridor, located just a few miles west of Fulton Ranch.
•Empty-nesters who are downsizing.
•Seasonal homeowners who will spend time in Arizona during winter and early spring.
Prices at Serenity will start between $229,000 and $279,000, and pre-sales are taking place. Mishkin said eight units had been sold as of April 24. Models currently are under construction.