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.
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