Vertical Living
After decades of growing out, Phoenix is finally growing up. During the 20th century only five residential towers were built in the area. Phoenix Towers, the city’s first luxury high-rise living option, debuted in 1956 but didn’t take off until more retail and office units populated Phoenix some 50 years later. Today, more than a dozen towers are slated to start or complete construction in the coming years, which will further expand the Phoenix vertical-living market and forever change the city’s skyline.

Phoenix vertical living comes in many varieties—lofts, townhouses, condos, condo-hotels—that typically are located close to employment centers, major freeways, shopping and cultural venues. With the cost of fuel increasing, residents are opting to live closer to work and spend less time commuting. For many, the advantages of city life outweigh the cost factor. Besides with so many housing options to choose from, newcomers can search for a place that fits their needs and their budget.

THINGS TO CONSIDER BEFORE CHOOSING VERTICAL LIVING
Before purchasing a high-rise, loft, mid-rise or condo-hotel, there are several things to consider. While the urban lifestyle of vertical living may be right for some, others find they prefer living in a single-family residence. Following is an overview of a few things you should consider when contemplating vertical living.

Marital Status: Many single professionals are attracted to vertical living because of the lifestyle it supports. Often vertical-living developments are built in close proximity to entertainment venues, offering hassle-free access to restaurants, clubs and bars. Young couples without children and are not expecting to expand their families anytime soon are attracted to this exuberant lifestyle. In addition, many married empty nesters have gravitated toward vertical living because it offers a convenient lifestyle they are free to enjoy once their children have left home.

Commute Time: Working professionals realize time is precious. After a long day in the office, the last thing they want to do is commute for an hour back to the suburbs. This is why vertical living is appealing to them. Vertical living provides housing options in locations close to many major companies, which the majority of suburbs do not. By choosing vertical living, working professionals save time, money and gas.

Property Maintenance: Imagine having a professional repair man always at your service. When a pipe breaks, you make a phone call and someone comes to fix it. You no longer need to head to the hardware store, buy the supplies and fix it yourself. Vertical living supports this lifestyle; many of the buildings have on-site property managers to assist you with all aspects of home maintenance. Many of the higher-end properties even have a full-service concierge to tend to residents’ every need, including arranging show tickets and dinner reservations. Furthermore, while some loft properties feature amenities that include rooftop gardens, most vertical residences afford a lifestyle free from yard maintenance.

Safety: Many people are drawn to vertical living because of its outstanding safety features. On a structural level, high-rise residential towers have commercial-grade products that require industrial strength concrete and steel. All of the building plans and materials must meet required wind and seismic ratings that ensure the safety of all tenants. These developments also require life-safety and sprinkler systems. Aside from structural safety, many vertical-living developments feature guard-gated entries, security monitoring systems and on-site security guards. For people who travel frequently, the abundant safety features are especially appealing, providing them with the ability to “lock and leave,” knowing everything will be secure when they return.

Diversity: Vertical-living developments offer a chance to live next to a diverse group of people. First-time tenants of vertical-living compounds often find that their fellow residents come from every walk of life imaginable. As buildings often can be considered microcommunities, vertical living provides a chance for people to become acquainted with a host of interesting cultures and lifestyles.

Amenities: The amenities vertical-living developments offer truly are unmatched. Some of the on-site services include concierge, room service, fitness centers, full-service spas, restaurants, valet, movie and game rooms and conference facilities. While some developments allow residents to customize the interior of the residence to suit their specifications, many other properties feature turnkey-style living. Turnkey residences offer every imaginable upgrade, from appliances to furniture, in the predetermined rent cost.

The View: For many people a scenic view may not be something that immediately comes to mind when thinking about vertical living. Many of the projects offer spectacular views, including some of the most beautiful sunsets imaginable. From your vantage point high in the clouds, you can enjoy unmatched views of the hustle and bustle of city life.

Investment: Many people decide to purchase a vertical-living residence for the sole purpose of having an investment property. With the prime location of many developments, investors often find that these properties rent more easily and at a higher price than single-family homes. Popular among investors are the condo-hotel properties because they are placed into the hotel’s rental pool for a large portion of the year, thus becoming a supplemental source of income for its owner. Others choose to make an investment in a second home, providing their own urban retreat close to shopping and entertainment destinations.

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