Metro Phoenix's Condo Market will Heat Up...

KB Homes, others look to Valley for hi-rise condos, from the Phoenix Business Journal , reports that Metro Phoenix's condo market could heat up even further as some of the nation's major single-family homebuilders jump into the game. The latest to target Phoenix is KB Urban, the new division of KB Homes. KB Urban President Jeffrey Gault says "in the case of Phoenix, I have a high degree of interest. I'm actively looking for sites now." KB Urban isn't alone. Engle Homes began cruising the region in mid 2004, when the company and Artisan Homes agreed to merge. Since the merge, the new Engle division called Artisan Homes Collection have looked at 20 sites for Artisan condo projects. Engle Vice President Mark Upton says that high density residential condos are becoming a growing market in many major cities. Another builder, Monterey Homes Luxury Communities, part of Scottsdale based Meritage Homes, is also planning attached homes within two or three story developments with up to 20 homes per acre in central Phoenix and in Scottsdale. Monterey currently has five sites under contract and design-- four in Phoenix and one in Scottsdale.