114 W. Adams Street in Phoenix
- Year Built:
- Additional Features:
- pool, fitness center, BBQ
Orpheum Lofts has sooooo many great things going for it.
If you are an Art Deco fan you have to check out the beautiful lobby with it's decorative black marble walls, black and white tile floors, brass elevator doors, brass fixtures, custom made glass tile, etched glass and a fabulous marble staircase. The elevator doors alone are worth a special visit! The condominiums have exposed red brick walls, exposed ductwork, the original glass in the original windows (check out the wavy glass and brass handles). The pool, believe it or not, is in the basement along with the fitness and business centers.
Orpheum Loft parking is next door and is a real source of contention. Call us for details.
The eleven story Orpheum Lofts was built in 1931 for office space and was called the Phoenix Title and Trust building. At the time it was the largest office building in Arizona. I would imagine it was a highly appreciated in it's day but eventually suffered an ignoble existence for decades as a low rent building. Fortunately in 2004 Orpheum Lofts enjoyed a complete restoration, was converted to high rise residential condominiums, and delivered to the happy owners in 2005. Unfortunately, approximately 30-50% of the Orpheum Loft buyers were investors hoping to profit from a quick flip. So, almost immediately 25 to 30% of the condos were put right back on the market after the condo owners took possession.
Recently 20% of the total condos in the building were on the market for sale or lease. Buildings with a more "normal" investor ratio should see about 10% of the total units on the market at any given time. As a result of the high investor participation, prices have remained pretty flat since 2005.
However, with everything going on in Downtown Phoenix there is still an opportunity for appreciation in the building...once the parking gets resolved.
But for now, with so many condominiums on the market this is a great building in which to rent.