Third Avenue Lofts

Developed by Avenue Communities LLC in 2003 Third Avenue Lofts are located just east of Scottsdale Road and north of Indian School Road in the heart of Old Town Scottsdale. These 88 condominiums include 8 penthouses, 15 two story lofts and 65 condo flats. Ceiling heights range from 10.5 feet in the flats to 18 feet in the lofts. Sizes range from 600 square feet to over 2200 square feet. The "soft" loft style of these condos include painted concrete ceilings and exposed ducts and plumbing, exposed concrete column and walls, tons of dual pane commercial grade tinted glass, electric strip heating, and Canac maple cabinetry. Third Avenue Lofts itself features underground parking, two elevators, post tension reinforced concrete construction, a very attractive and modern lobby, concierge service, a well equipped fitness center, resort style courtyard and very cool pool and 8 person spa. The location is walking and biking distance friendly to tens and tens of restaurants, shops, galleries, cafes, movie theaters, parks, museums and spring training baseball.

Third Avenue Lofts was one of the first 'boom buildings' in the Valley and boy did we watch some pain. The first wave of buyers got a pretty good product for their dollars (even though prices seemed ridiculously high at the time). But many of them bought them to flip and the next wave of buyers got slaughtered. These folks paid $600 to 1000 per foot and ultimately walked away from their loans because they were so upside down. The good news is that since November 2007, we have seen a steady absorption of inventory, thanks to the low priced short sales and foreclosures, and the building seems to be stabilizing.

We're happy to see it as we really like the architecture, style and finishes in the building and although it's not easy walking distance from much it still has a great location and meets our definition of 'urban.'