Biltmore Square, located at 1701 E. Colter Street (just north of Camelback) in Phoenix was one of the very last developments to squeak throug the real estate boom door before it slammed shut hard. It was approximately December 2005 that investors lined up and fought one another for the opportunity to buy at this apartment building turned condominium project. Friends and mothers and daughters and co-workers jumped at the chance to turn a quick profit.
Within days of closing on their new “investment” the anxious investors put their properties back on the market either for rent or for sale or both. Unfortunately, it turns out the hundreds of other investors had the same plan. Needless to say things got ugly fairly quickly.
Today, two years later, things are still bad. The photo above is real and is clear evidence of the challenge that oweners at Biltmore Square face. Out of the 377 units in the community, at least 84 are currently for lease or for sale. That constitutes 22%! And that does not count properties that are already leased out so aren’t advertised on the MLS (actually this also doesn’t count anyone who may be advetising on Craig’s List etc. without using the MLS).
Because of this I think that it is very conservative to say that at least 30-50% of Biltmore Square was bought up by pure speculators (I’d bet the number is closer to 70%).
So, what’s the upside to all of this? if you are looking for cheap rent, check out Biltmore Square. We are showing condos there about twice a week. If you are looking for a place to rent, give us a call at (602) 476-1881. Not only can we help you at Biltmore Square but at other properties walking distance from great amenities and parts of town.
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