Ssssshhhh, the Phoenix High Rise Condo Market is About to Turn Upside Down

7 Comments so far (Add 1 more)

1. Dnt know what to say about this, you will never know untill the buyer buys and seller sells….so wait for it…..its like the procedure goes… isn’t it???

   1. cheap car hire turin on May 4th, 2009 at 2:42 am

2. “aztruth” how about reading AND understanding the context of the entire string before responding?

   S Aiken asked if the information I have (that I can not yet disclose) would affect a purchase he/she is planning to make in the Biltmore area. My point was that it should not. I have no idea if prices are going to continue to slide. If I had to bet money I would bet that prices are more likely to go down in the near future than up. But that wasn’t the question. I don’t represent S Aiken, and I have zero to benefit from his/her purchase. If S Aiken called me and hired me to represent them I could share the info I was referrinig to, pluse we would discuss a myriad of other issues to help him/her determine whether or not now was a good time for S Aiken to buy. Now is NOT the time for all people. In fact, we help a lot of people rent instead of buy. Everyone’s needs are different.

   I really like to see different opinions on this web site. I value that. However, I do not value what I call “ugly comments.” Future comments with even censored curse words and/or name calling will be removed. Such comments do not add value to any of our lives.

   BTW, the development you are referring to has a total of 213 condos and I assure you the developer does not have 100 left to sell. Were there way too many investors? Absolutely. Should the building not have even been built in light of how overheated the luxury condo market was at the time? Possibly. Does Phoenix benefit over the long run from the boom and bust cycles? I think so. The building I live in and enjoy would not have been built if it were not for the irrational exuberance of the late 1980′s. Phoenix is just starting to have veritcal lifestyle opportunities which I argue would not exist if it were not for the irrational exuberance of this last boom. I believe that sprawling cities like Phoenix could never go vertical without “artificial” events like boom/bust cycles. Unless of course we relied instead on government zoning and regulation exclusively to determine how we live. I am not a fan of that personally.

   aztruth, share some data, give us a well thought out analysis, tell us where you think this market is going, share with us why you think that. I’d like to read your opinion.

   2. Will Daly on March 10th, 2009 at 6:26 am

3. fine at biltmore, buying a foreclosure today? go F yourself!

   the builder has 100 more to get rid of, the number of foreclosures is growing exponentially… buy today, watch 100k of equity bleed away in a heartrate!

   we know nothing pimped the luxury condos for years. you tards have been dead wrong at every turn!!!

   3. aztruth on March 9th, 2009 at 11:59 pm

4. Again, I’m sorry that I’m not at liberty to disclose more nor do I know when I will be able to do so. However, if you are looking in the Biltmore area and you are looking only at foreclosure condos then you should be fine.

   4. Will Daly on March 9th, 2009 at 4:00 pm

5. Will, on the time of your disclosure, do you expect to have something to say yet in March? Buyers in the Camelback/24th area should hold off? Or is this caution specific to the downtown and mid-town area? We’re searching in Optima/Biltmore. Thank you, very much, for your help.

   5. S. Aiken on March 8th, 2009 at 2:00 pm

6. Kevin, the answer is it depends on whether you are a seller or a buyer. Again, I apologize for being so mysterious but I can say this, if you are shopping for high rise condos right now, put it on hold for a couple weeks to a month. I’ll keep everyone posted as things develop and I’m permitted to talk.

   6. Will Daly on March 5th, 2009 at 12:32 pm

7. Upside down… rightside up… I can’t tell which is better these days. Can you tell us if this good news for our high-rise market or bad news?

   7. Kevin on March 5th, 2009 at 12:06 pm