Summit at Copper Square Emerges From Bankruptcy!

On April 20th a US Bankruptcy Court confirmed (approved) a Chapter 11 Reorganization Plan for the high-rise condominium project Summit at Copper Square subject to the funding of the plan next month.  This was a tough process for the owners of Summit at Copper Square as they had to present several plans to the Bankruptcy Court before one was finally found acceptable.  Assuming that the developers raise the money to “fund” the plan, and we have no reason to believe that they won’t, then within the next WEEKS the high-rise building will be essentially out of bankruptcy and up and running.  This is great news for urban fans who wondered for months what might happen to the building.

With the resolution of the bankruptcy the developer will now have the time to focus on productive things like renting and selling vacant condominiums, leasing out the commercial space on the ground floor of the building, general maintenance and more.

Once the reorganization plan is funded, people interested in living downtown can move forward at Summit at Copper Square without worrying about the financial strength of the Home Owner Association and/or the developer.  For more information about available condominiums at Summit at Copper Square contact us at (480) 510-8755.

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14 Comments so far (Add 1 more)

  1. All right, this is a nice beginning but i’ll have to explore that a touch more. Will let you know exactly what more i have found.

    1. Phyllis Yarbough on February 12th, 2011 at 8:10 pm

  2. sure, the developer will now have the time to focus on productive things, I agree.

    2. sarees online on October 3rd, 2010 at 11:20 am

  3. When the plan will be funded, no one know about it. I am agree with you that after funded people will interested in living downtown can move forward at Summit at Copper Square without worrying.

    3. sell house on October 3rd, 2010 at 11:17 am

  4. Looks like you guys in Arizona are experiencing as rough of a real estate market as us here in Tampa Bay, Florida.

    4. Chris O'Connor on May 11th, 2010 at 9:35 pm

  5. Thanks for sharing!

    I wonder how much the value of the building has change from the time the project began.

    Arizona Foreclosure Help!

    5. Foreclosure Help AZ on May 8th, 2010 at 8:16 pm

  6. Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with more information? It is extremely helpful for me. thanks for sharing this posting…

    6. Bankruptcy Help on May 8th, 2010 at 4:34 am

  7. Bill,

    Thanks for sharing.

    The funny (strange not ha ha funny) thing is that real estate used to be considered a conservative investment. I used to have almost all my money in multi-family property (i.e. apartment buildings) and my very conservative CPA encouraged me to put more into stocks. His point was that my ‘portfolio’ could handle more risk what with all the ‘safe’ real estate and all. I personally still believe in real estate as an investment. However, I will be more agressive in paying off debt in the future. W

    7. Will Daly on May 7th, 2010 at 12:13 pm

  8. Wow Bud, that is very cool of you! I appreciate the apology. Now, that that is behind us, I really would like to read your opinion on the market. It’s a cliche, but I don’t have a ‘crystal ball’ and I do value input and opinions from others. Please share. W

    8. Will Daly on May 7th, 2010 at 7:50 am

  9. Is there any evidence at all property values are dropping? Or is this pure speculation?

    9. Monte on May 7th, 2010 at 6:21 am

  10. I do apologize for my jabs. Other than saying I was in a bad mood, I won’t offer any excuses which might further dilute my apology.

    Thanks

    10. Bud Adams on May 6th, 2010 at 10:06 pm

  11. Summit At Copper Square looks great for me. But my own rule of thumb is that I don’t put more than one sixth of my net worth in real estate. I have a mix of cash, commodities, and stocks, but mostly stocks. And this week’s market fall made me further from my dream of owning real estate.

    I don’t mind people trumpeting anything or putting down anything. My own RE investing rule takes the emotion out of buying. If my loft of my dreams is too expensive, it’s too expensive. And I can wait.

    11. Bill on May 6th, 2010 at 9:04 pm

  12. I don’t think this looks like a PR piece, but I don’t think it’s 100% impartial either. Am I right? :)

    12. Donovan on May 6th, 2010 at 2:33 am

  13. Man, people really do interpret things the way they want to see them. Where in the post do I say that I recommend that anyone do anything? I did write that if someone is interested in living downtown they can now consider Summit at Copper Square without worrying about the financial status of the developer and the HOA. I believe that that is newsworthy… at least within the realm of urban living.

    There are many other things to consider before buying a property including but not limited to the location, the amenities, the floor plans, the ability to get a loan, and much more. There are “distressed” condos for sale at Summit at prices that many people find to be low. Potential buyers may have held off buying in that building because of the financial status of the developer and/or HOA. Those people may have wanted to know that things have changed. I believe that my post was objective and fair and NOT propaganda.

    Many of my posts are subjective but in those I try to be very clear that I am sharing my opinion, right or wrong. I also back up my opinions with my reasons for that opinion. For years I had said that I did not think it was a good time to buy. Now I have reason to believe things are getting better.

    Bud, you made a very bold statement that prices will drop as of May 1 and yet you offer ZERO reasons to support your opinion. I for one would like to read a well reasoned counter point to my posts rather than an unspupported jab. Give us some meat to your position.

    13. Will Daly on May 5th, 2010 at 9:03 am

  14. Who wrote this? Sounds like a PR piece. Are you really recommending people put their money in this place? If so, why?

    Your credibility as a resource for buyers continues to diminish. For months now your description of a “hot” market is, at best, pure speculation. Property values will once again begin to drop as of May 1.

    14. Bud Adams on May 4th, 2010 at 2:24 am

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