category archive listing Category Archives: Foreclosure-short sales-REO’s

Century Plaza Back In Business

February 2, 2010 – 7:46 am

The remaining 130 condominiums at Century Plaza are finally out of limbo (foreclosure) and are coming back to the market in the near future at significantly lower prices.  We can’t release those prices yet but suffice it to say that they will again “make sense” and should result in tremendous sales activity even in today’s real [...]

By Chris | Also posted in Foreclosure-short sales-REO's, High Rise Condos, Phoenix, What's New | Comments (13)

Why Short Sales are Such a Pain in the Neck

November 18, 2009 – 11:44 am

A “short sale” occurs when an Owner of a property has to sell it for less money than is owed to the Lender(s). It is sold “short” of the amount that is owed. Quite often the Owner of the property is experiencing financial difficulties and no longer making the mortgage payment and elects to sell [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, Market Update | Comments (7)

Urban Buyer Question

October 21, 2009 – 10:37 pm

I want to buy now but I’m afraid that prices may go down further and I don’t want to miss a better deal later.  What should I do? Answer:  You’re not the only one.  Many prospective buyers are “sitting on the fence” and not buying now for this very reason.  But, more and more people are [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, Hot Deals | Comments (15)

Bridgeview at HFL’s 64 unsold units sell for $20.3 million

August 26, 2009 – 11:12 pm

Late last week, a Denver based real estate investor purchased the remaining 64 unsold condominiums in Hayden Ferry Lakeside’s Bridgeview tower for $20.3 million.  Suncor, master developer of the mixed-use complex has been hit very hard by the economy and unfortunately had to let go of their gemstone development, in addition to a reduction of [...]

By Mitch | Also posted in Foreclosure-short sales-REO's, Hot Deals, Market Update | Comments (17)

Century Plaza Goes BK

August 12, 2009 – 9:03 am

The developer of Century Plaza finally filed for bankruptcy last week; no big surprise…except that it took so long to happen.  So what’s likely to happen next?  In our opinion the value of the note just went down.  AZCentral.com reported that M&I Bank, the construction lender, claims that the building is worth approximately $19M (we [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, High Rise Condos, Market Update, Phoenix, Trouble | Comments (2)

Summit at Copper Square Clarification

July 15, 2009 – 2:42 pm

There have been a couple articles and at least one television report about the recently filed Notice of Trustee Sale on Summit at Copper Square high rise. The purpose of this post is to clarify some points made and to further explain others. It is our understanding that the original construction money consisted of two [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, High Rise Condos, Market Update, Phoenix, Trouble | Comments (13)

Portland Place Owner, Crescent, Responds

June 13, 2009 – 5:00 pm

I just received a copy of a letter written by the Chief Executive Officer for Crescent Resources addressing the bankruptcy.  I have cut and pasted the contents of that letter below:  “June 9, 2009  As you may know, the real estate industry has faced unprecedented economic challenges in the last year.  Crescent Resources is no [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, Lofts, Phoenix, Trouble | Comments (8)

Portland Place Parent Company Files Bankruptcy

June 11, 2009 – 3:07 pm

We just learned (fifteen minutes ago) that Crescent Resources, the owner of Portland Place in downtown Phoenix filed Bankruptcy yesterday. An article in the Charlotte Observer stated: “Duke [Duke Energy - a Fortune 500 energy producer] created Crescent in 1969 to manage its surplus land along the Catawba River, transferring title to 300,000 acres. By [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, Phoenix, Trouble | Comments (4)

State of the Market?

April 26, 2009 – 9:23 pm

Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix. 1.  A mortgage lender friend of mine says that April will be his best month [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, Market Update, Phoenix, Trouble | Comments (13)

Good News Out of Bad News

March 23, 2009 – 8:43 pm

I have been speaking to a lot of investors lately who are considering buying some of the large notes and assets hitting the market in Phoenix, Tempe and Scottsdale (e.g. Century Plaza, Safari Drive, Portland Place and many more).  At first blush it can be a bit depressing witnessing all the carnage of unfinished and/or [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's, Market Update, Trouble | Comments (2)
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