category archive listing Category Archives: Phoenix

Oops! The Real Name is One Lexington Not One Lexington Place

February 10, 2010 – 10:04 pm

Well, we scooped The Phoenix Business Journal with the news that the building formerly known as Century Plaza got a new name.  However,  I misreported the new name.  It is One Lexington NOT One Lexington Place as I mistakenly wrote yesterday. The Business Journal did go public with expected starting prices for the soon to be re-released [...]

By Will Daly | Also posted in High Rise Condos, What's New | Comments (4)

Century Plaza Becomes One Lexington

February 9, 2010 – 6:46 pm

You may have read last week that Century Plaza, the once failing high-rise condo building in midtown Phoenix, had turned a major corner when Macdonald Development Corporation purchased the remaining 130 condominiums from M&I Bank.  With the purchase we told you to expect a new infusion of cash and condos offered at significantly reduced prices. For at least the last [...]

By Will Daly | Also posted in High Rise Condos, What's New | Comments (5)

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 joyce | Also posted in Foreclosure-short sales-REO's, High Rise Condos, What's New | Comments (14)

More Data Reflecting Sales in Phoenix and Scottsdale

December 22, 2009 – 9:24 pm

Joseph Lee commented on a post I wrote two weeks ago, Why is Real Estate Inventory Down…Sales!, that I thought was worth sharing further.  He wrote: “Not all cities are created equal: 2008 (12/17) 2009 (12/17) All counties 56,434 88,478 Phoenix 12,285 24,346 Scottsdale 4,309 5,459 Paradise Valley 174 255 This is just MLS and does [...]

By Will Daly | Also posted in Market Update, Scottsdale | Comments (3)

Response to Optima Biltmore Tower Lock Box Post

November 7, 2009 – 9:22 pm

I got an anonymous and somewhat derogatory email from a person who was pretty indignant about my previous blog post.  One of his or her many points was “In my entire career, I’ve never seen a real estate firm post a “negative” about a building. The article states that removing the lock boxes will cause [...]

By Will Daly | Also posted in High Rise Condos | Comments (1)

Optima Biltmore Tower Owners…Unite!

November 3, 2009 – 2:31 pm

We just heard that Optima Biltmore Towers (OBT) management made a major policy change last week that we believe will have an adverse affect on property values there. Real estate agent lock boxes are no longer allowed on the property!  This means that agents looking to show OBT to prospective buyers or renters will have to [...]

By Will Daly | Also posted in High Rise Condos, Trouble | Comments (6)

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, 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, Trouble | Comments (13)

Century Plaza Condo Controversy

June 26, 2009 – 8:55 am

I recently received an e-mail from an urban living fan who wanted to let me know that she heard “from a reliable source” that the construction note for Century Plaza had sold or was about to sell to an investor for $27M (this is unverified).  I responded that if that was the case the number [...]

By Will Daly | Also posted in High Rise Condos, Trouble | Comments (4)

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, Trouble | Comments (9)
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