category archive listing Category Archives: Trouble

Can a New Buyer Rent Out Summit at Copper Square?

December 14, 2010 – 5:30 pm

On December 1, 2010 the Phoenix Business Journal reported that the 75 unsold condos at Summit at Copper Square were “within days of being sold.”  Word is that the deal has fallen through. In the article two of my competitors mentioned that the best option for the unsold units was to rent them.  This led [...]

By Will Daly | Also posted in High Rise Condos, Phoenix | Comments (9)

Landmark on Central Condos – Not So Hot

November 30, 2010 – 12:56 pm

We Know Urban Realty has been luke warm on Landmark on Central High Rise Condos for some time, largely due to reported problems with the infrastructure of the building. In fact, on our Landmark on Central info page we flat out say that we won’t represent people looking to buy there until they educate themselves [...]

By Will Daly | Also posted in High Rise Condos, Phoenix | Comments (3)

Why Is Real Estate Inventory Down….. Sales!

December 10, 2009 – 3:13 pm

We got several responses to last weeks blog; some in agreement and some in disagreement.  One of the people who disagreed with the assessment said that the only reason that “actively for sale” properties are down is because a person would have to be “crazy” to try to sell their homes or condos in today’s [...]

By Will Daly | Also posted in Market Update | Comments (10)

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, Phoenix | 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, Phoenix | 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 | 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, Phoenix | 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, Phoenix | Comments (9)

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 | Comments (4)

Urban Update

June 8, 2009 – 10:29 pm

You might remember me writing about a purchase that fell through at The Vale because the Buyer’s lender would not make the loan because the Home Owner Association (HOA) at The Vale was in financial trouble with 25% of the condo owners behind on paying their fees.  It was my opinion that until the HOA got its [...]

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