category archive listing Category Archives: Trouble

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 | Comments (14)

Good News for Centerpoint Condos

April 18, 2009 – 12:05 pm

The last year has been a rough time for most in real estate, but especially everyone tied to the Centerpoint Project in Tempe.  From the lender, Mortgages Limited Securities going bankrupt and their CEO committing suicide, to the teasing near completion of the soon to be iconic towers of Centerpoint Condominiums.  People have been waiting [...]

By Mitch | Also posted in High Rise Condos, Tempe | Comments (8)

Centerpoint Condos in Tempe Crafting Solution

April 9, 2009 – 10:27 am

The Arizona Republic reported today that the developer of Centerpoint Condominiums, the two high rise towers off Mill Avenue in downtown Tempe, is closer to finding a financial solution to its bankruptcy and the bankruptcy of its construction lender Mortgages Ltd. The plan calls for the developer to borrow another $43.3 million to complete the [...]

By Will Daly | Also posted in High Rise Condos, Phoenix, Tempe | Comments (2)

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 | Comments (3)

Lending Problems for Phoenix High Rise Condos and More

March 22, 2009 – 11:10 am

Last week the press reported that Fannie Mae had changed its underwriting guidelines for condos.  We first reported the problem a two weeks ago as it related to a deal we were working at The Vale Lofts in Tempe.   Fannie Mae used to underwrite conventional loans in condo communities if 51% of the condos were [...]

By Will Daly | Also posted in Foreclosure-short sales-REO's | Comments (0)

Optima Camelview Village Seeing Trouble

March 21, 2009 – 9:49 am

Using tax records and MLS data we see that sixteen condos at Optima Camelview Village in Scottsdale have been foreclosed upon and are now bank owned.  Of those, eleven are on the market for sale by the lender.  There is no way for us to know how many of these will ultimately go into foreclosure [...]

By Will Daly | Also posted in Market Update, Scottsdale | Comments (9)

What I Was Being Secretive About…

March 18, 2009 – 10:18 pm

A week ago or so I wrote a blog post telling prospective high rise condo buyers to hold off until further notice because I had big news forthcoming.  Well the news was that M & I Bank, the construction lender for Century Plaza, is selling the note.  Basically, M&I took the $70 some-odd million dollar [...]

By Will Daly | Also posted in High Rise Condos, Hot Deals, Market Update, Phoenix, What's New | Comments (4)

The Vale in Tempe is in TROUBLE

March 6, 2009 – 7:01 pm

With so many condo owners going into default on their mortgages, Home Owner Associations (HOA’s) are having a real problem with fee delinquencies.  In other words if folks aren’t paying their mortgage payments you can bet they aren’t paying their HOA fees.  In the past this simply meant that we agents had to review the [...]

By Will Daly | Also posted in Tempe | Comments (6)

Grrrrreat, One More Thing To Worry About

February 22, 2009 – 7:45 am

I have read in the recent past that some properties had been built using contaminated sheet rock manufactured in China.  But I had not heard or read that any of this bad sheet rock made it to Phoenix.  This article suggests that some of the contaminated product did make it to the Valley.  The article [...]

By Will Daly | Also posted in High Rise Condos, Phoenix | Comments (0)

Renters Get Cheated

February 6, 2009 – 8:54 am

I am hearing more and more stories from renters of high rise condos and lofts who are getting cheated out of rents and deposits when their “landlord” stops paying the mortgage and the bank forecloses.  These poor folks sometimes have to move in a matter of days or weeks.  Talk about disruption! If you do [...]

By Will Daly | Also posted in Rentals | Comments (0)
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