Bank Owned March 14, 2009

This was a great tour comprised of fifteen urban living fans who are truly interested in buying and taking advantage of the bank owned deals out there.

We swung by Century Plaza to discuss the pending (at the time) construction loan "note" auction. M&I Bank had previously discounted the $70M +/- construction loan to $39M but when Equus, the developer, still couldn't perform the bank elected to sell the note. During the tour we discussed all the possible scenarios and ramifications of the auction; pretty interesting stuff.

The first property we toured was Artisan Lofts on Osborn. There we visited a short sale and a bank owned property. A fantastic two bedroom true loft style condo was the second most popular property on the tour (see photos of this multi-colored unit at the photo link to the upper right. I really like Artisan Lofts on Osborn. The architecture and style is unique, the location, although not pedestrian friendly, is centrally located, and the floor plans are great. Artisan Lofts on Osborn was built well before the boom and for the most part (not entirely obviously) was spared most of the crazy appreciation and subsequent foreclosures that have hurt so many other urban properties.

We next visited Artisan Village at 7th Street and Portland. There a several bank owned condominiums in that great urban community. A couple of these condos could be purchased "right" so that a buyer could cover all his or her expenses with a renter...for real.

Our next stop was a fantastic loft at Fontenelle House. This place is very very cool. Fontenelle is a turn of the century (20th) building converted to seven condominiums. Talk about style and charm and located in downtown Phoenix. Be sure to check out the photos. This place is aces!

Last stop was at Embassy Condominiums. this high rise was originally a hotel but converted to condominiums in the 70's (I think). The foreclosure condo we toured was OK but paled in comparison to everything else we saw. But if you are into mid-century modern architecture and like the idea of walking to Cibo or a light rail stop then this may be the place for you. Prices have come down considerably. Take a look on our Embassy Condo page.

If you are toying with the idea of buying a bank owned or short sale urban condo then join us next week. Learn more at out "Urban Tour" page.

If you want to join us the next time we take a tour then click the "Contact Us" button and register for automated updates. This way you'll receive e-mails about the tours in advance so that you can register for the one(s) that interest you.

As always we owe a huge THANK YOU to Mike Williard, an amateur photographer and very special friend of WeKnowUrban who shot these great photos.

Please visit our "Urban Tour" page to learn about our next High Rise and Loft Condo Tour.

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