August 27, 2008 – 6:15 am
We learned today from the most recent Bankruptcy Court case regarding Mortgages Limited Securities (MLS), that the private lender has slightly switched gears in terms of their new lender for Centerpoint. As of Friday, MLS announced a company called Stratera Portfolio Advisors will lend an immediate $4.9 million to help finish some highly time-sensitive issues [...]
August 25, 2008 – 12:51 pm
The Bankruptcy Court in Phoenix has been very busy the last couple months trying to come to a conclusion on the Mortgages Limited Securities case. Some parties ended up with smiles of relief, while the majority of investors are taking a major loss. A quick history lesson and recap of the current situation:
MLS (short for [...]
August 22, 2008 – 5:22 pm
The Arizona Republic recently reported on infrastructure problems at the high rise condo building Landmark on Central and alleged misrepresentation by sales agents at both Landmark and the downtown high rise condo building Orpheum Lofts.
I certainly can not defend the situation or the conditions at either building. We have been hearing rumors on problems with [...]
August 21, 2008 – 6:43 am
Although the condominium market has been slow for a while, newspapers like to keep people excited and ready for the eventual opening of projects. I think it is great that the Phoenix Business Journal, AZ Republic and East Valley Tribune are still reporting on real estate development updates, whether their information is new or just [...]
August 20, 2008 – 3:56 pm
For everyone who was hoping to see the internationally renowned Le Meridien hotel come to Tempe Town Lake, unfortunately it isn’t going to happen.
The hotel was originally planned years ago to sit behind the Edgewater tower in the Hayden Ferry Lakeside development. Suncor Development Company, who is developing the HFL project, sold the parcel two [...]
August 19, 2008 – 2:03 pm
There have been numerous newspaper articles reporting on the financial woes for Avenue Communities and its downtown Tempe high rise condo developement, Centerpoint.
What I have not understood is how can a project that has sold 20-25% of its condominiums over the last three years survive current market conditions AND the bankruptcy of its construction lender?
But I’m starting [...]
August 17, 2008 – 8:08 am
Believe it or not a developer is looking to move forward with construction of another high rise condo community in the Valley.
WestStone Communities recently announced the opening of its “virtual sales office” (meaning everything will be computer generated “virtual” photos and videos) to promote its proposed Onyx Tower.
Plans for Onyx Tower call for a 22 story [...]
August 16, 2008 – 12:12 am
The 77 acre mixed use project called CBD 101, at Bethany Home and the 101 in Glendale is closer to reality with initial grading, and installation of water and sewer lines scheduled for later this year.
Currently Phase 1 is scheduled to be completed in Fall 2010. At this point it is our guess that the developer will [...]
August 14, 2008 – 2:19 pm
I just got a call from a woman who is in escrow for a condo at Century Plaza High Rise. She claims that the developer does not have permanent Certificates of Occupancy but rather Temporary Certificates of Occupancy. This makes sense to me as I wondered how the City of Phoenix could issue permanent Certificates [...]
August 3, 2008 – 11:25 pm
Several articles have run recently regarding the financial challenges facing Centerpoint High Rise community in Tempe.
The gist of the articles suggest that all is fine with the development per Ken Losch, one of the principals of Avenue Communities, the developer of Centerpoint. In general, these kinds of articles don’t really offer any kind of substantive [...]
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