Phoenix AZ Urban

There’s a lot changing in the real estate market although not as fast an many would like.  Many experts are expecting the market to bottom out in many areas of the United States but not all.  Phoenix is one of those places that always seems to do OK but this recession has certainly given us a challenge.  There are 3 new high profile Phoenix Downtown Condo projects that are still in trouble.  The Summit at Copper Square, 44 Monroe, The Chateaux on Central and Century Plaza.  All four projects are in bankrupcy in one form or another.  There are also other apartment condo conversion projects that have problems because they didn’t sell all the units when times were good so now they are converting the unsold units back to apartments.  This can be good or bad depending on your situation.  Investors are picking the forclosed condos up for much less in some communities.  Communities that turn unsold units back to apartments are hard to get a loan on so they become attractive to investors, although I have sold a couple of these to owner occupied buyers too.  Some of these communites are Citi on Camelback, Biltmore Square, The Dakota, La Terraza and Solaris.  Keep your eyes on these communites or go to www.phoenixazurban.com and we’ll help you determine if they are a good buy for you.