Published on 07/29/2009

The past year has not been good to new condo/townhome developers in the valley. While some of the developments have done very well, the majority have suffered. This article will address only those new developments that still have new units to sell, and certainly does not include every new development in this area (I would be doing research for a week!).

The following will break down the developments by city. Some of these developments have rented all or a portion of their available units to have cash flow until the market returns.

· Phoenix

§ Century Plaza – sold 16 of the 156 units, the remaining units were foreclosed on by M & I Bank and they remain on-hold unit they come out of foreclosure process.

§ Tapestry on Central – they have quietly been selling the remaining units. As of a month ago they had about 60 units remaining.

§ 44 Monroe – have sold 12 of the 201 units in the State’s tallest residential building. They lowered prices a bit in April of this year on the remaining 189 units. They have closed only 2 units this year so far.

§ Portland Place – Phases II and III on hold, as they try to sell the last 12 units in Phase I.

§ Chateaux on Central – partially completed project that was to be 13 five-story brownstones is on hold. The project sits partially completed with no plans to finish it.

§ Summit at Copper Square – the bank has issued a notice to foreclose on the 90 some unsold units this fall. Last year the general contractor filed suite against the developer as well.

§ Residence at the Grove – was planned as a 4 story condo project. The foundation and steel framing was completed in 2008, but the project now sits unfinished with a fence around it. The building permit is no longer valid.

§ Montage – was to be located where the form US West 10 story office building stood on 3^rd Street. The building was partially demolished in fall 2008, but the skeleton of the original building remains intact. The building permit is no longer valid and there is a fence around the property. This was to be a luxury retirement community.

§ Portland 2 – first phase was built, but none have been sold.

§ Portland 3 – ground broken but work stopped on the 6 homes.

§ Evergreen 9 – 4 of the 9 have sold.

§ McKinley Row – project stopped after the construction fence was put up last year. No ground was ever broken.

§ McKinley Condo’s – 2 of the 18 units have sold.

§ Royal Willetta Condo – none of the 18 units have sold.

§ Saratoga Springs Condo – 52 units total, sold 3, then sold a block of 36 to investors. The remaining 11 from the original developer are possible foreclosure.

§ Cathedral Townhomes – none sold.

§ Portland 38 – None of the 38 completed units have sold.

§ Mitchell Lofts – the partially completed project is on hold with a fence around the 7 units.

§ Mezzo – seven of the ten units are still available.

§ Stella – none of the 6 upscale units have sold.

§ Roosevelt 11 – 5 of the 11 units have sold.

§ Biltmore Court condo – none of the 14 units have sold.

§ Turney Brownstones – units were for sale last year, then a fence was put up and all the for sale signs were taken down. No units have been sold (or are they for sale at this point).

§ Bonnell Court condo – none of the 10 units have sold.

§ PRD845 – two of the units remain.

§ Metropolitian Lofts – partially completed building sits with a fence around it. Scheduled for foreclosure next month.

§ Contessa Bella – site development was started and the pool and Ramada built. Sales trailer was open for a few months then closed. No townhomes were ever built and the community now has a fence with a padlock on it around the entire community.

§ City North – two buildings of new condo units were completed and a grand opening held last year. A few months ago all of the remaining unsold units were turned into rentals until the condo market returns.

· Tempe

§ Roosevelt Court – never started.

§ Farmer Avenue Lofts – none of the 18 completed units have sold.

§ Tempe Urban Living Condos – 4 of the 15 units have sold.

§ 675 South Condo – partially completed project appears to be on hold with a fence around it.

§ Bridgeview at Hayden Ferry – this 12 story, 104 unit condo is located on Tempe Town Lake, but as of today 64 units remain unsold.

§ Regency Condo – this condo conversion is by ASU on the light rail line, but none have been sold.

§ Centerpoint – this two-tower residential condo dominates the Tempe skyline. The one tower is almost complete, but the project is vacant and at a standstill since mid-2008. The project got caught up in the Mortgages Limited bankruptcy filing. The developer is waiting for court approval for new financing. Once that is granted, the developer says the first tower can be completed in 90 days, with the second tower finished within six months.

§ Lumina – never started.

§ Brownstones at Hyde Park – the last 17 units were scheduled for foreclosure, but were sold in bulk to an investor.

§ Residents at the ArtsPark – Zacher homes was developing a mid level condo project on the shores of Tempe Town Lake. The project never got started and the land is set for foreclosure next month.

§ Ash Avenue Condo’s – project is built and units are for sale. None have sold so far.

§ 100 Mill Avenue – project on hold.

§ Sotelo – last I heard the project was on hold, with no sales.

Scottsdale

W Hotel Condo’s – the new W Hotel in downtown Scottsdale was to have about 25 condos. As of today none have been sold and the hotel is scheduled for foreclosure this October.
Safari Drive Condo’s – of the 100 completed units in Phase I, only 16 have been sold. The remaining units are scheduled for foreclosure.
Main Street Mews – never started.
Mark Condo – looks like over half of the units are still unsold.
Optima Camelview – they have enjoyed some success. This large condo project of 700 units only has 148 units remaining.
X (Ten) Wine Lofts – this 82 unit condo development is on hold. It is close to being completed but sits vacant. Caught up in the Mortgages Limited bankruptcy filing.
Orchidtree – this was to be a master planned community. They were going to demolish the 1972 built apartment community and build high-end condos. The plan was never approved by the City. The property reverted back to the original lender and they are scheduled to sell it to Ryerson Company who plans to build luxury senior housing on the site.