WeKnowUrban

Four unit Mid-Century Modern building with exposed block construction, sky lights, contemporary landscaping with cool courtyards and "weathered" steel panel fencing in a great part of town just north of Bethany Home Road and 8th Street. Quiet building and quiet neighborhood of single family homes...

We talk to countless people who really want to buy an urban condo but are afraid. They worry that prices are going to go down further and hurt them as the eroding market has hurt so many others. Here are some great numbers that put the current Phoenix real estate market into perspective. This dat...

We got several responses to last weeks blog; some in agreement and some in disagreement.  One of the people who disagreed with the assessment said that the only reason that "actively for sale" properties are down is because a person would have to be "crazy" to try to sell their homes or condos in...

A friend has strongly suggested that I NOT write about what you're about to read, the possibility of higher interest rates and/or inflation in the near future.  His reasoning is that by discussing such topics I might A) confuse folks unnecessarily and/or B) discredit myself in the event that neit...

Third Avenue Lofts, Scottsdale - This was one of the first, if not the first, urban loft community built during the boom.  It came to market early, condos resold during the boom at steeply higher prices, and then it crashed...hard.  But it also began its recovery sooner than other urban developme...

Edgewater at Hayden Ferry, Tempe - This 40 condo unit high rise seems to be in trouble.  There are currently 15 condos for sale which constitutes 37% of the entire building!  Eight of the fifteen listings advertise that the property is "pre-foreclosure" or "bank owned."  Additionally, the HOA doe...

Camelview Village by Optima, Scottsdale - Interestingly enough we have seen broadly supported rent stability in Camelview Village although we are seeing downward pressure on prices.  Rents today (Q4 2009) are at an average of $1.97 per foot in 40 condos.  Rents in the first two quarters of 2008 w...

Centerpoint, Tempe - Mortgages Ltd, the original construction lender AND Avenue Communities, the developer, both filed for bankruptcy earlier this year.  At this point the entire project is moth-balled.  My guess is that the developer will eventually settle with the lender, regain the high rise p...

Boy 2009 was a chaotic year for urban condos in Phoenix, Tempe and Scottsdale!  Here's a snap shot of what we went through and where we are today. Century Plaza, Phoenix - M&I Bank, the original construction lender has finally taken the property back from the developer.  Work has commenced on 13t...

just dug through some more MLS data.  As I'm sure all our readers would expect, the number of high-rise and loft foreclosures and short sales were way up this last year. From January 1 to December 31, 2008, the total number of "distressed" sales of high-rise condos and lofts was 94.  These 94 pro...