This is quite unordinary for Phoenix... ;)
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Summit at Copper Square to be sold
Phoenix Business Journal - by Jan Buchholz Date: Wednesday, December 1, 2010, 10:51am MST Jan Buchholz Reporter Email: jbuchholz@bizjournals.com Numerous high-end luxury condos that have sat vacant for the past two years finally are seeing some life with new owners and lowers sales prices. Now comes word on the street that the first downtown Phoenix high rise that was finished before the 2008 real estate collapse is within days of being sold. The Summit at Copper Square, which overlooks Chase Field, reportedly is in escrow with a closing set for Dec. 8 or 9, according to sources who didn’t want to be identified. The seller is Stearns Bank NA, which is headquartered in Minnesota but has Arizona operations based in Scottsdale. Stearns took ownership in a foreclosure action when developer W Developments LLC was unable to pay back the construction loan, which was originated by First National Bank of Arizona. Stearns eventually acquired the loan portfolio of First National Bank of Arizona when the FDIC moved in to close down that troubled bank in February 2009. Numerous multifamily experts in the Valley either don’t know or won’t disclose who is buying The Summit, which has about 75 of 165 units unsold. Two luxury condo brokers, David Newcombe of Russ Lyons Sotheby’s International Realty and Keith Mishkin of Cambridge Properties, say the best option for the unsold units is to rent them. Both say too much luxury high-rise product is entering the market, including 44 Monroe and Chateau on Central. Newcombe represents One Lexington, which has sold about 55 percent of its units, and is located in mid-town. Mishkin represents luxury condo and townhouse projects for sale around the Valley. But David Wallach, principal of W Developments, said renting the units would be a travesty, when I contacted him to comment about speculation on the street. “My concern has always been the best interest of those who bought units from me,” Wallach said. Renting the units could lower property values and create more anxiety for current owners, he said. A large portion of buyers paid $300,000 and more for their residences, which sport some of the most spectacular unobstructed views in the city. I asked Wallach about provisions in The Summit’s covenants that might prevent a new owner from renting the units in mass. Wallach said he believes the new owners would be violating “declaratory rights” if they tried to lease the remaining units. Only W Developments LLC had the right to rent more than 20 percent of the units, and those rights were not transferable in any subsequent sale, he said. A Stearns Bank official did not return phone calls to comment. A real estate broker said the escrow is at a very critical juncture and refused to speculate whether the declaratory rights issue might be a deal killer. Stay tuned for more. Read more: Summit at Copper Square to be sold | Phoenix Business Journal |
I was just about to say that One Lexington has a new banner up on the North side of the building (1st floor I think) that says they are over 50% sold and thought it would be a some positive news and here I see that was mentioned in the post above.
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In a foreclosure sale, any "declaratory rights" would be extinguished in favor of the new owner. If you can't pay your bills, you can't dictate how a new owner will treat the property, by and large. The existing homeowners are all hosed anyway and wouldn't be able to prove damages, because their initial investment is toast.
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Anyone have details on this? Specifically where is it located?
From Twitter: BuildingPHX Adaptive Reuse in PHX, Windsor and Churn, new restaurant(s) from Postinos founder, permitted and under contruction on Central. Large patio. |
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anyone know what they are building on Central, just north of Campbell, on the west side of the road?
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^ You may be correct in terms of a strict interpretation of the statute (absent doing some research, which I'm not inclined to do), but you fail to comprehend the reality of life and the practical essence of my post - if there is no functioning HOA, then they aren't in a position to enforce anything. The existing homeowners also will be in a very poor position to enforce the CC&Rs, because they are not going to be able to show any damages. No damages = no case, unless you just have money to burn to make a point.
--don |
An excerpt from an article on Phx parking meters:
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not like nobody could see this coming but Verde has closed effective today.
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Office party tonight at the Hyatt. If you see a bunch of fairly well dressed and drunken bureaucrats, that's probably us.
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And you wonder why I try to limit my exposure to your dick-headedness. If anyone's the arrogant one, here, it's you, Mr. I drive an Audi and work at the finest resorts in town... --don |
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Sounds like pent up agression from being bullied as a childhood and a father who probably shunned your lifestyle. You prance around all over the internet reminding people how much you know, bringing up your background when it's totally off topic and inappropriate, and reminding people that they don't know as much as you think you do. I'm all for humor if you want to use it, but you just downright try to make people feel stupid. No wonder you want to be a lawyer, it will make you feel like you have a little control. Don, you're literally the most condescending person I have ever encountered, which is saying a lot given that I am constantly around some of the most powerful business-people in this country. At least if I'm going to point out to someone that I think they are wrong, or something is outlandishly idiotic, I try to add some humor to it rather than be just plain rude. End of the rant. |
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