Tempe Bridgeview at Hayden Ferry Lakeside sold

bridgeview The Bridgeview Condominiums at Hayden Ferry Lakeside have become one of the most recognizable landmarks in Tempe Arizona. The 12-story unit sits on Tempe Town Lake and is seen by tens of thousands of people each day as they drive by on the 202.

The luxury condo units were built during the boom of 2006 and were selling new for over $800,000. Last week the remaining unsold units were sold to a Denver based investment firm Condo Capital Solutions for an average of about $317,000 per unit.

The current units on the market for sale in Tempe’s Bridgeview Condominiums range from $300,000 for a one bedroom unit up to $1,900,00 for a 3,217 square foot 7th floor penthouse.

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Tempe Centerpoint condo looks to have Tower I done by August

centerpoint-condominiums Tempe Land, the developer of the downtown Centerpoint condo project in Tempe, is aiming to complete Tower 1 by mid-August of this year. Tempe Land is planning to use money from lender EFO Financial Group LLC to finish the two tower downtown Tempe project.

Tempe Land filed for bankruptcy in December of 2008 and now has a plan to borrow $43.3 million to repay debts and finish the project. The two tower high-rise project are Tempe’s tallest buildings at 22 and 30 stories tall. The buildings when completed will contain 375 units and retail and dining spaces.

Prior to bankruptcy potential owners had placed deposits on 40 units in Tower 1. The deposits are non-refundable and the Centerpoint condo project builders plan on lowering prices for not only future sales, but also for those who have already placed their deposits.

Tempe Land is required by the court to file a plan outlining their plan to reorganize and get out of bankruptcy by May 13th.

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Top 10 reasons to buy a Tempe condo or Phoenix condo right now

hayden-ferry-tempe-condos I was previewing a few condominiums in Tempe for an out of state client this afternoon and it struck me, there are some great deals in the Tempe and Phoenix condo markets. If you are thinking about a property for yourself or your ASU student, now is a great time.

All you need to do is look at my post from last night on the March 2009 Tempe condo numbers and you will see the market is slow. While the foreclosure market in the surrounding areas is booming, the condo, and especially the luxury condo market, is lagging behind. That leads me to short list on why now is a great time to buy your Tempe or Phoenix condo.

  1. Plenty of inventory – no shortage of properties in every price range.
  2. Low prices – the market has taken a beating and prices have been slashed.
  3. Low interest rates – they are low, but how long will interest rates remain low?
  4. Banks willing to negotiate – banks are willing to work with you to get deals done.
  5. Compete buyers market – Most areas of the market are more balanced, but when it comes to these condo markets it is still a buyers market.
  6. People are moving to Phoenix and TempeThis will help the market recover quicker.
  7. Stability – Did you know Tempe had more high tech jobs than any other city its size?
  8. Light Rail – The light rail system has made it easier to get in and out of city.
  9. Entertainment – Tempe’s entertainment life has exploded recently
  10. Kiddie Condo loanGreat option of financing if you have a student going to ASU soon.
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Tempe condo numbers for March 2009, Tempe luxury condo market slow

Here are the market numbers for the Tempe condo market in March 2009 and how they compared to February 2009, March 2008 and the past year average. To say the Tempe luxury condo market is a little stale is an understatement.

  March 08 February 09
March 09 Past Year
Sold 10 6 4 100
<$350K 9 6 4 78
>$350K 1 0 0 22
Low $ $100,000 $73,000 $70,000 $70,000
Avg $ $216,480 $113,216 $127,952 $228,164
Median $ $186,000 $103,700 $88,278 $169,450
High $490,000 $180,000 $265,250 $1,098,827
Avg DOM* 81 156 96 101

* Average days on market for condo units before sold.

How long has it been since a Tempe Condo sold for over $350,000? THe last one was a $355,000 condo at the Northshore Condominiums in mid-January. To Find a luxury condo in Tempe that sold fore over $500,000 you need to go all the way back to early August when a unit at the Edgewater Hayden Ferry Lakeside complex closed for $600,000.

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Tempe condo market numbers for February

A little late, but as they say, better late than never. Here are the market numbers for the Tempe condo market in February 2009 and how they compared to January 2009, February 2008 and the past year average.

February 08 January 09 February 09 Past Year
Sold 7 7 6 110
<$350K 4 6 6 86
>$350K 2 3 0 24
Low $ $120,000 $79,500 $73,000 $70,000
Avg $ $469,949 $169,429 $113,216 $231,198
Median $ $162,000 $130,000 $103,700 $174,500
High $1,166,368 $355,000 $180,000 $1,098,827
Avg DOM* 35 102 156 100

* Average days on market for condo units before sold.

The numbers that really jump out are the DOM and average price. There was a lack of luxery Tempe condo sales in February which hurt the overall numbers.

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FHA Kiddie Condo Program: Great condo program for ASU students

asu-condoJustin McHood at the Arizona Mortgage Team recently wrote a piece about a program called the FHA Kiddie Condo Program. The FHA loan program is a great way for parents to buy a Tempe condo for an ASU student.

The program works just like a regular FHA loan, but it does not require the borrower to live in the condo or home. So the parent of a child heading to the ASU campus can use their credit and income and the child as a co-borrower can reside in the condo. Best part is the program also allows the occupant to pick up some roommates to help cover the mortgage payments and with Citrus North loans no credit check offices near by, even a financial emergency can be dealt with quickly, ensuring the complete safety of your children.

Tempe has a wide variety of condo options many of which are walking distance to campus or close to the METRO light rail which makes it easy to get to and from classes. So if you are looking for a Tempe condo for your ASU student I recommend you talk to Justin McHood over at the Arizona Mortgage Team and see if this program would work for you.

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Tempe Centerpoint Condominium bankruptcy update

centerpoint-condominiumsThe judge in the Centerpoint Condo bankruptcy case has come down on the side of the condo developers. In his testimony the judge said he did not believe the managers of the project intended to defraud stakeholders. The judge told the Bankruptcy Court that dropping the managers for a trustee would not benefit stakeholders.

The three-day hearing ended yesterday in which the court is trying to decide if a trustee would be better situated to operate Tempe Land Co. LLC which is building the Centerpoint Condominium project in the Mill District in downtown Tempe. The project is partially done, but was stopped in 2008 as the builders faced funding issues. The Arizona Republic has more on the latest legal development here.

Currently there are two active listings in the Centerpoint Condo units in Tempe. A 1 bedroom 1 bath 630sq foot unit is currently listed at $368,900 and a 2 bedroom 2 bath unit which is on the market for $707,900.

The Centerpoint development in Tempe brings a great experience to urban living. In the heard of the Tempe Mill District, the development is not only close to entertainment and a vibrant night life, the development itself includes a spa, expansive gym with locker rooms, a theater, wine storage and a pool with a white sand beach, and more.

If you are interested in getting email updates when new properties come on the market please e-mail me and let me know.

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