Tempe Condos

Tempe Centerpoint condo looks to have Tower I done by August

April 21, 2009 By Dean Ouellette Leave a Comment

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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Filed Under: Tempe Condos Tagged With: Centerpoint Condominiums, Tempe Condos, Tempe Luxury Condos

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

April 7, 2009 By Dean Ouellette 1 Comment

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.

Plenty of inventory – no shortage of properties in every price range.
Low prices – the market has taken a beating and prices have been slashed.
Low interest rates – they are low, but how long will interest rates remain low?
Banks willing to negotiate – banks are willing to work with you to get deals done.
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.
People are moving to Phoenix and Tempe – This will help the market recover quicker.
Stability - Did you know Tempe had more high tech jobs than any other city its size?
Light Rail – The light rail system has made it easier to get in and out of city.
Entertainment – Tempe’s entertainment life has exploded recently
Kiddie Condo loan – Great option of financing if you have a student going to ASU soon.

Filed Under: Tempe Condos Tagged With: ASU Condo, Phoenix Condos, Tempe Condos, Tempe Luxury Condos

Tempe condo numbers for March 2009, Tempe luxury condo market slow

April 7, 2009 By Dean Ouellette 1 Comment

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.

Filed Under: Tempe Condos Tagged With: Edgewater Hayden Ferry Lakeside, Market Reports, Northshore Condominiums, Tempe Condos, Tempe Luxury Condos

Tempe condo market numbers for February

March 15, 2009 By Dean Ouellette Leave a Comment

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.

Filed Under: Tempe Condos Tagged With: Market Reports, Tempe Condos

Real Estate agent not looking out for their seller? Or do you agree with the decision?

March 11, 2009 By Dean Ouellette 12 Comments

centerpoint-condominiums One of my best friends called me the other day and said his dad may have some buyers for me. His father is a former Air Force General who currently owns an import/export business that does work in China. Many of his contacts in China had been asking about luxury condos in cities such as Los Angeles, San Diego and Phoenix.

I told him I could help him out in the Phoenix and Tempe condo market. There were plenty of Tempe and Phoenix condos on the market that would match what they may be looking for. [Read more...]

Filed Under: Condos Tagged With: Listing agents, Phoenix Condos, Tempe Condos

Tempe Centerpoint Condominium bankruptcy update

March 5, 2009 By Dean Ouellette 1 Comment

centerpoint-condominiums The 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.

Filed Under: Tempe Condos Tagged With: Centerpoint Condominiums, Tempe Condos

Coming Soon: Phoenix Condos and Tempe Condos to site

March 2, 2009 By Dean Ouellette Leave a Comment

tempecenterforartsdrawing To be a real estate agent in the Tempe and Phoenix areas over the last few months has been an exciting time. House prices have dropped to the point where investors and buyers are coming out from hiding. All these new buyers have made my year very busy so far and I look forward to it staying that way.

This year I have been blogging every day at other real estate websites and that has cut into the time I have spent here on my own site, but that has been changing. [Read more...]

Filed Under: Condos Tagged With: Phoenix Condos, Tempe Condos