Want to talk about great value? How about the Tempe Edgewater Condos for sale in Hayden Ferry near Tempe Town Lake. The Luxury Tempe Condo Units in Edgewater are close to ASU, Mill Avenue, Tempe Town Lake and the light rail. A foreclosure unit featured here sold for close to $840,000 in 2006 and now can be had for $379,000.
Here is another video of the Edgewater Condo complex with photos of the above mentioned foreclosure property.
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.
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.
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.
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.
