Recycle Please - 09/30/08 03:30 PM
I live in a high rise condo building, Crystal Point, and have been frustrated that the HOA doesn't provide recycle bins. I have solved the problem by taking our recyclable items to a friend's property every week but it's a pain in the neck plus the other 59 residents in the building don't have the same option; so a ton of recycle items go into the trash instead.
When residents have asked the HOA to offer recycle bins we have been told that that is not possible but they couldn't offer a reason. In a recent AZ Republic article the answer … (0 comments)
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ASU Dorm, Taylor Place Opens in Dowtown Phoenix - 09/30/08 03:20 PM
Twelve News reported that construction of the first phase of Taylor Place, the new ASU dormitory towers in downtown Phoenix is complete and housing 500 students. Eventually when fully complete 1,500 students will live in the two towers. It's expected that this new population of students will add greatly to the vibrancy and potential success of a downtown Phoenix re-evolution.
… (0 comments)
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Centerpoint High Rise Condo Update - 09/30/08 02:49 PM
As the scorching summer comes to end, the Centerpoint High Rise Condos are still unoccupied. That might change in the coming weeks if this new deal is approved by U.S. Bankruptcy Judge Randolph Haines.
While Mortgages Limited Securities (MLS) is hanging on by a thread, they have come to an agreement, or so it seems. This is the newest of many claimed to be "done deals", but only the next day in court will tell. The first deal included an outside investor, Stratera Portfolio Advisors that would funnel an immediate $4.8 million through MLS to Avenue Communities, developer of Centerpoint Condominiums. … (1 comments)
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Gorgeous Tempe Town Lake Condo For Sale - 09/30/08 02:42 PM
A gorgeous two bedroom, two bath, condo with almost 2,000 square feet of interior space and about 1,500 square feet of wrap around patio space just hit the market. The residence is located at the newly constructed Bridgeview at Hayden Ferry Lakeside in Tempe right on the south side of Tempe Town Lake.
The residence has approximately $200,000 in beautiful upgrades including lacquer wood cabinets, opaque glass backsplashes and Jenn-Air Pro Series stainless appliances in the kitchen and equally wonderful upgrades in the bathrooms. Large stone tiles run throughout the living areas while wood floors are in the bedrooms.
But probably the greatest … (0 comments)
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High Rise Condo Foreclosures - 09/30/08 02:39 PM
We are seeing more and more great loft condos and high rises hitting the market for sale as foreclosure or bank owned properties at prices that make a lot of sense. In many cases these condos are priced at fifty percent of the price that the previous owner paid. Now, we think that in most cases these previous owners paid WAY too much but at a fifty percent discount they are now a great buy.
To help visitors of www.WeKnowUrban.com find these foreclosure opportunities we have added a new section to the site. Visit our "Short Sales, Foreclosures and Distressed" condo page for … (0 comments)
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Century Plaza Questioned - 09/08/08 11:58 PM
Last night a visitor to WeKnowUrban left a scathing comment about the brand new midtown Phoenix high rise condo project, Century Plaza.
We don't know if the allegations are true. However, I personally have had what I consider strange experiences with the developer with respect to Certificates of Occupancy as I too am under contract for the purchase of a condo at Century Plaza.
On August 14th I received a letter from the developer asking me to schedule my closing date. That same day I sent a fax to the broker of the project asking for proof that they had received … (15 comments)
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W Hotel & Condominiums Come to Scottsdale - 09/08/08 11:55 PM
Developers of the very soon to open W Hotel in Scottsdale, Triyar are offering 18 luxury condos on the top floor of the seven story hotel. Prices for the condos are starting at $1.2 million for 1,100 square feet, equaling out to a whopping $1,090 per square foot. The largest penthouses are 2,600 square feet and being offered around $3 million, equaling $1,144 per square foot.
The best way to rate condominiums in terms of the most expensive are not by the sale price, but rather the price per square foot, which is emphasized here. This being because these condos, if … (1 comments)
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City North Nearing Completion - 09/08/08 11:53 PM
The much acclaimed and sometimes controversial project, CityNorth, has big plans for their grand opening of Phase I in November. The developer of the 144 acre mixed-use project, Thomas J. Klutznick Co. and Related Urban hired a Hollywood, CA based company, Sequoia Productions to manage the opening. Sequoia Productions has an very impressive resume, running the famed Academy Awards Governors Ball for the past 16 years and the Primetime Emmy Awards Creative Arts & Governors Ball for the past eight.
Phase I, which is set to open on November 13, will consist of 99 residential condominiums, 46 boutique shops and restaurants, … (0 comments)
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More Parking Trouble at Orpheum Lofts - 09/08/08 11:48 PM
Several condominium owners at the art deco style residential tower, Orpheum Lofts, filed court papers last week accusing David Wallach, new owner of the adjacent parking lot to Orpheum of wrongful conduct related to the acquisition of the lot. Wallach bought that small piece of land with the intention to build a condo tower called Omega. The original developer of the Orpheum renovation apparently was convincing new buyers they would have parking. Wallach has been letting the Orpheum dwellers park there for free for nearly a year and a half.
This first erupted in January when 11 condo owners filed lawsuits … (2 comments)
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Ritz Carlton May Be Coming to Paradise Valley - 09/08/08 11:46 PM
There's a new Ritz Carlton proposed for Paradise Valley on the 105 acres of vacant land on the west side of Scottsdale Road running from Lincoln Boulevard to roughly Indian Bend. WeKnowUrban followers might question why we care about a resort property in Paradise Valley. After all, it's not very "urban." But since it would be the closest thing to urban (if it gets built) in all of PV we think its relevant to WKU.
The current plans call for 225 rooms in the hotel/resort, 161 homes on one acre lots, and patio homes. The Paradise Valley Town Councel voted to approve the … (0 comments)
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New Funding for Centerpoint Condominiums in Tempe - 09/08/08 09:49 PM
We learned today from the most recent Bankruptcy Court case regarding Mortgages Limited Securities (MLS), that the private lender has slightly switched gears in terms of their new lender for Centerpoint. As of Friday, MLS announced a company called Stratera Portfolio Advisors will lend an immediate $4.9 million to help finish some highly time-sensitive issues with the Centerpoint towers. Today, MLS announced they have found a new hard-money lender, Mountain Funding, LLC. The primary reason for this move is because Mountain Funding is giving MLS better terms, including a lower interest rate.
With this new and potential better move for MLS, … (0 comments)
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Phoenix Light Rail Tool Comes to WeKnowUrban - 09/08/08 09:46 PM
WeKnowUrban just launched a new light rail tool that urban enthusiasts are sure to love.
Using Google Maps technology we plotted every light rail stop and indicated which is a park and ride station.
Next we plotted every high rise and loft condo community that runs along the Phoenix and Tempe light rail line. For each community we created a pop-up window that gives the address of the high rise or loft community, a starting price range, and links to live MLS feeds showing what's for sale and/or rent in that community.
The Google Map allows you to move the map … (0 comments)
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Phoenix Light Rail Chuggin' Along - 09/08/08 08:20 PM
About a month ago the mayor celebrated the launch of the new Phoenix Light Rail by taking a ride in one of the cars as far south as McDowell Road. It was mostly a PR media event but that's why it's noteworthy.
For over a year we have been stating that despite whether or not the light rail is viable or worthy of our tax dollars there is zero question that come December it will get major media attention. The entire light rail route area will go from a depressed and shunned area to a local and national media darling. Escalating oil … (0 comments)
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The Mortgages Ltd Situation - 09/08/08 08:18 PM
The Bankruptcy Court in Phoenix has been very busy the last couple months trying to come to a conclusion on the Mortgages Limited Securities case. Some parties ended up with smiles of relief, while the majority of investors are taking a major loss. A quick history lesson and recap of the current situation:
MLS (short for Mortgages Limited Securities) was originally a small private lender not funding more than $20 million projects. Scott Coles took over the company in the 1980's and slowly changed their company services. In the more recent years, Coles brought in thousands of outside investors all over … (3 comments)
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Bad News at Landmark on Central and Orpheum Lofts in Phoenix - 09/08/08 08:14 PM
The Arizona Republic recently reported on infrastructure problems at the high rise condo building Landmark on Central and alleged misrepresentation by sales agents at both Landmark and the downtown high rise condo building Orpheum Lofts.
I certainly can not defend the situation or the conditions at either building. We have been hearing rumors on problems with the electrical, pluming and air conditioning stystems at Landmark on Central for at least six months and believe that they are true. And the problems with the parking at Orpheum have been well documented and pubicized for years.
Now, I can't say whether or not … (0 comments)
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Tempe Mill Ave is A Changin' - 09/02/08 01:09 AM
Although the condominium market has been slow for a while, newspapers like to keep people excited and ready for the eventual opening of projects. I think it is great that the Phoenix Business Journal, AZ Republic and East Valley Tribune are still reporting on real estate development updates, whether their information is new or just repeated. In the last week or so, two separate articles have been published that highlight Tempe's Mill Avenue district and the much anticipated opening of Centerpoint.
By now, most of you have at least heard a rumor or read one of the many articles regarding the … (0 comments)
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Le Meridien is Out But Another Luxury Hotel is Coming to Tempe Arizona - 09/02/08 01:08 AM
For everyone who was hoping to see the internationally renowned Le Meridien hotel come to Tempe Town Lake, unfortunately it isn't going to happen.
The hotel was originally planned years ago to sit behind the Edgewater tower in the Hayden Ferry Lakeside development. Suncor Development Company, who is developing the HFL project, sold the parcel two years ago to Valhalla Development Group of Scottsdale. Valhalla had worked out a deal with the Starwood Group (Starwood Hotels and Resorts Worldwide) to bring the European-style hotel with 143 rooms and 43 condominiums. Due to several factors, Starwood pulled out of the deal a … (0 comments)
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New Plan for Centerpoint Condominiums in Tempe - 09/02/08 01:06 AM
There have been numerous newspaper articles reporting on the financial woes for Avenue Communities and its downtown Tempe high rise condo developement, Centerpoint.
What I have not understood is how can a project that has sold 20-25% of its condominiums over the last three years survive current market conditions AND the bankruptcy of its construction lender?
But I'm starting to understand. Here's my take on it:
The construction lender referenced above, Mortgages Limited, funded approximately $100 million of a $175 million loan. So they funded approximately $75 million less than the loan commitment stipulated. Then the company filed bankruptcy.
Avenue Communites is out … (0 comments)
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Pssst, Gas Prices Are High so Buy Real Estate on the New Light Rail Line - 09/02/08 01:05 AM
Yes. Fuel slightly went down in the last few months, but alternative transportation is rapidly growing in popularity right here in the desert sprawl city. In this past week's Business Journal, an article explained that while gas grew over a dollar since July of last year, the number of Valley workers riding the bus, biking, walking or carpooling nearly doubled. According to the study conducted by Valley Metro, 43 percent of workers are using alternative transportation, up from 24 percent a year ago.
When alternative transportation increases, property values start to increase near urban connected cores. Even though many projects near … (1 comments)
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Onyx is Moving Forward? - 09/02/08 01:02 AM
Believe it or not a developer is looking to move forward with construction of another high rise condo community in the Valley.
WestStone Communities recently announced the opening of its "virtual sales office" (meaning everything will be computer generated "virtual" photos and videos) to promote its proposed Onyx Tower.
Plans for Onyx Tower call for a 22 story building located at the north east corner of Scottsdale Road and the north shore of Tempe Town Lake with 196 luxury condominiums ranging from 711 to 2364 squre feet.
The question of course will be what kind of sales to expect with approximately 350 … (0 comments)
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CBD 101 News - 09/02/08 01:00 AM
The 77 acre mixed use project called CBD 101, at Bethany Home and the 101 in Glendale is closer to reality with initial grading, and installation of water and sewer lines scheduled for later this year.
Currently Phase 1 is scheduled to be completed in Fall 2010. At this point it is our guess that the developer will elect to build 150 residential apartments in Phase 1, rather than condominiums (the property is zoned to allow either one) given the state of the real estate market today.
Ultimately, the plans call for a total of 850 residential units. We at WKU are hopeful … (0 comments)
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Toscana Has Trouble With City of Scottsdale - 09/02/08 12:58 AM
John Lupypciw, President of Continental Group, is frustrated by the interference and micromanagement by Scottsdale City Planners in respect to his $22 million development of the northwest corner of Miller Road and Osborn into one hundred condominiums.
The funny thing is that often times its the developer who fights for permission to build taller buildings but in this case its the city pushing for greater height. Not suprisingly, the taller buildings that Scottsdale wants would result in higher priced condominiums.
Hey, we at WeKnowUrban are all for cool, edgy, lofts and high rises but we also believe economic diversity adds to the viability and … (4 comments)
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Can You Move in With Temporary Certificates of Occupancy? - 09/02/08 12:56 AM
I just got a call from a woman who is in escrow for a condo at Century Plaza High Rise. She claims that the developer does not have permanent Certificates of Occupancy but rather Temporary Certificates of Occupancy. This makes sense to me as I wondered how the City of Phoenix could issue permanent Certificates of Occupancy when the exterior glass curtain wall is incomplete (meaning that some of the exterior walls to the building are literally missing and someone could fall and get seriously injured or die).
Anyway the caller claims that she spoke to a representative for the City … (3 comments)
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What's Going on With Hayden Flour Mill in Tempe, AZ? - 09/02/08 12:52 AM
Avenue Communities is looking to break ground September 2008 on its mixed use redevelopment project called Hayden Flour Mill. Phase one calls for 60,000-sf of retail and office space and will take about 14 months to construct. It is unclear when the second phase of the project might break ground.
For more information on Tempe's Hayden Flour Mill.
… (0 comments)
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WeKnowUrban in the News - 09/02/08 12:50 AM
We at WeKnowUrban had a very public week two weeks ago having been interviewed by ABC 15 News and quoted in two different Arizona Republic Newspaper articles. We don't have a copy of the television news spot yet but to see the newspaper articles visit the following addresses.
August 5, 2008
August 8, 2008
… (0 comments)
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