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Prices at Optima Biltmore Towers in Phoenix Arizona have steadily dropped since early 2006 when the building was first completed and delivered to the buyers. This price drop was largely attributable to the very large number of investors who bought condos in that building and then tried to flip them for a profit. With a sudden surge of "over priced" condos and a growing awareness on the part of the public that we were heading for a slow down led to a major slow down in sales and eventually "distressed" owners who resorted to renting, short sales, and eventual foreclosure. When this … (0 comments)
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