A snap shot of what we went through and where we are today.

Boy 2009 was a chaotic year for urban condos in Phoenix, Tempe and Scottsdale!  Here's a snap shot of what we went through and where we are today.

Century Plaza, Phoenix - M&I Bank, the original construction lender has finally taken the property back from the developer.  Work has commenced on 13th floor condos but we don't know what.  Word is that the lobby is about to have a face lift.  Why?  Heck if I know as I think the lobby and common areas are very nice.  However, perhaps the bank believes a face lift is necessary to sell the remaining condos (or whatever the bank has planned to do with them).  Nonetheless, we are hoping to see condos back on the market in 2010 at a much reduced price.

44 Monroe, Phoenix - Corus Bank, the original construction lender, was taken over by the Feds this year.  The loan was lumped into a pool along with many other notes and ultimately purchased by Starwood.  We have not heard yet what Starwood is planning to do with the asset but again we hope to see the condos back on the market for sale at greatly reduced prices.