Condo Market Here in The Valley is at or Near the Bottom

It is clear that the condo market here in the valley is at or near the bottom and while many have suffered, others will make huge gains in the near future. It is unknown how much Wells and Arsenault will market the remaining units at, or even if they plan to market them now for sale. Many other condo projects and condo conversions around town have been quickly changing or reverting to rentals ever since the market fell apart. As for Bridgewater, it might be harder to lease them as problems could spark with the HOA, but either way, people with capital will have once in a lifetime opportunities all over town.

Here are some other distressed projects that have or will be sold in the near future:

Summit at Copper Square's unsold 74 units will be sold at trustee sale on October 14, 2009, unless developer David Wallach, principal of W Developments can work out a deal with the new lender, Stearns Bank of Scottsdale.

Century Plaza developer Equus Development recently filed Chapter 11 Bankrupty protection, most likely to avoid foreclosure on a unpaid loan balance of $23 million with M&I Bank. The original construction loan, in the amount of $42 million was for a conversion of an office tower into 145 luxury condominiums. To date, only 14 units have been sold, and the property is assessed at $19 million. Someone will come in and buy nearly 90% of the tower for an extremely low price, but it might not be in the near future as bankruptcy can elongate the process far more than a 90-day notice of trustees sale.