Photos from Phoenix High Rise and Loft Condo Expert, Will Daly at www.WeKnowUrban.com
Crystal Point High Rise Condominiums in midtown Phoenix, ArizonaLocated in: Crystal Point High Rise Condominiums (Phoenix, AZ)
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 against the original developer, TASB of Denver, CO, the marketing company and W Developments. Wallach, principal of W Developments was quickly dismissed from the case.
The owners, still battling for their parking spots have been booted from the adjacent lot in a recent move by Wallach. They try to sue him, he takes away their parking. Not only has he let them park there free for 18 months; he is also allowing them to purchase spots in the new tower, Omega.
One of the plaintiffs is complaining it will cost him $30,000 for a spot. With the current construction prices higher than ever, it nearly costs 30k to build a single structured parking spot. Wallach is smart enough not to buy a piece of land that would put himself in a situation that wouldn't let him build this new tower or provide $30,000 structured parking spots for all of the Orpheum Owners.
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 necessary special use permit but a citizens group is forcing the matter to go to public vote. We'll know more in November.
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, the Bankruptcy Judge postponed the hearing until Wednesday morning. Stay Tuned...
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 around, zoom in and out, and change the style of map (i.e. sattelite view, street map view or terrain view).
We hope you find this tool to be valuable. And please, offer suggestions on how to improve it.
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 prices, fear of global warming, renewed interest in the environment, waning interest in sub-urban sprawl, not to mention the investment of $1.5 billion tax dollars will make the first light rail line in the Phoenix area very news worthy.
We don't believe that condo and home prices along the light rail will explode as a result but we certainly believe that the light rail will contribute to the stabilizig of prices.
Clearly we'll know a lot more in less than five months.
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WeKnowUrban specializes in the high rise & loft condo market in Phoenix, Tempe, Scottsdale & more. It's agents have been the number one resale agents of high rise & loft condos in Phoenix since 2003.
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