WeKnowUrban

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Real Estate Agent - We Know Urban Realty
Where we discuss pros and cons of urban living in Phoenix, Arizona. We don't pull any punches as we want you to know what's really happening in the loft and high rise condo market.
RECENT BLOG POSTS
You may have read last week that Century Plaza, the once failing high-rise condo building in midtown Phoenix, had turned a major corner when Macdonald Development Corporation purchased the remaining 130 condominiums from M&I Bank.  With the purchase we told you to expect a new infusion of cash an...
02/21/2010
Today signage was changed and banners hung on the midtown Phoenix high rise condo building that was until today known as Century Plaza.  The new name is One Lexington Place. Last week the financially crippled high rise community was sold by its construction lender, M&I Bank to Canadian company, M...
02/09/2010
Fantastic three story brownstone style town house walking distance from Tempe Mill Avenue District. Upgraded, clean and gorgeous. Currently 1 bedroom+den w/2.5 baths (owner will convert to 2 bedroom for accepted lease) and three addl living areas (living room, OFFICE and a BONUS room plus a one c...
02/05/2010
We got several responses to last weeks blog; some in agreement and some in disagreement.  One of the people who disagreed with the assessment said that the only reason that "actively for sale" properties are down is because a person would have to be "crazy" to try to sell their homes or condos in...
02/05/2010
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A friend has strongly suggested that I NOT write about what you're about to read, the possibility of higher interest rates and/or inflation in the near future.  His reasoning is that by discussing such topics I might A) confuse folks unnecessarily and/or B) discredit myself in the event that neit...
02/05/2010
We reported previously that Optima Development had acquired the Orchid Tree apartment building at the south east corner of 68th Street and Camelback with the intention of razing it and building a mixed use condo development, presumably similar to Optima Biltmore Towers and/or Optima Camelview Vil...
02/05/2010
Joseph Lee commented on a post I wrote two weeks ago, Why is Real Estate Inventory Down...Sales!, that I thought was worth sharing further.  He wrote: "Not all cities are created equal: 2008 (12/17) 2009 (12/17)All counties 56,434 88,478Phoenix 12,285 24,346Scottsdale 4,309 5,459Paradise Valley 1...
02/05/2010
4020 Lots, Scottsdale- An investor bought the entire project and tried for a very short time to sell the lofts.  Ultimately, he/she listed every loft for rent and was very successful in quickly filling them. Third Avenue Lofts, Scottsdale - This was one of the first, if not the first, urban loft ...
02/05/2010
X Wine Lofts- Mortgages Ltd was the original construction lender for this project as well.  We don't expect the developer to save this asset but this is speculation.  We will hopefully see some sort of resolution to this matter in 2010. Biltmore Towers by Optima, Phoenix - In late 2009 we saw the...
02/05/2010
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 13t...
02/05/2010
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WillDaly

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