In some sick way, this blowout in Phoenix will be fun to watch. In the end, the banks will pull the financing as the "buyers" pull out (cancel their orders and retrieve their deposits). The "X-10 Wine Lofts" will be my favorite flame-out...
Scottsdale developers still highly optimistic - Arizona Business Gazette
Skeptics might question the depth of the Valley's luxury condominium market but developers in downtown Scottsdale remain confident their projects will succeed.
"We're getting about one sale per week," Bob Flaherty, a vice president of luxury homebuilder Toll Brothers, said about sales at its Residences on Main. "That's where we thought we'd be. We didn't plan on the fevered pace that was in the market last year."
About 8,000 condos and lofts are planned or under construction Valley-wide. Housing analyst RL Brown has predicted that only about 20 percent of those units will be built.
Scottsdale's condos are "selling reasonably well, but not as quickly as promoters would have you believe," he said earlier this year.
May 06, 2006
Damn the torpedos! Building condos in the middle of the greatest real estate bust in history
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5 comments:
The links your regulars post make this site very valuable, never let the trolls wear you down!
Rolling off the couch laughing!
Where DO you find these photos???
Keith
I have been posting as anon for a while. Never thought I would stick around this long. This blog is just damn addicting! Always wondering what the next person will say. I will not be posting as anon anymore ! I will assume a name. But let ANONS remain !! It sure does keep things interesting , fun and a little twisted!! HAAAHAA!!!
Exactly, over a patrick.net blog you get the same 5 or 10 same people doing all the talking! now thats one sided!
They didn't count on the frenzied pace of activity last year? Get real!!!!!! The only reason they are building is b/c of insane profits.
This just shows what big liars they are!!!!
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