Chester Place Condos in Phoenix, aptly named I believe after Chester the Molester, who previously lived there
1950's hellhole, crackden, dilapidated eyesore, until a developer bought it and started marketing it as $400,000 condos in the lovely urban core (hellhole) of Phoenix
Wonder what these will be worth in two years. Wonder if construction will be halted before they're done. Wonder what kind of idiot would pay $400,000 for one of these.
Chester place, which was the name of the original plat of the area in 1909 and is the latest in the redevelopment projects on the 6th Avenue corridor. The O'Carroll Group, Inc. was one of the first to acquire properties on the West side of 6th Avenue between Roosevelt and McKinley in the Roosevelt Historic District.
The O'Carroll Group, Inc. has taken the existing 10 unit apartment building and converted it to 5 separately deeded, two-story, townhouses. The project will consist of 5 new townhomes sharing the same courtyard and motor court. The courtyard will also consist of an open area with a swimming pool and Jacuzzi and for the display of artwork including sculptures and painters to be opened to the popular first Friday Art Walk.
June 15, 2006
1950's hellhole apartment in Phoenix - not any more, now $400,000 condos!
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5 comments:
people will ask themselves 'what were we thinking' as they stand in line to file for chapter 11
they weren't thinking. They became lemmings in the mad rush for RE.
First, Phoenix isn't a hell hole. It is a pretty nice inner city compared to a lot of other "inner" cities and getting better. I lived in Phoenix since 1982 and the central city has gotten more urban and vibrant.
Second, the area you mention has always been "pricey" even back in the post 1989 crash. Back then I looked at boarded up houses in that area that started at $125,000 and needed at least that much to make them livable so $400,000 in 2006 dollars isn't terrible though more than I'd pay.
Third, if all goes as planned, central Phoenix has the possibility of being the best "urban" city in Arizona. The city has commited a significant amount of money to develope the central core with light rail, the Art museum, the Central Library, the Deck Park, Genome Center, Sport's stadiums, lofts, apartments, future Medical center/University expansion which will drive some demand for housing.
The problem is that area has always been owned by "lawyers" etc who hold for "future" development and profits rather than development that benefits the city. If anything land is too expensive and too underdeveloped and that drives the cost of any project to lofty price's such as these $400,000 condos.
Problem is timing. Third Ave Palms is an prime example of greed. California developer comes in and converts luxery apartments to condos and misses last summer's boom. Doesn't sell and now most expensive units dropped $100,000 and still overpriced since I use to rent them for a 1/2 of what it would cost to buy.
This project will probably fail but unless someone tells me the price per sq ft it is hard to know. Four years ago you needed at least $150 a sq ft to break even on any development in that area and that was before the bubble. If someone plans on living in them and holding them long term then I imagine them to be a good investment, especially if inflation goes up to 5 or 6% or more and someone has a fixed, long term mortgage of less than 7%. If you work in the central city you'll come out ahead just in transportation costs (replacement cost of vehicles very five years, gas costs etc) which makes homes more valuable in the central city than in Casa Grande or the far West valley.
As always on this site (which I love inspite of its flaws) people don't want to compare apples with apples so it is hard to really filter the truth from fantasy. I've seen lots of houses on the internet that appear a bargain at $80,000 or even $100,000 but until you see the city, the neighborhood, the house, the bargain is just an illusion. Places are cheap for a reason!
This has GOT to be the most outrageous shit I've seen to date!! When I survived at 4th Ave. and Monroe (just about 1/2 mile south of this location), This was an area that you did NOT go to unless you wanted to get caught up in a Police raid. They can put all the lipstick on these shells, but the fact is that there is a SEA of poverty just west of 7th Ave. that will never be rehabed!!!! In fact, this area with the "conversion" of boomed out hell hole to luxury, luxury, luxury is laughable. You can change cosmetics, but you can't change a whole neighborhood overnight. People must be out of their cotton-pickin' fing minds!!!!!
Whoops, I meant bombed-out. I'm so disturbed with people's insanity that I can't spell anymore.
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