Loyal HP'ers know we've been mocking this development since we started. Actually, this development was one of the reasons HousingPanic came to life - call it a jump the shark moment.
A terrible location in the seedy part of Scottsdale, unless you like having your crack dealer close by, with horrific architecture, a stupid, unlivable lay-out and when it came out in 2005 insanely overpriced units - $500k or so for a tiny little apartment. Basically a box of shoeboxes make up the eyesore.
Well guess what. Out of eight units built, after all this time, only one sold. I'd bet others were reserved at some point but the flippers (I mean buyers) probably wised up quick (or sobered up) and cancelled.
So what's a developer to do? Package the shoeboxes together and sell 'em! Now you can buy all seven units together. My recommendation - wait for the bank's foreclosure sale and buy for pennies on the dollar (if you can rent one out for positive cash flow that is!)
Complete and ready to occupy/sell now! With a Downtown Scottsdale area location, The Duke is an innovative 8-unit group of urban condominium homes located just south of the Loloma Arts District in Historic Scottsdale.
One unit sold, and there are 7 units remaining in the BULK sale of approx 9310 sq.ft. While other development in Scottsdale are either in still in planning or sport a luxury price tag of over $500 per square foot, The Duke remains the most affordable! See more at our azarchitecture web-site
August 26, 2006
Posted by blogger at 8/26/2006