August 26, 2006

Checking in on the worst condo project I've ever seen - the failed Duke condos in South Scottsdale


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

9 comments:

Anonymous said...

think how dumb(and lonely) the one guy who bought must feel!

Anonymous said...

LMFAO !!!

EXACTLY !!!!!!

Anonymous said...

$500,000 will become $150,000 right quick

James & Miel said...

I love this blog. The posts are always hard hitting and well written.

Frankly, with the economics you are describing, it might be time to buy.

Anonymous said...

I think they're missing an opportunity here. If you make that glass bullet proff and add some armored doors with peep slits you could sell the whole package to the crack dealers. They have cash!

Anonymous said...

Looks like a cheezy college dorm in europe somewhere. That's one lonely (stupid) buyer!

Anonymous said...

Quote: "Frankly, with the economics you are describing, it might be time to buy."

Go to www.financialsense.com/
Experts/2006/Brussee.html and download/listen to that mp3-link, and you understand why its NOT time for you to buy.

Anonymous said...

WHA?

Anonymous said...

Is the lone buyer occupying? Imagine having to shoulder the whole building operating coats.