October 12, 2006

The failed Duke condo project in Scottsdale now going to firesale as the developer folds up shop


When I saw "The Duke" condo project in South Scottsdale going up, and then their insane $500,000+ price tag, I knew I had to start a blog to warn others about the housing ponzi scheme unfolding in Arizona and beyond. Two years have gone by though and still these units are on the market. Amazing. Even after getting the real estate editor at the corrupted Arizona Republic to write a fluff piece a few weeks ago

This architectural disaster, an unliveable nightmare of urban living, in a crackden infested neighborhood in Scottsdale, is the single worst condo development I've ever seen. Ever.

Imagine being the fool who'd pay a cool half a million for one of these disgusting housing bubble eyesores, only to have it now "worth" $358,000 - the going price this weekend.

The only problem though if you buy at the firesale is that $358,000 turns into $100,000 really quick - the true value I'd say for one of these units. On a good day.

Here's the firesale details - get out there HP'ers and "buy with confidence"!!!

The Builders of The Duke Scottsdale are ceasing Arizona development.

For one day only, Saturday, Oct. 14th, remaining units will be sold at or near builder cost. Homes originally priced at $499,000 will be offered from $358,000! Developer will accept the highest offers at or above listed prices for one day only!

Qualified Buyers must pre-register to attend this invitation only sale. Event is one day only, Saturday October 14th, 9am to noon! Inspect units on-site Wed 10/11, Thurs 10/12 and Fri 10/13 from 1-6 pm at: The Duke-Scottsdale - 7047 E. Earll Drive

Here’s your opportunity to buy with complete confidence. These stylish urban-home condos offer two bedrooms + den, private garage, cafĂ©-style entry patios, and modern, hip design. Ready for immediate occupancy!

To pre-register call: 480-425-9300

53 comments:

Anonymous said...

"Buy with complete confidence"?

Why, does that come with a guarantee that they won't drop more in price?

tabasco jenkins said...

28% discount. I though real estate never went down.

Anonymous said...

It reminds me one day sitting in a builders sales office, watching a poor Mexican family signing a contract on a 2785 sq ft house for $280K in West Phoenix suburbs. It was quite obvious he could not afford it. So how about the poor fools who are buying these condos. We have a duty to warn these poor folks.

Anonymous said...

This is the bottom Keith. (:

brokersleaveyoubroke said...

"Buy with complete confidence"

Right, buying from someone who's packing up and leaving town just fills me with confidence. Knowing that the price has dropped 100K in the last year is another big confidence booster. 400K for a tiny condo in an ugly building in a crummy neighborhood? How could anybody but a flipper be that stupid?

devestment said...


Anonymous said...
This is the bottom Keith. (:
Thursday, October 12, 2006 5:59:12 PM


Oh no it isn't. It will take about two years for the bulk of foreclosures to get pulled from the banks and diverted to HUD auctions. This should all happen in conjunction with stiff lending regulation and high unemployment due to loss of housing jobs.

Anonymous said...

does the units have garages??

hebrew house lender said...

I understand there are certain advantages, but I still don't see why someone would want to own what is basicly an apartment unit?

devestment said...

A friend who hires Hispanic immigrants was signing proof of employment documents for a worker the other day who was buying a home he could not afford. I feel bad for this guy; he will loose all his savings. He asked me if he was making a mistake. I think that his question contains the answer.

Anonymous said...

Dow over 11900

panicearly said...

i love it, one day only! sales.

Anonymous said...

Right, buying from someone who's packing up and leaving town just fills me with confidence. Knowing that the price has dropped 100K in the last year is another big confidence booster. 400K for a tiny condo in an ugly building in a crummy neighborhood?

Boy is that well said. But not even flippers will be that dumb.

Anonymous said...

Hey Borkafatty-
Where is your stupid self today?

borkafatty said...

The Asking Prices Were Realistic
Eight Months Ago\\

I guess that’s it then. BusinessWeek and JP Morgan have called the bottom in the housing market, so we can all start snapping up McMansions at, what, 5% below peak prices. Such a deal.

But on the off chance that this bottom-sighting is premature, let’s take a a closer look, using data from a nifty little site called HousingTracker:

http://tinyurl.com/tlame

borkafatty said...

Hey Borkafatty-
Where is your stupid self today?

------------------------

Home sick as a friggin dog..but I am lurking..Kills me to stay home from work but I am run down I think

Anonymous said...

Home sick as a friggin dog..but I am lurking..Kills me to stay home from work but I am run down I think

Borkafatty- I think realtor whores are more deceitful than ever. I like realtor whores that will low ball for you. There is nothing like seeing the pissed off seller sh@@ his pants, when he sees the true value of his property. Any opinion Borkafatty?

Muhammed Saeed al-Sahaf said...

Ahh, such an opportunity! Hopefully one of the HP'ers in the area can preregister and see what happens at the "firesale".

FORCLOSE YOU said...

Anybody here notice what's going on.
1) REIC- Have shut there mouths about prices going higher.
2)Realtors are leaving the industry in record numbers.
3) Most major news sites have negative articles about housing.
Boy how times have changed in the last 60 days. I'm just salivating all over myself.

borkafatty said...

Borkafatty- I think realtor whores are more deceitful than ever. I like realtor whores that will low ball for you. There is nothing like seeing the pissed off seller sh@@ his pants, when he sees the true value of his property. Any opinion Borkafatty?

-----------

In my opinion, which aint worth shit, Property is way over valued to begin with, unless you bought in the early to late 90's. I would not buy a house today if they were giving them away, besides the local assessors loves the values increases, and loves taking your money.

Anyway anyone who bought in the last 3 years is screwed plain and simple.

Please pass the Tylenol or a shot of booze anything at this point would be good

tabasco jenkins said...

I have a feeling, judging by the Earll Drive 2/2 condo market in Scottsdale...:

$199,000 Incredible Downtown Scottsdale 2 Bedroom / 2 Bath Condo
7494 E Earll Drive



...these remaining 2 Br units at the Duke, 7047 E Earll Dr, now offered for $358,000, will have a few more "One Day Only" sales before all is said and done.

Mammoth said...

Bork,

Here’s a shot of some Russian vodka for you.

(I don’t know what % alcohol it has, but you probably want to stay away from any open flames for a while!)

Cheers!

borkafatty said...

Bork,

Here’s a shot of some Russian vodka for you.

(I don’t know what % alcohol it has, but you probably want to stay away from any open flames for a while!)


------------
Thanks Mammoth S,S,S,S,Smooth!!

Anonymous said...

Anybody out there seen OC Cali Lately. The idiots are still in denial. Yeah realtors over here are really full of shit.

hebrew house lender said...

Whats it like out there in the desert area? Victorville? I gotta friend that just bought a place out there about a year ago, he was talking about the run up the neighborhood had seen last summer. I wonder what he'll be saying(he come back to visit every summer) this summer?

Anonymous said...

"It reminds me one day sitting in a builders sales office, watching a poor Mexican family signing a contract on a 2785 sq ft house for $280K in West Phoenix suburbs."

$100/sq ft???

when was that? Excellent deal as it costs over $100/sq ft to DIY...

devestment said...

Hebrew house lender

In 89 I bought a house in Victorville (Victimsville) California for 200K and sold it in 91 for $100K. In 92 similar houses were selling at HUD auction for 20K. The problem with the area is that there is plenty of land and lots of biker types and methamphetamine use and production around the fringe. Combine this with lousy jobs and there you are.

Anonymous said...

It reminds me one day sitting in a builders sales office, watching a poor Mexican family signing a contract on a 2785 sq ft house for $280K in West Phoenix suburbs."

$100/sq ft???

when was that? Excellent deal as it costs over $100/sq ft to DIY...

January of 2005

hebrew house lender said...

Devestment........OUCH!

BubbleShanker said...

Once again, Phoenix/Scottsdale is a craphole, no one should live there, no home in the valley is worth more than 500k, these condos should be priced at 18-20k like the ones in Denver.

Rick in Orlando said...

devestment is rumored to have said:

In 89 I bought a house in Victorville (Victimsville) California for 200K and sold it in 91 for $100K. In 92 similar houses were selling at HUD auction for 20K.
-------------------------

I was stationed at George AFB near Victorville until 1991. I actually liked the area. It's a shame to hear about the decline.

Rick
former Aeroplane mechanic

keith said...

If you read the ad you'll see they say "buy from builder's cost".

So they were trying to sell for $500,000 what they built for $380,000

There you have it

Where's Joe Isuzu? He could help I think...

Next is "below invoice!"

Then of course it's "bank foreclosure sale!"

Finally it's "Scrap metal $2 a pound!"

borkafatty said...

If you read the ad you'll see they say "buy from builder's cost".

--------------

No way does it cost $380,000 to build a condo no way. Pending the land cost's you could build those unit's for $70ish $80ish thousand. My parent are building a 24x28 garage as we speak, with a room above for $36,000. They are doin the labor..well we are, and that cost is materials. The land is free as they are building it on my sisters property.

We figure completed $+-50,000 paid in full.

An additional tax cost to my sister 800 a year which my parents will pay..no mortgage..

My father was relocated in the early 90's to west point, they owned their own home for 20 years,
Tried like hell to sell it in the 94.
2 family all brand new both sides, they owed $110,000 in 94 and sold it for $125,000 short sale.. no buyers what so ever back then (see we have been here before I kick myself in the ass everyday for letting that one slip thru) anyway..wait folks dont buy into the (If you dont buy now you will be priced out forever...BULLSHIT!..Sure rates will no doubt be higher, but the cost of the house will be less... It is a numbers game that is all it is. Pay off your debt..keep a clean credit report, and wait out the coming Tsunami.

Good things come to those who wait.

Anonymous said...

There was a article in the High Desert Daily Press newspaper today that KB builders has stopped building higher-end luxary communities in the Victor Valley. The quote was "It's just shut down. It's stopped. We were going full-throttle, and as soon as the market had a correction, our brakes weren't that good. It took a little while "

Anonymous said...

This truly is a terrible hood. Earll is worse than south Phoenix!!

Anonymous said...

PHOENIX SUCKS OH PHOENIX SUCKS LAND OF THE ROASTY HOT WHITE TRASH ILLEGAL ALIEN TO HOT TO SHIT ON THE SIDEWALK HELLHOLE OF A SPOT.

keith said...

I agree borka.. unless they paid wil bruder $1 million.

Everyone loves him and I'm thinking his stuff is boring and will look really stupid in 10 years, 20 years and 50 years.

But then again most will be torn down by 20 years

He did the Vale in tempe too - another horrific disgusting urban eyesore in need of a bulldozer

Anonymous said...

"This is a free country ..."


LMFAO!!!!!!!!!!!!!!

hebrew house lender said...

Ahh Richard, thanks for the compliment. The hebrew is back in the house! Now, my buddy Mark moved out there (victorville) about fourteen years ago. He waited untill last freakin year to by a place! He said it was blowing up out there and had been for several years, seems people were trying to escape from L.A. (now why in the world?). Anyway, last summer he was talking like he could sell for $50,000 more than what he had paid initially. I told him he should sell and get the fook outa there. He's been complaining here the last few years about the HUGE increase in crime (he is a parole officer) that has come with the criminal invasion. I don't know what his problem is, I tell him he should just embrace that diversity! Hell, I'm gonna call him this weekend and ask him what the markets like now, I'll report back.

hebrew house lender said...

Hey anons, can you not simply click "other", then make up a name that you can remember, type that in the blank area to the right of "username" and click publish? You don't have to make up a password..... It literally takes zero more time to do this. I don't understand what the differance is between "anonymous" and whatever it may be that you could make up? Do you think my full name is Hebrew....House.....Lender?

Anonymous said...

its not??

hmmmmm...

Anonymous said...

Hey--I'm not the other anonys I'm just lazy. I drove by this place. Boy, does it look worse than the images! Vacant lot next door, and the windows of the front unit mean it has 0 privacy. Scary.

Anonymous said...

Why do they call it "Duke" condos?

Shakster said...

Richard- The "Hit and RUN" anons have been issued an ultimatum.
Victorville is slowing but not horrible yet.Matt Drudge quoted an AP report that said Banks will offer all their services to undocumented aliens.Desperation to keep the US economy looking stable?

Anonymous said...

Lousy floor plans.
Crap environs.
Painted metal cladding! Wow!

Looks like what used to be peddled as public housing.

Sorry, this dog is barking. It ain't even worth $350K.

Scottsdale Realtor said...

This won't be the only condo complex to get into financial trouble. There are a total of 8 different construction cranes in old town Scottsdale all building condo's within a 1 mile radius. There's bound to be some more deals out there in the very near future. Simple economics...High Supply and Low Demand=A decrease in Price.

Anonymous said...

I just can not for the life of me understand why anyone would want to live on a flight path to a major int'nl airport in a half million dollar apartment right next to a very busy metropolitan freeway.

Furthermore , what idiot developer would ever consider such a stupid move.

Anonymous said...

Another genius project: Project Miller, 1501 N. Miller Rd. in Scottsdale. This one is right in front of a short-term hotel place. Nothing built yet, but supposed to be ready in 1st quarter, 2007. Asking $469,000 for 1368 sq feet! REEDICULOUS!
--Anony

Anonymous said...

COULD HAVE HAD A NICER DOG, FOR 35,000 CASH ONLY DEAL IN 03, BUT DID NOT WANT THE ASSOCIATIVE TROUBLES, THEN AGAIN 35,000 IN THE BANK, ENABLED 350,000 IN BORROWINGS?!AND EARNED IN THAT YEAR FROM THE BANK 400 DOLLARS

Anonymous said...

NICE 4% INFLATION, YEA

Jip said...

>>Why, does that come with a guarantee that they won't drop more in price?<<

Or worse yet, go back to being apartments....

Anonymous said...

still waiting for the inflation fighting fed to break me even, cant figure the bank paying out 100% interests, so i guess i will wait for the great default rather than the great inflation to come and prevent? the great depression, part 2

Anonymous said...

So, did any of these places sell? Anybody have an update?

jrinlv said...

Phoenix it truely a hell hole - horrible place to live