I started HousingPanic after seeing laughably overpriced (and poorly designed) projects in Phoenix that I knew would go belly up - The Duke, Elevation Chandler, The Valley Ho, and the Chateaux on Central being among the worst.
I do say, I believe almost all of those projects are now bankrupt, foreclosed, mothballed or in serious trouble. The latest to fall was the disgusting eyesore modeled after some type of French castle that somehow got zoning approval in central Phoenix. A laughable project, with units priced from $2 Million to $4 Million. In four years, guess how many sold?
So sad. Just think of the expected realtor commissions that won't be earned now! I just wonder if they'll simply tear this eyesore down now.
The developer of the posh brownstones going up on Phoenix's Central Avenue has run into some financing problems. The project's lender, Desert Hills Bank, has filed to foreclose on the Chateaux on Central property on the northwestern corner of Central and Palm Lane, according to public records.
Developer Central Phoenix Partners owes its lender $12 million, according to the foreclosure filing. The project had been valued at $30 million. Property records show none of the upscale homes in the Chateaux on Central have sold yet, though deals for a few are pending. The houses were priced from $2 million to $4 million.
A huge copper turret was lowered onto one of the homes earlier this month, shortly after its lender filed to foreclose on the property. A trustee sale of the property is scheduled for February, but Chateaux's developers are said to be negotiating for other financing.
November 28, 2006
Posted by blogger at 11/28/2006