HP'ers recognize this complex as one of the most obvious bubble-crazed towers of stupidity in Phoenix. So check out this firesale: Here's a 1000 square foot unit that old in bubble-madness 2006 for $895,000, now (trying to go for) only $395,000. And yet likely STILL overpriced based on its P/E ratio. Good god what fool (or fraudster) paid $895,000 just a few months ago? Someone without a calculator (or a realtor) most likely.
And how about those "21 reasons" again? HP has the one reason that really mattered: It's the P/E stupid. It will always be the P/E stupid. Not the pro athletes. Not the golf. It's the P/E stupid.
Here's what I wrote in October 2007 after doing the math, which might have seemed nuts to realtor-believers at the time:
"Seriously, these hilariously overpriced bubblerific units will see drops of 50% to 70% when all is said and done. Just do the math. It's the P/E stupid. It'll always be the P/E stupid."
And now, of course, it's happened.
I'd love to see the (lazy and REIC-ad-supported) Arizona Republic, maybe even Rolodex-of-Realtors Catherine Reagor, do a piece on the foreclosure madness at the Third Avenue Lofts. Every unit would no doubt have story - mortgage fraudsters, failed flippers, Scottsdale posers, cash-back-at-close con artists, realtor investors, and some pretty dumb sheeple who bought at the peak without any regard to the fundamentals.
$395000 LESS THAN 1/2 PRICE - LUXURY SCOTTSDALE, AZ CONDO
A FORECLOSURE STEAL!!! $455,000 PRICE REDUCTION FROM ORIGINAL PURCHASE PRICE OF $850,000 IN 2006 FOR QUICK SALE! QUALITY UPSCALE, MODERN, 1 BEDROOM (1072 TSF) EXECUTIVE LOFT WITH 24-HOUR SECURITY, FULL-SERVICE CONCIERGE, UNDERGROUND/GATED PARKING AND MANY FINE AMENITIES