This has to be a joke. The single worst urban housing project in the HISTORY OF THE WORLD, the hilarious and horrific "Chateaux on Central" bankrupt condo/castle project in Phoenix, supposedly was taken out of foreclosure by a new lender and will restart. In other words, some fool just bought the "pets.com" of the housing bubble out of foreclosure auction.
Well, that's lovely and all, but dear god tell me there's not one single solitary fool in this world who'd buy one of these eyesores. Even for $100,000, let alone $4 million...
Anyone want to bet the "developer" and "lender" both go belly-up too, with not one single unit sold? Man, I smell a rat. (note - someone in Phoenix keep an eye on this project for us and keep us posted - maybe even go tour the model home and make an offer!)
Chateaux project is revived
Construction of the mini-castles that have been sitting half built on Phoenix's Central Avenue should start again soon.Chateaux on Central got new financing last week, and the foreclosure sale of the property was called off.Mortgages Ltd. is now backing the $65 million development.
Construction of the mini-castles that have been sitting half built on Phoenix's Central Avenue should start again soon.Chateaux on Central got new financing last week, and the foreclosure sale of the property was called off.Mortgages Ltd. is now backing the $65 million development.
And the project's developers are bullish on when they can complete the project and see the first buyer move in.
In November, days after a 30-ton copper turret was lowered onto one of the multimillion homes, Chateaux's lender, Desert Hills Bank, filed to foreclose. Early this year, construction stopped on the property on the northwestern corner of Central and Palm Lane.Then on Jan. 30, Central PHX Partners filed for Chapter 11 bankruptcy.
A foreclosure sale date for the property initially was set for February and was pushed back a few times before being called off.
Scott Coles of Mortgages Ltd. said Chateaux would bring "buyers back to the city."But those buyers will have to have deep pockets. The five-story homes that come with private elevators, wine cellars, maid's quarters, private movie theaters and Viking appliances are priced between $2 million and $4 million.
