Scottsdale Condo Development Proposed Solis property slated for trustee sale!

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Realtor Juan Pesqueira

480.458.8007

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A vacant downtown Scottsdale property that was cleared for a luxury hotel and condominiums is scheduled for a trustee sale next week.

A development group headed by Mark Madkour of Scottsdale Canal Development had plans to build the 240-room Solis Scottsdale hotel and 140 condominiums on the 10.57-acre property.

But the lender foreclosed on the property and Scottsdale Canal Development filed for Chapter 11 bankruptcy last fall.

The site northeast of Scottsdale and Camelback roads and east of the Arizona Canal has been vacant for nearly three years. Madkour’s group tore down aging apartments along 73rd Street to prepare the property for development.

Madkour said Scottsdale Canal Development might bid at the trustee sale.

“We still feel we are the best one to move forward with this project,” he said. “There’s been interest in the northern portion for multifamily development but that doesn’t help the situation.”

Scottsdale Canal Development had an ambitious $600 million project pegged for the site with a 72-foot hotel, underground parking, six condo buildings, walking paths and two bridges over the canal. The company also planned to move a Salt River Project electrical substation from the site to a spot northeast of 68th Street and Indian School Road.

Most of the opposition centered on relocation of the substation.

Vacant site an eyesore

Tony Viti, who lives north of the site in Villa Monterey Unit 1, said he hopes the property gets developed but he is not sure he will ever see it.

“It doesn’t look good,” he said. “It’s just sitting there with some graffiti on the fences.”

Still, the vacant property is an improvement over the apartments that had been on the site, said Viti, who is vice president of the Villa Monterey Unit 1 homeowners association.

“We had all kinds of people walking through our neighborhood,” Viti said. “We had guys sleeping back by the canal.”

Investors hesitant to buy in

Scottsdale Canal Development defaulted on a series of loans for the project.

Boulder Capital is owed more than $12 million, according to U.S. Bankruptcy Court records.

Madkour said he is trying to line up other investors for the project.

“We have three strong candidates that could come in and help us with a joint venture,” he said.

“It’s been extremely challenging,” Madkour said. “We didn’t walk away because we really believe in the project…I firmly believe in the location.”

Madkour said he has been trying to lure investors over the past two years but they are hesitant.

“Arizona is just so tarnished by this imploded real-estate market,” he said. “It really is on a black list for some people.”

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Phoenix, AZ LuxurY HomE Real Estate Market in a Nut Shell! Get OFF The Fence Inventory Down, Sales Up !

http://www.HomesScottsdaleFor.com – http://www.Homes-ParadiseValley.com

Realtor Juan Pesqueira

 480.458.8007

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Right now the hottest market and the market that has done a complete 360 is the Phoenix Real Estate Market below $250,000. This market has negative month supply, multiple asking prices; cash is king, and buyers out bidding to get a property in escrow.

Toward the end of the year the Luxury Home Real Estate Market had a bunch of homes listed for sale and over 30 plus month supply. As we go into April and compared to March 2012 the inventory is beginning to drop and in some price ranges drop significantly.  Yes the Million Dollar plus price range still has a lot of supply and inventory for buyers to choose but look at the huge drops from 14.9 to 7.9 ($1,000,000 – $1, 500, 00), 94.3 to 25.3 ($2,000,000 – $2,999,999), 99.0 to 24.5 ($3,000,000 – $3,999,999) and even 34.0 – 17.5 ($4,000,000 – $4,999,999).  The time to buy any Luxury Home, Mansion, Penthouse Condo, Private Estate, Hill side property, etc is now. Just recently we sold the most expensive home in PV 10.5 Million (bank Owned), 5 Million Dollar auction sales in Paradise Valley and Scottsdale, and currently a bank owned home listed on top of the mountain in Paradise Valley listed at 1.4 Million already has over 10 offers beginning at 1.6 Million.  There is a reason buyers are flying from all over the country to purchase these low priced luxury homes in Arizona.

Don’t be sitting on the bench while the game is being played. Take advice from the buyers in the Phoenix Arizona Market buying a home priced from $250,000 and below to stop waiting, the market is turning, and the great properties are being sold.  Don’t pass the opportunity, because in the Luxury Home Market prices go up fast call us today 480.458.8007 or visit our SITE and tell us what you are looking for in your next fabulous estate. Lets schedule you a tour of our Arizona Desert Estates Now.

Estimated months of supply by price range

 

Comparison

Estimated Months of Supply

On March 13 On April 12

Data from ARMLS

Residential Sold

Price Range

March 13th Estimated

Months Supply

April 12th Estimated

Months Supply

$500,000 – $599,999

5.9

4.1

$600,000 – $699,999

6.2

5.1

$700,000 – $799,999

6.5

6.0

$800,000 – $899,999

15

6.8

$900,000 – $999,999

17.9

13.4

$1,000,000 – $1,499,999

14.9

7.9

$1,500,000 – $1,999,999

24.2

21.8

$2,000,000 – $2,999,999

94.3

25.3

$3,000,000 – $3,999,999

99.0

24.5

$4,000,000 – $4,999,999

34.0

17.5

Over $5,000,000

?

29.0

Total

1.8

1.3

How single family homes were purchased page

Maricopa County

March 2012

How Luxury Single Family Detached Homes Were Purchased

By Price Range

Data from ARMLS

Residential Sold Price Range

Sales

Cash

Purchase

(No.)

Cash

Purchase

(%)

Conv.

Loan

(No.)

Conv.

Loan

(%)

Other

(No.)

Other

(%)

Total

$500,000 – 599,999

107

34

32%

71

66%

1

1%

$600,000 – $699,999

59

23

39%

34

58%

1

2%

$700,000 – $799,999

42

16

38%

25

60%

1

2%

$800,000 – $899,999

30

15

50%

15

50%

0

0%

$900,000 – $999,999

12

4

33%

8

67%

0

0%

$1,000,000 – $1,499,999

49

27

55%

22

45%

0

0%

$1,500,000 – $1,999,999

12

7

58%

4

33%

1

8%

$2,000,000 – $2,999,999

11

8

73%

3

27%

0

0%

$3,000,000 – $3,999,999

4

1

25%

3

75%

0

0%

$4,000,000 – $4,999,999

2

2

100%

0

0%

0

0%

Over $5,000,000

2

2

100%

0

0%

0

0%

Totals

Paradise Valley Odds of Selling Your Home Off the Gates 2012!

Juan Pesqueira Group

480.458.8007

Are you in the market to sell your Paradise Valley Luxury Home? Take a look at your odds

Price Range Listed Sold Odds
0 – 1 Million 63 62 98%
1 – 1.5 Million 40 23 58%
1.5 – 2 Million 53 9 17%
2 – 2.5 Million 42 3 7%
2.5 – 3 Million 33 3 9%
3 Million + 65 4 6%

With inventory levels at an all time high, a home or condo in great showing condition and properly priced along with a unique and Brilliant Marketing Plan or a home or condo properly priced for its condition – absolutely critical criteria – will sell.  If you really want to sell, there is never been a better time – as long as you meet certain criteria. Please call me 480.458.8007 if you would like to explore what the best possibility for your property is in today’s market! And Yes There is secrets to sell Expensive Real Estate and We know them, call us today

Selling a Paradise Valley, Arcadia, Tempe, Phoenix, and surrounding area Luxury Home, Mansion, Penthouse Condos in Today Competitive Real Estate Market!

Juan Pesqueira Group

480.458.8007

Distressed Luxury Home Sales Ruled in March 2012, Was Excellent to The Luxury Home Market in the Phoenix Area! 10.5 Million, 5.3 Million, 4.8 & 4.2 Million Dollar Sales to name a few

March was an excellent month for Luxury Home Sales in the Valley of the Sun.  Bank owned homes ruled with three of the four most expensive homes sold were bank owned. The other was auction sale.  We finished strong with a 10.5 Million dollar Paradise Valley home sold, 5.3 Million dollar Scottsdale Home sold at auction, and a couple of 4 Million dollar homes in Paradise Valley and the Biltmore.

Price Tag = $17,900,000

Sold Price = $10,500,000

Beds: 7

Bath: 10

Square Feet: 17,015

Paradise Valley is back! $10,500,000 SOLD Mansion Highest Sale in Paradise Valley

-

-

Sold Price Tag: $5,350,000

Beds: 7

Bath: 9.5

Size: 10,000

Location: Scottsdale, Az

SOLD AT AUCTION – $35,000,000 Scottsdale mansion on 19.2 Acres Equestrian Potential or Build your private Golf Course

-

-

Sold Price Tag: $4,800,000

Beds: 6

Bath: 10

Size: 15,000

Location: Paradise Valley, Az

-

-

Sold Price Tag: $4,250,000

Beds: 9

Bath: 11

Size: 17,799

Location: Biltmore, Az

CLICK TO VIEW ALL LUXURY HOME SALES AND PICTURES….

With inventory levels at an all time low, a home or condo in great showing condition and properly priced or a home or condo properly priced for its condition – absolutely critical criteria – will sell.  Many of us have clients who want to purchase but simply cannot find properties that meet those criteria. If you really want to sell, there is never been a better time – as long as you meet those criteria. Please call me 480.458.8007 if you would like to explore what the best possibility for your property is in today’s market!