Foreclosures/Bank Owned
Phoenix Luxury Condos on the Road to Foreclosure
Tuesday, March 2nd, 2010Most of the units in 44 Monroe, the swank, 196-unit luxury high-rise could be headed for foreclosure. The bank has filed a notice of trustee’s sale, the first step toward taking over 182 unsold condos. The units are scheduled to be sold to the highest bidder on April 14, according to county documents. A notice [...]
Elevation Chandler Ownership Uncertain
Tuesday, February 2nd, 2010CHANDLER, AZ-The saga of the halfway-completed condo project Elevation Chandler continued as attorneys for the two parties who claim they own the see-through project duked it out in court last week. The Arizona Republic reports that the Maricopa County Superior Court judge, who heard both sides early last week, delayed an opinion to take the [...]
Actor Nicolas Cage’s Foreclosure Sells Quickly
Tuesday, February 2nd, 2010Actor Nicolas Cage’s foreclosed 14,306-square-foot, Las Vegas home sold the first day it was on the market for $4.95 million. The deal was expected to close this week. Cage purchased the six-bedroom, seven-and-a-half bathroom home in September 2006 for $8.5 million. He owes the Internal Revenue Service nearly $6 million in back taxes, and the [...]
Valley Foreclosure Prices May Have Hit Bottom
Tuesday, February 2nd, 2010The Phoenix-area housing market may level off this spring, and the prices of foreclosed-on homes in the Valley may have hit bottom already. That’s according to a new report from the W. P. Carey School of Business at Arizona State University. The Arizona State University-Repeat Sales Index (ASU-RSI) measures changes in average Phoenix-area home prices [...]
Tempe Centerpoint towers in foreclosure
Tuesday, February 2nd, 2010The empty Centerpoint high-rise condominium towers that loom over Tempe, once a symbol of the city’s downtown residential boom, have fallen into foreclosure. A foreclosure auction date is set for April, according to documents filed on Tuesday with the Maricopa County Recorder’s Office. The property could be sold to the highest bidder. ML Manager LLC, [...]
Lender files foreclosure on CityNorth, seeks $290 million
Tuesday, February 2nd, 2010The lender of CityNorth’s first phase has filed foreclosure proceedings against the developers, claiming it is owed more than $290 million for the project. Capmark Finance Inc. filed the paperwork Dec. 30 with the Maricopa County Recorder’s Office on money it says it and other lenders are owed on the nearly 627,000-square-foot mixed use development [...]
Buying Bank Owned Condo Foreclosures (REO’s)
Monday, December 1st, 2008You would think that in today’s real estate market that banks would be happy to accept low offers on real estate they own (REO’s) in an effort to reduce the ever increasing volume of foreclosure property they are taking back. Unfortunately, this just isn’t the case! Banks were never set up to be long-term holders of [...]
Tips for Buying a Foreclsosure Condo
Monday, August 11th, 2008Just as in most major metropolitan markets in the U.S. right now, Phoenix, Scottsdale, & Tempe have a plethora of short sale, foreclosure, and bank owned condos to choose from. Here are some tips that can help you to find the right distressed condo for you: 1. Focus on a Condominium Community – If you [...]
Options for Condo Owners Facing Foreclosure
Thursday, August 7th, 2008If you are a condo owner facing foreclosure, then there are several options available to you that may help you avoid the foreclosure: 1. Loan Re-Modification- When facing foreclosure, immediately contact your bank and try to work with them as they may be able to re-modify your loan in what is called a Loan Re-Modification. [...]