Wednesday, November 26, 2008

Chateaux on Central

With the American economy holding on by a thread, I hesitate to show you this place. This is a very new development conveniently located on Central Avenue in mid-town Phoenix, just steps from the Phoenix Art Museum and the Heard Museum and a plethora of other popular community hot-spots. This development consists of 21, 5-story townhomes all with private elevators as well as other amazing amenities. Each unit ranges from the smallest at 5,100 square feet to the grandest at 8,200 square feet. They went on the market starting at 2.8 million dollars. Yes, you heard me right. I haven’t seen any information to indicate if they are still selling at that price or if they are selling at all. In fact, the development appears to be at a stand-still at the moment. It will be interesting to watch this place and see what happens as the problems with housing, lending, and the economy continue to unfold.

10 comments:

JM said...

Luxury condos and houses are allways the 1st ones to be sold here! The distribution of money is less and less balanced. Even with the crisis I wouldn't be surprised if you tell me those are no longer for sale...

Irina said...

Do they have private gardens as well? Otherwise, what's the point of living in a huge house with no green spot around?! :)

Kate said...

Not a great time to start a new development with those prices. The turrets make it look like it should be in Disneyland. Give me a small cottage by the sea or an adobe in Southwest and I'd be more than content.

Wayne said...

It looks like an overpriced monstrosity to me. We're seeing the architectural extremes of Phoenix Sharon. The modern house on Camelback Road, which I liked, and now this nightmare.

Mo said...

Yes it will be interesting to see here also, what will become of the expensive housing that no-one can afford.

Jarart said...

That looks so out of place in downtown Phoenix. But the photo is great.

Pat said...

Hi Sharon,

My wife and I specialize in selling townhomes and condos in the Phoenix Area (www.townHOMESonly.com).

The lender for the community was Mortgages Ltd. That's the one in big trouble with half built buildings all over the valley. Like the hi rise in downtown Tempe and the 5 story shell at the Chandler Fashion Center. The owner committed suicide last year.

None of these have sold, according to tax records. I doubt any are finished. I advise people never to buy into a community that's not 70% completed or better. I doubt you can get financing for any of these anyway.

Jilly said...

I bet the folk who built this are biting their finger nails now.

marcinko said...

Is this one of McCain's many houses?

Sally said...

Really interesting comment from Pat. As scary looking as those empty neighbourhoods in places like Detroit we see pics of. At the other end of the financial scale.