June 18, 2009

Elevation Chandler, The Dumbest Condo Project Ever Conceived By Man™, goes predictably into foreclosure

Pro athletes?

Year round golf?

Or maybe nobody wants to live in the middle of nowhere.

Chandler Arizona. There is no there here.


BitterLaidOffHero said...

Question: Who on earth gave a flying rats ass about Pro Athletes? How on earth does it benefit me if there is a Pro Athlete in my town or in my neighborhood? Were people actually impressed by that?!

Anonymous said...

"Who on earth gave a flying rats ass about Pro Athletes?"

There are legions of women who hang around and follow pro athletes, for various reasons. More than a few would pay serious bucks for the access rights. Some of the pros have ladies (and/or guys) waiting "on call" in various towns around the league. These folks need a place to stay and conduct business. All part of the game.

keith said...

Here's Greg Swann's infamous 21 reasons (before his house went into foreclosure and his clients lost all their money). Looking back I like #13 too - considering that Arizona has some of the worst public schools in America.


In any case, here do I compile my list of 21 really good reasons to bank on the future of the Phoenix area real estate market:

1. The migration from the Snow Belt states to Metropolitan Phoenix has been unabated for 60 years.
2. A similar extended migration is now occurring from the Northwestern states and Western Canada.
3. The “installed base” of all those migrants brings a steady stream of extended family members.
4. Proposition 13 makes moving up difficult in California; many Golden State sellers buy in the Phoenix area.
5. Californians in pursuit of other objectives — e.g., a friendlier business climate — migrate to the Valley of the Sun.
6. Baby Boomers will retire in droves to warmer climes — the Atlantic coast, the Gulf states and the Southwest.
7. Among those locales, Phoenix is by far the least prone to natural disasters.
8. Because of this, people from disaster-afflicted regions have formed a new stream of in-migration.
9. There is a steady migration of new residents from Spanish- and Portuguese-speaking countries south of the border.
10. Phoenix is a destination of choice or the second-landing city for immigrants from all over the world.
11. While higher oil prices will put a strain on our far-flung suburbs, the greatest pain will be felt in Northern states where fuel oil or natural gas are used as heat sources; even people who don’t hate the winter will move to the Phoenix area to escape high heating bills.
12. The Phoenix Metropolitan area is a dynamic jobs creation machine, adding tens of thousand of new jobs every year.
13. People who have or hope to have children move here as soon as they can manage it.
14. Compared to the areas from which many of our in-migrants are drawn, our homes are still very affordable.
15. We build thousands more new homes every year.
16. The Greater Phoenix area has 60 years of sustained practice at managing extreme growth — this in contrast to thrashing cities like Las Vegas.
17. Snowbirds, politely known as Our Winter Visitors, eventually move here year-around.
18. Our first waves of massive migration occurred after WW II; mustered out soldiers who had been stationed here came back with their families; this pattern continues among people who are posted here temporarily for various reasons.
19. People who stay at our resorts often fall in love with the Valley of the Sun and return as soon as they are able.
20. A significant number of active and retired professional athletes maintain homes here, in no small part because the Phoenix/Scottsdale area has…
21. Year-around golf.


casey said...

Isn't the previous owner on the streets begging for food?

I remember driving by that eyesore while having beers at bj's brewery.I thinit got tagged by the locals.

Fruity Pebbles said...

Fire up the 'dozers!!

will shill for coin said...

Greg Swann's house went into foreclosure?

Wow, I'm a pretty avid s&a reader but missed that one.

When he last appeared as a NYTimes expert source he said that he was having a great year.

Rob said...

Pro athletes. Yeah it would be so cool to be around Lenny Dykstra.

WizardofIB said...

Can someone explain why a property (including a half-built, half-baked condo facility) that was mortgaged for $10 million at the height of the market, then foreclosed on now has a market value of $36M?

I could probably buy the Phoenix Coyotes AND their B-S hockey team for 1/5 that. I think Weasel Boy Skip Rimza should have to camp out there with the rest of his RE pals until this thing blows over.

The Wiz

never_forget_the_sheeple_flu said...

Good. Chandler was by far the lamest 'friend'.

Anonymous said...

I was on the fence until the Year Round Golf.

Now I HUUBAAA. Count me in!!!

Anonymous said...

The building looks like a drawing by Henry Cameron that was "x"ed out with the statement "Not Built" in the movie "The Fountainhead".
Roark is placing all of Cameron's work in the fire at his request after his death.
Seems very appropriate doesn't it?

Anonymous said...

Anyone who might want to live beside Michael Vick better keep an eye on their pets!

Ross said...

Commercial RE Agent to potential buyer of Elevation site: "They're not making any more blight!"