Phoenix's condominium market isn't hurting as much as some investors thought.
An auction earlier this summer for upscale condos in the Optima Biltmore Towers on Phoenix's posh corner of 24th Street and Camelback Road drew low-ball bidders. And the homes' owners didn't take any of the offers.
Before the event, auction house Sheldon Good & Co. got more than 800 inquiries on the properties. And almost 200 people toured them. advertisement
David Latvaaho of Sheldon Good & Co. said more than 85 people showed up to see the homes go on the block, but all of the bids were too low.
The Optima condos on the auction block had competition. More than 50 units in the new luxury living tower were on the market in July, according to the Arizona Regional Multiple Listing Service.
Latvaaho said that, instead of auctioning the properties, the condo owners took offers until July 31.
Deals for the units are now in the process of closing, and the final sale prices will soon be recorded.
He puts their sales prices at $625,000 to $750,000.
All of the Optima condos that were part of the Sheldon Good auction originally sold earlier this year. Prices ranged from $571,000 to $478,000.
Many of the condos were bought by investors. A few of the speculative buyers turned around and tried to sell the condos for more than $900,000. That's didn't work. The opening bid at the auction for one of the less-expensive condos was $475,000.
Catherine Reagor is senior real
estate reporter.
Aug. 13, 2006 12:00 AM
Arizona Republic
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