News Article From: 06-05-2006
The article, High-end condos' low opening bids signal glut, from the Arizona Republic, reports that two pricey new condo developments have units that are being auctioned off at opening bids that are half of what the homes originally cost. Four condos in the Optima Biltmore Tower at 24th Street and Camelback, with costs of $949,000, are being auctioned off with the opening bid on one starting at $475,000. In Tempe, three condos at the Vale development, 1111 W. University Blvd., will go to the highest bidder this month as well, with units originally costing $429,000 to $699,000. The suggested opening bid starts at $240,000. A growing number of real estate market watchers say there is just too many pricey condos being built and not enough buyers. Almost 8,000 condos and lofts are planned or under construction across the Valley now, more than went up in the Valley over the last 10 years.