I’m surprised it took so long to repossess Ten Wine Lofts in Scottsdale.
Last I saw them they were on a Realtor tour in 2007 or 2008 but were still not quite finished (that’s a very bad sign for a luxury project) and seemed shockingly expensive even to us Realtors.
Here’s a quote from my December 2008 post mentioning Ten Wine Lofts.
Grace Communities is also the developer of the essentially completed 82 unit X Wine Lofts on Osborn Rd just west of Scottsdale Road. I’ve visited a couple of units and was not impressed with the value proposition of the X Wine Lofts. Apparently I wasn’t the only one. I just did some checking and I can’t find any evidence that any of the units have sold. Eight units that were in the MLS, had their listings canceled in late October. No units are currently listed in the MLS.
Surprisingly,Ten Wine Lofts still generates a lot of interest, not so much because people want to live there but because it’s a symbol of the real estate boom and bust.
The units were tremendously overpriced even for the boom. I guess the developers weren’t going to let themselves be taken advantage of by selling too cheap after all their hard work [sarcasm].
But on the other hand, if the developers had finished the project a couple of years earlier, they would have been golden.
More Background: August 2008 post on suicide of the CEO of Mortgages Ltd.