Midtown Phoenix’s Chateaux on Central poster child for real estate bust

chateaux-phoenix-condos[Source: Catherine Reagor, Arizona Republic] — The brick mini-mansions sitting empty on Phoenix’s Central Avenue is first on the New York Time’s list of “Ruins of the Second Gilded Age.”   The newspaper commissioned a photographer to go across the country and capture physical evidence” of the real estate bust.

Phoenix’s Chateauxs were supposed to sell for more than $4 million and be topped with copper turrets. But in late 2007, PHX Partners — developer of the unusual project project — filed for bankruptcy.  Phoenix-based commercial lender Mortgages Ltd. then financed the project and took it over through foreclosure.  In mid-2008, Mortgage Ltd. was forced into bankruptcy.  Chateaux is a high-priced, nearly built castle-esque ghost town on Central Avenue now.

A Charlevoix Homes subdivision in Chandler was no. 2 on the Time’s list.  President of the home builder Michael Roberts filed for bankruptcy last year.  The subdivision sits half built. [Note: To read the full blog post, click here.]

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Posted on July 6, 2009, in Luxury Housing, Midtown Vitality, Real Estate and tagged , , , , , . Bookmark the permalink. 1 Comment.

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