Midtown Phoenix’s Chateaux on Central poster child for real estate bust
[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.]
Posted on July 6, 2009, in Luxury Housing, Midtown Vitality, Real Estate and tagged Central Avenue, Chandler, Charlevoix Homes, Chateau on Central, Midtown Phoenix, Mortgages Ltd.. Bookmark the permalink. 1 Comment.