Tuesday, August 19, 2008

2 Downtown Hi Rise Condos Having Trouble

The Arizona Republic reports on problems at two downtown hi-rise condos. Both the Landmark Towers (formerly the Camelback Towers) and the Orpheum Lofts seem to be having problems. Original purchasers at both downtown hipster abodes now say they were mislead each developer's condo conversion plans.

The Landmark Towers was renovated in 2004. In 2005, Crown Pacific Properties converted them from the original luxury apartments into 238 individual condos ranging from 440 square feet to just above 1,100 square feet. You can still view the June 2007 YouTube video hosted by Desert Living magazine featuring their editor David Tyda.  Original purchasers say they were led to believe the building received a structural overhaul to match the cosmetics. Turns out the building's cooling system is largely original and the plumbing isn't keeping up with modern day water demands. There are currently 20 condos for sale in the MLS for $81,000 to $330,000. Nothing has sold there since November 2007 when a 720 square foot unit with a beautiful north facing view sold for $190,000.

The Orpheum Lofts were famously converted into condos from the historic landmark formerly known as the Phoenix Title and Trust Building. Located at the corner of Adams Street & 1st Avenue, it was built in 1931 and is one of the few remaining Art Deco buildings in the metro region. The developer advertised 90 lofts ranging from 700 to 1,800 square feet. Orpheum dwellers believed their condo purchase included parking on a surface street lot next door. But a developer is now building more condos on that next door parking lot and owners are renting spots from other nearby garages. Originally priced from the mid-$300's, there  is only 1 Orpheum Loft listed for sale now, at $167,900 for a 1-bedroom. Interestingly, there isn't much for sale at the Orpheum. There have only been 4 for sales all year. One closed, one is still for sale and the other two units expired without selling.

Interested in purchasing at the Landmark or the Orpheum? Call or email me!

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