The Deals are OUT THERE
Well I was reading the paper this weekend, talking with a Family member who is an investor in Portland, and we were talking about realestate deals and the market, and then we read the front page about the towers in Tempe that sold for 30mil. on a loan that was 165 mil. Yes it is still 30 mil. but people the concrete for the building was about 20 mil. that is a steal… Bottom line there are deals out there anywhere from 50k deals to yes the 30 mil. but this is a great market for investors, here is some information about the sell have a great day talk with you soon Michael….
Ohio developer buys Centerpoint for $30M, plans to finish by summer 2011 – The unfinished Centerpoint high-rise project in downtown Tempe has been sold to Cleveland-based Zaremba Group. The company will finish the two residential towers and retail space by summer 2011. Zaremba paid $30 million. “We will immediately start construction (after closing) and a lot of mobilization will take place between now and then,” said Kent Chantung, Zaremba’s director of development in the Scottsdale office. Chantung said the luxury urban units would be rented out rather than sold as the original developers had envisioned. Read full article:
http://www.bizjournals.com/phoenix/stories/2010/08/30/daily51.html?s=industry&i=resi_real_estate
