A new investor may have found a way to drive an affluent crowd to downtown Phoenix. More than five years after construction began on the Chateau on Central, the mansions are now being offered for sale for half the original asking price.
The Chateau on Central
These brick, seventeenth century-style units cost between $1.4 and $2.4 million dollars. Located just north of downtown, The Chateau was a lavish project to begin with. But when the financial crisis hit, the project was halted due to several tragedies. After nearly two years of construction, the building sat empty and unfinished.
But a new investor has stepped in to finish the project, and the building is truly a symbol for Phoenix. After one of the most devastating financial crashes in memory, the project has been resumed and the area will begin to thrive once more.
The Arizona Economy
The economy in Arizona is picking up, and although the housing market is still making it difficult for residents to sleep at night, things are turning around. The light at the end of the tunnel has been scheduled for somewhere around 2014. With several industries poised to gain ground in 2012, there will be a flux of people coming to Arizona looking for work and opportunity. These four-story mansions may eventual host successful investors and businessmen who plan to invest in Arizona.
A Symbol
It’s an unlikely symbol; while so many residents of Arizona are struggling to avoid foreclosure on their modest homes, mansions on the market are being hailed as great news. But these half-priced bargains will drive more money into the area, while is beneficial for the whole community in the long run.
Either way, it’s also great news to see that something is finally being done to the project. The beautiful brick structures are great for the architectural skyline of Phoenix. No matter how bad things have been in the last couple of years, the project will continue eventually.
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- Arizona Homes, a Hot Canadian Commodity
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- Arizona Housing Market Dips as Expected
- WHAT ABOUT CONDO FINANCING?
2 Comments
Pingback by Buy A Home And Move To Phoenix | Arizona Real Estate | Phoenix Real Estate — September 20, 2011 @ 5:01 am
[...] Phoenix is the 5th largest city in the country by population and offers homes for every buyer – there are large, nice homes that are secluded in rural areas with horse corrals, as well as spacious, lovely homes in the city near all of the excitement. With such a surplus of inventory, prices are sure to remain very low here for some time. Consequently, with high inventory, such low rates and low prices, the housing you can get here right now for your dollar is amazing! [...]
Pingback by 9 Things To Do Near Fireside At Norterra, Arizona — January 16, 2012 @ 7:02 am
[...] Guild Indian Fair & Market each March. The museum is located at 2301 N. Central Ave. in Phoenix. For further information contact: [...]
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