In our last episode of "As Elevation Chandler Turns", we saw that Jeff Cline, the developer of the long abandoned condominium/hotel in Chandler, AZ was in dire straights. He was trying to sell the project before it went into foreclosure. Cline lost it however, and the lender now has it, but the lender’s not happy: [Thanks M and L!]
A trustee sale was held Monday, and there were no buyers, leading the mortgage holder, California-based Point Center Financial, to believe it has taken the property.
A bankruptcy hearing was held at the same time the trustee sale was going on down the street.
Cline was not in court. His attorney, Michael Walker, was asked after the hearing how Cline felt about losing the property, and Walker replied, "No comment."
Joe Cotterman, the Phoenix attorney representing PCF, said the new owner took no joy in foreclosing.
"Like any lender, they would have preferred to be paid rather than take the property back," he said.
Cotterman was asked what sunk Cline.
A combination of factors likely led to the downfall, he said.
"A situation this big and complicated is rarely caused by one reason," Cotterman said.
The situation was in fact not that complicated. During the real estate boom it was possible to sell anything with four walls and a roof. Post boom however, people start asking questions like, "Why would I buy a luxury high rise condo with views of either a mall roof or a major intersection in Chandler, AZ?"
This won’t be the last commercial project in the area to go bust because developers and lenders failed to ask the right questions.
Northern Virginia Housing Bubble Fallout
Bubble Meter
Ohio Fraudclosure
UK House Bubble
Mish's Global Economic Analysis
Breaking News Relevant Articles© Copyright 2012 Housing Doom | Copyright© 2011, AuthentiCraft, Inc.
Comments are now closed.