Short Sale Trouble for Third Avenue Lofts
Third Avenue Lofts was truly ahead of its time in Scottsdale, being one of the first true loft communities in Scottsdale. But the “lofty” prices that sellers commanded a few years ago at Third Avenue Lofts have caught up to many owners wanting to sell in this market. Buyers now have several choices in new Scottsdale loft communities, and many have sold for lower prices than what recent buyers have paid at Third Avenue. The result? Sellers wanting to get out at all cost. 10 out of 20 units for sale at Third Avenue lofts involve some kind of lender approval, and in most case that indicates a short sale, where the owner owes more on the property than the price it’s listed for.
That leaves buyer’s wondering what they should pay for a unit at the Third Avenue Lofts. Are prices in danger of eroding further? Buyers would do well to compare prices in other loft communities in Scottsdale (and in Phoenix), rather than just checking sold prices in the Third Avenue Lofts. Third Avenue Lofts has some cool units with great terraces and great views. But cool has its price tag too. Is it above $800+/square foot?