Landmark Towers has been showing some sales strength this summer so we thought it was time to revisit this property. Landmark is a conversion project with 252 condos ranging in size from 442 sq.ft. one-bedroom studios to 1160 sq.ft. 2 bedroom units and sits on Central Avenue south of Camelback.
Landmark Towers has been on our “be careful” list for quite some time. There have had legal issues with the former builder, radical price drops, a finicky HVAC chiller, pipe bursts and management/HOA problems. Some of this is to be expected from a tower built in 1964, some not.
Let’s look at what is right these days and them we’ll touch on the problems that still might concern a buyer.
THE GOOD:
- Management tells us the HVAC chiller was replaced in November 2009 and is working well.
- The HOA is gaining strength as the number of vacant and bank owned condos has gone down and homeowners are actually paying their dues. I was told last week that the reserve fund is over 50% funded now, even after replacing the chiller and making other repairs.
- Sales have been brisk this summer with 7 units sold and 9 pending in escrow. A total of 23 units have sold thus far in 2010. Plus, prices seem to have stabilized in the $40,000 range for the mid size 1 bedroom, 1 bath units.
- Probably the most affordable high rise condo project in the Valley.
- Great views, big pool, nice members lounge and a pretty cool rooftop area with even better views.
THE STILL UNKNOWN:
- We are told the law suit is still unsettled. If they win, it could be great for the HOA’s finances. If they lose? Who really knows… perhaps City Property Management who administer the Landmark HOA.
- We have been told by 2 homeowners and a real estate agent that water leaks continue to be a problem. Some have been fixed, some not. When I took a prospective buyer out last week there were dryer fans in the hallway on one floor and valves had just been replaced in a unit we looked at. We advise good due diligence on the water issues as they can cause a variety of other problems.
- HOA fees are pretty high and many hope they will come down as maintenance issues decline and the number of people paying their dues climbs. This is a big unknown as it is an older building. I’d plan on them staying in the 65 cent/sq.ft. range and be delighted if they go down. You do get a lot for your HOA payment so it is not as unreasonable as some say… especially since it includes your heating and cooling costs.
OUR CONCLUSIONS:
We still advise good due diligence to our clients who want to buy at Landmark Tower. Make sure the HOA fees are paid in full prior to taking possession. Also, check out the plumbing in the unit you plan on buying and talk to neighbors to see if there have been problems in the part of the building your future unit is located.
With prices in the $40,000 range on the 600-700 sq.ft range units, it is affordable, even with the high HOA’s. We are less inclined to believe there will be special HOA assessments as the financial strength of Landmark Towers continues.
All in all we have moved our opinion of Landmark Tower from the negative to the positive. They still have some work to do to make this a great property again, yet much can be said for their progress.
Gene Urban
The Urban Connection Real Estate Team
602-234-5777
What is currently for sale at Landmark Towers
Showing properties
1 - 5 of 5.
See more landmark towers.
(all data current as of
5/21/2012)
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$69,000 : 4750 N Central Avenue, Unit 8M, Phoenix1 bed, 1.00 baths
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$85,000 : 4750 N Central Avenue, Unit 7N, Phoenix1 bed, 1.00 baths
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$109,900 : 4750 N Central Avenue, Unit 8A, Phoenix2 beds, 1.00 baths
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$60,000 : 4750 N Central Avenue, Unit 10A, Phoenix2 beds, 1.00 baths
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$119,000 : 4750 N Central Avenue, Unit 15, Phoenix2 beds, 1.00 baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
