Condo Unit Prices in the Gilbert Business Center
The developer for the Gilbert Business Center in Arizona, Kavir Development, filed for bankruptcy in March’08. In September’08, Kavir stated in its Disclosure Statement that it just entered into a sale agreement for 5 units at $1.6 million. This means the price per unit is $320,000.
It’s not a bad price, given that their contract price in Jan’07 was $3.4 million for 10 units. Just around 6% lower, assuming they can close this sale.
