Appraisal Value of Arizona Condo Complex
Sun River Mesa Condominiums, which filed for Chapter 11 in Jun’08, is the developer of a 150-unit condo complex in Bullhead City, AZ. At the time of bankruptcy, the property consisted of 13 finished townhomes, 6 partially-finished townhouse, 57 partially-finished townhome lots and 64 partially-finished condominium lots.
The “as is” appraisal of the property was $2.55 million – see diagram below.
Appraisal Value: Sun River Mesa Condos
A few months into bankruptcy, the main lender, Bank of America, filed a motion for relief from stay and it was granted in early Nov’08. This meant that this constituted Pre-Preforeclosure property since Bank of America would now be free to foreclose and market it for sale.
