Condos Priced from $140K-$360K Come to Market after Project Completion

Back in 2007 when the housing bubble had not yet burst, condominiums sprang up all across the country. That was the time when it was quite common for a land developer to be sued by his business partners because he had bankrupted several companies, dealing with accusations of defrauding the city to tune millions for past projects. That was the case for developer Vincent Garcia who back then was riding high on a nine-story mixed-use project, in downtown Albuquerque.

Back in 2007, developer Vincent Garcia was riding high on a nine-story mixed-use project in downtown Albuquerque, but earlier this year, he was sentenced to 27 months in prison and ordered to pay $722,544. Garcia pleaded guilty to one count of bank fraud related to the misuse of bank loans related to the development.

In October 2006 bulldozers were demolishing a building to make place for the Anasazi Downtown. Garcia’s Blue Dot Corp. had started the construction with a $20 million loan from Columbian Bank and Trust in Kansas. Completion date for it was set for 2007. But on Aug. 22, 2008, the Federal Deposit Insurance Corp. seized the lender Columbian Bank and Trust. The 90,000-square-foot building was only 85 percent complete.

After more than four years Anasazi Downtown was acquired by Professional Equity Management Real Estate Group from Scottsdale, Ariz. The company spent approximately $3 million to finish the construction.

The first batch of condos that range in size from 712 to 1,545 square feet, are now for sale at prices that start at $143,520 up to $363,075. All 45 units have balconies of at least 100 square feet in size. Private tours are scheduled for Sept. 15, and the marketers for the 15 condos on the upper six floors are Joe Corso and Lynette Manzanares of Mercury Properties.

The 9,038 commercial square feet on the ground floor are available for lease. The space can be divided into six units and the marketers are Marguerite Haverly, Tim Luten, Chuck Sheldon, and Brent Tiano of Colliers International.

Photo courtesy of Anasazi Downtown Facebook page