Seeking info on Bella Terra Condos in Scottsdale area (Phoenix: bank owned, short sales)

[WVTrish]

Hello all,
I've done a search for this on the boards, the only info I have read is:
"Bella Terra condos used to be apartments - don't buy one."

Not sure why previously being an apartment complex would warrant one to over look these condos for purchase. (?)

I'm currently looking at the Scottsdale area for a vacation/ future retirement home. Realtor.com states that the Bella Terra complex was built in 1998. I would like to know when the conversion/ remodeling took place.

Any reccommendations for other condos in the area would be appreciated as well.

Thanks in advance for any and all comments.
Trish

[crystalys]

According to my research they were previously known as Vista Hacienda Apartments and were built in 1993. They were converted in 2006 and they sold the condos for anywhere between the low 200k for a one bedroom up to the low 400k for a 3 bedroom. There are a total of 240 condos. There are a large number of them that were foreclosed on and resold by the banks in 2009. There are still quite a large number that are in different stages of short sales and lender owned resales as well as rentals. It also looks like the ones that are priced low are getting offers and bank approval in a comparatively short period of time.

As far as reading another post that says they used to be apartments and don't buy one....well condo conversions were a huge wave here for a short period of time. The company doing the conversions would typically want to get them done ASAP so they could start selling them and get their profit. So it could be that some conversions were done with inferior materials, cheap and/or inexperienced labor, shortcuts that may just barely pass as code level, etc. So the most important thing I can tell you to do is get an inspection done no matter what you buy, even if it is a new build. Hope this helps and good luck with your future purchase.

[Olive2Bgeeky]

Originally Posted by WVTrish

Hello all,
I've done a search for this on the boards, the only info I have read is:
"Bella Terra condos used to be apartments - don't buy one."

Not sure why previously being an apartment complex would warrant one to over look these condos for purchase. (?)

I'm currently looking at the Scottsdale area for a vacation/ future retirement home. Realtor.com states that the Bella Terra complex was built in 1998. I would like to know when the conversion/ remodeling took place.

Any reccommendations for other condos in the area would be appreciated as well.

Thanks in advance for any and all comments.
Trish

The Signature in Scottsdale is nicer, IMHO...though they are a conversion, too. Honestly, most of them are. No big deal! It's located on Frank Lloyd Wright and Thompson Peak Pkwy, if you are interested...

[AZJoeD]

Like anything else, condo conversions can be well executed or not. It all depends on the developer. The biggest problem that most condo conversions have is parking. If you have more than 1 car it could be an issue. You need to look at the number of spaces vs. the number units. It needs to be a minimum 2 to 1 or you will be always looking for a place to park.

As for Bella Terra, this is a good location close to PV Mall, La Camarilla, Rte 51,etc. There are 12 units (out of 240 units) on the market ranging from $65K to $175K. HOA ranges from $135 to about $160 mo. Some units have garages. Some of the units were upgraded during the conversion with new cabinets and appliances. These units will generally command a few more dollars.

Best bet is to visit the complex, view some units, talk to the owners. The HOA finances and price will determine whether it is a good deal or not.

[WVTrish]

Thank you.
I would be interested to know the origin/ brand of drywall/ sheetrock used in the Bella Terra condos, from the 2006 remodeling.
Imported Chinese drywall is nothing to fool with.
While AZ is known to have low humidity - humidity being what excels the damage, it's only a matter of time.
Not mention reports of the drywall being a serious health hazard.
Thanks again.
Trish

[WVTrish]

I wasn't actually asking if anyone had personal knowledge of the brand of drywall, just kinda thinking/ typing my thoughts.
2006 just fits the time frame of when the US had a shortage of drywall, and the Chinese drywall was supplied.
Trish

[AZJoeD]

When a developer does a condo conversion of this type the changes are usually limited to paint, carpet, appliances, light fixtures, etc. Some of the units will get new cabinets and doors but typically the amount of drywall work is very limited to repairs.

The exterior of the buildings will get a paint job and the common areas will spruced up. That is a about it.

[WVTrish]

Thank you for clarifying the process. That does make a difference.

[azdr0710]

Bella Terra is in a very good and convenient location....but lots of traffic, fast-paced, all that...

as you can see, the prices have come way down from the original optimistic asking prices the condo converter had in 2005-2006...that means there are some foreclosure/short sales right now in there, some vacancies, I presume, and maybe even some HOA financial trouble with unpaid dues??....

I used to live in the area and loved it for convenience and nearby shopping options...great location and the Indian Bend Wash paths right there for walking are fantastic....

some of the units have unobstructed views facing SW toward the mountains right on the greenbelt (Indian Bend Wash)...other units will feel a bit apartment-y as that's what they were originally....

haggle!!!

[TomB90]

I think even thought Bella Terra were condo conversions, the most important thing is location, location, location. It is next to Paradise Valley and with a Scottsdale address and still centrally located. IMO, the Tatum/Shea area is the most desirable of all of Phoenix metro. They are walking distance from golf courses and shopping areas. Whole Foods being next door, is a good sign the the area is very affluent. I would buy there now because you can get a steal on a bank owned condo. I don't think it would go down in such a nice area.