More like bad timing Donald!
They hit the market just as it started to tank and subsequently, the remaining units that did not sell were converted to luxury rentals. There have still been sales within the complex, though. Bend has very few condo projects and this was, by far, one of the most ambitious in terms of luxury amenities and pricing. The location is impeccable, situated on a bluff overlooking the Shops at the Old Mill, Deschutes River, and Cascade Mountain Range! Plus, you are just minutes to Downtown Bend. The auction is a good way for a developer/owner to quickly sell a number of homes rather than wait for units to sell one at a time on the open market.
I think they are potentially good investments for the future, but I wouldn't want to be one of the people who bought in there at the beginning... We've seen a dramatic turn in the market over the last 6-12 months and partially completed housing developments that went back to the bank and then sold in 2009-2011 are now being revived by new developers and most have no available inventory, even in pre-construction stage. Nearly every home being built right now is already spoken for by a buyer.
Feel free to contact me if you have any further questions on the Plaza and/or the overall market here in Bend.
David D. Gilmore
Coldwell Banker Morris Real Estate
Cell (619) 203-1749/E-mail email@example.com
Licensed in the States of Oregon & California