Hayden Ferry Lakeside, one of the most iconic Downtown Tempe developments, rises majestically along the South side of Tempe Town Lake near the intersection of Mill Avenue.  To a certain degree, it is really the “face” of downtown, especially for those commuters heading towards the East valley who have nothing else to do but stare at the lake and the towers while driving past Tempe on highway 202.

Lately, we’re receiving more and more inquiries from interested buyers (and even other real estate agents) regarding the financial health of one of the buildings within the development.  The inquiries tend to start off mostly negative in nature and most seem to assume the worst about Edgewater.  “Edgewater” at Hayden Ferry Lakeside (pictured on the right, above) for those who may not know, is the smaller of the two towers standing at 8 stories tall.  Bridgeview at Hayden Ferry Lakeside is the larger 12 story building (pictured on the left, above).  Due to misinformation which has arisen from different sources, both intentionally and unintentionally, many folks in the real estate community are misinformed about the financial health of the building.  We hope to shed some light on the subject for all of those who might be interested in buying in the building and are searching for the facts.

First of all, the Edgewater Homeowners Association is not bankrupt!  As of the beginning of May 2010, the community sat on over $250,000 in cash reserves. 

Secondly, while there are some condominium unit owners who are not paying their monthly HOA fees on a timely basis (it vacillates between 6 to 10 units at any given time), there are only 3 owners who are “severely” behind and who make make up the majority of the amount currently owed in delinquent dues to the HOA.  As would be suspected, all of these owners have their properties listed for sale.

Thirdly, the HOA did not raise their HOA fees for the current fiscal year (2010) nor are there any “special assessments” planned or being planned by the board of directors.  According to the board, they are operating within budget.

Finally, as of the date of this posting, there were a total of 6 homes currently listed for sale on the MLS and 2 homes currently listed as “pending” sale.  This is out of a total of 40 units within the building.

So what does all of this mean?  It means that the HOA is in good, but not great, financial health.  With the cash in their reserve accounts, they seem to have the wherewithal to weather this economic storm.  That being said, the delinquency rate, depending upon when it is reported, can be as high as 20%.  This percentage of delinquency will wreak havoc on anyone looking to purchase a home with conventional financing.

If you are interested in discussing this topic further, please feel free to give us a call.  We would be glad to provide our clients with additional Edgewater HOA financial income and expense reports to help insure they have all the data needed to make an informed decision.  (These reports are not easy to come by, but due to our continual activity in the building, we were able to obtain the financials.)  Tom Tokoph is proud to have helped the most buyers, sellers and tenants of any other re-sale agent within the Edgewater building.  Let us put our experience to work for you too!

Interested in buying?  View Two Bank Owned Properties Currently Available Below:

Edgewater #605

Edgewater #305

Want more information on Edgewater?  Click Below:

General information on Edgewater & Picture Gallery

To learn more about Edgewater, Hayden Ferry and other opportunities in Downtown Tempe please contact:

Email Tom Tokoph | 602.549.9000

Designated Broker | Urban Realty & Development