glendale

Arizona Townhouses Up For Auction

This Arizona auciton isn't as lavish as the one of million dollar homes I covered a few weeks back but it's another real estate discount. Trammell Crow Residential has announced the auction of the Quarter Condominium Residences at Westgate City Center in Glendale, Arizona. Up for purchase are 35 two and three-bedroom townhouses. The Quarter at Westgate City Center has two resort-style swimming pools and heated spas, shaded ramadas with natural gas grills and a fitness center. A clubhouse for residents includes a kitchen, custom-designed indoor/outdoor fireplace, WiFi access, and a four-panel flat-screen TV wall.

The townhouses are part of the $1.5 billion Westgate City Center which will have 6.5 million square feet of commercial, retail, hotel and residential space including access to NFL and NHL games at two arenas, an AMC Westgate 20 Theatre, and restaurants like Bar Louie and Fox Sports Grill. The auction will take place on Sat., June 7 at 1:00 p.m. at the JW Marriott at Desert Ridge, located at 5350 East Marriott Dr., Phoenix, Arizona. Minimum bids for the townhouses available at auction will start at $195,000, which is approximately 35 percent below the highest previous asking price Two-bedroom townhomes had previous asking prices of up to $485,321, and three-bedroom townhomes had previous asking prices of up to $552,520.

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Tags: arizona, auction, glendale, real estate auction

Tiffany & Co. Announces First Smaller Store

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

Last October, I mentioned the fact that Tiffany & Co, will be opening smaller concept stores. Now it turns out the first one will open right up the road from me in the new Americana at Brand shopping center in Glendale, California. The space will be 2,600-square feet which is small compared to the existing stores which average 7,100 square feet. The smaller stores are meant to appeal to women and more entry-level shoppers. No engagement rings or "statement jewelry" here and there will be an emphasis of sterling silver pieces, the types of things that women might buy for themselves as a treat. If the smaller store concept succeeds it will allow Tiffany to more than triple the amount of stores they have currently.

In analyzing how this will turn out I can see how it could go either way. On the one hand, Tiffany will be able to extend to many more people who thought they couldn't afford Tiffany pieces and will provide more brand visibility. On the other hand, the decline in the luxury market right now is mostly hitting the lower tier of the high-end, precisely where Tiffany is aiming these stores. There is also the possibility that these stores might further dilute the power of the Tiffany brand. In fact, CNN reports that LVMH which was mulling over a bid for the company, fears that the jeweler may be too "mid-market" for their portfolio.

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Tags: california, glendale, jewelry, tifffany