[soleri]

^The reservations list was over 75% full but the public report took a long time to generate. By the time it did - in late December - the investors who were fueling the condo boom were packing up and leaving for Texas.

I don't know the answer in this particular case, but usually the rule of thumb is at least 40% pre-sales before a project gets financing. Somehow, the developer got the financing prior to the public report (thus enabling actual sales' contracts). The answer may lie in the peculiar history of this project, which was originally a condo conversion of an old office building. It had sold out when the developer, sensing the oncoming boom in late 2004, decided to simply demolish the building and go with the much bigger new construction. At any rate, Phoenix is lucky to get this.