Let’s take a look at the Summit at Copper Square condo tower in downtown Phoenix, Arizona. As is the case with many condo projects built in the first few years of this century, the Summit at Copper Square is a story of vision, hope, fall and comeback.
W. Development brought the Summit at Copper Square out of the ground with an opening date in 2007. The idea was bold as no-one had attempted a upscale residential project so far south in many decades… probably since the 1930’s. Summit at Copper Square blended both condo and loft styling’s into its design. High ceilings with open duct work, expansive windows and an open floor plan gave units a loft feel, yet walls between rooms offered the privacy often lacking in a true loft.
We previewed the Summit at Copper Square in 2007 and really liked the place. Unlike other projects like 44 Monroe, the HOA’s were reasonable at about $.30/sq.ft. The views were pretty darn amazing and the amenities (pool, spa, exercise room and community room) were above average. We liked the striking exterior colors and bold interior accents and design. The condo units themselves were well appointed with above average finishes and options including:
- Wood Floors (multiple types)
- Travertine Tile
- Granite Countertops
- Euro Cabinets in Various Finish Options
- Fireplace
- Stainless Appliance Package
- Washer/Dryer Appliance Package
- Balcony Patios (a must in our book)
- Underground/SecuredParking
The draw backs we noted were mostly location and noise potential. Summit at Copper Square is directly across the street from Chase Field and train tracks. Units on the south side of the building would face the train tracks and associated noise while the units on the east could experience sound from the ball park. Since this project was being sold as downtown urban living, noise was not an uncommon side effect.
Let’s take a brief look at more information about the Summit at Copper Square:
Build Date: 2005-2007
Number of Stories: 22
Number of Condo Units: 165
Square Footage of Condos: 898 to approximately 1500.
Bed and Bath Configuration: From 1 bedroom/1.5 bath to 2 bedroom/3 bath
Amenities: Negative Edge Pool, Spa, Exercise Room, Lounge/Meeting Room, Community Patio/Terrace, Concierge. (Amenities are located on level 7)
HOA: HOA fee vary by unit and is generally in the 30 cents a square foot range and includes: Exterior maintenance of building, roof replacement; blanket insurance policy; water; sewer; garbage collection; air conditioning/heating (that’s a real plus); common area maintenance. Pets are allowed as are rentals.
Summit At Copper Square 2012:
Since we are writing this article in January 2012 we thought it wise to give you the current information as we know it. With so many projects failing, falling into bankruptcy and such it is VERY important to work with a knowledgeable Realtor and do your due diligence. We feel this is especially true of the Summit at Copper Square. Here are a few of the things we like to be alert to when working with a buyer interested in Summit at Cooper Square.
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Weitz Construction, the general contractor who built Summit at Copper Square filed a 3.1 million dollar lien against the developer. This has yet to be finalized as of this article.
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Chicago Title offers title insurance that may provide coverage and protection against the 3.1 million dollar lien. Make sure your title insurer is aware of the lien and provides you with full protection.
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An investor group purchased 73 units and placed some of them into the rental market. Thus, the Summit at Copper Square is not primarily an owner occupied building.
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Financing may be difficult. Some sellers are only accepting cash offers. If you are considering a conventional loan, we advise you talk to your lender in advance and let them know you may be interested in a unit at the Summit at Copper Square and confirm with their underwriting department that they can loan on this property. We advise you get your lender to provide you with written proof from the lender’s underwriting department that they can provide a loan… don’t take a verbal “No Problem” reply from the lender’s sales person.
All that said, we feel the Summit at Copper Square is a purchase worth considering. It is a lovely property with fine amenities and a good bargain at today’s prices that are in the $100.00/square foot range. (January 2012). Click here to see what is currently for sale at the Summit at Copper Square.
We have created a virtual tour of the Summit at Copper Square so you can get a better sense of the property.
If you have additional questions or need professional representation, please know we would be delighted to help. Just give us a call at 602-234-5777 or use the handy form below.
The Urban Team at Realty Executives
7600 N. 16th Street, Suite 100
Phoenix, AZ 85020
602-237-5777
Gene@UrbanTeamAZ.com
