Downtown Phoenix Condos
44 Monroe Future Still Unknown
June 15, 2010 by The Urban Team · Leave a Comment
44 Monroe, the exclusive condo tower in downtown Phoenix did go to trustee sale and the documents were recorded on June 1, 2010. Many wonder when 44 Monroe condo units will be available for purchase and at what price.
To be honest, no one currently knows. 186 of the 201 units were purchased by Corus Construction Venture, LLC for twenty million dollars. The remaining 15 units are privately owned. If you do the math, CCV picked up the available condos for about $107,500 each plus acquisition costs.
Many speculate Corus Construction Ventures, a subsidiary of Starwood Capital Group, will release the units soon. Personally, we believe it will be some time off. This isn’t a pessimistic belief, rather a realistic look at the facts.
- The new owner will have to file the Disclosure Report application with the Arizona Department of Real Estate prior to offering the units for sale.
- A sales brokerage will need to be selected and staffed for the project. Starwood may elect to form their own real estate brokerage or hire an existing one.
- Starwood will conduct a full market analysis to determine the potential of their investment.
- Starwood/Corus will need to find a mortgage lender willing to finance potential condo sales. As it stands, the units do not qualify for FHA or conventional financing and a partner willing to take a risk has to be found. Perhaps MetLife Home Loans will step up to the plate like they have at One Lexington.
- Perhaps the biggest question lies with Starwood’s head honcho, Barry Stenlicht. Stenlicht, in a recent New York Times interview made an interesting statement that could indicate his intentions for 44 Monroe.
Mr. Sternlicht hopes to foreclose on many of Corus’s errant borrowers, restyle their buildings and sell units for a significant profit once the real estate market recovers. He says he and his investors can afford to wait until then because the F.D.I.C. has provided them with $1.4 billion in zero-coupon financing and an additional $1 billion in low-cost loans that can be used to complete unfinished projects.
The Urban Connection team is in a wait and see on when units will be released for sale. No doubt there will be a lot of press as we expect them to hire a top advertising agency to put together a strong marketing campaign. In addition, we don’t expect super low prices; Barry Stenlicht likes to make big profits and he has deep enough assets to wait until the time is right.
Gene Urban & Ron Urban
The Urban Connection Team at Realty Executives
602-234-5777
Realty Executives Meets at One Lexington in Downtown Phoenix
April 14, 2010 by The Urban Team · 1 Comment
Our office, Realty Executives Center Pointe, held our April meeting at One Lexington, the exciting condo development in mid-town Phoenix yesterday. It was good to share this project with many friends in the real estate business.
Our meeting was held in three bedroom model on the 13th floor. Our friend and fellow realtor, David Newcombe, led the discussion outlining the many features One Lexington offers.
As I mentioned in prior posts, One Lexington excites me. It is a rare project where an incredible commercial building with mammoth views was converted to residential living. In the process, the place was taken down to its shell and reformed from the ground up with all new materials, electrical, plumbing, HVAC, windows, and more.
What excites me most is the pricing. In my humble opinion, this may be the best deal we’ll ever see in downtown condo dwelling. The original makeover project was lost to trustee sale. The new owners, McDonald Development, purchased the project for pennies on the dollar. The result is One Lexington units are priced at a level that can’t be matched by future builders.
Speaking of pricing, did you know the one bedroom units can be had for as little as $154,700 and the 3 bedroom condos start in the low $400,000. To me that’s remarkable and worth thinking seriously about.
A few things of note we learned at the meeting include:
Almost every unit is priced so you can use either FHA or Conventional Financing.
Met Life Home Loans, the lender of choice for the project, offers 3 months free HOA’s with purchase.- Homeowners have their own separate storage room included with their condo.
- There are no upgrades to worry about. What you see is what you get for one price.
- The pool and workout areas are exceptional for this price and size development.
- Light Rail is just a few steps away from One Lexington.
- They are happy to work with you and your own real estate agent. No extra charge for doing so either.
All in all, the agents from Realty Executives were impressed with One Lexington, as had the Urban Team. All agreed this is a condo development they would be proud to show their clients.
Have a great rest of your day and let us know if you’d like to set up an appointment to see One Lexington.
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Other Articles We Have On One Lexington, Phoenix
http://urbanconnectionrealty.com/2010/04/one-lexington-hoa-fees/
http://urbanconnectionrealty.com/2010/04/one-lexington-has-affordable-one-bedroom-condos/
One Lexington HOA Fees
April 8, 2010 by The Urban Team · 1 Comment
We’ve gotten a few calls and emails asking about the financial strength and fees for the homeowners association at One Lexington. We like people who ask this question as it is very important, especially with the many developments around the Valley whose HOA’s are in trouble.
We asked Rob McDonald, the president of McDonald Development, to give us some details about the HOA’s at One Lexington during a presentation last week. He indicated the overall HOA fees are 41 cents/sq.ft. Of the 41 cents, 9 of it goes to support their capital improvement fund used to maintain the integrity of the property. The balance of the fee is used to pay for general maintenance, pool/exercise facilities, grounds keeping, HVAC operations and staff. Homeowners will pay, privately, for electric, water, phone and cable/high speed Internet.
One Lexington offers daytime concierge services Tuesday through Saturday and nighttime security Friday through Sunday. These services are included in the HOA fee. Building security is enhanced by key fob operated elevators.
Another important consideration is the central heating and AC system. The operation of the main HVAC system is part of the HOA fees. Each homeowner will, however, pay for the electricity to power the individual condenser/blower units found in each condo. Overall, heating and cooling costs are expected to be much lower than if the units had individual AC systems.
McDonald assured everyone that the HOA is well funded and in great shape to move forward to a safe and happy future.
If you have additional questions about One Lexington or would like to make an appointment to view the property, use the form below and we’ll take good care of you.
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Other Articles about One Lexington
http://urbanconnectionrealty.com/2010/04/one-lexington-has-affordable-one-bedroom-condos/
Buy A Two Bedroom Condo at One Lexington in Downtown Phoenix
April 7, 2010 by The Urban Team · Leave a Comment
Today we will take a look at the 2 bedroom condos you can buy at One Lexington in mid-town Phoenix, AZ. Since we’ve already discussed the project in past posts we won’t expound on our delight with this condo project.
One Lexington is offer 3 different 2 bedroom floor plans with initial pricing from the mid-$200’s’s to low $300’s.. that thousands. The project offers many amenities including:
- Lofty 11’10 ceilings with exposed mechanicals and some structural elements.
- Over sized 8’ flat panel doors.
- Eco-friendly wood flooring in the living, dining and kitchen areas.
- Walk-in closets in the master bedrooms.
UV rated blinds on the floor to ceiling windows.- Central heating and cooling.
- Private Balconies
- Caesar Stone counter tops in kitchen.
- Contemporary Italian cabinetry.
- High-end energy efficient Bosch appliances
- Designer tile backsplashes in a variety of materials and finishes.
- Fully outfitted fitness center
- Outdoor pool area with spa, sun deck, fire pit and putting green
- The building offer superior soundproofing with double layer drywall and insulated staggered studs.
The two bedroom floor plans, called B1, B2 and B3, vary in size from 1077 to 1297 sq.ft.. All have 2 bathrooms, living room, dining room and come with balconies. Below are the floor plans for the two bed room offerings. Just click on the picture to open the full image that you can then print out.
Although you can walk in and buy a condo at One Lexington on your own, we strongly advise coming in with your own agent. When you walk in to a project on your own you will end up being represented by the builder’s agent. We believe your deserve your own representation. It does not affect the price you pay and you have someone dedicated to protecting your rights. If you are already working with an agent, bring them. If not, we’d be honored to take care of you. We, obviously, know the project pretty well and our 20+ years of experience will keep you safe and happy.
If you would like to take a look at One Lexington just fill out the form below and we’ll set up an appointment and be there with you.
Our Post on 1 bedroom units at One Lexington
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One Lexington Has Affordable One Bedroom Condos
April 6, 2010 by The Urban Team · 1 Comment
We discussed the two bedroom condo/lofts at One Lexington in a prior post. this time we are going to talk about the 1 bedroom condo units.
One Lexington is offer 2 different 1 bedroom floor plans with pricing from the mid-$160’s to low $200’s.. that thousands. Each unit features many fine elements including:
- Contemporary Color Scheme selected by international design agency Creative License.
- Lofty 11’10 ceilings with exposed mechanicals and some structural elements.
- Over sized 8’ flat panel doors.
- Eco-friendly wood flooring in the living, dining and kitchen areas.
- Walk-in closets in the master bedrooms.
- UV rated blinds on the floor to ceiling windows.
- Central heating and cooling.
- Private Balconies
- Caesar Stone counter tops in kitchen.
- Contemporary Italian cabinetry.
- High-end energy efficient Bosch appliances
- Designer tile backsplashes in a variety of materials and finishes.
- Fully outfitted fitness center
- Outdoor pool area with spa, sun deck, fire pit and putting green
- The building offer superior soundproofing with double layer drywall and insulated staggered studs.
The one bedroom floor plans called A1 and A2 vary in size from 734 to 777 sq.ft.. All have 1 bathroom, living room and come with balconies. Below are the floor plans for the one bed room offerings. Just click on the picture to open the full image that you can then print out.
Although you can walk in and buy a condo at One Lexington on your own, we strongly advise coming in with your own agent. When you walk in to a project on your own you will end up being represented by the builder’s agent. We believe your deserve your own representation. It does not affect the price you pay and you have someone dedicated to protecting your rights. If you are already working with an agent, bring them. If not, we’d be honored to take care of you. We, obviously, know the project pretty well and our 20+ years of experience will keep you safe and happy.
If you would like to take a look at One Lexington just fill out the form below and we’ll set up an appointment and be there with you.
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One Lexington in Midtown Phoenix meets Downtown’s Radiate Phx
March 31, 2010 by The Urban Team · 3 Comments
Radiate Phx held their March 2010 meeting on the 12th floor of One Lexington, a project I believe to be the most rousing and believable condo/loft development in downtown Phoenix. We are so excited there is a condo project we can be over-the-top excited about.
Let’s talk a bit about the meeting and then discuss One Lexington itself. The evening began with the usual talk time with friends new and old. Catrina Knoebl, Radiate’s helmsperson, kicked things off and welcomed Carol Johnson from the City of Phoenix who talked about how the Urban Form project is moving forward. Next up was Rob McDonald, the President of McDonald Development… the new owners of One Lexington.
I really like Rob McDonald. Though he calls Vancouver Canada home, his family roots are from Atlanta, GA. He is a warm engaging man who is both excited and committed to offer Phoenix the most viable condo project in years. He spoke about the reason for choosing to buy the building, the partners gathered to make it work and the project itself.
One Lexington offers 145 units in 1,2 and 3 bedroom floor plans plus penthouse units and 15,000 square feet of commercial on the first floor. The floor plans are well thought and feel very gracious and welcoming.
McDonald talked about the excellent quality of the buildings and his commitment to use American made products in the build out as well as local contractors and vendors. The unit we were in had winsome finishes including wood floors, tasty tile backsplashes, clean-lined cabinets and other niceties.
Based on the 20 or so purchase reservations already submitted, I am not the only one who feels this is an incredible opportunity.
The Radiate Phx evening ended with more conversation and tours of the various models. As a downtown realtor, I found this venue exciting, a welcome addition to the community and a great place to Radiate Phx. Special thanks to Catrina and her husband Chris for putting this night together.
Gene Urban
The Urban Connection Team
602-234-5777
PS… if you would like to take a look at One Lexington use the contact form below and we will schedule an appointment for you
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Chateau on Central Sells For A Low Price
March 26, 2010 by The Urban Team · Leave a Comment
Just got a press release announcing the sale of Chateau on Central… the luxury brownstones at Central and Palm Lane. As most of you know, this project received a dooming blow with the death of Scott Cole and fall of Mortgage, LTD. I’m not sure it wouldn’t have failed anyway due to prices in the 2.8 to 5 million range… certainly uncharted territory for downtown.
My hope is that the new owners, MSI West Investments, focus on making these units more affordable and thus, saleable. We certainly don’t need another high-priced and empty project in our area.
Below is the press release as it came to me. If you have thoughts on the subject, post a comment and add to the conversation… the UrbanConnection is about community and conversation.
Gene Urban
Online PR News – 25-March-2010 – PHOENIX, ARIZONA, Tuesday, March 23, 2010 –
One of Phoenix’s most visible and prestigious real estate projects, Chateaux On Central, located along the Central Corridor near downtown Phoenix, was purchased by MSI West Investments LLC in a closing filed on Friday, March 12, 2010. The outstanding debt on the development at the time of purchase is estimated at $40 million. This acquisition marks a major milestone in the development along the Central Phoenix Corridor.
The high profile Chateaux On Central, originally priced from $2.8 million to $4.5 million, is among the most ambitious ultra-luxury residential projects in the area. While exteriors and certain development features are close to completed, there is much to be done on the interiors, which may provide buyers the opportunity to customize certain floorplans. The new ownership group is looking forward to unveiling plans for the development in coming weeks, including announcements regarding timing and pricing.“We’re incredibly humbled and truly honored to have the opportunity to acquire the Chateaux On Central development,” said Bill Schmitz, President of MSI West Investments. “We are very aware that the eyes of the community have been focused on this project for quite some time, and that, with the acquisition, comes a tremendous responsibility to provide a top quality development. We are eager to meet with City officials and key members of the downtown community to share our plans and become a significant contributor to their growing success.”
Situated along the Light Rail’s Central Avenue line at Palm Lane, the Chateaux On Central is conveniently located just minutes from downtown Phoenix. There is still much work to be done at the Chateaux On Central. This upscale urban development consisting of 21 brownstone homes, ranging in size from 5,200 to over 8,000 square feet, is sure to be a focal point of the community, as its unique profile design is destined to become an iconic building in the heart of Phoenix.
MSI West Investments LLC is a subsidiary of Main Street Ingredients of La Crosse, Wisconsin, a leading provider of functional food products and technical expertise to the food industry. Their desire to create new opportunities for additional successful business models led to their entry into the real estate market.
“Our goal is to continue our established tradition of success, while becoming responsible partners in the City’s desire for first class development,” said Schmitz.
“We also see this as so much more than a traditional residential development, but as an opportunity to be a leader in the City of Phoenix‘s emerging position in green and sustainable building and construction,” said Schmitz.“We’re excited to showcase the extraordinary vision for this amazing development,” said Joe Morales of Arizona Realty ONE Group, who facilitated the acquisition, and has also been selected by the MSI West Investments team to manage the sales and marketing for the project.
“We were looking for a team with the energy, tenacity and expertise to move our vision forward for this development. Joe’s genuine passion, integrity of purpose, and out-of-the-box thinking were immediately apparent, making Joe and his team an easy choice for us,” noted Schmitz.
Morales, quickly emerging as a leader amid a new generation of top luxury home professionals, enthusiastically added, “I love everything about this project.”
Bank owned Condos making Downtown Phoenix affordable
January 8, 2010 by Lyle Plocher · 1 Comment
During the crazy days of 30 and 40 % annual appreciation in our local Real Estate market, just a few years ago, living in a Downtown Phoenix condo or loft was reserved primarily for the wealthy who were buying units as second homes, with a few owner occupants who worked downtown and a few empty nesters mixed in to the equation.
For those individuals who currently work downtown and are still interested in walking or biking to work, Condo living has actually now become affordable due to the beating that local real estate values have taken in the last few years.
As an example, Lender owned loft units at the Orpheum Lofts are currently being offered at the $100,000 price point. With a 20% down payment and even with the steep HOA Dues there, an owner occupant could be looking at a total monthly outlay for housing of under $1200. For many professionals working in Downtown Phoenix, that is affordable.
Other downtown complexes such as the Summit at Copper Square, Stadium Lofts and Artisan Parkview are presenting the same kind of affordable, lender owned purchase opportunities.
To find out more about current properties on the market in Downtown Phoenix, contact Lyle Plocher at lyle@urbanconnectionrealty.com or 602 373 3725
Reduced prices at Portland 38
August 10, 2009 by Lyle Plocher · Leave a Comment
If you are in the market for an urban, loft style condo in the Downtown Phoenix area and have not checked out Portland 38, you may want to take a peek. The complex, which was designed by local Architect, Michael Underhill, offers some sleek design features including sand-blasted interior block walls, polished concrete floors, Miele stainless appliances, CeasarStone counters, 2′ tile baths, designer lighting, Kohler ‘Stillness’ fixtures, and Western windows.
Each unit at Portland 38 has a private, gated carport, which is rare for a complex of this size.
Common area features include a large play pool with tile accent walls, communal dining/BBQ area, and reflection garden.
There are several different floor plans and some of the best locations in the complex are still available. The reduced prices start at $164,900.
For additional information or to arrange a personal viewing, contact Lyle Plocher with Urban Connection Realty at 602 373 3725 or lyle@urbanconnectionrealty.com
Listing is courtesy of City Center Realty
Live-work modern condo at PRD 845
July 13, 2009 by Lyle Plocher · Leave a Comment
This 1800 + three level, loft like unit has great live-work potential with ground floor space that features concrete floors, powder room and separate entry. Large great room and slick modern kitchen on 2nd level, master bedroom on the 3rd level. Great mountain and city views from great room, master and balconies. Private attached garage. Intimate 12 unit condo community with green features, built in 2007. Walk to Cibo’s, Margaret T Hance Park, Japanese Friendship Garden, Dodge Theatre and Grand Ave galleries, bars and cafes.
This property is priced at half of what it last sold for.
Asking $200,000 subject to short sale approval.
For more information about this unit or to arrange a personal viewing, contact Lyle Plocher at 602 373 3725 or lyle@urbanconnectionrealty.com
Listing is courtesy of Power Realty Services
