downtown phoenx condos

44 Monroe Future Still Unknown

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

downtown phoenx condos

One Lexington Has Affordable One Bedroom Condos

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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downtown phoenx condos

Live-work modern condo at PRD 845

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