44 Monroe

Can you send pricing info
Thanks
Mike

#28 - someone will contact you within the hour. Thanks. W

We would like more information about everything--availability of 1500+/- sq ft, pricing, financing, etc. Thank you.

Leasing Staff are fantastic. Building seems to be suffering from problems of being "under-inhabited" since it went up. My biggest complaint is lack of water pressure; and I have never been able to get any cool water from the tap from any sink;shower, etc. If they get that resolved I will never leave because my unit is super fantastic.

Are there any units of 1800-2200 sq feet at 44 Monroe? And if so, are they "dealing" a bit or is it "listed prices only" or don't live here?

Just curious... The cost per square foot is high considering quality of the finishes/ fixtures and of theamenities, IMHO.

They are \" luxury \" not for low income people like yourself who can\'t \'speaka engless\'

Looking for a rental

Very interesting 44 Monroe information. I would love to live down town but don\'t think I could fit the 7 of us in there! Maybe side by side places..... That\'s a thought

http://www.bizjournals.com/phoenix/morning_call/2011/01/sale-of-44-monroe-condos-shortlived.html, uh oh...

Interested in two bd condo. Can i get more information?

44 Monroe, Phoenix, AZ this is the big place and the cost of the home is huge.This will difficult for the person who earn the low income only the VIP person would afford to purchase the home.

Tom - word is that sales will re-commence at 44 Monroe late 2010. Stay tuned here and we'll let you know as we learn more.

Amy - WE AT WEKNOWURBAN ARE NOT CALLING YOU. IF YOU GET ANY MORE CALLS REGARDING 44 MONROE I SUGGEST YOU GET THE CALLER'S CONTACT INFO. PLEASE DON'T COMPLAIN ABOUT US. IF YOU HAVE FURTHER QUESTIONS CALL ME, WILL DALY, AT THE NUMBER LISTED ON THIS SITE. W

I have asked your telemarketers to stop calling my home. Yet I still get at least one call a day. I dont live in AZ so why would I want to by a condo there. I have filed a complaint with the National Do Not Call Registry and if the calls continue I will sue you for harrasment. Your sales tactics are less than desireable. Do Not Email me either!

Anyone have any update as to when units in 44 Monroe will be available to the public or will be priced? Thanks!

In Fall of 2009, Starwood purchased the note secured by 44 Monroe. Late May 2010, Starwood successfully took ownership of the high rise itself. We have heard two different prices for the asset, $10M and also $20M. If the $10M number is correct then they got a really great deal at $54,000 per condominium. This leads me to believe that the price was the larger number of $20M.

Its our understanding that the new owner intends to sell, not rent, the properties. We have not heard any sales prices yet but I'd expect them to be about 50% of what they were originally. If I'm right then we might see prices in the very very high $100k's for one bedroom condos and very high $200k's or low $300k's for two bedroom condos. Such prices would be competitive with condos at One Lexington.

Prior to the previous developer going under, HOA prices were $.52 per square foot which included satellite television, high-speed internet, local and long distance phone service, and chilled water for air conditioning. We don't know what the fees will be when sales start up again but I suspect that they will be very similar.

If you are interested in seeing 44 Monroe now, before the sales office is open and before the public can see it, then give us a call at (480) 510-8755 Ext 1. Our offer is for clients of We Know Urban Realty only.

Below, Roger states that an HOA rate of .52 is 'way out of whack'. I don't agree. Do some research for HOA fees for high rise buildings anywhere in the country and you'll find that these fees are very competitive for what you get. Unfortunately, high rise condo buildings are expensive to maintain. Think about it. There's a major chiller system, multiple elevators, staff to clean the hallways, lobby and garage, security doors at the garage, industrial sized pumps to pump water up to the upper floors, a very sophisticated fire suppression system, not to mention that cleaning the windows is no easy task. Heck, even cleaning the pool would cost more because whoever does it has to enter the building, ride an elevator up to the seventh floor, etc... it just takes longer. Anyway, PLEASE UNDERSTAND THAT I AM NOT DEFENDING THE DEVELOPER OR THE BUILDING. I am just trying to give our readers some perspective on why high rise condo fees cost more than regular condos. If you doubt me, think about this; HOA are ultimately governed by the homeowners themselves. What incentive would they have to waste their own money or overcharge themselves?

52 cents a square foot HOA fee? How do companies justify this, most owners could't afford it. So for a moderately sized 1400 square foot 2bd/2ba condo, this is going to cost me $728.00 a MONTH in HOA?!?!? For probably about what, 250.00 a month in actual value. People can't waist money these days and in this economy on significantly overpriced HOA fee's. Its too bad, the building is outstanding, but the HOA's are way out of whack.

Construction loan and all other debt on 44 Monroe is reported to be $86.8M. The One Lexington construction loan was originally $70M (with maybe $4.5M paid off with 15 sales-this $ amount is a guess on my part) and sold for $16M or 24.5 cents on the original dollar. Chateaux on Central debt of $65M sold for $7M or 11 cents on the original dollar. As 44 Monroe and One Lexinton are both urban high rise condos and are relatively in the same state of completion, one might expect 44 Monroe to sell for less than $20M. Of course if One Lexington sales don't meet expectations then that $20M price for 44 Monroe will surely go lower. No matter what, urban enthusiasts are seeing (and buying) significantly lower prices. Call or contact We Know Urban Realty to learn more. W

John - I'm not familiar with the term low bid. Is this the same as "minimum bid"? W

Latest:

Low bid for whole building $12 million at auction April 14, 2010 Jennings, Strauss & Salmon
trustee. 190 units or $65,000 per unit.

read

What a let down this property is. I have been scoping this one out since its inception. The building is truly gorgeous from the outside. Then, you walk into the lobby and blah! For a luxury condo, this building simply does not deliver, especially in light of the $0.52 per square foot association fee. All in all the building from the outside says wow and the inside, including the pool, left me wanting so much more. Just look at some of the other mid and high rise units to compare. Portland Place for example you get that big bang for your buck in terms of the wow factor.

We also live at 44 Monroe and love living downtown. We have been enjoying the pool, spa, computer center and community room with pool table, large screen television, kitchen area and patio complete with large BBQ. The views are awesome from up here and we are never at a loss for things to do. There are an ever increasing number of wonderful restaurants coming in down town, the weekly farmers market, First and Third Fridays, the new city park with its water feature, movies and concerts, etc. We are able to walk out the door and up to the corner to catch the light rail to Tempe Town Lake, Mesa or up to the movie theatre at Christown Mall. We're always discovering something new, be it a concert, convention, play, musical or sporting event.

We too had some glitches, but those are common whenever you have new construction.

Moving from northwest Peoria to downtown Phoenix has been great. Can't wait for City Scape to complete their construction, as well as many other buildings and areas downtown that are in the process of being renovated and revamped.

Does anyone know what the HOA fees are?

Robin,

There are only approximately 7 condos sold in all of 44 Monroe. Now that they are renting out condos there may be more people living there but not many more.

Do you know how many units are occupied?

Very interested in living at this address.

44 Monroe is everything we hoped for, though we've pioneered through a few glitches as early occupants. The 25th floor view north is still captivating to us every hour of the day. There are not likely more than 8-10 occupants at present, so things like fitness center, spa, elevators, parking garage, etc, are almost private now. We have no idea what has happened to the 96 units that were sold when we searched among the remaining for our choice. I hope they are not all suffering the economic downturn blues because the 10-15% forfeitable deposit in escrow was rather significant. We are not given details except to hear that they are "in escrow", which took us 2 weeks once our unit was complete.

There has been construction, painting, etc, still going on and TVs on the individual equipment in the fitness center are yet to be functional due to some oversight. The window washing was to be completed by the end of the year and we've had the platform by a couple time and a couple windows were done, but its been erratic. It took awhile to get our old phone number transferred - like 6 weeks - but that was more the fault of the new carrier, I guess. Mailboxes were 2 inches lower than specs, which were pre-approved, and the Postal Union refused to deliver mail for a couple weeks and the HOA had to go get it and hand deliver, but that was resolved without rebuilding the whole mail area. All the little touch-ups in our unit were handled expeditiously. So that summarizes the small inconveniences in exchange for our love of being down here in the heart of the city.

We are already getting to lectures by ASU/UA Medical down here and love that environment. All theater venues are within a couple blocks and there is a new restaurant almost weekly. We are riding light rail from our doorstep to ASU arena for basketball games. Life is great down here.

Jeff, check 44 Monroe rental listings on the MLS as we don't offer a co-broke for rentals.

Seeking to lease a high rise condo. I am a broker so please let me know about co-op.

Word is that about five floors of condos at 44 Monroe are about to go on the market for rent at about $1.55 per square foot.