44 Monroe is Coming Back!

44 Monroe Condos in Downtown PhoenixAbout ten days ago, Starwood purchased the remaining 185 condominiums at 44 Monroe for approximately $10M.  We have not verified the sales price but IF that number is correct, and we believe it is, then Starwood got a smokin’ deal at approximately $54,000 per unit.  This is great news for Phoenix urban living in general and downtown Phoenix specifically.

Prices have not been released yet, but we expect them to come out of the shoots at about 50% of the original prices.  If so, then we’d expect to see 1 bedroom condos starting in the very high $100k (like $190,000) to low $200k range and 2 bedroom condos starting in the low $300k range.  This would make the prices competitive if not lower than prices at One Lexington and one MIGHT guess that with the added inventory there might be some downward pressure on these prices.

The last time we featured 44 Monroe on one of our urban real estate bus tours we had over 50 attendees and the general consensus was that the building offered great floor plans, great views and pretty good amenities.  The HOA fees at 44 Monroe are higher than almost any other high rise condo building in town at $.52 per square foot BUT the fee includes satellite television, high-speed internet, local and long distance phone service, and chilled water for air conditioning (via NorthWinds, the system that cools Chase Field Ball Park, the Convention Center and Summit at Copper Square).

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.

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13 Comments so far (Add 1 more)

  1. The price is good, compared with the actual prices but are very low compared with the prices from 2008-2009, for example. This recession is a real problem for everybody.

    1. calculator rca on July 26th, 2011 at 6:55 am

  2. How are the sale going in this building? We have a similar building here in Minneapolis called the IVY (starwood run hotel/condo development) that is sitting pretty empty on the condo side. Bank owned still..

    2. Mike on March 29th, 2011 at 4:56 pm

  3. Would just love to live at the top pent house in this building.

    3. snik on October 30th, 2010 at 6:53 am

  4. I am away pheonix looking for something in middle of downtown phoenix. pls let me know whether this is open as of now, would be a great help.

    4. Ash on September 9th, 2010 at 11:41 am

  5. I am a little late to this entry but wanted to add a bit of a contrarian point of view. I wouldn’t at all be surprised to see the new owner rent these units out and ride out this ridiculously depressed market / recession. With the value of the dollar going nowhere but down, what better place to park your money than in income property that you bought for pennies on the dollar? Ride out the bad times, make some money on the occasional sale and rent out the rest.

    5. Dave Kinkade on August 13th, 2010 at 6:53 pm

  6. Will- I came across some information about CityScape. Unfortunately residential is no longer part of the project :( Guess I’ll have to start checking out other places to live in downtown Phoenix. Check out the downtown Phoenix Facebook page @ facebook.com/downtownphoenix, that’s how I found out about CityScape.

    6. Katie on June 23rd, 2010 at 8:54 am

  7. I like to get a right place in downtown Phoenix. Please clarify about the price! is it $20M Or $10M?

    7. Jimmy on June 23rd, 2010 at 3:21 am

  8. Sorry that last message was meant for Will I misread the order of the posts :)

    8. Katie on June 14th, 2010 at 11:22 am

  9. Jacob- Last I heard the residential was planned for a later phase, so I’m still hopeful.

    9. Katie on June 14th, 2010 at 11:21 am

  10. Jacob – high rise condo HOA fees are much higher than traditional condo communities due to the higher maintenance costs and personnel. You’ll be very hard pressed to find HOA fees significantly cheaper than 40-45 cents per square foot unless you are into the buildings that are 40 years old or older.

    Katie – Do you have any new news on CityScape residential. Sadly, last we heard was that all residential condos were on hold there…indefinitely.

    10. Will Daly on June 11th, 2010 at 10:45 am

  11. I would love to get a place right in the middle of downtown Phoenix. I’m waiting for CityScape to open, how great would it be to live above all of that.

    11. Katie on June 10th, 2010 at 3:59 pm

  12. So a 2,000 s.f. apartment has an HOA fee of $1,040? That’s nuts.

    12. Jacob on June 10th, 2010 at 1:08 am

  13. UPDATE: A friend of a friend who attended the 44 Monroe auction said that the actual price was $20M, not the $10M that was originally reported.

    13. Will Daly on June 9th, 2010 at 7:32 pm

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