Josh Carlson | We Know Urban Realty | (480) 510-8755 x23 1040 E Osborn Rd Unit 304, Phoenix, AZ Super open 2bd floor plan with 2334 square feet and fantastic views. 2BR/2+1BA Condo $2,500/month Bedrooms 2 Bathrooms 2 full, 1 partial Sq Footage 2,334 Parking 2 dedicated Pet Policy No pets Deposit $0 DESCRIPTION Huge and heavily upgraded condo with views of Phoenix Country Club golf course and city light views of mid-town and downtown Phoenix. Upgrades include coffered ceilings, recessed lighting, upgraded European style cabinets, Jenn Aire dishwasher, sub Zero refrigerator, tons of marble, large laundry room with full size washer and dryer, 9 foot ceilings and large private balcony. One of the most popular floor plans in this very popular building minutes from Biltmore or downtown! Building amenities include guarded entry, 2 assigned parking spaces, large secured storage room, huge lap pool, spa, fitness center and more. The ground floor of the building is approx 10ft above the street and has 15+/- ft ceilings so this third floor unit has fourth or fifth floor views! –ALSO AVAILABLE FURNISHED– see additional photos below
RENTAL FEATURES - Air conditioning - Central heat - Walk-in closet - Tile floor - Family room - Office/Den - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Stainless steel appliances - Washer - Dryer - Laundry area – inside - Balcony, Deck, or Patio COMMUNITY FEATURES - Garage parking - Guest parking - Fitness center - Swimming pool(s) - Gated property - Secured entry - Elevator LEASE TERMS 12 Month Minimum
ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Photo 7 Photo 8 Photo 9 Photo 10 Photo 11 Photo 12
Contact info: Josh Carlson We Know Urban Realty (480) 510-8755 x23

Equal Opportunity Housing

Posted: Jan 5, 2012, 7:05am PST

]]> http://www.weknowurban.com/blog/2011/12/crystal-point-beauty-2/feed/ 0 http://www.weknowurban.com/blog/2011/10/fantastic-high-rise-rental-in-downtown-phoenix/ http://www.weknowurban.com/blog/2011/10/fantastic-high-rise-rental-in-downtown-phoenix/#comments Fri, 14 Oct 2011 20:44:51 +0000 Will Daly http://www.weknowurban.com/blog/?p=2207

Will Daly | We Know Urban Realty | (602) 989-6788 310 S 4th St Unit 1006, Phoenix, AZ 10th Floor High Rise Downtown Phoenix with Incredible Views 2BR/2+1BA Condo $1,900/month Bedrooms 2 Bathrooms 2 full, 1 partial Sq Footage 1,412 Parking 2 dedicated Pet Policy No pets Deposit $2,300 DESCRIPTION Fantastic 10th floor condo with walls of glass in living area overlooking downtown buildings, city lights, Chase Ball Field & mountains! Residence sits on North East corner of Summit at Copper Square so is light & bright but does not get beaten by western sun. Beautiful two bedroom PLUS DEN with dark wood floors, granite counter tops, stainless appliances, WRAP AROUND BALCONY, upgraded lighting, full size front load clothes washer & dryer, +++++++AND TWO PARKING SPACES+++++++. Bldg amenities include large well equipped fitness center, 5th floor pool & spa, BBQ area, roof top club room and patio AND the best back yard in Phoenix! This is priced low but is a great residence. see additional photos below RENTAL FEATURES - Air conditioning - Hardwood floor - Tile floor - Office/Den - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Stainless steel appliances - Washer - Dryer - Laundry area – inside - Cable-ready - High-speed internet COMMUNITY FEATURES - Garage parking - Clubhouse - Storage space(s) - Fitness center - Swimming pool(s) - Sauna/Spa - Secured entry - Elevator - New property (< 5 years) LEASE TERMS * One year minimum. * $1,900 security deposit. * $400 cleaning fee * We pull credit and criminal history of all applicants. ADDITIONAL PHOTOS Photo 1 Wall of Glass Upgraded Kitchen Views!!! And More Views! Walk to Ball Games Upgraded Laundry 2 Bedrooms PLUS a Den Lobby Roof Top Deck Fitness Center Conference Room 5th Floor Pool and Spa Contact info: Will Daly We Know Urban Realty (602) 989-6788 Equal Opportunity Housing Posted: Oct 14, 2011, 11:37am PDT

]]> http://www.weknowurban.com/blog/2011/10/fantastic-high-rise-rental-in-downtown-phoenix/feed/ 0 http://www.weknowurban.com/blog/2011/08/downtown-phoenix-condos-for-rent/ http://www.weknowurban.com/blog/2011/08/downtown-phoenix-condos-for-rent/#comments Wed, 03 Aug 2011 16:32:33 +0000 Will Daly http://www.weknowurban.com/blog/?p=2186 The high rise condos at 44 Monroe have been leasing quickly for the last six months and the building is now about half full.

There are a number of things that we like about this building; almost every condo has great views, with few exceptions the floor plans flow well and make a lot of sense, most of the condos are new and never lived in, the prices although not cheap are competitive, the building, in my opinion, is very attractive and well designed, the site in downtown Phoenix is very pedestrian and light rail friendly and there are several great restaurants and bars in the area (with more coming).

What don’t I like? The fitness center and the pool.  Don’t get me wrong, the fitness center is good enough in a pinch and there’s a remodeled YMCA (redone about five years ago) and a Gold’s Gym both a short walk away, for folks who take their fitness seriously.  The pool? It’s big enough to get wet on a sweltering day. Usually enough for my needs unless I want to do laps.

Prices
One bedroom condos range from about $1,300 to 1,665 while two bedroom condos run from about $1,850 to $2,750. These prices cover the HOA fee and the parking so there aren’t any surprise junk fees. For a tour of the available condominiums and the building in general, give us a call at 480 510-8755 extension 2.

Right now one bedroom condos start at about $1300 per month.  This is for the smallest one bedroom, on the lowest floor with the most modest view.  The exact same condo on a higher floor with a better view goes for about $250 more per month.  There are larger one bedroom condos that rent for as much as $1750.  Two bedroom condos start at $1800 per month.  Again this is for the smallest two bedroom, on the lowest floor and with the most modest views.  The same floor plan on a higher floor goes for about $2300 per month.  And for those of you who want space we can get you into a 2100 square foot +/- two bedroom with a den for about $3100 per month.

All of the prices at 44 Monroe are subject to availability and subject to change without notice.  To lock in your condo give us a call right away at 480 510-8755 ext 2.  We are giving tons of tours and helping a lot of people.  We’d love to help you too.

In the article two of my competitors mentioned that the best option for the unsold units was to rent them.  This led me to wonder if renting them was even an option.

My mom use to say, “if you don’t know the answer to something… look it up” so I started digging in to answer the question.  Little did I know just how challenging this would be.

First I went to the “Condominium Declaration for The Summit at Copper Square, a Condominium”, otherwise known as the Condo Dec.  Per Answers.com, “The recorded instrument that is sometimes called a Declaration of Condominium is the legal document that actually creates a condominium development under relevant state law.”  It further states that, “In some states the Declaration (decs) includes the Covenants, Conditions, Restrictions and Rules (CC&Rs), the By-laws and other amendments forming the basis for the association’s governing documents. The association’s board of directors uses these governing documents to conduct the business of the association, including collecting assessments from owners and paying bills for services to assets owned in common.”

Ok, so you can see that the Condo Dec not only legally establishes a condominium development but also outlines the rules and rights under which the owners of individual condos live.  This is where the Home Owner Association (HOA) rights and rules are spelled out.

Section 4.16 of the Condo Dec for Summit at Copper Square is entitled “Leasing Restrictions.”  It clearly states, “No more than twenty percent (20%) of the Units may be leased at any one time.  No Unit shall be leased by a Unit Owner, or occupied by an Occupant, for hotel or transient purposes or for an initial term of less than one (1) year.  No portion of a Unit which is less than the entire Unit shall be leased.”  Ok, so per the HOA rules which govern the condominiums, no more than 20% of the units can be rented out at any one time and no nightly or short term leases for less than a one year period are allowed.

BUT, if you keep reading to the very last line of the section you’ll see, “The provisions of this Section shall not (emphasis added) apply to the leasing of a Unit by the Declarant (emphasis added) or the Association.”  Ah, maybe the owner of the 75 condos does have the right to rent them out, assuming that that entity would be the “Declarant” or the “Association”.

So who or what is a Declarant?

The answer to that is on the first page of the Condo Dec.  There it reads, “This Condominium Declaration for The Summit at Copper Square, a condominium, is made as of this 28th day of June, 2005, by The Summit at Copper Square, L.L.C., an Illinois limited liability company (the “Declarant”).”

So, the original developer set up a legal entity called The Summit at Copper Square, LLC as the Declarant and it had the right to rent out more than 20% of the condos and to do so nightly (like a hotel) or for other periods shorter than a year.  Since the developer is now gone and Stearns Bank took the condos over in foreclosure does this mean that Stearns Bank can rent out over 20% of the condos etc?

I found a great document on the web by Carol Jane Brown which helped me a lot.  What I got from the document is that if a lender is simply foreclosing on a condo building then the lender is typically not liable for things that the developer did or did not do unless that lender begins acting like a developer (building units etc…) and exercising declarant rights that were originally reserved for the developer or its affiliates.  Brown wrote, “[a] lender that succeeds to all (emphasis added) special declarant rights is exposed to a broad range of potential liability. Essentially, the lender becomes liable to unit owners for everything except the developer’s misrepresentations, breaches of warranty, breaches of fiduciary duty, and obligations resulting from the developer’s acts after the transfer” (p. 18).  Therefor a prudent lender will not succeed to all special declarant rights but instead will succeed only certain special declarant rights, and thereby limit its liability.  Brown said, “[i]f the complex is complete [a la Summit at Copper Square], the second alternative would be more attractive to the foreclosing lender. This alternative allows the lender to maintain models, sales offices, and signs on the common elements, and to advertise and sell individual units. The lender’s only potential liability would be for failure to issue a public offering statement. Because a lender can avoid liability by simply filing the required papers, the lender can eliminate virtually all liability. Thus, if the lender can sell the condominium units without additional construction, the lender should choose the second option” (p. 19).

Turns out the State of Arizona further specifies which “special declarant rights” can transfer to a foreclosing lender without the lender assuming any of the liabilities mentioned by Brown.

Per ARS 33-1202 paragraph 21, “Special declarant rights” means any right or combination of rights reserved by or granted to a declarant in the declaration to do any of the following:

(a) Construct improvements provided for in the declaration.

(b) Exercise any development right.

(c) Maintain sales offices, management offices, signs advertising the condominium, and models.

(d) Use easements through the common elements for the purpose of making improvements within the condominium or within real estate which may be added to the condominium.

(e) Appoint or remove any officer of the association or any board member during any period of declarant control.”

Per ARS 33-1202 paragraph 14, “Development rights” means any right or combination of rights reserved by or granted to a declarant in the declaration to do any of the following:

(a) Add real estate to a condominium.

(b) Create easements, units, common elements or limited common elements within a condominium.

(c) Subdivide units, convert units into common elements or convert common elements into units.

(d) Withdraw real estate from a condominium.

(e) Make the condominium part of a larger condominium or planned community.

(f) Amend the declaration during any period of declarant control, pursuant to section 33-1243, subsection E, to comply with applicable law or to correct any error or inconsistency in the declaration, if the amendment does not adversely affect the rights of any unit owner.

(g) Amend the declaration during any period of declarant control, pursuant to section 33-1243, subsection E, to comply with the rules or guidelines, in effect from time to time, of any governmental or quasi-governmental entity or federal corporation guaranteeing or insuring mortgage loans or governing transactions involving mortgage instruments.”

ARS 33-1244 addresses the transfer of special declarant rights.  In it it states that a lender like Stearns Bank will succeed to all the special declarant rights [defined in ARS 33-1202] and that successor “is subject to liability only for his own acts in the exercise of those special declarant rights.”  However, nowhere in ARS 33-1202 do I see anything about renting out more than 20% of the condominiums.  If I am correct in this, then Stearns Bank by assuming a special declarant right to lease out more than 20% of the condominiums may forfeit it’s protection provided by ARS 33-1244 and subject itself to undesired liabilities.  I really really doubt that they did this.

Let’s assume for a moment that Stearns Bank succeeded the special declarant right to rent out all the condos (again I’m not sure that is the case) the question is whether or not that right would transfer to a new buyer of the condos.

In all my reading I saw nothing that said that the special declarant rights of a foreclosing bank transfer to a subsequent buyer nor would it make sense.  Read Brown’s article.  In it she states that the laws protecting lenders of failed condo buildings were designed to protect those lenders.  The idea was that by offering reasonable protection to condo lenders of failed buildings future condo lending would be preserved.  The laws were not designed to protect bulk buyers of busted condos from the condo lender.  Whoever buys the 75 condos is a buyer of, not a lender to, the condo complex.  For that matter I wonder if the laws even protect Stearns Bank.  After all, Stearns Bank is not the original lender but rather bought the construction note with government help when the original lender went under.  Hmmm.

Finally, if a buyer of the 75 units is not the developer, not the construction lender, not the buyer of the construction loan note then is he or she just a buyer?  And if so, isn’t that buyer subject to the same HOA rules that every other buyer/owner at Summit at Copper Square is subject to?  If the 90 people who already own condos there are not allowed to rent out more than 18 condos then why would the buyer of 75 condos be allowed to rent them all out?  And let’s not forget, if an investor does buy all 75 condos and rents them all out, then it will be impossible for the current owners to sell their condos as no bank will loan money on a building with so many rentals.  I would expect the current owners to fight this for sure.

Gang, I spent way more time researching this issue than I ever imagined I would.  And shoot I have more questions now than when I started this quest.  What’s worse is I’m not an attorney and despite my best efforts I don’t know if anything I wrote makes sense or is correct.  I do however wholeheartedly believe that there is one convoluted situation at Summit at Copper Square.  Please, if any of you have a different view on all this, chime in.  I’m anxious to read your input and I’m really anxious to see how things work out at Summit at Copper Square.

The issues that we had been concerned with were rumors of electrical and air conditioning problems.  Now Fox News is reporting that residents are suffering with no heat in the building due to two broken boilers.

We say it all the time, hire an experienced and knowledgeable real estate agent.  I think the issues at Landmark on Central drive that point home.

Now Starwood et al and the FDIC are partnering to sell off those condo communities under the name “ST”.

One of the communities is 44 Monroe a 34 story high rise condo building in downtown Phoenix. We expect prices at 44 Monroe to start at $200 per square foot. This price point seems to make sense since it is approximately 10% lower than prices at One Lexington (formerly Century Plaza) which has been selling relatively well since March 2010 with starting prices at about $225 per square foot. Reportedly One Lexington has sold 55 condos in that time. Not bad at all for a “down” market. Such sales at One Lexington lead us to think that $200 per square foot at 44 Monroe should be well received.

Although “price” is extremely important we recognize that floor plans, amenities, location, and more play a very important role in every buyers decision.  This is where you need an independent agent like We Know Urban Realty on your side, to help you assess pluses and minuses of the building as compared to its competition.

Pluses:

44 Monroe is in a great location in downtown Phoenix within easy walking distance of Chase Baseball Field, US Airways Basketball Arena, Orpheum, Herberger and Dodge Theaters, the new convention center, light rail, Cityscape and much much more.

Views at 44 Monroe are pretty good with either expansive vistas of the city from afar or close views of surrounding buildings.

I like that starting sales prices are about 30% less than what it would cost to build the building today.  Buying at less than replacement value is great.

We like the general look of 44 Monroe with it’s bluish gray glass and contemporary styling.

Minuses:

There are definitely things to be aware of in this building BEFORE you visit it. To learn more, give me a call at 602 989-6788.

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.

On April 20th a US Bankruptcy Court confirmed (approved) a Chapter 11 Reorganization Plan for the high-rise condominium project Summit at Copper Square subject to the funding of the plan next month.  This was a tough process for the owners of Summit at Copper Square as they had to present several plans to the Bankruptcy Court before one was finally found acceptable.  Assuming that the developers raise the money to “fund” the plan, and we have no reason to believe that they won’t, then within the next WEEKS the high-rise building will be essentially out of bankruptcy and up and running.  This is great news for urban fans who wondered for months what might happen to the building.

With the resolution of the bankruptcy the developer will now have the time to focus on productive things like renting and selling vacant condominiums, leasing out the commercial space on the ground floor of the building, general maintenance and more.

Once the reorganization plan is funded, people interested in living downtown can move forward at Summit at Copper Square without worrying about the financial strength of the Home Owner Association and/or the developer.  For more information about available condominiums at Summit at Copper Square contact us at (480) 510-8755.