I visited 44 Monroe yesterday to get an update on Grace Communities high rise residential development in the heart of downtown Phoenix. The on-site builder's agent, Stephanie Littlefield-Roush, took me on an extensive tour of the property and kindly answered the myriad of questions I brought.
When I first heard of the development, a year or so ago, I questioned its feasibility. Could a downtown development with prices starting in the 1/2 million range and going up to over 4 million find an audience? According to the builder's representative 105 units are under contract, a figure lower than the 118 quoted in the Phoenix Business Journal. Perhaps they do have the audience I once doubted.
In scope, I really love this project. Designed by Curtis Beattie & Associates, the 34 story skyscraper is perfect for its downtown location. Views are abundant and it has parking, unlike the ill-conceived Orpheum Lofts. The loft-homes have a good Urban feel. Travertine stone, maple cabinets, and 8'8" ceilings come standard. The eighth floor amenities level offer a variety of features:
- Swimming Pool/Spa with sun deck and downtown views
- Fitness Center with professional equipment
- Business Center including WIFI, computer stations, fax and printers
- Meeting Room with large conference table, and satellite TV
- Entertainment Room with kitchen, fireplace, TV and fine views
I personally would have liked a more vibrant color/decor scheme in the common areas. They chose gray tones and subtle finites. I also found the HOA fees to be high at a projected 54 cents a square foot. Buyer's often do not think about HOA fees when budgeting and are in shock when they find out their 1300 sq.ft. home's HOA fee is $700.00/month. All said, I enjoyed the project and feel it will provide a benefit to the growing residential urban community in downtown Phoenix.
My only concern, at this time, is the actual number of owners scheduled to move in 44 Monroe this coming Fall. The project, according to a Business Journal article is behind schedule, not uncommon with a project of this scope. The market has shifted and this can make people skidish. As the occupancy date draws closer (30-45 days from now) we may see a few units come back on the market. In addition, there are a few units already on the market from early investors. Once we have some occupancy, we'll know a lot more about how our current market have affected this project.
As always, we STRONGLY recommend you hire your own real estate agent when buying a newly built home, condo or loft. As nice as the builder's agent might be, they are the BUILDER'S agent, not yours. We are not saying you have to call us (although we'd be honored) but we are saying you should always have a strong, seasoned, knowledgeable agent working as your advocate. It doesn't cost you a cent and often reaps great benefits.
Have a great weekend and we are exuberantly delighted you take your valuable time to read our posts.
Gene Urban
THE Urban Team
Realty Executives
