It doesn't come as too much of a surprise that 44 Monroe in downtown Phoenix has been given a notice of trustee sale. To me, the project was simply one of those... too much too late. If you've been reading Urban Life for a while you may have caught our post just before the project was completed voicing our concerns.
I am not sure why a developer thought the downtown region would support a project where the low end units were more expensive than many project's higher priced ones. Besides purchase price, the HOA fees were more than some people's mortgage. Add in a completion date over two years past the top of the market and you have a problem Houston.
According to an article on AZ Central, only 14 of the 196 units have been sold leaving a whopping 182 unsold properties in the development. Ooops.
The trustees, Jennings, Strouss & Salmon, have scheduled the sale of the 182 unsold units on April 14th. Who knows, maybe the new owners will be able to shift the development's price point to a level that matches the income of the region and fill this puppy with happy homeowners who will love 44 Monroe's great location, stellar views and fine amenities.
Gene Urban
The Urban Team at Realty Executives
602-234-5777
Prior Articles About 44 Monroe on Urban Life:
