[bwonger06]

Finally some news on pricing

44 Monroe will have 196 units available starting at $197,500

Read more: http://www.azcentral.com/business/realestate/articles/2010/10/22/20101022phoenix-area-condo-projects.html#ixzz134M8iGyx

And a new website.

So prices are competitive against One Lexington (about 50 bucks more a square feet). Still pretty expensive but hopefully we will see a few more sales as the HOA and financing situation settles down.

[Leo the Dog]

200k for a brand new DT condo is a steal.

I wonder what the other 10 residents are thinking, they paid anywhere from 400k-1M+.

[HX_Guy]

200k for a brand new DT condo is a steal.



You can get a ~1000 sq ft unit at Summit at Copper Square for $125,000. It's a short sale so it has to get approved but it's possible.

[bwonger06]

You can get a ~1000 sq ft unit at Summit at Copper Square for $125,000. It's a short sale so it has to get approved but it's possible.

And the place is still in questionable financial health. I wouldnt buy into a place unless I knew the HOA was impeccable.

[Leo the Dog]

You can get a ~1000 sq ft unit at Summit at Copper Square for $125,000. It's a short sale so it has to get approved but it's possible.

Summit has great deals too, I'm just saying that a brand new condo going for 197k that used to be priced much higher is a great deal. I think that 44 Monroe has a much better location than Summit.

[Vicelord John]

Leo and Bwonger, I agree with both of you.

I wouldn't touch Summit with a ten foot pole right now, because the HOA is in rough shape and who knows what would happen. Also, Summit is kind of in a creepy location. The are south of Jefferson is so dark and desolate outside of event nights that I feel downright freaked out when I'm around there. You have to also realize that during event nights, which just between Dbacks and Suns is 100 nights a year, is going to make you feel suicidal. My place which is just 3 blocks away is grossly affected by the events with road closures, temporary one-way restrictions, turn restrictions, and heavy traffic. I can't imagine what it's like trying to go to and from your home if you live at Summit. There is a such thing as being too close. This is before you even address the fact that they are next to heavy rail tracks and a switching yard. I understand they have made it a quiet zone, but I still hear the horns a few times a week, mostly on the weekends around 2 or 3, probably when pedestrians are out and about leaving coach and willie's. If I were woken up a couple times a week in the middle of the night from train horns, I wouldn't go back to sleep until the sounds of the engine rumbling were gone too.

44 Monroe is in such a tits location. There is absolutely nothing that isn't within walking distance, including a block to central station. You can live up higher, they have an indoor pool, more parking, and it's in an area that doesn't feel like Chernobyl on non event nights.

[HX_Guy]

Yep, that is what sucks about Summit. Great building but the location is horrible, it's just too far south even though it's just a couple blocks.
Like you said, 44 Monroe is such a prime location. Short walk to the Civic Space park, to Cityscape and the Central Station and it actually feels like you're in the city, surrounded by other high rises.

[combusean]

it's funny that you guys mention Summit. Its odd that one of Phoenix's first urban/dense/vertical buildings of the modern era is in such a shitty location. It seemed like such a great idea at the time and now I'm just kind of scratching my head at who would want to live there.

In retrospect, Summit should have been the 50th downtown residential complex, not the first. Somehow or another, especially when you look at other head-scratchers like Crystal Pointe, it's almost as if urban Phoenix and what gets built is more of a bizarre parallel universe from reality than you'd otherwise think...

Altho Wallach did run into plenty of opposition from the downtown voices folks, the fact that he was more or less first to market suggests a future template for the rest of the city: slap some festively colored EIFS on a 250' pile of concrete and build it over and over again with today's entitlements in the Central Corridor.

The first developer that does that with apartment towers will make a killing here.

[Vicelord John]

Well wallach actually did have a thought out plan, hinging on jsed.

And at least crystal point is accessible. Have you seen the units there? That building is in a league of it's own.

[Phxguy]

Anybody know what's happening to 44 Monroe. I saw this last night...
http://i508.photobucket.com/albums/s322/gwill10/DSCF7165-1.jpg

[dtnphx]

What are we looking at that you said you saw this last night? Do you mean more than expected tenants?

[bwonger06]

Yea I saw a lot of tenants in there yesterday night. They probably have their display models lit up at night.

[Phxguy]

Yea I saw a lot of tenants in there yesterday night. They probably have their display models lit up at night.

I was wondering if people lived in those units, since 44 Monore is selling again.

[glynnjamin]

When I was in town last weekend, I walked past the South-West corner of 44 Monroe and noticed they were putting in some sort of resident lounge or something in there. Does anyone know anything about that? Seems like a waste of an ideal retail space that they were never able to lease.

[HooverDam]

When I was in town last weekend, I walked past the South-West corner of 44 Monroe and noticed they were putting in some sort of resident lounge or something in there. Does anyone know anything about that? Seems like a waste of an ideal retail space that they were never able to lease.

I tried asking the Security guard what they were building, not 10 feet away from his post and he didn't know. It seems like at some point you'd see workers going in and out every day and eventually you'd ask "hey whaddya buildin'?", but nope, he was not the inquisitive type.

[HX_Guy]

Looking at the permits it seems like it will be a sales office for the tower that has a lounge feel to it.

[HX_Guy]

Looks like sales have been shelved for condos at 44 Monroe, being replaced instead by rentals! This could be fantastic for downtown as I feel the market for rentals is much higher than the market for high rise condos. Look at Alta Phoenix for example...and this will be a much better location. Rent will probably be slightly higher, but I don't think that will be a deterrent. Rent over at CityNorth ranges from about $1100 for a 1 bedroom to $1700 for a 2 bedroom and $2400 for a 2 bed + den and out of 99 units, they only have 3 available.

http://www.bizjournals.com/phoenix/blog/business/2010/12/sale-of-44-monroe-condos-shortlived.html

[HooverDam]

^^^ thats GREAT news all things considered! I hope they can get most of them rented out, itll help get people down on the streets and living in the City. Alta has become a gay residential mecca from what I hear, I wouldn't be surprised to see 44M go the same way.

I actually think that little strip of Monroe has a good deal of potential. With Seamus McCaffreys and the Hotel San Carlos' Ghost Lounge anchoring the area, Id love to see more bars/nightlife there. There's that available spot where the underground bar "Monroes" once was, the US Bank tower has space for rent fronting Monroe, 44 Monroe has retail/restaurant space, plus if the Hotel Monroe ever happened down the line it could be another anchor.

Its just too bad the Chase tower and its garage are so poorly designed and anti urban.

[gymratmanaz]

The rentals are great news. More butts downtown is a good thing for all the new businesses. Get those condos going as rentals and more need will come!!!

[bwonger06]

Very, very good news. All the stats in the world point to a rental shortage in downtown.

A big problem with a lot of these high-rise buildings (especially now) is that you have a lot of people wanting to rent them but there are no investors (I am talking to small time real estate investors) willing to pick up a few units to rent out.

[Leo the Dog]

Many of us have been saying this for how many years now?! Good news, finally starting to head in the right direction.

DT needs more rentals and less 300k+ condos for sale.

[PHX31]

I actually think that little strip of Monroe has a good deal of potential. With Seamus McCaffreys and the Hotel San Carlos' Ghost Lounge anchoring the area, Id love to see more bars/nightlife there. There's that available spot where the underground bar "Monroes" once was, the US Bank tower has space for rent fronting Monroe, 44 Monroe has retail/restaurant space, plus if the Hotel Monroe ever happened down the line it could be another anchor.


I was at Ghost bar/lounge for New years and it was a lot of fun.

My friends and I always talk about the undergound "Monroes" and how awesome of a place it was (sans the dickhead bartender(s)). I'd love it if something could go in it's place.

Rentals at 44 Monroe will be great.

[Vicelord John]

Monroe's was awesome!!!!

[HooverDam]

I was at Ghost bar/lounge for New years and it was a lot of fun.

My friends and I always talk about the undergound "Monroes" and how awesome of a place it was (sans the dickhead bartender(s)). I'd love it if something could go in it's place.

Rentals at 44 Monroe will be great.

My plan: Step 1 Win lottery. Step 2. Buy Monroes. Step 3. Open a small underground comedy club there.

I need to start playing the lottery.

[PHX31]

/\ It's up to $330 mil, right?

That is probably the coolest spot downtown for any type of bar/club/lounge. Was there a problem with the space that made "Monroes" close? Could it turn into something someday? The City seems to eff up everything that's cool about Phoenix, they probably closed it down for some reason and made it unoccupiable.

[HooverDam]

/\ It's up to $330 mil, right?

That is probably the coolest spot downtown for any type of bar/club/lounge. Was there a problem with the space that made "Monroes" close? Could it turn into something someday? The City seems to eff up everything that's cool about Phoenix, they probably closed it down for some reason and made it unoccupiable.

The gal (Ashley Pirouznia) who runs the Open Mic Comedy at the Ghost Lounge on Fridays and Saturdays is dating a guy who is (or was pre crash) a real estate flipper. I guess he looked into that space and said that there's some major fire code issues. I guess there needs to have additional stairs or a way out of the basement and the construction to ever do that would be extremely costly.

[HX_Guy]

Another article on 44 Monroe...looks like a leasing center should be open in January. I'm definitely interested in what their lease rates will be.

Downtown Phoenix condos to be converted into apartments

Condo plans for 44 Monroe in downtown Phoenix fall apart; new owner decides to convert units into apartments

15 comments by J. Craig Anderson - Jan. 4, 2011 05:43 PM
The Arizona Republic

Citing weak demand for upscale condominiums, the owner of high-rise condo property 44 Monroe in downtown Phoenix has decided to convert the project to apartments.

Chicago-based ST Residential bought 44 Monroe out of foreclosure in June and opened a sales office inside the building in November, hoping to sell its remaining 196 units at prices starting just under $200,000.

The company has been unable to sell any of the units as condos, according to a spokesman for ST Residential.


Only 14 units sold originally when the project was built in 2006. Company spokesman Greg Sexton said those buyers will retain ownership of their condo units and could offer them for sale to ST Residential or retain ownership until the building's owners decide to convert 44 Monroe back to a condo project.

"This is a big win for the current residents," Sexton said, adding that the change from an almost-empty condo tower to a busy apartment property would be good for existing residents and the downtown area.

Commercial real-estate analyst Bob Kammrath of Kammrath & Associates in Mesa said ST Residential is following a recent trend in which multifamily properties originally marketed as luxury-condo communities have gone rental.

Condo-to-apartment conversions hinder the ability of existing unit owners to sell their properties, Kammrath said, but could keep the project viable until the downtown housing market recovers.

"I'm sure that's the hope," he said. "The problem is, the rental market stinks, too."

Tighter lending standards and the sudden affordability of single-family homes in the Valley have hit condo investors hard, Kammrath said.

Converting to apartments offers some advantages to property owners, such as recurring revenue and the ability to adjust prices as demand waxes and wanes.

And ST Residential would have the choice to resume condo sales if and when it decides the market can accommodate them.

The median resale price for a condo in Phoenix dropped to under $60,000 in November, according to Jay Butler, an Arizona State University housing expert.

A year earlier, the median condo price had been about $88,000, according to Butler, of ASU's W.P. Carey School of Business.

ST Residential CEO Wade Hundley said his company will continue to monitor the local housing market and could potentially resume condo sales.

"We remain believers in the potential of the downtown Phoenix market, and we know that 44 Monroe will be a part of the recovery when it occurs," Hundley said.

ST Residential purchased two other local condo projects in June that were in foreclosure: Safari Drive in Scottsdale and 3rd Avenue Palms in downtown Phoenix.

Those properties continue to attract prospective condo buyers and will not be available for lease, Hundley said.

A revamped leasing center is expected to open at 44 Monroe in January.

The company did not provide any details about lease rates or how the change would affect existing property owners.

ST Residential is an investment and debt-resolution firm that is 60 percent owned by the Federal Deposit Insurance Corp.

Unlike the Resolution Trust Corp., which the federal government formed to dispose of failed lender-owned assets two decades ago following the savings-and-loan crisis, ST Residential involves the FDIC and a group of private-equity firms led by Starwood Capital Group.

All three metro Phoenix properties purchased by ST Residential in June had been owned by Corus Bankshares Inc., a holding company whose bank was taken over by regulators in September 2009.

Corus, based in Chicago, sought protection from creditors in June, filing for Chapter 11 reorganization in U.S. Bankruptcy Court.

At the same time, ST Residential was formed for the sole purpose of buying $4.5 billion in residential real-estate assets that Corus had repossessed, Hundley said in an interview in July.



Read more: http://www.azcentral.com/business/realestate/articles/2011/01/04/20110104downtown-phoenix-condos-converted-into-apartments-44-monroe.html#ixzz1A8TgOTO0

[Don B.]

^ Interesting.

Kind of proves my point about the CC&Rs or existing homeowners being legally irrelevant in these types of situations. Yes, the pre-existing home buyers are hosed, but they are hosed anyway because of the shitty housing market here. If there's no demand for the units, then how does one measure the damages? Exactly...there are no quantifiable damages to their "values," which are in the toilet anyway. Sure, one could try to argue that converting the building to rentals somehow further damages their investment (especially on a go-forward basis), but that's going to remain a question of proof for the trier of fact, and given just how dismal the local condo market is, good luck finding an appraiser to testify with a straight face on this issue. And, why would you want to potentially throw good money after bad in this situation? Attorneys don't work on these sorts of cases on contigency, so you are looking at fronting $10,000 to $20,000 in a retainer just to get the lawsuit filed, with no guarantee of success whatsoever.

--don

[Vicelord John]

Do they still pay hoa fees?

[Don B.]

^ Yes, they would likely have to pay HOA fees as well. The status of the unit (rental versus owner-occupied) is immaterial to the HOA fees and assessments. Those would survive, in all likelihood.

--don

[combusean]

If I were in 44 Monroe, the last thing I would want to do is sue the new owners of the building. The building should fill itself relatively quickly and become its own address--nothing like it exists anywhere. Being able to own one of the few units should carry its own premium if the new owners intend to keep it for the long term and actually reinvest in it.

If most of the vacant lots to the northwest and southeast of downtown were filled with apartments of a variety of heights, Downtown would start approaching a national-scale neighborhood.

[PHX31]

I've never heard of an HOA fee at an apartment/rental place. Wouldn't the owners just set the rental rates a bit higher than a place that requires less maintenance rather than have their tennants pay rent and HOA separately?

[Don B.]

^ It's normally included in the rent for renters. Where I live, for example, rents run from about $575 to $625 per month, and the utilities are included. Each condo is individually owned, though, and the HOA fees to the owners (which include all utilities) are about $300 per month.

I suppose it is legally possible that the rent and HOA fees could be separate, but like you, I've never heard of that being the practice.

--don

[HX_Guy]

44 Monroe has updated their website...no prices on apartments yet but they have some fantastic pictures...

http://static3.vipasuite.com/resources/dyn/images/361090w640h426s44e0/_fn/gallery2.jpg

http://static2.vipasuite.com/resources/dyn/images/361324w640h426s1632/_fn/gallery3.jpg

http://static1.vipasuite.com/resources/dyn/images/361100w640h426sa176/_fn/gallery7.jpg

[dtnphx]

Talk about trick photography, Phoenix looks really dense and urban!

[Vicelord John]

Nothing trick about it.

[dtnphx]

Nothing trick about it.

Yes, of course. We're known as the NYC of the west.

[phoenixheadphones]

Yes, of course. We're known as the NYC of the west.

Well of course we're not NYC, but that really is the skyline and those look like accurate city views from 44 Monroe. Not sure the sun really comes shining in as magically as it does in the first picture, but you know...

[dtnphx]

I was just joking - it's just that they look so inviting! There are few vistas in Phoenix that look that good. One has to imagine that if you looked down from those balconies you would see many emply lots. I'm glad they are marketing the apartments again, it's a good sign.

[phoenixheadphones]

I was just joking - it's just that they look so inviting! There are few vistas in Phoenix that look that good. One has to imagine that if you looked down from those balconies you would see many emply lots. I'm glad they are marketing the apartments again, it's a good sign.

Ah i get you. They do look really good, but the Phoenix skyline is looking less and less whimpy, so i guess its not too surprising that there are some really good angles. Plus i think that second shot from Civic Space is one of the best views of the city.

[gymratmanaz]

They are actual exteriors. no tricks in those pics.

[HX_Guy]

They are actual exteriors. no tricks in those pics.

...just very select cropping in the 2nd and 3rd pictures, though the one with the Civic Park in front really does look like that. The one whole the Freeport looks like that sure, if you sort of put your hand over your face to cover up the view to the north. :D Either way, it really does look nice and inviting. I would love to live there.

[bwonger06]

Ah i get you. They do look really good, but the Phoenix skyline is looking less and less whimpy, so i guess its not too surprising that there are some really good angles. Plus i think that second shot from Civic Space is one of the best views of the city.

Try the McDowell between Central and 3rd Street area... awesome view at night with the entire Skyline lite up along with the clear side (no panels) of OCPE and Burton Barr.

[phoenixheadphones]

Try the McDowell between Central and 3rd Street area... awesome view at night with the entire Skyline lite up along with the clear side (no panels) of OCPE and Burton Barr.

That is a great spot, really nice view of the whole downtown. There's a parking garage at one of the medical buildings on 7th street and Mcdowell thats right up against the freeway. I remember that being a great spot for photos of the downtown ( as i'm sure most of you know. I think i've seen quite a few shot from there on this forum)

[Vicelord John]

That is a great spot, really nice view of the whole downtown. There's a parking garage at one of the medical buildings on 7th street and Mcdowell thats right up against the freeway. I remember that being a great spot for photos of the downtown ( as i'm sure most of you know. I think i've seen quite a few shot from there on this forum)

Yup. I've taken that shot many times.

[bwonger06]

Finally got some time to call 44 Monroe and check prices. They seem pretty reasonable for what I am looking for.

The small bedroom (743 SF) runs about $950 with water, sewer and trash included but there are only two units. The medium size one bedroom (960sf) is around $1200 and the bigger 1110 SF are $1350+. All pretty decent prices.

No hard opening yet but people are starting to move-in (they told me they a person moving in this Friday).

[HX_Guy]

How do they only have 2 units @ 753 sq ft? Are the rest already rented out or did they only build so few of those?

Those seem like some great prices for that building/location though. I'd like to know how much the smallest 2 bedroom is and what lease terms do they have?

I would totally rent there for like 3-6 months just for the hell of it even though I have a house in NW Phoenix, would be cool to see how it's like living in DT Phoenix and maybe in the future actually buy a place there.

[bwonger06]

How do they only have 2 units @ 753 sq ft? Are the rest already rented out or did they only build so few of those?

Don't know but they are both on the 9th floor so it should have pretty decent views. I am going to go check up on it and report back.

[HX_Guy]

I stopped by in person myself on Saturday and was told they don't have any literature to pass out yet and wanted me to make an appointment to see the units/get prices. I've seen the units, they are fantastic...I just want prices.

[HX_Guy]

Was able to get some information myself over the phone...

Like you said, the C4 plan which is 963 sq ft is $1125/month and is a 9th floor unit.
http://www.44monroe.com/resources/dyn/files/358656/_fn/floorplan_unitC.gif

The A4 plan, which is a 2 bedroom 1394 sq ft and on the 10th floor is $1786/month.
http://www.44monroe.com/resources/dyn/files/358678/_fn/floorplan_unitA.gif

Both come with 1 parking spot in the garage, which is sort of a bummer if you go for the 2 bedroom but I guess if you're going to live downtown, 1 car should be enough for 2 people.

Their lease terms are 12 months.

Their pricing is competitive with CityNorth which I was hoping it would be since those are literally 95-100% leased at all times and 44 Monroe has better amenities like a gym. A 2 bed/2bath 1270 sq ft at CityNorth is $1725/month.

[gymratmanaz]

Those are actually great prices. I was just looking in Denver, and their prices are higher for places not quite as nice as Monroe

[HX_Guy]

Then again we don't have the downtown that Denver does. ;)

But yea, definitely good prices...I can see this place doing very well and maybe spur some ideas with other developers to get other apartment projects off the ground.

[PHX31]

Does the rental price take into account any and all costs (ie, HOA fees)? That was a question previously.

[HX_Guy]

Yes, the leasing agent said it includes water, trash and sewer and you would have to take care of gas/electric/cable on your own. The only other thing not added in is tax...no additional fees like HOA etc.

[Vicelord John]

Those are actually great prices. I was just looking in Denver, and their prices are higher for places not quite as nice as Monroe

Thats like comparing jefferson city missouri with chicago. Of course its cheaper in missouri.

Regarding HOA fees, of course you dont pay those if you are renting. What i wonder is if you own in a rental building, do you still pay hoa then? Can't imagine there is much of an association.

[bwonger06]

Ok so just finished my visit and my feelings are mixed.

Lets just say you need $1350+ if you want to rent a nice unit.

The 743 sq. ft units are not upgraded (don't care really about laminate counters) but they also don't have freaking balconies. If I am paying $950, I want a balcony. The bedrooms are also not closed off, i.e. it opens up into the living room because you have a slit between the wall which serves no purpose.

The 943 units also have no partitioned bedrooms. Although upgraded and has an individual bathroom for guest, I want my bedroom to be separate from the rest of the house.

That essentially only leaves you with the B plan but you have to start out on the 11th floor because the 9th floor is basically next to the hot tub and barbecue area (you could literally shake hands if you wanted to), and they are not renting out the 10th floor for now.

I know its downtown and you have to pay premium money, but you are going to spend easily over $1450 if you want luxury one bedroom (granite, balcony, good views, etc.). I was really hoping to get one of these units but given my drinking/eating budget, it may prove to be difficult.

Good news is they supposedly signed several leases so people are definitely moving in which should help our downtown.

[Vicelord John]

I look at my $1100 mortgage for 1700 sq ft on 3 levels, compare it to 44 monroe product and prices, then begin to chuckle.

[bwonger06]

I look at my $1100 mortgage for 1700 sq ft on 3 levels, compare it to 44 monroe product and prices, then begin to chuckle.

Still an amazing price though. Buddy of mine lives in the smallest unit in One Lex and he pays 1250 (mortgage plus HOA). Although his unit's finishes are a nicer, 44M units are a lot bigger (703sq vs. 1000sq) and higher up (3rd floors vs 9/10/11).

The parking situation is one that really suck because there is no guest parking whereas One Lex has a good amount of spaces for guest.

All-in-all, I don't want a mortgage at this point in my life (only 23 years old) and it gives me flexibility to pick up and move. There are a few Craigslisted Summit/Orphuem units that I am going to take a look and I will probably swing by Alta & Roosevelt Square before making any kind of decision.

[HooverDam]

Tenants Filling up 44 Monroe
Posted by DPJ Staff on 4/26/11

After several years at the mercy of the tumultuous ups and downs of the real estate market, 44 Monroe, Arizona’s tallest residential luxury high rise, recently opened its leasing center.

Interest has been strong from day one of leasing, with dozens of new residents already enjoying the building’s premier location and amenities.

ST Residential, the owner of 44 Monroe, decided earlier this year to lease 44 Monroe and capitalize on a strong rental market in Downtown Phoenix while protecting the housing values of people who’ve already purchased condominiums in the acclaimed property.

Since leasing began in March, more than 25 leases have been signed. Greystar is handling leasing and management activities at the 34-story skyscraper.

“We are huge believers in Downtown Phoenix,” said Wade Hundley, CEO of ST Residential, a powerful consortium of hand-picked private equity groups that include leading investors Starwood Capital, TPG Capital, WLR LeFrak and Perry Capital. The group also manages Safari Drive in Scottsdale and 3rd Avenue Palms in Midtown Phoenix. Those properties continue to see strong interest from buyers and will not be available for lease.

“We feel that the modern, contemporary design and lifestyle at 44 Monroe will continue to appeal to those seeking everything that urban living has to offer,” Hundley added. “44 Monroe has the views, the amenities and the ideal location — all in the heart of Downtown Phoenix.”

44 Monroe’s exceptional location — just steps from light rail, dining, entertainment, Civic Space Park and more — is just one of the many perks the building offers.

Inside, 44 Monroe is a stylish blend of modern design with urban sophistication. Units come standard with dual master vanities, custom tile surround soaker tubs and separate showers. Each unit is built with “SmartHome” technology and includes Whirlpool Gold appliances with Kohler fixtures, granite counter-tops, large travertine stone entries and gourmet kitchens are standard as are large, private balconies to enjoy city, mountain and urban views.

Amenities include a swimming pool, sun deck and spa, large outdoor terrace with a gas grill and fire pit. Access to a fitness center, business center and secured parking comes with each lease.

Greystar is currently leasing one-, two- and three-bedroom units ranging from 963 to 2,079 square feet. As of press time, leases range from approximately $1,200 to $3,000.



Good news, lets hope it keeps filling up.

[combusean]

How many errors can you spot on the 44 monroe location map?

http://static2.vipasuite.com/resources/dyn/files/357705/_fn/map.png

from http://www.44monroe.com/location

[Vicelord John]

Rough count - 18.

Was that map made by a four year old?

[nickw252]

I found a few. I think a google map overlay might be a better idea for them.

Anyone know how 44 Monroe is doing? How full are they?

Last time I was downtown during the night it looked like there were lights on in about 30% of the windows.

Also - is there any chance that the open units in Summit at Copper Square will turn to rentals like this?

[Phxguy]

Last I heard they were 46% full. I forgot what website but it was very recent.

[nickw252]

Last I heard they were 46% full. I forgot what website but it was very recent.

I did some googling - 43% on June 14th. I'd say that's pretty good considering how long it's been on the market.

http://www.downtownphoenix.com/blog/2011/06/44-monroe-rentals-gaining-exposure/

[PhxDowntowner]

44 Monroe occupancy = 56% as of 7/13

[nickw252]

Michael Chen traded life in suburbia for the urban vibe of downtown Phoenix.

He was living in a leased house in Peoria when he learned through an apartment website that the high-end condos at 44 Monroe were being rented instead of sold.

“It looked like such a neat place to live,” Chen said. “I can walk to work. I can walk to school.”

A legal assistant for the law offices of Benjamin Taylor, Chen also is a student at the Phoenix School of Law. The school is opening a new campus this fall in the One North Central tower, the ...

http://www.bizjournals.com/phoenix/print-edition/2011/07/29/living-the-high-life.html

[nickw252]

It's good to see 44 Monroe being shown in a positive light in the news:

At places like 44 Monroe in downtown Phoenix, there's a huge demand for apartments and they're now leasing unsold units.

http://ktar.com/category/local-news-articles/20110714/Phoenix-big-on-investment-housing,-with-many-renters/

[HX_Guy]

44 Monroe is now 75% full and their website also now shows that is available for rent and prices. Would totally love to live there if my work was centered around that area, but unfortunately it's centered around the Arrowhead area so it wouldn't make such sense. :/

Moving to downtown Phoenix has saved couple lots of money, time.

A year ago, the Helgesons were celebrating a makeover of their Queen Creek home by TV star designer Nate Berkus.

This year, Jessica and Cody Helgeson have turned that southeast Valley home into a rental and are celebrating their recent move to a high-rise in downtown Phoenix, 44 Monroe. Moving downtown has saved them hundreds of dollars a month in gas, reduced their headaches, eliminated their long commutes and improved their social lives, they said.

The switch from suburban to urban life has its price. They lost nearly 800 square feet of space and a lush green yard.


Do they miss it?

"We haven't really," said Cody Helgeson, 26. "We had a yard that was all landscaped, but at the same time, we were paying a gardener to come out every week."

"Here we have Civic Space Park," he said. "It's not even a block away."

The Helgesons are among an influx of new tenants at the 202-unit, 34-story building at First Avenue and Monroe Street. The tower once intended for condos is around 75 percent full, rebounding from a slump that began with the housing-market crash a few years ago and foreclosures tied to the bankruptcy of lender Mortgages Ltd.

A year ago, a new company in Chicago, ST Residential, bought the tower out of foreclosure and opened a sales office to sell the remaining 196 empty condos. Starting prices were below $200,000.

Sales were so slow that in January, ST Residential announced it would rent the units.

"The worst thing in the world is a vacant tower," said Wade Hundley, CEO of ST Residential. "We felt like there was a better market for renting. We wanted to get people in the building."

The rent for a 44 Monroe apartment ranges according to size. Rent is $1,582 for a one-bedroom, 1 1/2-bath unit that spans 1,126 square feet, according to the 44Monroe.com website. Rent can range from $2,900 to $2,990 for the largest unit, a 2,079-square-foot space that includes two bedrooms and 2 1/2 baths.

Hundley said the company looks to other properties in the area to develop its pricing and rents, but 44 Monroe is a unique property. The downtown area has a few high-rises, and some of them, such as the Summit at Copper Square near Chase Field, are struggling to fill their units in the aftermath of bankruptcy.

"We had a hard time finding comps (for setting rent)," Hundley said.

The new 44 Monroe renters include people in their 20s, such as the Helgesons, and some young professionals in their 30s.

Kevin Bohm, the tower's leasing director, said he has worked to nab renters through Internet marketing and by networking with organizations such as the Phoenix Community Alliance, a non-profit organization that represents Phoenix-area businesses.

Nationwide and in Phoenix, the housing market has become a renter's market, Bohm said.

Bohm said 44 Monroe has a lot of pluses: It's near CityScape, which has entertainment venues such as Lucky Strike Lanes and Stand Up Live comedy club, and is within walking distance of two grocery stores - the Downtown Phoenix Public Market and Oakville Grocery.

The building also sits near the Metro light rail, which enables some of its tenants to commute to work on mass transit.

Cody Helgeson said that convenience has allowed him and his wife to sell one of their cars.

"When we lived in Queen Creek, we were budgeting about $500 a month in gas," he said. "Now, we've got it down to one vehicle. We're probably able to go one whole month on one tank of gas. We walk everywhere."



Read more: http://www.azcentral.com/arizonarepublic/business/articles/2011/09/28/20110928phoenix-downtown-couple-move-44-monroe.html#ixzz1ZJZByVhA

[dtnphx]

Urban living can be achieved...

That's awesome.

[HooverDam]

44 Monroe is now 75% full and their website also now shows that is available for rent and prices. Would totally love to live there if my work was centered around that area, but unfortunately it's centered around the Arrowhead area so it wouldn't make such sense. :/

You'd have a commute reverse of most traffic both in morning and night though, so that would perhaps be something to consider, you'd be going fast. It would likely still be further and a bit more gas though. But if you're wife (? I seem to recall you're married) didn't have a long commute or could walk/bike/transit, ditching an extra car saves a ton of $$$.

[HX_Guy]

You'd have a commute reverse of most traffic both in morning and night though, so that would perhaps be something to consider, you'd be going fast. It would likely still be further and a bit more gas though. But if you're wife (? I seem to recall you're married) didn't have a long commute or could walk/bike/transit, ditching an extra car saves a ton of $$$.

We actually both work from home but sometimes it's a lot of running out to a customer in the area and coming back home, several times per day. Wouldn't really make sense, but I would love to live downtown, even if just for 6-12 months.

[HooverDam]

On a related note: seeing how fast Alta and 44 Monroe filled up (as well as Centerpoint in Tempe) and how well sales at One Lexington are going, I wonder why the Summit hasn't switched to being rentals for now. It seems there's a strong desire for urban living, even if its only possible via rentals right now.

[nickw252]

I went through some units in 44 Monroe this afternoon with a friend who is tired of living in the burbs. The units were incredible to say the least.

While there I asked the leasing agent about occupancy, etc. She said that management anticipated the building would be 50% occupied at the end of 2011. It is currently at 86% and there are no signs of it slowing down. I also asked how the condo owners like having renters in the building. She said that at first they were uncomfortable but they have gotten used to it by now. Many owners have even commented on the high-quality renters that have moved in.

It's incredible how fast 44 Monroe is filling up in this economy considering how expensive it is. I don't know what other evidence is needed to show that there is a strong demand for luxury high-rise apartments in downtown Phoenix. Cityscape should have started building their apartments yesterday. :whip:

[PhxDowntowner]

While there I asked the leasing agent about occupancy, etc. She said that management anticipated the building would be 50% occupied at the end of 2011. It is currently at 86% and there are no signs of it slowing down.

I'm assuming you meant something other than "50%"?

[PhxDowntowner]

or do you mean that's what they projected it to be way back when they started?

[Vicelord John]

or do you mean that's what they projected it to be way back when they started?

My english comprehension skills enabled me to read they anticipated being half full at this point in time, but have surpassed that goal by quite a large percentage.

[Leo the Dog]

It's incredible how fast 44 Monroe is filling up in this economy considering how expensive it is.

Since you were there the other day, What's the current price range for rent?

[phxSUNSfan]

Since you were there the other day, What's the current price range for rent?

$1500-$2990. Last I heard, there were only 20 units left. Only two one bedroom units currently available. I also have a few friends interested in moving downtown and they inquired about the rents and floor plans...

[Phxguy]

Since you were there the other day, What's the current price range for rent?

A 1 bedroom 1.5 Bath is between $1665-$1690. I was there searching for an apartment last Saturday. Don't know the others.

[HX_Guy]

Prices and availability are available online:

http://www.44monroe.com/floorplans

[nickw252]

Since you were there the other day, What's the current price range for rent?

My friend was looking at 2 bedroom units on high floors. I believe they ranged from $2,200 to $2,800.

[Leo the Dog]

Thanks everyone.

Always curious as to what rents/sells for what in Metro Phoenix. I frequent Zillow.com and ZipRealty.com often.

[PhxDowntowner]

My english comprehension skills enabled me to read they anticipated being half full at this point in time, but have surpassed that goal by quite a large percentage.

If you read it again, it doesn't say when the assumption was made and therefore one can interpret it to mean that TODAY mgmt anticipated a 50% occupancy rate by EOY, which would indicate a typo.

B- for your english comprehension skills.

[Vicelord John]

If you read it again, it doesn't say when the assumption was made and therefore one can interpret it to mean that TODAY mgmt anticipated a 50% occupancy rate by EOY, which would indicate a typo.

B- for your english comprehension skills.

oh my, you're quite a defensive little man.

:banana:

[PhxDowntowner]

I was being playful in a mock pedagogical tone. Unfortunately tone doesn't come across on a board -- unless I go TakeFive-style, but I'll spare you that.

[Vicelord John]

bring on the emoticons.

[nickw252]

There are contractors working on the penthouses of 44 Monroe and today a window pane from the 33rd floor came out shattering on Monroe Street.

http://i47.tinypic.com/fmnd6v.jpg

http://i47.tinypic.com/2cfuy6x.jpg

[nickw252]

A 33rd-floor window pane shattered Monday evening in downtown Phoenix, raining shards of glass onto the sidewalk below.

No one was injured and it was not immediately apparent what caused the roughly 8-foot-tall window in the building at 44 Monroe Street to break.

Cory Dudley, a worker for Abseilon USA, a rope-access company called in to clean up the glass and window frame, speculated that a stress crack was the most likely culprit.

Two workers, Michael Duran and Rick Dillman, rappelled from the roof and removed bits and pieces of the tempered glass still in the window frame.

Police shut down Monroe Street from Central to First Avenue, according to Trent Crump, spokesman for the Phoenix Police Department.

http://www.azcentral.com/community/phoenix/articles/2012/05/07/20120507phoenix-building-window-shatters.html

[FortyAcres]

well, good thing there is not a single fucking person in downtown Phoenix for it to inconvenience.

[nickw252]

well, good thing there is not a single fucking person in downtown Phoenix for it to inconvenience.

There was no one around in the picture because Police blocked off Monroe Street at both ends. Glass was everywhere. It inconvenienced my wife as she was trying to drop off her co-worker who lives at 44 Monroe that she carpools with.

[alexico]

A 1 bedroom 1.5 Bath is between $1665-$1690. I was there searching for an apartment last Saturday. Don't know the others.


very few units are aval in 44 monroe. the 1 bedrooms have gone quick. West 6th in Tempe is jammed packed too. 50-70% college kids. not sure how college kids can pay $1800 for a 2 bedroom? :shrug: I went to ASU and there were plently of trust friend kids so I shouldnt be surpised at all.

[Leo the Dog]

very few units are aval in 44 monroe. the 1 bedrooms have gone quick. West 6th in Tempe is jammed packed too. 50-70% college kids. not sure how college kids can pay $1800 for a 2 bedroom? :shrug: I went to ASU and there were plently of trust friend kids so I shouldnt be surpised at all.

Comes out to only $900 per person. How much are under grad outta staters paying to go to ASU again?

[alexico]

Comes out to only $900 per person. How much are under grad outta staters paying to go to ASU again?


5-6 yrs ago when I went to ASU most kids tried to keep rent around $350-$425 a piece. rent a 4 bedroom home in tempe for $1400-$1600 or a typical 3 bdrm appt for $1000 ish.

$900 + $80 for parking for a college kid just seems high :sly:

[Vicelord John]

Id say more like out of control. 1000 a month isn't something a college kid is paying for on their own. That's a $15/hr job just to pay rent. Only mommy and daddy's money could pay that.

[nickkoto]

An ASU on-campus dorm room for a 9 month school year is between $5500-$9000 ($8k at Taylor Place), plus $720-$780 for a resident parking permit, so it's not that much more of a financial leap for students to split rent in a much nicer place like W. 6th or 44 Monroe.

[nickw252]

Later this summer, tenants will begin schlepping their belongings up almost three dozen floors to nestle into their newly finished penthouse suites on the top levels of Arizona’s tallest residential complex.

Each of the eight penthouses at the luxurious 44 Monroe in downtown Phoenix occupies about one-fourth of the 33rd or 34th floor. Click the image to the right to see a slide show of photos from inside a penthouse.

Joel Bachkoff, owner of Stand Up Live and Copper Blues a few blocks away at CityScape, is one of two preleased tenants ready to move in next month.

Ranging from 2,152 to 2,846 square feet, these elite urban dwellings come equipped with travertine floors, painted accent walls and stainless steel kitchen appliances, among other custom features. But for Bachkoff — or anyone stepping through the front door, for that matter —the biggest selling point is the breathtaking Valley views as far as the eye can see, with only a few obstructions by neighboring high-rises.

“When you take in those sites, you know that whatever you’re working on and as hard as you’re working, it makes it all worth it,” said Bachkoff, 41, who also owns a home in south Florida, where he runs other comedy clubs.

However, those jaw-dropping views and interior amenities aren’t for sale — and the lease prices, $4,800 to $5,250 per month, are equally jaw-dropping.

Bachkoff, who already has been a tenant at 44 Monroe in a lower-level condo for the past year, said the price never deterred him. He said he prefers the urban atmosphere, living blocks away from his new businesses and having a setup that accommodates his mobile lifestyle.

“Even though I’m renting, it feels like a home,” he said. “With me traveling all the time … there’s not a lot I have to worry about.”

Although the penthouse lifestyle isn’t for everyone, the fact that 44 Monroe even exists today is remarkable, said property manager Kevin Bohm.

When it opened as a condo complex opened at First Avenue and Monroe Street in summer 2008, it was bad timing, to say the least.

The 196 condos initially went up for sale with a price range of $450,000 to $3.2 million. But as home values began falling in the worst housing crisis in recent memory, most of the 140 or so buyers who were in escrow at the time eventually pulled out because they were unable to sell their existing homes.

The financial woes and eventual downfall of the project developer, Grace Communities    , became yet another blow for the condo project.

The former Scottsdale developer completed the downtown high-rise except for the penthouse floors, but failed to sell even a dozen units. Grace shuttered after defaulting on its $87 million loan, as did several other entities that had received loans from its now-defunct private commercial lender, Mortgages Ltd. 
In late 2010, ST Residential bought the building and announced plans to slash the price tags of the downtown condos in half. But in January 2011, the company decided the market still wasn’t healthy enough to support a sales structure; so it began leasing the units instead, for monthly rents of $1,373 to $3,135.

Today, 44 Monroe is at 97 percent occupancy, Bohm said.

“It’s been well-received and certainly a unique opportunity for the rental market in Phoenix,” he said.

As for the penthouses, which initially were stalled to allow the future tenants pick the final specs, ST Residential hired Bjerk Builders Inc. to finish the build-out. They are slated for completion this summer.

ST Residential plans to sell the condos after the market stabilizes. Bachkoff said the company already has one potential buyer.

http://www.bizjournals.com/phoenix/news/2012/06/15/luxury-penthouses-coming-to-44-monroe.html?page=all

[nickw252]

Failed downtown Phoenix high-rise condominium project 44 Monroe, now an upscale apartment complex, said it has completed eight luxury penthouse rentals and will begin offering them for lease.

Local commercial-real-estate analysts said the completion and marketing of high-end penthouse apartments in downtown Phoenix represents an interesting gamble that could well pay off, given the rarity of such properties in the area.

The penthouses range from 2,200 to 2,800 square feet and are on the 33rd and 34th floors of the tower.

Monthly rental rates range from $4,800 to $5,350, according to 44 Monroe property manager Kevin Bohm.

"These amazing residences have floor-to-ceiling-view windows and offer panoramas of the city and beyond," Bohm said.

"These penthouses are remarkable."

Owner ST Residential of Chicago hopes wealthy residents will be drawn to the opportunity to rent a luxury penthouse in downtown Phoenix, in the heart of the city's entertainment offerings.

Bohm said the target market for the units is executives, doctors, attorneys, professional athletes and others working in downtown or central Phoenix.

"We're pioneering a new luxury lifestyle in downtown Phoenix," Bohm said.

Two of the penthouses already have been pre-leased, a company spokesman said, adding that overall, the 210-unit44 Monroe is 97 percent leased.

The 34-story apartment high-rise, 44 W. Monroe St., has suffered a handful of setbacks in its six-year history.

ST Residential announced in January 2011 that it would convert 44 Monroe from a condo project to apartments, citing weak demand for upscale condominiums.

Although the eight penthouses' exteriors were completed years ago, their interiors had been left unfinished, because luxury-condo buyers generally want to select their own interior designs.

ST Residential purchased 44 Monroe out of foreclosure in June 2010 and opened a sales office inside the building in November 2010, hoping to sell its remaining 196 units at prices starting at a little less than $200,000.

The company was unable to sell any of the units as condos. Only 14 units sold when the project was built in 2006, and none was a penthouse.

Tighter lending standards and the sudden affordability of single-family homes in the Phoenix area hit condo investors hard after the housing market crashed in 2007.

Converting to apartments offers some advantages to property owners, such as recurring revenue and the ability to adjust prices.

And ST Residential still has the option to resume condo sales if it decides the market can accommodate them.

ST Residential is an investment and debt-resolution firm that is 60-percent owned by the Federal Deposit Insurance Corp.

Unlike the Resolution Trust Corp., which the federal government formed in 1989 to dispose of failed lender-owned assets following the savings-and-loan crisis, ST Residential involves the FDIC and a group of private-equity firms led by Starwood Capital Group.

Before its purchase by ST Residential, 44 Monroe was owned by Corus Bankshares Inc., a holding company whose bank was taken over by regulators in September 2009.

A month later, ST Residential was formed for the sole purpose of buying $4.5 billion in residential real-estate assets that Corus had repossessed.

http://www.azcentral.com/community/phoenix/articles/20120622phoenix-arizona-penthouses-44-monroe.html

What a piece of crap article. If the AZ Republic considers 44 Monroe a failure then I don't know what success is. It was built during the worst recession in a generation. Converting it to luxury apartments was clearly the best possible scenario. Moreover, I know this is just semantics but 44 Monroe is not an "apartment complex." I also love the 4 year old picture of the uncompleted apartment "complex." Once you get past all the mistakes in the inarticulately written first paragraph it's all copy and paste factoids about the apartment "complex."

[cantstandya]

Anyone know where I can see a picture of the old Arizona Bank Building they demolished?

[combusean]

http://emvis.net/~sean/ssp/rip_phoenix/phx_chamber_of_commerce_building_1970.jpg

http://emvis.net/~sean/ssp/rip_phoenix/44monroe-transition.gif