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Phoenix Condo High Rise Faces Trustee's Sale
Filed under: Real Estate Developments
More bad news from Arizona's troubled condo real estate market. One of Phoenix's tallest towers, 44 Monroe is seeing many of its condos head for foreclosure. The project was completed in 2008 but struggled to sell the units. Of a total of 196 units, 182 are currently unsold. The developer Grace Communities worked to stave off foreclosure but the project owes Corus Construction Venture, LLC $86.8 million and the Arizona Republic states that the bank has filed a notice of trustee's sale with a plan to sell the units to the highest bidder on April 14.Last year Corus Bank collapsed and was taken over by the FDIC. It owns a 60 percent stake in Corus Construction Venture and the rest is owned by private equity consortium led by Starwood Capital Group an investment firm run by Barry Sternlicht, the founder of Starwood Hotels & Resorts. The few who live in the building have seen the value of their condos plummet in recent months.
The project started with a lot of promise. Construction on the 34-story tower began in November 2005 as real estate prices in the region were on the rise. Unfortunately by the time of the completion three years later, Arizona real estate was in the doldrums. The building features shared amenities like an eighth floor swimming pool within a 20-foot high great room with open access to the spa and sundeck with city and mountain views, a fitness center, meeting room, business center and an entertainment room with a catering kitchen, bar, fireplace, plasma television, card tables, seating areas and an outdoor terrace with gas grill and views of downtown Phoenix and surrounding mountains. The residences have travertine natural stone flooring in foyer and kitchen, granite slab countertops and Kohler bath fixtures. Seven floors of garage parking offer one designated space for all one bedroom units and two spaces designated for all two and three bedroom units and the building is equipped with security cameras and card readers that control access to resident floors and resident common areas. At one point units sold for $480,000 to $3.2 million but are not worth nearly that much now.
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