44 W Monroe

[gymratmanaz]

They are actual exteriors. no tricks in those pics.

[HX_Guy]

Originally Posted by gymratmanaz

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. Either way, it really does look nice and inviting. I would love to live there.

[bwonger06]

Originally Posted by phoenixheadphones

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]

Originally Posted by bwonger06

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]

Originally Posted by phoenixheadphones

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]

Originally Posted by 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?

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.


The A4 plan, which is a 2 bedroom 1394 sq ft and on the 10th floor is $1786/month.


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]

Originally Posted by 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

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]

Originally Posted by 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.

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?



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