Around here, we like to keep an eye on the light rail housing market. Yeah, there are a ton of “urban gurus” out there, but we prefer to focus on a lifestyle of location and convenience and not just talk about the condo/loft type of property.
Along the 20 miles of light rail, there are over 5,000 residences within 1/2 mile of a light rail station. That gives people a LOT of choices. It has recently been made even more apparent that there are a LOT of choices in the “luxury high rise” market.
Take 44 Monroe as an example. Less than half ( way less ) of the units are currently “unsold” and the Republic is reporting that there has been a trustees sale filed against most of the units at the address. With floor plans ranging in size from 965 square feet all the way up to 4406 square feet, you would think they have something for many different types of urban dwellers. As we watch to see what’s next for “Arizona’s tallest residential tower”, it will be interesting to keep an eye on the positive momentum happening in the area. like new businesses opening downtown, and changes in the small and large commercial spaces near by.
If you are looking for an “urban” lifestyle and location in Phoenix, it is hard to argue with this one. Talk about convenience in getting to the arenas, arts and entertainment, the market and the light rail – this area really is close to a LOT the city has to offer. The “problem” is the same old supply and demand issues facing many projects. Prices that seem out of reach for many, along with monthly maintenance fees, can add up to lackluster sales. During the “boom” of the real estate market, this area was considered by some to be a “can’t miss” opportunity. In fact, the nearby Orpheum Lofts saw much of their project snapped up by investors that were gonna flip them for a quick buck. ( That might be another story for another day.) On the positive side, the market generally takes care of itself. There is a price point where any property makes sense. Hopefully, we will find it soon.
It looks like several of the units at 44 Monroe have recently expired in the MLS or were changed to “temporarily off market” with pricing in ranges from the 300’s to over $2million. For many of us, it will be interesting to watch the future changes in this area…