At least one of the larger urban developments in Phoenix is going to start releasing units to be sold — the highest residential tower is 44 Monroe and is located on 1st Avenue & Monroe. It is close to pretty much everything-there-is-to-do in Phoenix including sports arenas, theaters, shopping, fine dining and of course the light rail.

44 Monroe has 8  levels of secured parking, a pool and spa on the eighth floor with gorgeous mountain and downtown Phoenix views. Other amenities include a fitness center, business center, community center and conference room.

The reason that this is interesting is it wasn’t all that long ago when 44 Monroe was headed into foreclosure and the hopes of having “affluent condo dwellers” were going down the drain.

Since the units were on hold for a period of time while the financing problems were sorted out — does this mean that people will be back to buy?

Probably.

Only at a much lower price than they were a year ago.

And with several of the units at 44 Monroe showing that they have recently expired in the MLS or were changed to “temporarily off market”, this market is in flux. Pricing used to range from the 300’s to over $2million.

But with the first of its kind coming out of financial troubles, it will be interesting to see what the new pricing looks like.