Phoenix AZ Urban

It was announced the other day that 44 Monroe, the 33 story luxury high rise condominium building is up for sale.  Grace Developers sold only about 9 of the condos before the market fell out from under us and the project will be filing for bankruptcy soon.  In the meantime, the remaining units will be auction off as one sale.  This will remove some of the debt and Grace Communities from the project.  The auction is currently scheduled for April and once complete, they should be ready to start selling the individual units again.  It will be interesting to see what prices they put on the unit and what price the HOA monthly dues will be.