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Chateau on Central…Urban Brownstone Mini-Mansions!

I have had my eye on this project for a long while. I have sold many homes in the downtown historic areas…and this place has been the talk of nearby neighbors for some time.

The property has been tied up in Mortgages Ltd.’s financial problems for the past few years. Original lender, Desert Hills Bank, filed to foreclose in 2007.  Mortgages Ltd. took over with a $65 million financing deal.  Chateau on Central had been stalled since  June 2008 when Mortgages Ltd. was forced into bankruptcy by its creditors and investors.

Enter Wisconsin-based MSI West Investments. They paid $7 million for the 21 homes with elevators and rooftop terraces. If you do the math…this is about $350,000 per unit.

The units range from roughly 5100 square feet to over 8000 square feet.

I have to say I am impressed with the concept…and the views.

It’s rare to find highly modern, highly upgraded space in the Central Corridor. But what makes this place especially unique is the zoning. The lower two levels can be used as commercial space. It would make a wonderful artist studio or something like that.

The charming original exterior gives no hint of the modern interior you will find. Including a private elevator in each unit!

The on sight sales team is knowledgeable and friendly. I shot a quick video while I was touring….take a look…

If you are looking for upscale urban living…I would love to take you downtown to tour this unique project!

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! ;) Go to Metro Phoenix Homes and check it out! YOU can create and save as many searches as you would like…and it it THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

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One Response to Chateau on Central…Urban Brownstone Mini-Mansions!

  1. Skip January 8, 2011 at 6:07 pm #

    Highly overpriced..for the 1.4mil you get a view of the parking garage at Central Park Square to the north, and the Palm Lane units to your south!
    MAYBE that corner unit at Central and Palm is worth about 1.5, but I would put the others at the 500K+ area.
    5 floors, 5100 sq ft…that’s about 1000 sq ft per floor…deduct space for the elevator, staircase and an air exchange unit on each floor and I’m guessing it’s leaving approx 800+ sq ft per floor. now, consider room sizes now…

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