Monday, March 05, 2007

Questions About Mosaic At University and Ash

My wife and I dropped by the "Grand Opening" event for Mosaic last week. It was a nice enough event with all the usual stuff; valet parking, great little catered appetizers, live string instrumentals etc. But the event as a whole sure didn't make sense to me. After all, they're supposedly selling a project going up in the heart of Tempe and yet the event was held at 1st Street and McKinley, just north of DOWNTOWN PHOENIX. What gives? I question the comittment of developers who "launch" from sales centers located fifteen miles from the site. Smells like they might be doing the ground work with the hope that they can flip the project for a quick profit. I'm not saying that there's anything wrong with that, I'm just trying to figure the whole thing out.

What I do know is that they're looking to build a 21 story tower of flats, townhomes, condominiums, and penthouses on University just west of Mill Ave. Great location!

Sales prices start at approximately $780/square foot. Super high prices!

We weren't wowed by the finishes displayed at the sales office. Sure MOST of them were nice but nothing that everyone else isn't already offering. In fact one of the kitchens there sported cabinets that I would expect to find in Grandma's home; booooooorrrrrring. I think that to be competitive in today's market especially in the urban/loft market niche, new builds have to be exciting.....especially when asking almost $800 per foot!!!!

I'd love to see it built, and I'll certainly take any of my clients interested in Tempe / Mill Avenue there to get their take on the project but I'd feel a whole heck of a lot better about it if: a) Center Pointe was actually even close to being sold out b) the prices started closer to the $600/foot range and c) the building offered anything unique. We'll see. . . . . . . .