Prices dropped on Phoenix brownstone mansions
The five-story central Phoenix brownstone mansions known as Chateau on Central are being renamed, and the developer is lowering the remaining homes’ prices.
The 21-urban home development will now be called The Arris. And prices for the 12 brownstones that haven’t sold yet will fall to the $900,000s.
A couple of the mansions, across from the Phoenix Art Museum and Central Avenue and Palm Street were listed for almost $2.5 million last year. They’re most easily recognized by their turrets.
“The Arris is coming up on its 10th anniversary in the Valley, and we really wanted to give a fresh new identity to the development,” said Brad Leavitt, president of A Finer Touch Construction, which was hired by the owner to finish the brownstones.
Chateau on Central was launched at the tail end of the housing boom and then stalled during the boom.
The original developer lost the property.
In 2010, MSI of Wisconsin purchased the partially-built project for $7 million. The company has spent another $20 million on the development since then.
A few years ago, one of the Chateau mansions sold for more than $4 million. It was a 8,200-square-foot house with five bedrooms, a four-car garage, elevator and Romeo and Juliet balconies.
Two of the 12 brownstones left for sale were part of a designer contest in 2015 that drew a lot of attention to the project.
The remaining new homes at Arris range from 5,200 to 5,800 in square feet and have five stories.