44 Monroe luxury condos in Phoenix on the road to foreclosure

Most of the units in 44 Monroe, the swank, 196-unit luxury high-rise could be headed for foreclosure. The bank has filed a notice of trustee's sale, the first step toward taking over 182 unsold condos. The units are scheduled to be sold to the highest bidder on April 14, according to county documents. A notice of trustee's sale doesn't always end in foreclosure but it's a signal that the project has serious financial problems.

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