Century Plaza Phoenix

[Progress4Phx]

Hello Forumers, as you can see this is my 1st post/thread. However, I have been reading your posts for sometime as a means to keep up to date with news related to development in Phoenix. It seems that most of you are very opinionated, intelligent and have a good knowledge base regarding this subject matter. Like most of you, I am excited about the projects taking place in the areas of Tempe, Scottsdale, Biltmore and especially the downtown/uptown central core of Phoenix. I wish this city could be further along, move at a faster pace and have projects exceed our expectations rather than fall short of them. I also wish the housing market and economy was not tanking so badly!

The main reason for me opening this thread is to get some feedback from you all on a personal conundrum I am facing. Generally, I think I am a fairly good decision maker and rarely second guess myself but in this case I am hoping that the opinions of complete strangers (you all) might give me some clarity.

3 years ago I put a deposit down on a 1 bedroom 730 sq ft unit, several floors up at Century Plaza. The base price is $236k and at this point I have a 10% down payment into the place. My close of escrow looks to be July, nearly 3.5 years after my initial deposit. I had looked at Summit, 44 Monroe as well as some other projects that never materialized but the bottom line was that they were just too expensive for my taste.

Not to get into too much detail, but my dilemma is that I am not sure this is a good investment anymore even though I like the place and plan to live there for at least a few years. Also, due to some other variables I might have to commit more money for a down payment which I really don’t want to do especially when the current market value on the property is probably lower than my contract price.

I am curious to hear your general thoughts on Century Plaza, its pricing/value as compared with other condo projects and or anything else you might have to say.

I appreciate your opinions and feedback.