It was announced the other day that 44 Monroe, the 33 story luxury high rise condominium building is up for sale. Grace Developers sold only about 9 of the condos before the market fell out from under us and the project will be filing for bankruptcy soon. In the meantime, the remaining units will be auction off as one sale. This will remove some of the debt and Grace Communities from the project. The auction is currently scheduled for April and once complete, they should be ready to start selling the individual units again. It will be interesting to see what prices they put on the unit and what price the HOA monthly dues will be.
January 27, 2010
January 21, 2010
Tempe Urban Condos
There are many nice places to get a good buy on Urban condos in Tempe, among them is Northshore. This is a great community in a “U” shape so most of the condos have great views of the Tempe Townlake and pool area. Northshore has wonderful floor plans with balcony’s that are worth having and not those little balcony’s that you can only walk on. There is plenty of shopping just outside the front door and you’re only a mile from the Tempe Market Place. Not to mention, you’re just across the lake from ASU so it’s perfect for student and faculty alike.
Then there’s also Brigeview, a luxury high rise condos with all the extras. Located on the Southside of the lake and just a short walk to the ASU Sun Devil Stadium, this is one of Tempe’s newest and best communities. All the units have high-end finishes like granite counter tops and upgraded flooring. There’s an exercise room and a beautiful pool area. Walking distance to the Light Rail and Mill Ave not to mention, ASU.
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FHA ANNOUNCES POLICY CHANGES
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
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January 11, 2010
Home Values Leveling out in Phoenix
S&P/Case Shiller Home Price index tracks the the 20 largest metropolitan areas of the country. Phoenix was the highest gain with 1.3% and San Francisco was number 2 with 1.2%. We aren’t out of the woods yet and there is an expectation that we have another wave of foreclosures to go through but as history tells us, Phoenix has recovered faster than many other markets and this is good news that maybe we can recover out of this one too.
There are many good values out there. 1 bedroom condos for $35k in Central Phoenix. Single family homes for as little as $50k. Interest rates are expected to go up in 2010 but by how much is still unknown. Just remember, with interest rates currently in the 5% range, even if they go up to 6% or 7%, those are still good rates compared to the last 30 years. Yes, those are higher than the 4% adn 5% of the recent past but they can’t stay that low forever.
Even luxury condos in the Biltmore area are going for pennies on the dollar compared to how much they were selling for just a few years ago, and if you buy a Fannie Mae owned property you can get in for a little as 3% down and not PMI (Private Mortage Insurance) and no appraisal.
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January 7, 2010
2010 is here.
2010 is here and it couldn’t have gotten here any too soon. 2009 was one of the most interesting and yet stressful real estate markets I think the United States in general and Arizona more specifically has ever seen. Now that we are in a new year it’s time to look at things in a new light. The market is still very fragile and while many economist are saying we are at the bottom of the market and should be slowly climbing out this year, I think it’s still time to be careful about purchasing real estate.
There are many good properties for sale and many for very good prices. With interest rates still at near record lows in many cases it could be cheaper to buy than to rent. And with the Federal First Time Home Buyers Tax credit extended to June of 2010, that could mean as an extra $8000 in your tax return next year.
So what do you need to determine if you should buy now? You need an honest conversation with a real estate professional that knows the market and understand the strategies for making a good offer that will not only get you the best price for the property but also gets accepted by the seller. Since most sellers are the banks that foreclosed on properties or investors that bought the property at auction, there are better ways to write an offer then in other real estate markets. Chris Campbell of RooPho Realty has just what you need. Experience and knowledge of the market. Contact Chris to discuss your needs and what you want and he’ll honestly tell you if this is the right time for you to buy and what properties might suit your needs best.
Chris is a native of Phoenix and has lived in Central Phoenix for over 20 years and Downtown Phoenix for over 4 years. Chris specializes in Urban Properties Valley wide, including condos, townhomes and historic homes. Check out all of the latest information on the real estate market on this website and then call Chris for a free and no hassle consultation.
Check out the many Phoenix condo, Tempe Condos, Scottsdale Condos and the Biltmore Condos under the Urban Properties tab and get the latest status of any of these properties. While RooPho Realty specializes in the Central Phoenix Urban market, we keep in touch with the whole valley. As a Native Phoenician, Chris has lived in many parts of the valley and has sold properties in many more. You can also check out our other website at www.PhoenixAZUrban.com
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January 5, 2010
UofA Downtown Phoenix School of Medicine
The Arizona Board of Regents approved a $187 million expansion in December for Downtown Phoenix School of Medicine. The plan is to build a medical education building and will expand the class size to at least 110 students per year from 48 students per year now. “This is an integral step toward creating the state’s next great academic health center,” said William M. Crist, MD, vice president for health affairs at the University of Arizona. “The construction would bring immediate, much-needed jobs to our state and high-paying positions later. We need to expand to meet the health-care needs of Arizona.”
The plan also calls for space for College of Pharmacy students to begin four-year programs in Phoenix. Until now, UA pharmacy students have only been able to complete their third- and fourth-year studies in Phoenix.
This will increase the work force in Downtown Phoenix and improve the College of Medicine by educating more Doctors and research. There will be many faculty, staff and students looking to rent and purchase property in the Downtown Phoenix area or accessible via the Metro Phoenix Light Rail.
A great place to buy and just blocks from the Downtown Campus is Portland Place. Located at 3rd Ave and Portland and overlooking the Japanese Botanical Gardens and Deck Park, many of these units have views of Midtown Phoenix and easy access to the Freeway system and just 1 block from a Light Rail Stop. Prices currently start at $200k for 1 bedrooms. The community has a beautiful rooftop pool with 360 degree views of Central Phoenix.
Tapestry on Centralis another great community that was completed in 2007. Located at Encanto and Central Ave and a Light Rail stop right in front of the community, this is a great community with many amenities. They have a heated lap pool and a nice work out room and club house. Two bedroom condos currently start at $190k.
In this market you really need an Urban Specilist to help you because of all the “insider” information that may be required for you to make the best decision. RooPho Realty has been specializing in the Downtown Phoenix Urban market for 7 years and keeps up with each of the communities financial status and other information that is important to know when you decide to buy. Contact Chris F. Campbell at Chris@RooPhoRealty.com for the latest update on any community you’re interested in.
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CityScape in Downtown Phoenix
CityScape’s first building in Downtown Phoenix has been a magnet for law firms. Polsinelli Shughart recently committed to 45,000 sf in the project and joining Squire Sanders & dempsey, Ballard Spahr, Jennings Strouss @ Salmon and Gust Rosenfeld. The first tower is scheduled for completion in June of 2010.’
This is just another sign that although the economy is still struggling, Downtown Phoenix remains in the spotlight for commerical and residential. If you’re intersetsed in working in Downtown Phoenix and living there are 3 great projects you can consider. The Summit at Copper Square is a highend condo tower and only a few blocks from CityScape. There are 1, 2 and 3 bedroom units for sale and prices are very reasonable now. Currently (1-5-2010) there are 6 units for sale at the Summit with prices ranging from $140k for a 1 bedroom and going to $450,000 for a 2 bedroom on the 17th floor.
Another great building that is a few blocks from CityScape is the Orpheum Lofts. This is a great 1934 building converted to lofts in 2004. One bedrooms are now starting at just under $100k and two bedrooms start at $145k. This building is certainly a great lifestyle in a very well done Art Deco building in the heart of Downtown. All units have exposed brick, concrete columns and duct work. With a Light Rail Station only a block a way, you can really give up your car most of the time.
If you’re looking for something a bit larger but still very cool, you might like Stadium Lofts (also known as Downtown Phoenix Lofts). These are larger and a ver open floor plan ranging from 1100 square feet to over 1700 square feet. Most are designated 1 bedrooms but have plenty of room for 2 bedrooms. Located just south of the USAirways Arena and only about 3 blocks from CityScape, it’s a great location to get anywhere downtown easily and the Jackson Street Entertainment area is still being planned.
Check out these communites and all the communities in Downtown Phoenix by going to http://www.aznativeproperties.com/ and see what happening. You can also contact the Downtown Urban Real Estate Specialist at Chris@RooPhoRealty.com
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January 4, 2010
Home Values in 2010
If you’ve been watching the news there has been a lot about the economy and especially the real estate market in the last year but what’s in store for 2010. The last half of 2009 we saw home values nationwide level out in most markets. The First Time Home Buyers tax credit and low interest rates helped that. However, in Phoenix we got a helping hand when Investors starting coming back into the Metro Phoenix market and started buying up foreclosed homes.
Home Values in 2010 could see continued leveling out or they could even drop a bit more, even in Phoenix. If interest rates start to go up and foreclosures continue to dominate the market we could see values go down a bit. So the question “is now a good time for me to buy?”
That all depends on many things and that’s why now is the right time to not only get a Licensed Realtor but an experienced on that can help you determine if this is the right time for you as well as what is the right property for you. RooPho Realty has the experience and the knowledge to help you on both counts. We sold over 40 homes in 2009 and have hit the ground running in 2010.
There are many great areas and properties out there, you just need the right Realtor to assist you and RooPho Realty has what you need.
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