Phoenix AZ Urban

There have been  millions of homes foreclosed on nationwide in the last 2 to 3 years and many are not put on the market for resale right away.  Many lenders that foreclose are holding back some of the properties and in many ways that’s a good thing.  If they put all the foreclosed properties on the market at once, the prices would really fall.  The number has fallen and we are currently down to a 5 month supply, down from last year and especially from the 8.4 months supply in January of 2010.  Check out the full story by clicking here.

Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the REALTORS^® Midyear Legislative Meetings & Trade Expo in DC. 

I was just looking in MLS for homes sold in three of our Urban Centers and the numbers aren’t looking bad.  We certainly aren’t heading for another boom but I think there’s proof we are skimming the bottom of the bust and could be starting the slow climb out of it as long as we don’t have any more surprises that can affect the economy.  Below I have listed the number of properties sold and the avg price per square foot for three of the Urban centers for the first 4 months of 2010 and 2011.  Sales are up albeit not by much and the price per foot is down a little but considering everything, I don’t think it’s too bad.  Remember these are average prices per foot and it cost not less than $100 per foot to build new so right now it’s cheaper to buy then to build and with interest rates still low, your payment is probably the same or less than you might be paying for rent.  So give me a call and let’s see if you can save on your monthly rent by buying something.

Year        City             Sales              Avg Price per Foot

2010        Phoenix       126                $104

2011                             248                $  89

2010        Scottsdale    203                $143

2011                             267                $136

2010        Tempe           88                $115

2011                             132                $  94

According to an ASU study commercial values have gone up 13% in the 4th Quarter of 2010 over the previous year where they had declined almost 40% over the prior year.  Even though this news letter is mostly dedicated to Residential Real Estate, this is good news for the overall economy. 

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There are many people who owe more than their property is worth, it’s a huge boat and many of us are in it.  Old Republic Title and RooPho Realty has teamed up to help people who decide a Short Sale is in their best interest.  Most of the reasons for doing a short sale are very specific to your situation.  I’d be happy to sit down with you and provide you with information that will make the decision a little easier.  Nick Heth, of Peoples Mortgage, has delt with many buyers who now have one or the other on their credit score.  Here’s what he has to say; “When people ask me about the credit score hit of a short sale vs. a foreclosure, I think they should be more concerned with the effect of when they will be able to buy again?  With a short sale it’s as little as two (2) years, with a foreclosure the banks are now requiring seven (7) years.  Your credit will go down with both but certainly the short sale is going to affect it less. Your credit will recover quicker than even the two years, if you keep your other bills paid on time.”

Also known as the X Wine Lofts in Scottsdale, this project was 95% completed when they went bankrupt in the Real Estate boom.  These are great units that many people have called me about over the last year or two.  Unfortunately, they have not been for sale.  They should be going up for sale soon and I should be getting more information about them when they do.  Keep an eye on this blog and website and I’ll let you know when it’s time to buy and what prices they will have.  AZNativeProperties specializes in the Urban Condo market through RooPho Realty.

Phoenix real estate has picked up a bit in the commercial area, that’s a good thing.  If businesses are picking up and adding space, buying or leasing bigger spaces, then hopefully that leads to more jobs and people being able to take advantage of the low home values and the low interest rates.  As tough as this economy is there are great deals out there for homes, the biggest problem is the people that want to buy can’t because they don’t have a job or they are getting less hours at work.  This will turn around, it always does, but don’t expect it to turn on a dime or to explode again next year.  We aren’t going to see that for years to come.  However, the Phoenix condo market in Downtown and Mid-town has really held it’s own in 2010.  I can see that prices have not only leveled out but gone up, if only by a percent and that’s a whole lot better than going down by a percent.  RooPho Realty prides itself in staying on top of the condo market and really understanding not just the values but the communities themselves.  We’ve sold dozens of properties in some of the same communities and know board members in many of these communities so we have our ear to the ground and are able to better advise  you on the property and the value.   Give us a call and let Chris Campbell show you the best properties in the valley.

It should come at no surprise that Optima Camelview is holding it’s own in this recession.  Perfect location and design is the best way to sum it up.  They are located just north of Scottsdale Fashion Square which is one of the best shopping malls in the valley, not to mention dozens of great restaurants and all within a few blocks so you don’t have to drive.

As for the design, the beautiful green terraces throughout gives each condo a wonderful view interior or exterior and you can have your own garden area with your condo.  It’s really a wonderful community and to top it all off, the values have gone down a bit but maintained better then most communities condo or single family home and they are starting on Phase 3.  Not too many developers are continuing extra phases since the collapse of the real estate market.

Check out RooPho Realty’s website for all the latest information on all the Urban Condo projects throughout the valley.  We pride ourselves in knowing what’s happening in the condo market all over the valley.  When buying a condo, there are so many more things to think about then when buying a single family home.  What condition is the HOA in for one?  Is the HOA going to have a special assessment any time soon, just to name a few.

Some think the recession is over in AZ.  Maybe it is.  It may not feel like it to many though.  We probably still have a long recovery to go through so hang in there.  There are some good buys out there if you do have a stable job and want to move into Mid-Town Phoenix.  The Pierre is a great place and really well priced at $120k for a 2 bedroom and 2 bath.  Built in 1961 and wonderfully remodeled to today’s standards with granite counter tops and beautiful backsplashes in the kitchens and tile floors in all the right places.

I’ve seen some activity at Chateaux on Central lately.  Just minor landscaping but it’s a start.  These are truly luxury condos, each 5 stories and their own private elevator.  Most have roof top terraces for great views on cool winter evenings.  You can also put your own private spa on the roof top terrace, how nice would that be.  Most of these are designed to be Live/Work and the office space would be the first floor.  I know in my Live/Work, I really enjoy not only having my home and office connected but having the kitchen and living room on the second floor where the views are is very nice.  Why should the views be from the bedroom room where I sleep all night?  It’s great to have the views in the living room where I can enjoy them all evening.

Another great condo that is on the market is a one bedroom at Tapestry on Central.  Tapestry is located right on Central Avenue in front of the Encanto Light Rail Stop.  You do better than that.  Just outside the front of the complex and you’ll be in the Light Rail in minutes and then, downtown Phoenix or Tempe for a fun filled afternoon or evening.

Check out all the Urban Properties at www.AZNativeProperties.com and call me to help you find the right place for you.

As you may know, I live and work in a condo on Roosevelt and 7th Street in Artisan Village.  It’s a very cool place to live and it’s great having a business and your home in the

same place.  Well, now there is a very nice unit just like mine that’s for sale on a short sale.  It has been upgraded very nicely and would be a great place to live and have a small business in the storefront.

The office space is great for a small business that only needs about 300 to 400 square feet or you can use the whole first floor for commercial and then use the upstairs as a home.  There is only 1 bedroom and that is located on the first floor but modifications are easy and the unit is move in ready.

The office has stained concrete floors and would make a great Insurance office, retail store, art gallery and yes, even a nice real estate office.

The residential portion was nicely done with upgraded wood floors, appliances and cabinets.  My property has certainly made a nice office and home for me and it can do the same for many people.

If you’d like to tour the property give me call.  Here is the complete MLS Listing for you to review.