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.
Surprisingly home values went up in the last year 3.6% and up 4.4% in the second quarter over the last quarter. Unfortunately, jobs are still hard to find so that’s keeping many people out of the market. However, interest rates continue to be low and that’s convincing many who are secure in their jobs to buy. It’s a strange market we have out there.
Downtown Phoenix seems to be holding it’s own lately. Home values in the Downtown and MidTown areas have been holding steady. I’ve even seen a condo that didn’t sell in a short sale recently get foreclosed on and the bank raised the asking price of it. I’m not sure it will sell for the new price but there’s a Realtor and a bank out there that think so.
I also have a few investors that are looking for single family homes below $50k and I can tell you, there’s plenty to choose from all over the valley. Basically, if you can pay cash and keep the remodel to a minimum you can charge between $500 to $700 a month rent for these homes. Where can get that kind of return on your cash right now. Not to many places I’m sure. Check with your financial advisor to see if this is the right move for you. There are still risk in real estate as we all learned in the last few years.
Interest Rates continue to be at record lows but the truth is, this can’t last forever. Unfortunately, after a recession often comes inflation and that will most likely mean higher interest rates. Of course, no one is suggesting the rates are going to go up to the teens like they did in the mid 80′s but they will go up. Home values probably won’t go up as fast and that’s good and bad. Good for the home buyers, bad for the sellers but I think that’s the way it’s going to be. The values in Central Phoenix are not going up anytime soon but if I were a betting man, I’d bet on Downtown and Midtown Phoenix values going up just a tad bit sooner and faster than other areas of the Phoenix Metro area or other hard hit areas of the country for that matter. Phoenix has the Light Rail now which is more popular then anyone expected and it’s being used more for fun then for work. Many of my clients are enjoying living along the Light Rail more to go party then go to work.
Can you believe housing sales were really down in July? Much more than I would have expected. However, there are still millions out of work so maybe it does make sense from that perspective. But if there are people who are in a secure job and want to move up, there’s never been a better time. With interest rates at record lows and home values in some area’s are at 1980′s prices, it won’t get much better.
Short sales continue to be a real pain. I have one in escrow for 8 months and no approval in site. Today I had another fall out because my buyer wants to pay $300k and the bank thinks it’s worth $360k. That’s not a small difference. I know the banks are taking it in the shorts but in the meantime, you can take advantage of these low values and low interest rates. Many investors are so should the average consumer.
Check out communities and information at www.AZNativeProperties.com . I’m a native Phoenician and live and work in Downtown Phoenix. I have sold homes valleywide and know this market as good as anyone. But what’s more important in a Realtor is the honest and ethical way I represent my clients. I’m not an aggressive person that will push you into the first home you see. I make sure you understand the neighborhood and the potential value of the home you’re interested in. I’ve lucky a few times to sell the first house a buyer sees, but most of the time I show 50 or more homes to a client and that’s fine with me as long as they get the property they really want.
While prices are low and interest rates are at record lows, this can be a good time to buy. One of the best deals on the market is Pierre on 5th where 1961 meets the 21st Century. This apartment building was bought and 
converted to condos at the height of the market, then, as many others, they went bankrupt. A new owner bought the community and reduced the prices to below even today’s appraisal and they are selling fast. You’ll get granite counter tops, upgraded cabinets, Kitchen back splashes in most units and upgraded flooring. Many come with stacked washer and dryer but all have at least the hookups for them. 1400 square foot 2 bedrooms and 2 baths start at $119,900. Call me for an appointment, you shouldn’t miss these move in ready condos. They are one block from Safeway and 5 blocks from the Light Rail. You just can’t beat these right now. Check out more listings at AZNativeProperties.com.
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When you do the math, you’ll see that buying a more expensive house at a lower interest rate is cheaper than buying a less expensive house at a higher interest rate. Consider this; If the loan Amount is $175k at 5% the payment will be about $939.44 vs 6% the payment will be about $1049.21 or for a loan amount of $150k at 6% will be $899.33.
With this is mind, you might want to call a lender to see what interest rate you qualify for and what the payment will be. There are a lot of good deals out there with so many foreclosures and short sales on the market. I’ve heard from a few people that Short Sales are getting easier but I haven’t seen it. I’m still selling them but I do warn my clients not to expect anything fast.
Downtown Phoenix has some great deals in the condo market. You can get nice 2 bedroom and 2 baths for less than $100k. Even though the first time home buyers tax credit has expired it’s still a good time to at least look into buying a home in Phoenix.
You also might want to just search through MLS. You can search by zip code and check out different areas of the valley. RooPho Realty sells real estate all over the valley so feel free to call us with any questions in any part of town.
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Downtown Phoenix continues to be one of the best investments in the Phoenix Metro area. While we have many well priced condos, we also have some of the best historic homes in the valley walking distance to Central Ave and the Light Rail. There are many Tudor and Bungalows that have been remodeled well and brought up to date but retain much of their original charm. With so many new people still moving to Phoenix many don’t know the rich history of our wonderful city and state. Many only know what the ol’ western movies showed but that’s not Phoenix at all. Phoenix has grown and developed in the late 20th century and although we grew out much more than up, we still have many wonderful neighborhoods in urban settings so you can enjoy your single family home and still walk to the Light Rail and get around Downtown Phoenix and Tempe. To become a historic home or neighborhood in Phoenix, the property must be at least 50 years old. Once you get historical status, you get a reduction in your property taxes. There are also rules that you can’t change the exterior of the house and update it to something more modern, we like the homes to maintain their historic charm as well and significance. Check out RooPho Realty’s website and all the historic neighborhoods we have listed. Then call us for more information and to view some of the homes.
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Just when you thought things were bottoming out in the real estate market, Banks foreclosures went up 1% in May over April. That doesn’t sound like much but foreclosures going down would be better. Many Banks are holding on to some of the foreclosed homes and not putting them on the market right away. If they did, it could cause prices to go down even further and prolong the recession.
I’ve helped over 50 buyers in the last 18 months buy homes from Banks and Short Sale listings. There are many new things happening when you are buying any property in this market. The skills and strategy used to help you buy a property will make a difference in the investment value.
RooPho Realty has been working very hard to get buyers the best value in todays market.
Arizona saw its foreclosure activity increase by less than 1% in May from the prior month and drop 5% from May 2009. One in every 169 properties received a foreclosure notice in May.
With this many homes still being foreclosed on every month, there will be plenty to choose from for the rest of the year and into next year. Also, values won’t be going up very fast with all of these foreclosures. What will go up is interest rates. You’ll want to watch interest rates closely as it will cost you much more to buy a $100,000 house at 6% interest then at 5% interest.
I still think Downtown Phoenix is still one of the best buys in the Valley. Most of my clients are looking in Downtown and along the Light Rail. As the market recovers, I think values along the Light Rail will go up just a bit faster than outside walking distance to the rail line.
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Yes and no. Actually, it’s really hard to say. April sales of existing homes soared more then expected and that has brought a lot of new home to many cities around the country, Phoenix being one of them. Now we need to see if the tax credit created a false increase in sales.
I know my phone has continued to ring and by many people who think we are either at the bottom or hovering near it. Remember, you never know if we’ve hit bottom until we start to come out of it so timing the exact bottom is more than an art, it’s pure magic.
CCN.com had a full story about it today.
I continue to believe that with interest rates at record lows and the Feds keeping that way, we have some reasons to be optimistic that prices aren’t going much lower. I think prices can and probably will dip a bit more but not the double digit percentages we’ve seen over the past couple of years.
Downtown Phoenix continues to see low prices and many buyers. The light rail is now a year and a half old and more and more people are using it all the time. Many of my buyers are wanting to live within walking distance to the Light Rail so they can get out of their cars.
The Biltmore is another area that has many reasons to remain optimistic and popular. With the Central Valley location and just minutes from Downtown Phoenix, Downtown Scottsdale and Downtown Tempe, it’s a great location if you like to get around to all the great Urban areas of the Valley. Not to mention, it’s easy access to the 51 freeway get’s you around the valley much easier than many areas.
Check out all the great properties on RooPho Realty’s website and see why more and more people are moving to Urban Phoenix.
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One Lexington in Phoenix is not really a new building but it might as well be. It use to be Century Plaza office building but they stripped it down to the solid steel beams and turned it into a first class high rise condominium building. It’s an amazing building with high end Bosch stainless appliances, CaesarStone countertops and breakfast bars. The design was inspired by lofts with exposed high ceilings and concrete pillars. Ceiling heights are 11’10″ and doors are oversized 8′ fflat-panel doors with solid-core main entry door. Eco-friendly, durable bamboo flooring in the living, dining and kitchen areas. Spacious walk-in closets in the master bedrooms. They also have a large fully outfitted fitness center, resort inspired outdoor pool with furnished lounge area, fire pit and hot tub. A large lounge area for resident’s to use for larger functions and superior soundproofing with double-layered drywall and insulated staggered studs. This building can’t be beat at todays new prices starting at $154,700 and penthouses starting at $457,000. RooPho Realty is on top of the facts when it comes to Downtown Phoenix and Urban Living.
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