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. 

www.aznativeproperties.com

Also, in many cases, when you foreclose the bank can send you a 1099 IRS form and you may have to pay some income tax on the loss your bank took.  Please check with your tax preparer to see how this will work for you.  Arizona is a “Non-Recourse” state.  In summary, that means the bank can not send you the 1099 IRS form.  However, that ONLY applies if you are on the original loan that you purchased the property with and you have not taken any equity out of the property.  As I am not an Accountant , Tax Preparer or Real Estate Attorney, please verify all of this information with appropriate professionals.

As I have been saying for the past year, if you are in the position where you’d like to buy a property to live in or as an investment, this is still a good time to buy, the catch is, you need to commit yourself to at least a 5 year plan.  I don’t see values going up enough to be worth your investment in less than 5 years.

That said, I don’t believe that values are going up fast but Interest rates are going to start going up but I don’t really think they will skyrocket, I’m not an economist but I also don’t think the economy can handle really high interest rates. 

Check out www.PhoenixAZUrban.com for all the latest on Downtown Phoenix Communities.

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.

This beautifully planned and spacious, 734 square foot one bedroom, offers soaring 11’10” ceilings, a variety of quality finishes and curved windows to capture views of the Central Corridor and Piestewa Peak. Of course you’ll also enjoy all of the amenities offered at ONE Lexington including the large resort style pool and fully equipped fitness center.

This whole community is a fantastic building and location.  In Mid-Town Phoenix, it’s easy to get on the Light Rail or walk to one of many restaurants.

Another great community not far away is Tapestry on Central.  Tapestry was built in 2004-2006 and has all underground parking as well as a lap pool, work out room and theater room.  They have one and two bedrooms and also two bedrooms with a den.  Many wonderful floor plans.  RooPho Realty has a one bedroom on the market right now for $142,900, that’s the least expensive unit in Tapestry today.

Interest rate continue to be at record lows and there’s no better time in history to buy a home.   Home values will start to climb but not before interest rates go up and your money will go much farther with lower interest rates than with lower home values.

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.

When you think about it, all of these things are true.  Homes sales did go down and prices did go up and at the same time, interest rates have been at record lows and did inch up a bit last week.  Now don’t let any of this scare you.  I’m not an expert but then the so called experts have been screwing it up for a while leaving us novice in a the black hole of economic.  That said, Economic’s 101 teaches us that after a recession comes inflation.  Of course The Bush and Obama administrations understand this and trying to keep up out of the inflation part of these economic times.  How about just stopping F’ing with it all and let Capitalism run the way Wall Street said it should run a dozen years ago.  Don’t regulate and let the markets run themselves.  If a company doesn’t do well, people will sell their stock and the company can either shape up or get out of the business cause that’s where they would be heading.  In the meantime, if a company does well, people will buy their stocks, increasing it’s value and success.  What’s wrong with that?  I’m a lonely Residential Realtor in Phoenix and working my tail off to create a reputation and a living.  It’s working.   No Bail Out, just hard work.  If I’m good, I get return business and referrals and if I’m not, I don’t.

Don’t get me wrong, in this economy I’m thrilled to still be in business but it’s not because I’ve been waiting for Angel’s or Government Bail Outs.  The wealthy company’s and business have received Billions and Billions of dollars to keep them in their fancy offices, homes, vacation and so on.  In the meantime, John Q. Public took it on his/her selves to shoulder the economy.  If you think the wealthy are going to trickle down their tax savings or increase in stock prices, think again.  Even if they do, it will go to their VP’s and not to the janitors.   They will still get their golden parachutes for running their businesses into the ground and we little guys will still be working our A$$ off to pay for their homes, golf club memberships and vacation in Spain.

Do I sound bitter?  I didn’t mean to start this and end up bitter but he!! yes I’m bitter.  I’m a middle class (soon to be lower middle class if things don’t change) guy just trying to live nice, not great, take a little vacation once every couple years and die happy knowing that I did the best I could.  As the old Tee Shirt once said, “The harder I work, the behinder I get”!

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.

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.

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.

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.

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.

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.

With that in mind, RooPho Realty really watches not just the market but also many of communities.  While the market recovers you’ll still see some communities recover better than others.

I have stayed on top of what is happening in the market and especially in the Phoenix Metro market and Urban market.  RooPho Realty doubled our sales in 2009 from 2008 and we are very proud of that, especially in this market.  We have processes and procedures in place that will always allow us to make you feel like you’re our only client.  It’s our job to represent you with knowledge and professionalism and our goal to be there when you need us.

Mid Century Modern meets Contemporary Luxury – Not your ordinary surface level remodel.  This unit was featured in AZ Foothills magazine after being gutted and completely restructured, rewired and replumbed by well known local architect Kristine Woolsey to respect Al Beadle’s original design and still meet the needs of today’s urbanites.  The sophisticated floor plan and high-end fixtures and finishes create a stunning entertaining and living experience.  The onyx and teak custom island and bar offers a Viking Induction and Radiant cooktop and is topped by a dramatic Italian hood.  The master bedroom and bath have been redesigned to have a terrazzo shower walls that riff on the lobby’s terrazzo floors and a rock sink with Porcher faucet that ties in the pebble stone shower floor featuring a killer Hans Grohe shower experience.  Light, airly office/den with great view fades away when the sun goes down.  Porcelain tile is extended onto the awesome balconies facing North and West.  Move in ready – just bring your cocktail shaker. Great building with 24/7 lobby security staff, solid HOA (with no special assessments allowed) and light rail nearby.  Job transfer means owners must leave their SkyPad behind after spending more than $130K and 6 months on the remodel.  Their pain – your gain.

After    you check your credit report you can call me to look for that special home.  www.PhoenixAZUrban.com

RooPho Realty has the floor plans and new pricing (when available).  Contact us for the latest information.

RooPho Realty specializes in Urban Living and in Phoenix, that means historic homes too.  Most of our historic homes are near Downtown Phoenix and are convenient to the Light Rail, art galleries, museums, theater and many great restaurants.  We pride ourselves in understanding the neighborhoods and the types of homes they have so you can find the right place.

Now you know where to buy, but who do you buy from?  RooPho Realty has been specializing in the Downtown Phoenix market for 5 years and really know the communities but in this market you need more than just someone that knows the communities you need someone that can negotiate in your favor.  We all know the market and taken a dive but how much lower can it go?  Some think it will continue to go down this year by as much as 6%.  If that’s the case you can still buy today and not be underwater if you buy at the right price.  RooPho Realty has the experience and the knowledge to help you do that.  We sold over 40 properties in 2009 and we know how the banks are working and we know how to negotiate to get you the best deal in the market.  In this market you need a good real estate negotiator that can get you the best value.

RooPho Realty specializes in Downtown Phoenix while also serving the whole Phoenix Metro area.  As a Native Phoenician, Chris Campbell knows the neighbors and their ups and downs.  Chris has been specializing in Downtown Phoenix condos since before the big real estate boom of 2004 and 05 and created a relationship with most of the developers giving him an insight on the projects and construction.  Chris also kept files on each project with floor plans and original price list.  But what you really need is a professional that can negotiate in this market.  All the rules have changed from the so called ‘normal’ real estate transaction and now you need someone that understands how the banks are running things.  This market is, by definition, a buyers market but don’t let that fool you.  The Banks are in control because most of the properties on the market today are either Bank owned or Short Sales and you have to play by their rules.  So when deciding on buying a home in this market, make sure you have someone like Chris that understands how the Banks are playing the game.

RooPho Realty specializes in the Urban Phoenix market because we believe in it and live in it.  We’re located in the Roosevelt Phoenix Art District and operate out of our Live/Work condo so we know what urban living is and have sold many properties in the 4 years we’ve been here.  Take a minute and check out our very up-to-date website with the latest information on the Urban Market and the general Phoenix Metro market.

The RooPho Realty office is located in another of the Artisan Village Live/Work Condos and speaking from experience, this is a great way to run your own business and have a store front in an up and coming area of Downtown Phoenix.

This 90 day waiting period has kept many buyers from purchasing the home they really wanted because they wanted to use FHA financing.  Now they will be able to us FHA for many homes and condos in the valley.

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.

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.”

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.

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

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.