Downtown Phoenix residential properties are a good buy today. But it’s not surprising that you might be a bit nervous about buying a property right now even if it is in Downtown Phoenix. As you probably know, Downtown Phoenix has been in revitalization mode for the last number of years until the economic crash stalled almost everything. The good thing is that the real estate bubble burst has reduced prices back to something that regular folk can afford. There are many one and 2 bedroom condos priced under $100k that are within walking distance to a light rail stop and there are some very nice Phoenix Historic Homeswhose prices have come back down into the low $200k. Most of these prices are around 50% less then they were 2 and 3 years ago but as they say, “that was then, this is now.” Home prices from 2 and 3 years ago have no baring on the value today. Seller’s hate to hear that but facts are facts. So what do you do now? Call me to see if there is a property out there that meets your needs and rest assured that you are getting a Native Phoenician that specializes in Downtown and Central Phoenix and really understands the market and the neighborhoods.
February 2, 2010
February 1, 2010
Live/work condo in phoenix
There are many condo communities that boast Live/Work units in the Phoenix, Scottsdale and Tempe downtowns but only Phoenix has true Live/Work units and there are only 10 of them and one is finally on the market. This is a great unit with a store front that is street level and living space upstairs and the two are connected making this a true Live/Work Condo. Located in the heart of the Roosevelt Arts District and the First Friday Art Walk, this is a great opportunity to start your own business.
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.
FHA 90 day rule
The recent HUD announcement stated the HUD was lifting the 90 day flipping rule effective 2/1/2010 and will not loan on a property that has not been owned by the current owner for more than 90 days. Until now, the current had to own the property for 90 days before FHA would insure the loan. This is for contracts effective 2/1/2010. It does not apply to contracts or loans already in existance. Again this waiver DOES NOT apply to existing loans or contracts. It applies to new contracts 2/1/2010 and later.
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.
January 27, 2010
44 Monroe in Phoenix
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 21, 2010
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.”
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.
January 5, 2010
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
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.
December 29, 2009
Phoenix Urban Real Estate 2010
2009 is slowly moving into history as a year of one of the toughest real estate markets on record, especially in the Metro Phoenix area. Many experts told us we’d hit the bottom of the market by the end of 2008 and 2009 we’d be coming out of the recession. Now that we’re at the end of 2009, we know that wasn’t true. Luckily, there are better signs now that we are nearing or at the bottom of the market and prices have stabilized for the most part.
As good as that sounds, there are still communities that you need to be careful buying in. The first thing you need to know is what reason you’re buying an Urban Condo. Are you going to live in it or are you going to buy it as an investment property and rent it? The next question is, how long do you plan on owning the property? And the third question is, are you financing or paying cash?
Once you have these important questions answered, you can start to look. Some properties are a good investment for cash buyers but may not be good for buyers needing to finance while others are good for a 5 year ownership plan and others might require a little longer time.
RooPho Realty is very experienced in the Phoenix condo market and has been successfully helping many investors, owner occupied buyers and first time home buyers purchase the right property.
Once you are ready to start the buying process, check out the many Metro Phoenix Urban properties on our website and then give us a call. We’ll help you with the rest. Our thorough understanding of the market conditions as well as the properties will help you make the right decision for you. If you want a single family urban home, historic home or a condo or a townhouse, we have been working this market for 7 years and have extensive experience in everything in the Phoenix Urban market.
December 23, 2009
New Home Sales are Down in November
While existing home sales were up in November over October by 7.4%, new home sales were down 11.3% according the Census Bureau. They had expected new homes sales to go up in November but this could be an affect of the First Time Home buyers Federal Tax Credit. To qualify for the tax credit you have to have closed on the purchase by November 30th. New homes can take 3 to 4 months to build and close so it would appear many First Time Home Buyers went to the existing market for low prices and to qualify for the tax credit. As nice as a new home can be there are many existing homes on the market that may need a little work and the tax credit can certainly help that. Also, many new homes in the Phoenix area are out in the suburbs and many people are moving back into the city.