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.

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.

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

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.

            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.