downtown phoenix real estate

Buying Downtown Phoenix Homes in As Is Condition

Several of our Urban Connection readers have asked us what AS IS means when buying a home or condo in the downtown Phoenix area. This comes up often when people are buying bank owned homes or short sales.

Lender owned homes seldom offer the option of having repairs made to the home and the majority of people selling their home as a “short sale” simply don’t have the money to make repairs. Therefore, as a home buyer, you will be asked to sign an addendum to the contract that explains what is expected of you and the seller when selling a home in “AS IS” condition.

Your Urban Connection Team has created a little YouTube video that gives offers an overview of the AS IS addendum created by the Arizona Association of Realtors. Below is the video:

Obviously, this is simply an overview of the Short Sale Addendum and does not go into all the nuances and implications of the document.  However, we hope it gives you a broader understanding of what as is means when buying a home or condo in downtown Phoenix, AZ.

Gene Urban & Ron Urban
The Urban Connection Realty Team
602-234-5777

downtown phoenix real estate

44 Monroe Future Still Unknown

44 Monroe, the exclusive condo tower in downtown Phoenix did go to trustee sale and the documents were recorded on June 1, 2010. Many wonder when 44 Monroe condo units will be available for purchase and at what price.

To be honest, no one currently knows. 186 of the 201 units were purchased by Corus Construction Venture, LLC for twenty million dollars. The remaining 15 units are privately owned. If you do the math, CCV picked up the available condos for about $107,500 each plus acquisition costs.

Many speculate Corus Construction Ventures, a subsidiary of Starwood Capital Group, will release the units soon. Personally, we believe it will be some time off. This isn’t a pessimistic belief, rather a realistic look at the facts.

• The new owner will have to file the Disclosure Report application with the Arizona Department of Real Estate prior to offering the units for sale.
• A sales brokerage will need to be selected and staffed for the project. Starwood may elect to form their own real estate brokerage or hire an existing one.
• Starwood will conduct a full market analysis to determine the potential of their investment.
• Starwood/Corus will need to find a mortgage lender willing to finance potential condo sales. As it stands, the units do not qualify for FHA or conventional financing and a partner willing to take a risk has to be found. Perhaps MetLife Home Loans will step up to the plate like they have at One Lexington.
• Perhaps the biggest question lies with Starwood’s head honcho, Barry Stenlicht. Stenlicht, in a recent New York Times interview made an interesting statement that could indicate his intentions for 44 Monroe.

Mr. Sternlicht hopes to foreclose on many of Corus’s errant borrowers, restyle their buildings and sell units for a significant profit once the real estate market recovers. He says he and his investors can afford to wait until then because the F.D.I.C. has provided them with $1.4 billion in zero-coupon financing and an additional $1 billion in low-cost loans that can be used to complete unfinished projects.

The Urban Connection team is in a wait and see on when units will be released for sale. No doubt there will be a lot of press as we expect them to hire a top advertising agency to put together a strong marketing campaign. In addition, we don’t expect super low prices; Barry Stenlicht likes to make big profits and he has deep enough assets to wait until the time is right.

Gene Urban & Ron Urban
The Urban Connection Team at Realty Executives
602-234-5777

downtown phoenix real estate

Real Estate and Home Values 85014

Today, May 18 2010,  we’ll be taking a look at the real estate and home/condo market in Phoenix zip code 85014. The map to the right shows you the boundaries to this narrow region of mid-town and central Phoenix, AZ. As you can see, Camelback sits midway and 7th Street and the 51 bound it on the sides.

Zip code 85014 offers a diverse selection of real estate opportunities from condos, townhomes, single family homes, multi-family housing and some historics. It is this eclectic blend that gives the area its personality and diversity.

The 85014 zip code is one of the most popular in Phoenix. Relative to the general region, home prices are generally lower. At the same time, there are a lot of benefits with great access to downtown Phoenix, Sky Harbor airport, proximity to the Biltmore area and it is fairly close to Metro Light Rail and the ASU downtown Phoenix campus for ASU. The job market is strong with ASU, many law firms, numerous hospitals, hotels and other businesses.

Recent real estate data shows some strength in the single family home market. As of this post, only 72 homes are for sale and home inventory is in the 3-4 month range. The graph to the left comes from Mike Orr of the Cromford Report and shows pretty good sales from traditional homeowners and a growing inventory of short sales. As you can see, buying a short sale or bank owned home offers some strong price advantages. With short sales getting a bit easier, it may be wise to explore these opportunities. (If you would like more information about short sales please visit our short sale information site.)

The condo market is a completely different story. As we’ve discussed in the past, financing for condos is a nightmare. Lenders are afraid of condos these days due to financial problems with homeowners associations. Thus, most lenders are staying as far away from condos as possible and its easier to find a fiscally responsible politician than obtaining an FHA loan.

The loan issues surround condos has made values pretty soft. A few projects like Brick Commons and One Lexington qualify for financing but the majority do not. If you are a cash buyer there are some great deals out there. I’d advise caution though and make sure to have a CPA take a look at the HOA’s financials and don’t expect much, if any, appreciation until the mortgage issues are resolved and a larger buyer pool becomes available.

If you would like to take a look at what’s for sale in 85014, we’ve included a nifty home search tool below. If you click on any home it will open a window with lots of information and an opportunity to modify the search for your particular needs. If you have a question, need more information or what to take a look at a place, we’d be happy to help.

Best to you,

Gene Urban & Ron Urban
The Urban Connection Team
602-234-5777

SEARCH FOR HOMES % CONDOS IN 85014

downtown phoenix real estate

Phoenix Magazine Features Historic Preservation

Just wanted to give everyone a heads up on the great article in Phoenix Magazine on historic preservation in the Phoenix area.

Long time Phoenix historic preservationist G.G. George is heavily featured in the article as are others who value our city’s roots. Rather than do a cliffs notes post on the article, I’ve put a link to the online version and recommend you buy the hard copy too.

Historic Preservation Article in May 2010 Issue of Phoenix Magazine

Life in the Past Lane

Hope you enjoy,

Gene Urban
The Urban Connection Team
602-234-5777

connecting you to the perfect space

downtown phoenix real estate

Phoenix Real Estate Market Report April 2010

We are beginning a new feature on the Urban Connection Realty site. Each month we will be providing a report on the happenings in the Phoenix real estate market. The report is provided by Mike Orr of Cromford Report fame in conjunction with Fidelity National Title.

For those who do not know Mike Orr, let us say he is the guru of market stats for the Greater Phoenix real estate market. He tirelessly compiles, reviews, digests and produces the finest information about what’s happening with real estate in the Phoenix area. We, the Urban Connection Team, have been working with Mike for several years now and find his information invaluable for keeping us on top of the market and our clients safe.

The report includes 3 pages of information. Each page is an image file and if you click on an image it will open in a new window at full size for easy viewing. We hope you enjoy our monthly Phoenix real estate market update.

IMPORTANT NOTE: Mike studies and evaluates the single family home market and his analysis currently does not include condo data. Thus, the figures for 85003 & 85004 do not necessary reflect the entire real estate market for the downtown area where condos have such a strong influence. We asked him to provide condo analysis and he assures us it will be included in the future.

The data used to create this report is obtained from public records and extracted under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS).
Although certain corrections and checks have been applied to this data, Cromford Associates LLC, Fidelity National Title Insurance Company and ARMLS expresslydisclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability
or fitness for any particular purpose.

This report is copyrighted in 2010 by Cromford Associates LLC and used with permission on UrbanConnectionRealty.com

downtown phoenix real estate

1930 Spanish Home in Willo For Sale

Broadmore in the Willo Historic Disctrict is home to many fine homes and this is one of them. It was built in 1930 so it reflects more of the roaring twenties style than later FHA influences.

We really like the early homes as they tend to have more charm and character. This home has both. You will enjoy the neighborhood from your multi-arched front porch with fine tile accents. The living room features a barrel celing and cozy fireplace with earthtone faux painted walls. The kitchens, baths and master have been carefully remodeled offering exceptional ammenities while maintaining historic dignity.

The french doors in the master open to a back yard and 500 sq.ft guest house with bath… a great space for a home office outside the home.

If you would like to view this property,  just let us know and we’ll take care of setting up an appointment. Simply use the form below.

Click  to view other historic properties currently for sale
in Downtown Phoenix

Use this form if you have any questions or would like to take a look at a home.

Listing is Courtesy of Realty Executives

downtown phoenix real estate

Contemporary Newer Home in Yaple Park Historic

This is a fun home you may want to check out in Yaple Park Historic. Built in 2009, this contemporary home offer more living space than most houses in the area and includes something we don’t see too often, a basement.

Nestled among transitional ranch, red brick, Tudors, craftsmen and art decco homes, 518 is one of a handful of contemporaries making their way into the neighborhood. Other examples include the Fairburn Home at 513 W Campbell.

If you would like to take a look at this home, email or give us a call and we’ll set up an appointment for you.

downtown phoenix real estate

One Lexington HOA Fees

We’ve gotten a few calls and emails asking about the financial strength and fees for the homeowners association at One Lexington. We like people who ask this question as it is very important, especially with the many developments around the Valley whose HOA’s are in trouble.

We asked Rob McDonald, the president of McDonald Development, to give us some details about the HOA’s at One Lexington during a presentation last week. He indicated the overall HOA fees are 41 cents/sq.ft. Of the 41 cents, 9 of it goes to support their capital improvement fund used to maintain the integrity of the property. The balance of the fee is used to pay for general maintenance, pool/exercise facilities, grounds keeping, HVAC operations and staff.  Homeowners will pay, privately, for electric, water, phone and cable/high speed Internet.

One Lexington offers daytime concierge services Tuesday through Saturday and nighttime security Friday through Sunday. These services are included in the HOA fee. Building security is enhanced by key fob operated elevators.

Another important consideration is the central heating and AC system. The operation of the main HVAC system is part of the HOA fees. Each homeowner will, however, pay for the electricity to power the individual condenser/blower units found in each condo. Overall, heating and cooling costs are expected to be much lower than if the units had individual AC systems.

McDonald assured everyone that the HOA is well funded and in great shape to move forward to a safe and happy future.

If you have additional questions about One Lexington or would like to make an appointment to view the property, use the form below and we’ll take good care of you.

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Other Articles about One Lexington

http://urbanconnectionrealty.com/2010/04/realty-executives-meets-at-one-lexington-in-downtown-phoenix/

http://urbanconnectionrealty.com/2010/04/buy-a-two-bedroom-condo-at-one-lexington-in-downtown-phoenix/

http://urbanconnectionrealty.com/2010/04/one-lexington-has-affordable-one-bedroom-condos/

http://urbanconnectionrealty.com/2010/03/one-lexington-in-midtown-phoenix-meets-downtowns-radiate-phx/

http://www.urbanlifeblog.com/2010/04/one-lexington-offers-great-1-bedroom-condos-in-downtown-phoenix.html

http://www.urbanlifeblog.com/2010/04/one-lexington-is-the-place-to-buy-a-condo-in-midtown-phoenix-az.html

downtown phoenix real estate

One Lexington Has Affordable One Bedroom Condos

We discussed the two bedroom condo/lofts at One Lexington in a prior post. this time we are going to talk about the 1 bedroom condo units.

One Lexington is offer 2 different 1 bedroom floor plans with pricing from the mid-$160’s to low $200’s.. that thousands.  Each unit features many fine elements including:

• Contemporary Color Scheme selected by international design agency Creative License.
• Lofty 11’10 ceilings with exposed mechanicals and some structural elements.
• Over sized 8’ flat panel doors.
• Eco-friendly wood flooring in the living, dining and kitchen areas.
• Walk-in closets in the master bedrooms.
• UV rated blinds on the floor to ceiling windows.
• Central heating and cooling.
• Private Balconies
• Caesar Stone counter tops in kitchen.
• Contemporary Italian cabinetry.
• High-end energy efficient Bosch appliances
• Designer tile backsplashes in a variety of materials and finishes.
• Fully outfitted fitness center
• Outdoor pool area with spa, sun deck, fire pit and putting green
• The building offer superior soundproofing with double layer drywall and insulated staggered studs.

The one bedroom floor plans called A1 and A2 vary in size from 734 to 777 sq.ft.. All have 1 bathroom, living room and come with balconies. Below are the floor plans for the one bed room offerings. Just click on the picture to open the full image that you can then print out.

Although you can walk in and buy a condo at One Lexington on your own, we strongly advise coming in with your own agent. When you walk in to a project on your own you will end up being represented by the builder’s agent. We believe your deserve your own representation. It does not affect the price you pay and you have someone dedicated to protecting your rights. If you are already working with an agent, bring them. If not, we’d be honored to take care of you. We, obviously, know the project pretty well and our 20+ years of experience will keep you safe and happy.

If you would like to take a look at One Lexington just fill out the form below and we’ll set up an appointment and be there with you.

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downtown phoenix real estate

1916 Classic Bungalow in Roosevelt Historic District

A practically perfectly preserved 1916 classic bungalow with incredible original features like wood floors, dark wood paneling in the living and formal dining rooms, beveled glass front door, leaded glass built-ins, and great windows and panel doors. Combine that with compatible cabinetry in the kitchen, laundry, and pantries, well placed skylights, and exquisite travertine floors and amazing landscaping for an incredible home.  The home features, 2 bedrooms, plus sunroom, 1 and 1/2 baths in 1800 + sq ft of living space on a 10,000 + sq ft lot.

Asking Price is $395,000

For additional information or to arrange a personal viewing of the property, contact Gene Urban

602-234-5777 or info@urbanconnectionrealty.com

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