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1st Quarter 2007 Urban Newsletter
Dear Friends, February 28, 2007
The greater phoenix real estate market continues to be difficult to predict but it does seem to be picking up a little. The Phoenix listing market has cooled off and now seems to be pretty flat. In other words, the number of new listings on the market is staying steady and not increasing by 2 to 3 thousand new listings per month like it was in the first half of 2006. Home prices in more than half of Phoenix area zip codes have now gone down although many of them just slightly. Downtown Phoenix and Central Phoenix prices have stayed the same and some have gone up a little in the last quarter of 2006.
Crocker Liu, the McCord Chair in Real Estate at ASU's W.P. Carey School of Business said. "There are still more people moving into the Valley than moving out, thanks to our local economy. Short term, I expect a market correction. Over the longer term, I expect the housing market to rebound, but to more rational levels than the recent past."
More buyers and sellers are calling RooPho Realty since the first of the year and our website has gone over 5000 hits in January ’07 for the first time. We are staying optimistic that 2007 will be a good year for both buyers and sellers if you have the right strategy for buying or selling a home. RooPho Realty prides itself in unique and up-to-date strategies for both buyers and sellers. We use all the latest technology available to help us work more efficient for you.
Downtown Update: The developer for The Summit at Copper Square has announced their next project at 2 nd Ave and Adams right next to the Orpheum Lofts and it will be called Omega. It will be approximately 32 stories. I don’t have prices or floor plans but I expect another great building like the Summit.
Do you remember The Chateaux on Central? I like to call Chateaux on Central mini-mansions although they are not that small. Each unit at Chateaux on Central is over 3000 square feet and has a private elevator and all 21 units are priced well over a million dollars. A foreclosure noticed was filed and the developer was trying to refinance but it appears that isn’t working and now construction has stopped. I’ve heard rumors that 2 sold and another rumor that none have sold so it’s anyone’s guess. Stay tuned for more information on Chateaux on Central as it becomes available.
If you haven’t been downtown lately the City owned hotel that will be the Downtown Sheraton is now as tall as the Arizona Republic building that it’s next door to but it’s still growing. 44 Monroe is growing also but is not full height yet. The Summit at Copper Square is full height and had a topping off party last week to celebrate. I can’t wait for this building to be completed; I think it will set a new standard for condo living in Downtown Phoenix.
There are some smaller projects coming up that are worth watching. The developer for PRD845 is starting a new project called Viridian. If you aren’t familiar with PRD845 it’s very contemporary project and I’m sure if you liked it you’ll really like Viridian. You can get information and see pictures of PRD845 on our website and as soon as I have more information on Viridian that will be on the website also.
Enjoy the nice weather and remember, if you or your friends are interested in buying or selling a home throughout the valley, RooPho Realty is here with strategies designed to get you the most out of your investment.
Best regards,
Providence on Central - Views! Views! Views! RooPho Realty has this great listing at the Top of Central. Along with 
a great 
Location this top floor end unit offers breathtaking panoramic views of mountains & city lights. Hardwood floors, granite, black appliances and more! Elevator access, 1 car garage and 1 covered space. State-of-the-art fitness center, heated pool, clubhouse w/fireplace and other amenities. This is the best unit for money anywhere in Central Phoenix. 2 bedrooms, 2 baths and 1089 square feet. Call Chris or Jude for more information and an appointment to see it, you have to see this one to appreciate all it has to offer.
Encanto Urban Homes is breaking ground this spring. They are still one of the best deals in Downtown / Central Phoenix. You get a very contemporary condo with more square footage for the money than anywhere else in Central Phoenix. They have European styled kitchens, expansive glass walls, steel framed and perforated plate guardrails at the 3 rd floor. These units have many extras and priced at $289,900 for almost 1400 square feet of living space and $369,900 for over 1900 square feet. Encanto Urban Homes also has a GREEN interior package. aka GREEN means environmentally friendly products. e.g. the counter tops are made of recycled paper, the tile is constructed of recycled porcelain that would normally end up in a land fill, the carpets use a biodegradable backing. etc. Check out www.EncantoUrbanHomes.com for floor plans, interior and exterior renderings, then call Jude or Chris for more information. RooPho Realty is the listing Broker for Encanto Urban Homes.
215 East McKinley is mostly built and very cool. The four peaks are seen easily while driving south into Downtown on 3rd Street. 215 E McKinley have 16 units total including 2 commercial spaces. Six are currently sold. Square footage range from 564 to 1474 and prices are from the low $200’s to the mid $600’s. The 215 E McKinley project is located a few blocks from the light rail, Arizona Center and the Roosevelt Arts District. Just think, you would be on the edge of the Arts District for cool events and to the South you’d be a few blocks from movies, plays, concerts and sporting events. 215 E McKinley is a great project to check out. Call Chris or Jude for floor plans, pricing and to make an offer.
Village on the Park is going to take the place of the old Holiday Inn on Central Ave adjacent to the Steele-Indian School Park. This project will be 3 – residential condo towers with sales starting in the late spring. They haven’t released prices or floor plans yet but they are expected to start in the low $200,000 and go up to the low $400,000’s. I’m very excited about the prospect of having so many condo’s come in at these prices. There is a big demand for Village on the Park along Central Ave. There will be a Light Rail stop just north and just south of this project for easy access to Downtown and the airport. This is in the very early stages and I am working on getting information as soon as it’s available. Contact us at RooPho Realty to get on our interest list for Village on the Park.
Citro Camelback in Scottsdale is a redevelopment of 6 city blocks (over 15 acres) and will offer 288 units consisting of 216 three story custom urban homes, and 72 distinctive flats starting from the $500s. Citro Camelback will be located ½ mile from the center of Old Town Scottsdale. Citro Camelback will have 10 urban parks, 2 outdoor salt pools, 2 fitness centers, pedestrian-friendly streetscapes and tree-lined pathways. There are also plans for Citro Biltmore. Citro Biltmore will be a re-development of 2 city blocks including 3 urban parks, pedestrian-friendly streetscapes and tree-lined pathways. Citro Biltmore will offer 64 custom two-story urban homes starting from the $500’s.
               
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