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2nd Quarter 2005 Urban Newsletter
June 2005
Dear Friends,
Thinking of selling your Arizona home? Now could be the time to sell your Arizona house if there ever was one. The median Arizona home prices in the Phoenix Metro area have gone up 15% to 24% since last year and for the first time the median Arizona home price in Paradise Valley hit the $1 million mark. The median Arizona home price is the mid-point where half the homes sold for more and half sold for less than the median. Alan Greenspan, the Fed Chair said, " We don't perceive that there is a national bubble, but it's hard not to see that "there are a lot of local bubbles."
And what about Phoenix? If you ask the local experts, here's what two had to say. Jay Butler, Director of Arizona Real Estate Center at Arizona State University (ASU), "We're in one, but the issue is what's going to happen? typically when you get into this feeding frenzy is when you begin to have issues." But Len Becker, Economic Development Dir, Downtown Phoenix Partnership said, "There is no sign of a housing bubble. Although Phoenix housing appreciation is extremely strong, metro Phoenix in comparison to other major markets is still relatively affordable. Metro Phoenix continues to exhibit strong population and employment growth, which is driving our prices, not just pure speculation as in other markets." If you're thinking of selling your Arizona home or just want to find out what it's currently worth, give me a call, now could be the right time to get the most for your Arizona home. Don't forget, I help buyers and sellers throughout the Valley of the Sun so if you or someone you know is thinking of buying or selling an Arizona home or Arizona condo, give me a call. I can help you understand the Arizona real estate market and how to get the most for the sale of your Arizona home or the most for your money when buying an Arizona home.
Best Regards,
Downtown Phoenix's Changing Skyline
The 10 Story Monroe Place project is being replaced with a 34 Story Condo tower (pictured left) called 44 Monroe. The new 44 Monroe high-rise condominium project will have 176 residences priced from the $300,000’s to $2 million. Reservations at 44 Monroe condominius are being taken now with construction to start summer 2005 and last about 27 months. 44 Monroe will be a great building. I have floor plans of 44 Monroe high-rise condominiums if you’re interested and they still have some units left, but they’re going fast.
A 30 story luxury Hotel / Condo’s on the east side of America West Arena between Jefferson and Jackson Streets is now in the plans for downtown. The hotel will have 200 rooms on the first 20 stories with 10 top floors having about 100 condo’s. Prices have not been determined. The developers include Phoenix Suns majority owner, Robert Sarver and Jerry Colangelo. Watch www.AZNativeProperties.com for more information.
A Downtown Phoenix Skyscraper with as many as 50 stories and 900 residences, plus an adjacent building for ASU Journalism School are proposed for 2nd Street and Polk where a Ramada Inn currently sits. The hotel owners have signed a letter of intent for the development to be coordinated with the City of Phoenix and ASU. Watch www.AZNativeProperties.com for more information.
The Cosmopolitan Towers high-rise condos(pictured left) to be located at 3rd Street and Pierce is still one of the only true lofts in downtown Phoenix. If you’re looking for exposed concrete walls, floors, ductwork, conduits and all that an open floor plan with floor to ceiling windows has to offer, look no further than the Cosmopolitan Towers high-rise condos. Only one block north of the Arizona Center, T-Gen Research Labs and a few blocks south of First Friday Art Walks in the Roosevelt / Phoenix Art District; you can’t find a better downtown Phoenix Arizona location. Prices at the Cosmopolitan Towers high-rise condos are expected to start in the mid $200’s.
Live-Work Loft Units in Downtown Phoenix Arizona
Artisan Village urban row homes and live-work lofts (pictured right) at 7th Street and Roosevelt now has people moving in. One of the most exciting things about the Artisan Village downtown Phoenix 
project is 10 of the 105 condominium units will be live-work loft units along Roosevelt Street in the Roosevelt Art District. So far I know there will be a guitar store, Bakery, Art Studio, Gift Shop, Skin Care, an attorney and of course yours truly will open a Downtown Urban Real Estate office, RooPho Realty LLC, located in the Roosevlet / Phoenix Art District of downtown Phoenix, Arizona. I hope to open my real estate office in August and will be open for every First Friday Art Walk. Watch for my grand opening, I hope you’ll plan on stopping by. They also broke ground on a 328 unit Alto Phoenix Loft Apartments at 3rd Street and Fillmore. What a great location, just behind the Arizona Center. Some of these units will be live-work for lease and require a minimum 12 month agreement. Looks like a great opportunity if you’re thinking of opening a small business in downtown Phoenix.
What is the Donald up to?
Donald Trump's plans for the Biltmore are not looking good. He’s not out of the game yet but the Biltmore neighborhood association, Mayor Phil Gordon and Councilman Greg Stanton, who represents the area, are not currently on his side. Councilman Stanton opposes any changes to the 56 foot height restriction where Trump wants to go to 190 feet. The whole Phoenix City counsel will ultimately have to vote on it but most counsel members vote with the councilman who represents the area when it comes to zoning.
Scottsdale Projects are heating up
There are now six major projects near Scottsdale & Camelback Roads. The first was Scottsdale Waterfront (pictured left), a mixed-use development at the intersections southwest corner. Construction on the retail space started last summer and the two residential towers with 198 units is expected to start later this year. Another is Optima Camelview with 720 condos and 11 buildings on Goldwater Blvd & Scottsdale Road. Both of these projects are nearly sold out so contact me if you’re interested. Riverwalk Square located a block south of Optima Camelview on the northeast coner of Scottsdale and Camelback has proposed 215 residences and nine buildings. A price range has not been determined. W Hotel just east of Scottsdale & Camelback Roads is planning a 225 room boutique hotel topped with 25 residential units. The proposed 7 story hotel includes a spa, restaurant and two bars. Portales Place north and west of Goldwater Boulevard and Scottsdale Road already has a list of several hundred interested buyers for the 131 units in three buildings. Prices are expected to be between $3 million and $5 million. You read right, treat yourself to something special with one of these units! Southbank at the Waterfront is south of the Scottsdale Waterfront and south of the canal. This project consist of restaurants, retail and office condominiums.
Tempe Town Lake
The Tempe Town Lake (pictured left) is 5 years old and until now developers expressed little interest. But now, with all that is happening in Downtown Phoenix, the Biltmore area and Downtown Scottsdale, there’s plenty of developers wanting in on what they see as the next urban area to be developed. No less than 10 bids were received for 27 acres of prime lake front property. With other properties like the Edgewater which is mostly sold and Northshore should start selling soon, this is going to be a very desirable area to live.
               
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