2nd Quarter 2006 Urban Newsletter

May 31, 2006

Dear Friends,                                                                                                                                                          

It’s hard to know where to start this 2nd quarter of 2006.   If you have been following the metro Phoenix Arizona real estate market you know what I’m talking about.   Let’s see if I can summarize it; I put some headlines in the table below to help.   Generally speaking prices are up and sales are down.   Slow sales make for a buyers market but don’t get too excited; it has not yet been declared a strong buyers market.   Sellers are not going to give away their homes so it still takes a  good strategy to get the right home for the right price.   Adding to the confusion, in April the Arizona Republic reported prices down and sales up for new homes sales and the next day sales were down. You may have also read in the paper that now is a great time to buy a new spec home and it is. You can take occupancy anywhere from 30 to 90 days and some builders are giving up to $50,000 of incentives.   This includes everything from upgraded interior features like carpet, tile, cabinets, countertops, pools and even a car.   Don’t plan on the car being a BMW and you’d probably be better off taking the money against the purchase price, closing cost or upgrades but never the less, they are wheeling and dealing.

So what do you do in this changing Arizona real estate market?   You can call a financial adviser or accountant to help you determine what your financial goal is, then call me so I can help you attain it by selling your home at the right price or finding a home that best suits your needs.   There are a record number of listings on the market; most sellers are interested in selling their properties so there is an increased opportunity to get a good deal.   But to get that good deal you need an experienced realtor who knows how to strategize and negotiate on your behalf for the best possible deal, and of course, that would be me.   Arizona sellers aren’t giving their property away so you need a strong strategy if you’re a buyer.   Since it’s more and more a buyers market, sellers also need a strong strategy to get the most for your home.  Property values have stabilized valley wide for the most part but Central Phoenix prices are still rising although slower than last year.   RooPho Realty has been working on new and innovative ways of marketing your house and to help you find a new property.   Call me for more details.

Overall the economy is good.   (That sounded like the beginning of a State of the Union Address.)   Because of rising real estate prices over the last couple years and the Maricopa County Assessor re-assessing property values, Phoenix has $2.4 million surplus in the General Fund.   The Associated Press reported the US economy as growing faster in the first quarter of 2006 than in the past 2 ½ years and the Gross Domestic Product was up 4.8% in the 1 st quarter of 2006, a big increase over 2005’s 1 st Quarter of 1.7%.   And, yes gas prices are at record highs but it doesn’t seem to be slowing anyone down, (I still know plenty of people going out of town for the weekends).   Interest rates have gone up a bit but various news organizations over the last 6 months have left people thinking interest rates would be going through the roof.   In fact, the interest rates are still very affordable compared to the 1970’s, 80’s and most of the 90’s, so let’s hope the economy stays healthy for us all.

I hope the summer is off to a good start for everyone and that we get a little rain (or a lot) soon.

Best Regards,

P.S.   I hope you never need the emergency numbers on the magnet I’ve enclosed but just in case, there it is.

Valley Wide Residential Resale

Yes the market has slowed from last year and many buyers are waiting to see how low the asking prices are going to go.   So far, the medium price on the market is $264,900, that’s only $100 below the record high, so the Seller’s asking prices are a bit high but in the end the actual sale price of homes has not really gone down.   That’s where RooPho Realty can work to get you the right and fair price for your purchase.   The Arizona Republic reported on May 13 th that the Valley real estate market is still healthy.   A spokesman for the National Association of Realtors said an early look shows that even though home appreciation has cooled recently in the Valley, the area is still high on the list for metropolitan areas with the biggest gains. Home prices shot up almost 50% Valley-wide last year but have remained relatively unchanged.   RooPho Realty has been using unique and new marketing techniques to sell your house faster even in this market.   And for our buyer’s, we are implementing strategies for negotiating on homes throughout the valley to get the best purchase price for the home of your dreams.  

Encanto Urban Homes

The next great community in Central Phoenix is definitely Encanto Urban Homes.   Located on Earll Drive East of 19 th Ave, its location has easy access to Downtown, the State Capital, St. Joe’s Hospital and Central Ave businesses.   There are 2 and 3 bedroom units priced from $300,000.  Call RooPho Realty now to get on the reservation list. There's more information at www.EncantoUrbanHomes.com

Artisan Haus

Artisan Haus should start taking lot reservations this summer.   This will be built on the lot north of Artisan on Central, which everyone’s been waiting for this for a long time, Eric Brown sold Artisan to Engle Homes and together they are building this project.   From what I hear it’s going to be 7 stories and will not be the same as Artisan on Central but it’s sure to have the same Artisan flare.   If you’re interested in this project call me to get on the list early.

A Summary of Upcoming Projects

CityScape

This is what the city has been waiting for, $900 million of private capital investment in downtown Phoenix.   The project will span from 2 nd Street to 1 st Ave, Washington to Jefferson and includes Patriots Square Park.   The project is expected to include 4 towers of up to 500 feet, that’s taller than the Chase Building which is currently the tallest building in Arizona.   The project will include 1200 residential Condos and up to 100,000 square feet for public plaza, Retail and commercial and office space as well as a boutique hotel.   The total project will be about 2.5 million square feet and take approximately 5 years to complete. The Arizona Republic quoted Mayor Phil Gordon as saying “This is not speculation or hype.   This is real.   If I have it my way, we will break ground by the end of the year.”

Studios @ 636

We still have a few units left at Studios @ 636.   These are great for first time Arizona home buyers, a second home downtown or a rental.   All studio condominium units will have laminate hardwood floors, travertine floors in the kitchen and baths, granite counter tops, upgraded cabinets, stainless appliances, washer/dryer combo unit, new A/C units and optional Murphy Beds.   Studios @ 636 is walking distance to ASU and everything Downtown.   If you haven’t called us at RooPho Realty yet, check out our website, AZNativeProperties.com (RooPhoRealty.com) or call us at 602.224.0554.  Studios @ 636 condominiums in downtown Phoenix at 636 North 4th Ave should be ready to move in by Fall 2006 starting at only $139,900!

Copper Pointe AZ highrise condominiums

Located at 3rd Avenue and Fillmore at 337 N 3rd Avenue in Downtown Phoenix, Copper Pointe AZ is a proposed condominium project for 3 residential towers up to 45 stories high which could dramatically change the Phoenix Skyline. As seen in the Phoenix Business Journal of March 10, 2006 Copper Point AZ's tentative price should be about $400 per square foot. More information on Copper Pointe AZ highrise condominims is coming soon.   Call us at RooPho Realty to get on the Copper Pointe AZ high-rise interest list.

Project Miller condominiums

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