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2nd Quarter 2007 Urban Newsletter
Dear Friends, May 25, 2007
The summer months are here and home sales normally slow down as the temperature heats up. I guess people would rather be out by the pool or at the lake than go house hunting, I can’t imagine why. But that doesn’t mean there aren’t some people selling and some buying, especially in the Phoenix Metro area. The gap between original listing price and final sale price is getting smaller but it’s still larger than normal. This means the sellers are starting to understand the market and price their homes accordingly so they sell a little faster. The average days on the market for a residential property is still over 90 days however, some do sell in less time when they are priced well and staged to sell. The total number of residential listings remains high at over 53,000. I have seen many investor homes remain on the market vacant for over a year. This tells me there are many out there listing their investment properties and then just letting them sit there until they sell. Unfortunately, at the price there asking it could be 2010 before they sell. This inflates the number of homes on the market and hurts those that really do want to sell their homes at a reasonable price.
Home values across the country went down 1.8% and the Phoenix Metro market went down 2.2%. The median home prices nationally fell from $216,100 to $213,300. In Phoenix the median price fell to $262,500 from $268,300. Obviously prices did go down but I wouldn’t say they plummeted like some experts were predicting. Market watchers are saying the market should start picking up in 2007 and more specifically the second half of 2007. I know RooPho Realty’s website has increased to over 5000 hits per month and people have been calling us more in the last month or so. If you haven’t been to our website lately you should check it out. Jude has been updating is a lot and we have more update to date information then any other website for the Phoenix Urban Market.
RooPho Realty, LLC is proud to announce that Jude Smith now has a real estate license in California and will be working in both the San Diego and Phoenix markets. He’ll mainly be working the Urban Markets and focusing in San Diego on people wanting to move to the Phoenix area. If you know anyone thinking about moving to Phoenix from San Diego have them call Jude. He will sell their house in SD and help them buy a house in Phoenix at reduced rates. You can always get in touch with Jude at 602-618-7706 or Jude@RooPhoRealty.com. To help me in the Phoenix Office, Jude’s mother, Marilyn Smith has joined RooPho Realty so you might be talking to her when you call the office. You can contact Marilyn at 602-501-3992 or Marilyn@RooPhoRealty.com. Marilyn will be working in Downtown/Central Phoenix with Jude and me and she will also be working the Urban Real Estate Market in Glendale around the new Cardinal’s Football Stadium and Arrowhead & Surprise areas. We are very excited to be expanding our Urban Real Estate to the West Valley, there are a lot of exciting things happening out there and we’ll be telling you about them in this Quarterly Newsletter as they get announced. Another addition to RooPho Realty is Wayne Befort. Along with being a Licensed Real Estate Agent, Wayne is also a Registered Civil/Structural Engineer, Licensed Contractor and Developer. Wayne brings very unique skills to our team and we’re very lucky to have him. You can call Wayne at 623-570-9955 or e-mail at w.befort@cox.net. I’m also looking for Realtors that wants to specialize in the Scottsdale and Tempe Urban markets. Jude and I have been working those markets but feel it’s time to get someone that can help us by specializing in those areas. If you know anyone, please have them call Chris at 602-224-0554 for more details.
We’ve also been expanding the tools we use to the latest technology for listing your home. These tools allow us to market your house to more potential buyers while providing you with more feedback from them. Please give us a call for details.
Have a great summer and don’t forget to call us with any real estate needs you might have.
Best regards,
Have you driven down West McDowell Road lately from Central Ave to 19 th Ave? Residential and Commercial developers alike are putting a lot of money in the area creating a renaissance of sorts. There’s a new Starbucks and soon a Pei Wei Asian Diner on 7 th Avenue and McDowell. Santa Barbara style condominiums will replace a wartime housing project between 13 th and 15 th Avenues north of McDowell. On the North
side of McDowell from 7 th Ave to 5 th Ave will be developed into a shopping area. Then on the East side of 16 th Street is McDowell Studios. This area is another one to watch. McDowell Studios are retrofitted 1948 store fronts into 5 commercial flex spaces. By flex I mean they can be live/work spaces and designed into a space that will meet your needs. These start in the mid $200’s and are 900 to 1350 square feet.
Apartment to condominium conversions are one type of condo I have not written much about. These units are normally priced lower than other condominiums and are attractive to first time home buyer, investors or as a second home. You can get a nice unit from the low $100’s to the low $200’s. So I thought I’d tell you about a few that are for sale now. Call me for floor plans and pricing on these and other conversions.
The Riverwalk at Papago Park is a nice conversion that was built to be condos. They have 752 square foot, 1 bedrooms, 1 bathrooms starting at $134,000 and 1112 square feet, 2 bedroom, 2 bathrooms starting at $206,000. For that base price you’ll get a nice condo with refinished countertops, new appliances, paint and ceramic tile. You can upgrade and get Stainless appliances and granite countertops. The Riverwalk at Papago Park is located between Downtown Tempe and Downtown Phoenix and has easy freeway access. Floor plans and prices are available at RooPho Realty.
Another nice conversion I visited recently is Belaflora. It’s located across the street from The Riverwalk and has 643 square foot 1 bedroom, 1 bathrooms from $139,000 and 1020 square foot 2 bedrooms and 2 bathrooms starting at $241,000. I like these floor plans even though they are smaller in general than The Riverwalk. You’ll have to see them for yourself. Compared to the new construction condo’s you can’t beat the price. Call RooPho Realty and we’d be happy to give you more details on these and other conversions.
Roosevelt 11 is not a conversion but a great little complex conveniently located near Downtown Phoenix in the Garfield Historic District. It was 
designed by award winning architect Michael Underhill. Roosevelt 11 offers town home urban lifestyle residences with prices starting from the high $200’s and floor plans from 1295 to 1620 square feet. This is a great little complex with easy freeway access and walking distance to the First Friday Art Walk and other Roosevelt Row activities including the RooPho Realty office. Yippee!
A new development in the Roosevelt Arts District is Portland One. It’s the first of three developments located on Portland Ave between 7 th Street and 2 nd Street. This is a great location with walking distance to Roosevelt Row, Light Rail and all of Downtown Phoenix, not to mention easy freeway access. Units will range from 1600 square feet to 2165 and have outside patios, front yards and roof-top terraces with views of Downtown Phoenix.
On the commercial side, leasing rates continue to go up in Downtown Phoenix with prices approaching the Biltmore Financial District and Scottsdale. There are plans for a couple of high rise office buildings but those buildings are at least 2 years away.
               
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