4th Quarter 2006 Urban Newsletter

Dear Friends,                                                                                                                                       December 1, 2006

Season Greetings and I hope you had a great Thanksgiving and didn’t eat too much.   It’s nice for the weather to finally be cooling off and it seems there are signs of the real estate market warming up.   Notice I didn’t say heating up?   The market continues to be difficult to predict with record numbers of listings on the market for longer then we have seen in many years.   The media would have you believe that nothing is selling but I’ve talked to a few Realtors who say their business is pretty good in spite of what’s being said in the press.   I know business at RooPho Realty has certainly picked up in the second half of this year and we are very thankful our friends continue to call us with their real estate needs. Thank you!  

Are home prices really dropping?   It appears they have dropped some this year but they aren’t going down as some experts predicted.   In August ’06 the median price was $262,500 down $1000 from September ’05 when it was $263,500.   So yes, the price has come down but not much and there are no signs of prices really tanking.  

The number of foreclosures are up to record numbers.   In the last 2 years, homeowners could refinance their homes to pay off bills or sell quickly before foreclosure if necessary.   Unfortunately many refinanced at 120% of value when prices started to hold instead of increase quickly only to find they owe more then the house is worth a year or so later and now they have a problem.   Be careful, buying a home is like any other investment that comes with risk.

Interest rates fell to 6.13% last week and it looks like we won’t hit the dreaded 7.0% that many analysts expected. That’s good news for everyone and will hopefully get more buyers back out in the market soon.   Don’t forget when you’re ready to buy or sell RooPho Realty is ready to help you.

Mark Dioguardi, a real estate attorney at Tiffany & Bosco PA wrote in his fall 2006 Real Estate Law Bulletin that “We are definitely in a year of transition as we absorb the overbuilding of the last two years… but I can assure you the economic power of our Valley’s tremendous growth is an awesome force.”   The bulletin points out the 2006 housing starts in the Valley are projected to be the third strongest year in history, with 2007 being fourth.   There are over 300 people a day moving into Maricopa County and that doesn’t appear to be slowing.   These people have to live somewhere so when you meet them, please give them our number. :)

Please remember us if you, your family or friends are thinking of buying or selling a house next year.

I hope you have a safe holiday season and a very prosperous 2007.

Best regards,                          

 

 

Cielo Phoenix – Located in Uptown Phoenix this is the latest new construction project to start taking reservations.   Currently they are taking reservations for the tower pictured to the left.   This is a 36 story project with all the amenities you can imagine.   When completed there will be two 36 story towers and a 5 story loft-style building for a total of 500 residential condominium units.   Units range from 570 to 3000 square feet and priced from the $300’s to $2 million.   Standard features are upgraded stainless steel appliances including a Sub-Zero refrigerator/freezer.   They have reservations for about 40% of the first building so call Jude or me if you’d like to run over and check them out.

 

 

CityScape – Located in Downtown between Jefferson & Washington Streets and 1 st Street and 3 rd Street.   CityScape is a $900 million project of residential, commercial, hotel and retail spaces.   CityScape will take up three full city blocks and include green space.   It will include Patriots Park which will be redesigned to work with the project and better serve the community.   The Light Rail will run on both sides of it and there will be four stops within a few blocks.   There isn’t much detailed information about this project out yet but we should have it after the first of the year, give Jude or me a call and we’ll put you on the interest list and call you as soon as the information becomes available.

 

O4 Phoenix – located at 4 th Ave and Osborn, there will be 84 condo’s of either one, two and three level units and range in price from the mid-$300’s to $500,000.   Condo’s went on sale in October and they expect to break ground in January ’07.   They have some very cool designs with standard bamboo floors and manufacture stone counters.   You can upgrade to stone, steel or granite counters and stainless appliances.   These are very cool units so if you’re interested in seeing them, please call Jude or me and we’d be happy to go with you on your first visit.

 

Fillmore 555 – Finally affordable housing downtown.   This project will have a total of 28 of the 137 units selling from $200,000 to $375,000 for families earning up to $44,000 annually.   31 units are priced below $250,000 and considered affordable housing. The remaining 78 units have unrestricted market-prices.   This will be located between 5th and 6th Avenues on Fillmore.   This is a great location with easy access to downtown, the Light Rail and the freeway.   I don’t have the floor plans yet but should be getting them soon.   Call Jude or me if you have interest in this project because at these prices they will go fast.

 

Downtown Update Overview – Portland Place phase 1 is well underway but has a few condo’s left.   The Summit at Copper Square is almost at full height and looking great, they also have some units left and 44 Monroe is growing and has units left.   Some of the tracks for the Light Rail are complete but we have a long way to go to be completed by the end of 2008.   Phase 2 of the Downtown TGEN is about half done.   The W Hotel is coming to Downtown Phoenix.   It will be 39 stories with 190 hotel rooms and 170 condo’s, I’ll give you more information as I get it.