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Dear Friends, December 2008
If this economy hasn’t left you in a daze yet, please call me and tell me your secret. With the stock markets going up and down 200 to 600 points a day and retail sales reports coming out lower than expected, many experts are in a daze. It seems to me there are many experts, including the Secretary of the Treasury, that are trying to predict the future and fix the issues but nothing seems to be changing very fast.
It wasn't that long ago that FHA raised the limit you could borrow in many areas around the country and now that values have been going down they are lowering the limit. In 2009, the limit will be $271,050 (currently it’s $346,250) and the minimum down payment will be 3.5% (currently it’s 3%) for an FHA home loan in every Arizona County, except Coconino where Flagstaff is which will be $333,500. There are a few good FHA programs out there according to Nick Heth of Legacy Home Mortgage. He says there are FHA loan programs for as little as 1% down or you can wrap some remodeling cost into the loan for a home that needs some fixing up. Call Nick at 602-748-2069 or e-mail him at nheth@legacyhome.us for more information.
If you can’t close by the end of the year, that’s OK, it’s still a good time to buy. I know you probably think I’m crazy and just trying to make a sale but the truth is, values are down and interest rates are back in the 5% range and it’s a buyers market. I’ve sold 16 homes this summer and fall to people taking advantage of the market. What’s the catch? All you need is reasonably good credit, verifiable income and 41% debt to income ratio. The other catch is I don’t recommend you sell your current home unless you have owned it since before 2004, that way you probably bought your home at a price less than it is worth today giving you some equity to put down on a new home. The next trick is to price your current home well so it doesn’t just test the market and sit there for the next 6 months. So yes, there are some tricks so to speak but if you really want a new home, it is a great time to look.
I’d like to take this time to say thank you to everyone who has requested my news letter in the e-mail format. I realize you get a lot of junk mail and e-mail so I try to make my news letter worth your while and informative. For the last two quarters I have asked readers to sign up for my e-news letter, it’s the same as this one just delivered via e-mail. It saves me money and hopefully saves a tree or two. I have been flattered and humble to receive over 50 requests to receive my news letter. I will continue to do my best to keep you informed about the Phoenix market.
Have a great Holiday Season!
Best Regards,
Now is a good time to provide an update of some of the projects that have been built and looking for some buyers. First on the list has to be Century Plaza. I am amazed at how great the building looks compared to when it was an office building. The developer stripped this building down to the steal beams and concrete and put a whole new face on it, not to mention the inside. I took a tour of the building recently and it’s fantastic. The floor plans are very cool and the amenities are top notch. Prices start in the low $200’s and they raised the building by 1 floor to create 6 fantastic penthouses. They are still working on getting the retail stores finalized but that should be done soon. If you’d like to see the building, please call me, I’d love to see it again with you.
Mezzo is another project that’s finished and ready for move in. Starting as low as $325,000 and located near 7 th Street and Osborn, these units are very modern. They have cherry cabinets, stainless steal appliances in the kitchen, high ceilings and recessed lighting. Designed by local and renowned architect Will Bruder, Mezzo is eco-friendly creating the perfect setting for your private community garden.
I’ve written about 215 McKinley a few times. Well, they are done with construction and ready for moving in. They start at $189,000 and go to about $420,000. These are totally upgraded with granite counter tops, stainless appliances and wood flooring. The studios are small but very functional and they all face a community deck for extra space. The larger units are 1 bedroom plus a den and have over 1400 square feet. They have great views of downtown to the south and uptown to the north. The location can’t be beat by anything that’s brand new on the market right now. Located at 2 nd Street and McKinley, it’s a short walk to the Roosevelt Row Arts District to the north and another short walk to the center of Downtown, ASU and the light rail. The only reason these have not sold is the economy, these units are well designed and well priced. Call me to see these units.
Metro 4 Twelve is an almost completed project. This project was designed to with an architectural style from the early 1900’s and rightly so, since it’s located in the Roosevelt Historic District. However, they do have all the modern flair with exposed masonry walls, large windows and a community courtyard. Standards include stainless kitchen appliances, granite countertops and upgraded flooring and many units have balconies overlooking a private yard. Prices rage from $325k for 1300 square feet to $495k for 1800 square feet. The model should be completed soon so give me a call and we’ll schedule a time to go see these great condos.
There are many new restaurants in Downtown Phoenix but I’ll just name a few. The owner of Fate has opened one of two new places; Sens Asian & Tapas Sake Bar is a new Restaurant on 1 st Street which is great. We ate there a few weeks ago and really enjoyed the unique choices on the menu. He’ll be opening a Sushi Bar on the ground floor of 215 McKinley soon called Moira Sushi Bar & Kitchen. Fate and Sens are so good I can’t wait to try Moira. Just a few doors down from the RooPho Realty office is The Nile Café. They serve fine Mediterranean food and they have delicious Hummus and Gyro’s and other fine Greek and Egyptian food. We’ve eaten there a few times and really enjoyed it. Say hi to David, the owner, when you go. He’s very friendly and really enjoys making you a great meal. He’s open 6 days a week (closed Sunday’s) for lunch and dinner and he also does catering. You can place a phone order or call him to cater your next party at 602-595-4643. If you want to try out The Nile Café soon you can bring this newsletter in and get a free entree when a second one of the same or greater value is purchased in December 2008 only.
And lastly, remember the Omega condo high rise that was going to be built in the parking lot next to the famed Orpheum Lofts? Well the latest word is that it’s going to be a hotel now. That’s a good thing for the city because with the new convention center we are still short some 800 rooms. But it’s bad for the Orpheum Lofts residents who wanted to buy a parking space. I’m not sure if the parking spaces will still be offered for purchase.
               
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