In general, the downtown region is fairing better than most other parts of the valley, especially zip code 85006.  On the good side of the equation, 39 properties sold in the downtown region in August and we have 75 properties in escrow waiting to close soon. The big winners in the condo market are One Lexington, Landmark Towers and The Pierre.

Speaking of One Lexington, they have 34 people who now call One Lexington home. This means they have sold 40% of the units as they move into Fall, a stronger selling period compared to Summer. In addition to One Lexington, Landmark Towers and The Pierre on 5th Avenue showed good sales. We have new posts on these two developments if you want to know more.

The link below will take you to our full market analysis for the downtown and central/north Phoenix market. The report is the work of famed Phoenix market analyst Mike Orr of the Cromford Report. We consider his work to be the finest and most accurate available and are happy we can share it with our readers.

Just to prepare you, Mike’s report is not very favorable; To quote him… “almost all indicators point to a severe deterioration in the residential resale market in the city of Phoenix.”

However, a few downtown and N. Central zip codes are on his good list. Please note too that Mike only evaluates the single family home market. Thus, the downtown condo/loft market in not included.

The Phoenix Real Estate Market Update for August 2010 and Fall Forecast

Best to you and let us know if we can answer any of your specific questions, help you sell your place, explain short sales or other other real estate oriented concerns.

Gene Urban and Ron Urban
The Urban Connection Real Estate Team
602-234-5777

Food: The options are enormous.

• The newly opened Bliss Rebar at 4th and Roosevelt offers well priced food and drink in a great atmosphere.
• The Duce is a little off the beaten path, yet offers one of the best urban experiences for first fridayers.
• Lots of new venues have opened in CityScape including Lucky Strike and Five Guys Burgers.
• Of course there are the local favorites such as The Roosevelt, Marjales, Cibo, Fez, Lolo and more.

Fun Stuff:

The Children’s Museum of Phoenix is open and free of charge during First Friday. A tribute to imagination, this interactive museum has lots of kid-friendly exhibits.

The Arizona Science Center has a free lecture featuring forensic scientist, Kim Kobejek, taking on the Hollywood CSI type crime labs verses real life one.

The Irish Cultural Center is pleased to present the work of artist Stacie Schimke.

Trunk Space on Grand Ave has a live music concert featuring Titus Andronicus / Magic Kids with Candy Claws.

Art:

Art is where First Fridays sprung. For information about the self-guided art walk, heck out the ArtLink web site.

We hope you have a great Labor Day weekend and we hope you make First Friday part of it. Remember to shop locally owned businesses when you can… every dollar you spend locally helps strengthen our local economy.

Gene Urban and Ron Urban
The Urban Connection Team
602-234-5777

Landmark Towers has been on our “be careful” list for quite some time. There have had legal issues with the former builder, radical price drops, a finicky HVAC chiller, pipe bursts and management/HOA problems. Some of this is to be expected from a tower built in 1964, some not.

Let’s look at what is right these days and them we’ll touch on the problems that still might concern a buyer.

THE GOOD:

• Management tells us the HVAC chiller was replaced in November 2009 and is working well.
• The HOA is gaining strength as the number of vacant and bank owned condos has gone down and homeowners are actually paying their dues. I was told last week that the reserve fund is over 50% funded now, even after replacing the chiller and making other repairs.
• Sales have been brisk this summer with 7 units sold and 9 pending in escrow. A total of 23 units have sold thus far in 2010. Plus, prices seem to have stabilized in the $40,000 range for the mid size 1 bedroom, 1 bath units.
• Probably the most affordable high rise condo project in the Valley.
• Great views, big pool, nice members lounge and a pretty cool rooftop area with even better views.

THE STILL UNKNOWN:

• We are told the law suit is still unsettled. If they win, it could be great for the HOA’s finances. If they lose? Who really knows… perhaps City Property Management who administer the Landmark HOA.
• We have been told by 2 homeowners and a real estate agent that water leaks continue to be a problem. Some have been fixed, some not. When I took a prospective buyer out last week there were dryer fans in the hallway on one floor and valves had just been replaced in a unit we looked at. We advise good due diligence on the water issues as they can cause a variety of other problems.
• HOA fees are pretty high and many hope they will come down as maintenance issues decline and the number of people paying their dues climbs. This is a big unknown as it is an older building. I’d plan on them staying in the 65 cent/sq.ft. range and be delighted if they go down. You do get a lot for your HOA payment so it is not as unreasonable as some say… especially since it includes your heating and cooling costs.

OUR CONCLUSIONS:

We still advise good due diligence to our clients who want to buy at Landmark Tower. Make sure the HOA fees are paid in full prior to taking possession. Also, check out the plumbing in the unit you plan on buying and talk to neighbors to see if there have been problems in the part of the building your future unit is located.

With prices in the $40,000 range on the 600-700 sq.ft range units, it is affordable, even with the high HOA’s. We are less inclined to believe there will be special HOA assessments as the financial strength of Landmark Towers continues.

All in all we have moved our opinion of Landmark Tower from the negative to the positive. They still have some work to do to make this a great property again, yet much can be said for their progress.

Gene Urban
The Urban Connection Real Estate Team
602-234-5777

The Pierre is an apartment conversion project in the Mid-Century style. Nice brickwork sets the tone for what is a pleasing development… in both features and price. No wonder 80% of the project is already sold out including all the 1 and 3 bedroom models. However, there are still a number of 2 bedroom units to be had.

As you can see from the pictures, the developer did a fine job of updating while maintaining the mid-century feel. Unlike many condos, the living room and bedrooms feel pretty darn spacious and they have balconies. Those who have been reading my posts for a while know I am a big fan of balconies… they just seem essential to an urban setting.

Below are some of the high points from my perspective:

• Two Bedroom Units priced in the low $120,000’s.
• Secure lobby with elevators and stairs to the 3 floors.
• Filled concrete block construction and concrete floors keep things quiet.
• Just 25 units so you don’t get lost in a condo jungle.
• Well appointed interiors with nice tile, contemporary cabinets, well thought lighting.
• Every 2nd or 3rd floor unit has 1-2 or 3 balconies.
• Fully remodeled pool and hang out area.
• Secured covered parking adjacent to building.
• Pet friendly project… Fred the dog approves.
• 5% down Freddie Mac financing available!!

If you would like to take a look at The Pierre on 5th, let me know. I think you’ll see why we put this project on our “good to buy” list.

Gene Urban
The Urban Connection Team
602-234-5777

Bliss Rebar is a beautiful space mixing wood, brick and metal in an artistic fashion. The bar offers a wide variety of spirits, wine and beer surely to satisfy everyone’s tastes.  Patrons can drink and dine inside or on the two patios. The weather last night was pretty temperate so the patio had a number of diners.

Radiators, as members of RadiatePhx are often called, were treated to a talk by Mark Howard, one of the three owners of the Bliss Rebar. Mark, a native Arizonan, is an engaging, passionate speaker who gave some background on their choice to open in a space that failed to be profitable for its former operators. His feeling was Fate failed due to price… a problem they have addressed with a wide variety of well priced meals and libations.

Servers brought us a few menu samples including fried sausage ravioli and coconut chicken tenders. Both were excellent and the staff was warm and welcoming too. Other menu items confirm that Bliss is an affordable place to drop in for dinner or weekend brunch. Lots of items are under $10.00 and Mark Howard described a dinner for two that includes 2 burgers, 2 drinks and a large basket of fries for only $20.00.

After the talk, people stayed for food, more drinks and lots of conversation. This in itself says a lot about the space being a place you want to hang out. Many thanks to Catrina Knoebl and the owners and staff at Bliss Rebar for a great meeting.

RadiatePhx will be celebrating its 3rd anniversary in September. It should be a great event celebrating an amazing organization that celebrates downtown Phoenix.

I wish I had photos to share, but I had let my Droid battery go to red. Oh well. Lucky Stick sits on the second floor of the western part of CityScape in downtown Phoenix. I took the escalator up and entered the mix. As you might imagine, it was full of partiers. My first impression was more of a Hollywood/N. Scottsdale place than what I’ve come to expect in downtown Phoenix.

The staff was dressed in black and the decor of Lucky Strike is slick modern. It is a bigger place than I imagined with 12000 square feet featuring 12 lanes of muted light bowling, 2 lounge areas with full bars, and billiards. They had a DJ mixing a good sound on the fly that kept the audience moving without overpowering conversations and the sound system was sweet.

Food and drinks flowed freely to the gathering masses. I tried one of their sliders, a bacon burger, and it was tasty… especially when chased by a shot of Patron and a Corona. The staff was surprising efficient for a new place… they must have some great trainers.

I look forward to following this place. It brings something distinctly different to the downtown mix. At the same time, I do hope they adjust the feel to better match the community. The clingy black look has been beat to death. I’d like to see trendy bowling apparel to match the place’s theme. I think price is going to be paramount as well if they want to attract the locals.

All that said, Lucky Strike definitely brings something new to the mix and I salute Red Development for all they are doing to bring energy and vitality to the core.

Gene Urban
The Urban Connection Realty Team
602-234-5777

Here is the press release on the new Droid App:

Phoenix Launches Free Droid App for Residents to Report Blight and Graffiti

The city of Phoenix is the first municipality in the nation to launch a free Droid application that will allow residents with Droid phones to point, click and send photos of graffiti, over-height weeds, abandoned shopping carts and other blight violations to the city’s Neighborhood Services Department.
Droid phone users may download the application for free from the Droid Market by searching for the keyword “myphoenix” and then clicking on My Phoenix. Once installed, users will simply open the application and follow the prompts to take a picture of the violation and then tap “submit.” Using built-in global positioning system technology, the application will attach a location to the picture and send the complaint to the Neighborhood Services Department. Residents also can choose an option to receive updates on the status of their request.
The My Phoenix Droid app follows the June launch of an iPhone app, which was enthusiastically received by residents and neighborhood groups, resulting in more than 400 downloads to date. Phoenix has received calls and e-mails from other government agencies around the nation interested in developing their own applications.  “These applications allow us to provide Phoenix residents with convenient mobile options for reporting blight violations in the community to supplement our existing intake options.”  said Chris Hallett Neighborhood Services Department Acting Director.
Phoenix residents may also continue to report blight to Neighborhood Services by e-mail at blight@phoenix.gov and by phone at 602-262-7844.
The Droid and iPhone applications were created at no cost to the city by Graffiti Protective Coatings, a graffiti cleanup company that serves government agencies in Arizona.
Neighborhood Services offers a wide range of programs to assist residents, including a graffiti removal program, a free tool-lending program, and classes and events designed to support neighborhood improvements. For more information, residents may visit phoenix.gov/cleanphx or call 602-534-4444, which is dedicated to answering residents’ questions about how to get involved.

I hear they are fixing a few bugs in the program… nothing new with any app I’ve seen. I love this use of tech and human to help find and fix some of the problems in our neighborhoods. Can you think of other apps that could offer solutions? Put your thoughts in the comment section and we’ll pass them on.

Best to you,

Gene Urban & Ron Urban
The Urban Connection Team
602-234-5777

connecting people to the perfect space

In late May the new owners of Chateau on Central, MSI Investments, announced they had selected Rowland Luxury Homes as the General Contractor to finish building out the 21 brownstone project. Rowland is recognized as a superior luxury builder with several national and regional awards including the Best In American Living Award and a #1 Ranking Arizona standing as Best Luxury Home Builder in Phoenix.

Added to the mix is EST EST, a top interior design firm with loads of experience in the luxury market. Their client list is a who’s who in the resort and building world including projects at the Biltmore, Aviano, Desert Highlands and more. According to information from the builders, future owners at Chateau on Central will be afforded the opportunity to custom tailor their homes.

Rowland is currently finishing construction and updates on the 21 units in anticipation of bringing Chateau on Central to market in the near future. The big question is when is the near future? I can’t say for sure, however, I’d be getting my financing ducks in a row, as well as selecting the agent you want representing you in the purchase. That means I think we getting pretty close to seeing units come to market… my crystal ball says within 45 to 60 days of this post.

I just need to make a statement here about buying a home from a builder. The builder at Chateau on Central has hired a real estate brokerage to represent them in the sale of homes. You can work directly with the builder’s agent or you can hire someone who will represent only your interests verses the builder’s. To me it is a no brainer. It costs you nothing to have your own agent represent you and help negotiate terms and upgrades. They can help you resolve problems that come up, help keep costs down on upgrades, help review the results of inspections & walk-th roughs, plus answer questions about financing, escrow and more. They will do this with your interests in mind verses the builder’s.

CONCLUSIONS:

We should see Chateau on Central opening their doors to the public in the near future… Mid-September to early October is my best guess. The prices will be much lower than those offered by the original developer, yet one must remember this is a luxury project with homes in the 5000+ square foot range.  That said, we’d rather not guess on price at this time. We’d prefer to wait until be have something real and concrete to tell you.

We expect to get updates in the next couple weeks and well keep you informed and up-to-date about what is happening at Chateau On Central in downtown Phoenix, AZ. If you would like us to put you on our mailing list and keep you informed, just sign up using the button near the top right of the site.

Best to you,

Gene Urban & Ron Urban
The Urban Connection Team
602-234-5777

connecting people to the perfect space in downtown Phoenix

Short sales are viable, but negotiating with a home owners lender is the big challenge. Even the most skilled real estate agents are ill equipped to navigate these waters. The rules, time-lines, lender lies, guidelines and daily policy changes are unreal. It is no wonder home owners get frustrated and give up and most agents fail in the process.

Your Urban Connection Team is very happy to announce we’ve partnered with a firm whose sole function is negotiating short sales with lenders. The team is headed up by one of the top minds in the short sale business and supported by a team of former lenders who know the system and how to get short sales done.

We feel this is a perfect marriage of skills. We get to do what we do best… market your home or condo and find a qualified buyer. We’ve been doing that for over 20 years and are really good at it. With addition of expert bank negotiators we can provide a level of service and safety that is fantastic for our clients.

If you are facing foreclosure and want to explore a short sale, we are here for you. Our success rate is already high and we are excited knowing it will be even better now that we have an incredibly talented team of negotiators.

Many of you already know we have a site dedicated to the short sale process. If you have questions, many answers are on the site. Otherwise, feel free to give us a shout and we’ll get you answers. Your comfort and safety is paramount to us.

Best to you,

Gene Urban & Ron Urban
The Urban Connection Team
602-234-5777

connecting people to the perfect space in downtown phoenix

We just added an article on our sister site, www.urbanteamaz.com, looking at the history, architecture and homes of Cherry Lynn Historic district.

Rather than rewrite the article and post it here (duplicate content is a blogging no no) we are simply giving you a link to the original article that includes the history of Cherry Lynn, a look at homes currently for sale in Cherry Lynn and a virtual tours of the historic homes. We hope you enjoy. While you are there, we have a number of articles we’ve written on other historic districts in the Phoenix area.

Cherry Lynn Historic District, History, Homes for Sale in Cherry Lynn and a Home Tour.

Gene Urban & Ron Urban
The Urban Connection Realty Team
602-234-5777

connecting people to the perfect space