Two Great Lots Just Listed

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2005 Housing Market Forecast::Mostly Sunny , Partly Cloudy

by Broderick Perkins

A barometric pressure reading of the air surrounding the housing market would reveal dense levels of uncertainty.

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Just Listed

Great home Just listed today. Priced at: $559,000. 2970 sq. ft. 5bed/3bath. Located off 101 Fwy. & Bell. Model perfect and on a premium mountain view lot with no neighbors behind you! Gated community with pool. MLS#2231920 Courtsey of REMAX Excaliber Realty.

Apartment-to-Condo Conversions

The new craze right now in AZ is the Apartment-to Condo conversions. Read the article below. Following that are a couple complexes ready for you to make that project happen and put some coin back in your bank.

More Valley Apartments Going Condo

Hundreds of apartments will be reincarnated as condominiums this year, giving first-time homeowners and other budget-conscious buyers an affordable option to living in prime parts of the Valley.

Industry experts say the trend of converting existing apartments to condos is back after a 25-year hiatus. More apartment developers are checking out of the rental industry, hurt by the longest home-buying streak in history. Conversions could help tighten the supply of apartments and help Phoenix's notoriously soft apartment market rebound.Developers will rebrand nearly 500 apartments as condos this year, and as many as 1,300 could convert in 2005, said apartment broker Sean Cunningham of CB Richard Ellis.

Converting is a national trend, led by rampant activity in cities such as Las Vegas, where 12,000 apartments are marked for conversion.

Condo sales are hot across the board, including luxury high-rise ones, but those that were former apartments have an added bonus: They're typically cheaper than newly built condos and existing single-family homes.

At Las Brisas Condominiums at 8011 N. Seventh St., Phoenix, units sell for $99,990 to $173,490. This falls below the median single-family home price of $179,500 in the Phoenix metro area, according to the Arizona Real Estate Center at Arizona State University. The 273-unit development went condo in late October.

And compared with prices of homes in north Scottsdale's upscale Grayhawk master-planned community, condos at nearby Venu look affordable at $160,000 to $400,000. But don't expect to find a bargain: Most of the 50 remaining units go for $275,000 and above.

Converting apartments to condos involves a range of alterations. Some older units are gutted and rebuilt. Others are simply given a fresh coat of paint and new carpet, and can look like you are buying, well, an apartment.

But buyers aren't stuck with that look. Many developers let people choose their upgrades, from designer lighting and granite countertops to Travertine tile and hardwood floors. Buyers can easily add thousands to their base price.

"The majority of our home buyers are upgrading about $15,000," said developer Ken Losch, who converted Venu this year.

Herbert and Ingrid Marlow recently spent $240,000 on a two-bedroom, 1,200-square-foot condo at Venu. The couple consulted Venu's in-house interior design center to add $18,000 worth of "personal touches," such as stainless-steel appliances and new carpet, to their second home.

"We are happy campers," said Herbert, 72, from Vancouver, British Columbia.

Venu didn't undergo dramatic physical changes because the units were built four years ago with a conversion in mind. The development was formerly luxury apartments known as the Enclave. Losch waited for the area to mature, and then made the switch in January. Another of Losch's conversions is Edge at Grayhawk, formerly known as the Lofts at Grayhawk.

This fresh crop of condos is a welcome addition for younger buyers who want to live in Scottsdale but can't afford a $300,000 home.Real estate agents like Penny Kula are happy to have the new inventory, too. She has sold nine conversions in the past few months.

"Condos, for about the last year, have been a really, really hot market," said Kula, with Coldwell Banker Pinnacle Peak Realty. "Between the time they purchase it and the time they close escrow, they've already made good money."

Reservations were six deep for some units in Scottsdale's Arcadia Creek community, Kula said. The part-condo, part-apartment development on Scottsdale Road south of Shea Boulevard, sold out on its first release of 100 condos almost immediately. The next round of condos there will be available in early 2005."Everything that has been brought to the marketplace for condominium conversion has sold rapidly," Cunningham said.

Developers are shopping for properties in north Scottsdale and northeast Phoenix. The qualities that make a property prime for conversion are changing. Three years ago, developers were eyeing communities with 150 apartments or less. Now, 300 units and more are acceptable. An abundance of one-bedroom apartments is no longer a turnoff.

Desirable developments average 1,000 square feet per unit; upper-end amenities like clubhouses, business centers and fitness rooms are a plus.

Losch said Venu's $3 million clubhouse, known as "The Great Room," is especially attractive to buyers with an active lifestyle. Amenities were a big reason the Marlows bought a condo there.

At Venu tenants are given the chance to buy the units they are renting before they open to the public as condos.

Erica Sagon
The Arizona Republic
Nov. 7, 2004 12:00 AM

68th St. & Indian School.Excellent Investment Opportunity awaits you. This 12 Unit Apartment / Hotel is fully operational, Needs a good Management Team. Great complex for conversion. Check out www.hotelvalleyho.com to see whats going on right next door to this unit. Newly installed roof, fence, AC Units, Tiles. Financial Analysis Report is available upon request. Highly Desireable Tourists Area. Near 'Old Town Scottsdale'. Priced at: $1,300,000. MLS#2219935 Listing courtsey of WestUSA.

Lots for Sale, Desert Hills Area

These two lots for sale are great. Surrounded by custom homes, you could easily build something great. Nowhere in AZ can you find an acre for under $200k except for here. Check them out.

1. 24 St Joy Ranch Carefree Hwy to 24ST N to Joy Ranch West to 22nd St South to property. One acre, great lot, great location. Priced at $129,900. MLS#2231873. Courtsey of WestUSA Realty.

2. New River Rd & Kelley Rd, I17 north to New River Rd. East on New River Rd. then North on Kelley Rd. Beautiful buildable lot on nice slope with georgeous views. Some of property is in flood plain. Desert vegatation on property is abundant. 4.3 acres Priced at $160,000. MLS#2231854. Courtsey of High Profile Realty, LLC.

One more great pic

What a beautiful day! View of Squaw Peak.

Downtown Tempe looks upward

As new developments are built around downtown Tempe and along Town Lake, get ready for more density and more high-rise buildings.

The Tempe City Council was given an update on planned development downtown and along the lake during its committee meeting last week.

"Our Tempe imagined future is here," said Chris Salomone, Tempe deputy development services manager. "We're in the driver's seat. The developers are coming to us."

Neil Calfee, Tempe redevelopment manager, told the committee that downtown Tempe has become a model for successful redevelopment. He said the market is changing rapidly to cater to a new economy that focuses on things like education, recreation and knowledge jobs. And he said Tempe is prepared to fit that market.

"We have the lake working with Papago Park and the butte to attract residential," he said. "ASU is helping to drive the new economy."

He said light rail will connect the lake, downtown and ASU. And he predicted it would push College Avenue, where the city's transit center will be built, to further develop.

Along College Avenue, the multi-use Block 12 project at Sixth Street is now planned to be 20 stories instead of 12 stories tall. The project planned for the old armory on the eastern side of College Avenue near Fifth Street will be 12 stories tall with condos, residential and retail.

Along Mill Avenue near Sixth Street, Centerpoint Residential will break ground early next year on the first of four 20-story residential towers. A project being considered east of City Hall is expected to be 24 stories.

"There will be incredibly large buildings and incredible density," Calfee said.

Rio Salado manager Chris Anaradian said the committee should consider providing more park rangers as more residential projects are built along Town Lake. He also said the city needs to do more to make sure the lake is maintained and consider the impact of events on lakeside residents.

The committee gave staff direction to move forward with several projects. A revenue generation study will be conducted to investigate ways to raise more money off the lake, including possibly raising boat permit fees, raising boat storage fees and adding docks.

A request for proposals will be put out soon to develop some type of recreation on the southwestern edge of the lake. Preliminary proposals included a white-water park.

The committee also gave staff direction to move forward with a relocation plan for city facilities along Town Lake.

Alia Beard Rau
The Arizona Republic
Nov. 13, 2004 12:00 AM

Hold on to your Seatbelts

This week has been another one of those roller coasters in the mortgage business! We were starting to see some light at the end of the tunnel mid week, but instead of sunlight, turns out it’s a train.

Mortgage bonds had a great rally on Wednesday and Thursday but that all changed for the worse today. As I said in last week’s market recap the strength of the dollar and high oil prices continues to rain on our parade. The buzz of the week was based on speculation that the European and/or Japanese Central Banks would begin the purchase of US Treasuries and Mortgage Bonds - in an effort to slow down the decline of the US Dollar. (A weaker Dollar helps our exports by making them more affordable abroad, but hurts the already skittish economies within the European Union and Japan.) What caused the upset in the market was a speech given by Greenspan today. He stated that this foreign “intervention” may help in the short term but will not have a prolonged effect in the long term. Based on this, both the stock market and bond markets yet again got pummeled as the fear of inflation may soon become a reality.

Where do we go from here??? I don’t know of anyone who would be willing to speculate at this point in time. Just know the days of low interest rates are rapidly fading.

Downtown/Phoenix Homes Ready for MoveIn

These homes are all great homes. Ready to move in. Most of them located in downtown/historic Phoenix area.
Click the link below to view all of these homes available.

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Downtown Homes Ready for Fixup

Check out these great homes located in Downtown/Phoenix area that need a little TLC. Some are great buys and waiting for your creative spark. Weather you are an investor wanting a fix and flip or someone who wants to remodel their dream home these are hand picked by yours truly.

Listed for: $250,000. Ready for remodel. Light & bright inside. Corner lot with RV parking. This home would be an amazing project. With great neighbors and close to shopping. hop on this one before its too late. Located on 40th St. & Indian School Rd. MLS#2207123. Courtsey of Coldwell Banker Success Realty.

Overpriced at: $189900. This house is my favorite. Owner doing remodel as we speak, but could negotiate price so you could do the remodel yourself ! Amazing space, awesome historic neighborhood. Located on 7th St. & McDowell. MLS#2190079. Courtsey of Century 21 Metro Alliance.

Priced for: $169900. THIS IS ONE OF THE MOST DELIGHTFUL COTTAGES IN WOODLEA AREA--HUGE PATIO. 2 BEDROOM-1 FULL BATH, SOLID OAK FLOORING, COPPER PLUMBING, 5-6 YEAR OLD ROOF, 5-6 YEAR OLD 5 TON AC, LARGE CLOSETS, ORIGINAL CAST IRON TUB, CROWN MOLDING. THERE IS INSIDE LAUNDRY AND A LAUNDRY IN THE GARAGE, HUGE SHADE TREE COVERS HALF OF THE BACK YARD THAT SITS ON EXTRA LONG LOT. 2ND BEDROOM OFFER BUILT-IN DESK PLUS 3 PHONE LINES. Located on 7th ave. & Camelback. MLS#2215082. Courtsey of Dan Swartz Realty.

Priced at: $154900. ********REDUCED***********SELLER MOTIVATED -BRING ALL OFFERS / 1946 1000 SQFT.BRICK HOME. 3 BEDROOM 1 BATH FRONT HOUSE WITH 1 BEDROOM,3/4 BATH 400+SQUARE FOOT GUEST QUARTERS. Major items already taken care of...NEW copper plumbing, NEW tile, NEW carpet, NEW bathroom vanity, Rebuilt AC and Heat, NEW roof ridge caps and shingles. Guest quarters has seperate entrance with own shower/toilet and kitchen. ...Close to Biltmore, Central Cooridor and Freeways. Ready for move-in. Ready for move in...Located on 27th St. & Indian School. MLS#2193668. Courtsey of Chris Paul Realty

Price: $146900. Beautiful mature trees line this neighborhood of brick homes, home shows open & nice, huge family room w/brick fireplace, grassy front & back yard, great patio and large back yard. NO HOA!! Roof replace in 1996. Quiet family neighborhood. Located on 32nd St. & McDowell. MLS#2227548 Courtsey of West USA Realty

Price: $145000. BE PROUD TO OWN THIS HUGE HOUSE ON OVERSIZED LOT! VERY CHARMING HOME; ORIGINAL OWNER! COULD USE SOME COSMETIC UPDATING, BUT THE IMPORTANT ITEMS HAVE BEEN TAKEN CARE OF: A/C & HEAT 3YRS. OLD, ROOF 7YRS. OLD, ALL COPPER PLUMBING, SOLID BLOCK HOME. PLASTER CEILINGS & WALLS, ORIGINAL BEAUTIFUL INTERIOR WOOD DOORS, LARGE PICTURE WINDOW IN FRONT ROOM, LIGHT & BRIGHT. OVER 1/4 ACRE LOT OFFERS LOTS OF BUSHES, VINES & TREES (POMEGRANATE, ORANGE, LEMON & APRICOT). FRONT & REAR COVERED PATIOS, SPORTS COURT, RV PARKING & RV GATE. LARGE FRONT YARD COULD MAKE FOR GREAT CURB APPEAL FOR THIS HOME. Located on 24th St. & McDowell. MLS#2209017. Courtsey of West USA Realty.

Priced at $142,000. Home needs carpet, paint, clean up and landscaping. Current carpet to be removed. Good corner lot location, across the street from a park. Half bath off laundry room. Good size bedrooms for the size of home and extra room on back. Located on 7th Ave. & Campbell. MLS#2189336. Courtsey of Realty Executives.

New Real Estate Blog

My name is Jamie Culbertson. I am a REALTOR in Scottsdale, AZ. I am creating this BLOG to keep people informed of the great Real Estate opprotunities here in Arizona. I will post all kinds of properties here included apartment complexes, land, homes, and business opprotunities. You should visit www.relocatingtoaz.com for complete search of all homes available on the AZ MLS. Remember any Real Estate questions call or email any time.