Distressed High Rise or Loft Condos FOR SALE! - 06/23/09 10:26 AM
VERY few people are buying anything today that isn't a short sale or an REO property (I define this later). Why? Because everyone is looking for a great deal but the only great deals out there are in the hands of the banks. Anyone who purchased a property from 2005 to 2006 is "upside" down, meaning that they owe more money than the property is worth, so they are unable to sell the property at today's prices without "writing a check to the bank" or negotiating a short sale.
A short sale is a transaction where the current lender of a … (0 comments)

Market Ups and Downs - 06/23/09 10:19 AM
Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix.
1.  A mortgage lender friend of mine says that April will be his best month since 2005.
2.  I wrote purchase contracts on two different properties today and received offers on two different listings this weekend.  This constitutes the busiest weekend I have had in four years.  One of the offers I received was for full price.
3.  My wife, an escrow officer, … (0 comments)

mortgage payments vs. rental payments - 06/23/09 10:17 AM
I heard recently that historically Americans pay 26% more to own property than to rent it.  As I didn't know whether this was true or not I did a little digging and found a site called www.economicpolicyjournal.com with the following:
"After two years of rapid home-price depreciation, the relationship between the cost of rental payments versus after-tax mortgage payments is tilting toward ownership in a number of metropolitan areas.
Over the past 18 years, after-tax mortgage payments have averaged 26% more than rent payments, according to Green Street Advisors, a real-estate consultancy based in Newport Beach, Calif. In 2006, at the height of … (0 comments)

I've got it. - 06/23/09 10:14 AM
You asked for it so we went out and got it.  Short term rentals that is.  In the past we turned away many people who needed help finding cool condos in downtown Phoenix because there flat out wasn't anything available, until now.  We now have access to VERY nice furnished one and two bedroom high rise condos right next to the baseball stadium downtown.  These condos are available for as short as one night and for as long as six months.  Each condo comes fully furnished, with complete kitchens, wi-fi, Direct TV, and even room service from a local restaurant.  Enjoy the "A-Cabin" amenities … (0 comments)

condominiums remain a popular option - 06/23/09 10:07 AM
Despite the slowdown in the national housing market, condominiums remain a popular option among home buyers. But they're also at the heart one of one of the biggest misperceptions surrounding FHA loans.
There are some strings and limits, but make no mistake - you can obtain FHA financing to help purchase a condominium.
The Federal Housing Administration offers a program geared toward prospective condo buyers. The single largest hurdle is that buyers must find a condominium that's part of an FHA-approved complex. You can search a database of approved condo complexes by state, city and Zip code through the U.S. Department … (0 comments)

CHEAP CHEAP CHEAP! - 06/15/09 05:11 PM
We just learned about a steep price cut on high rise condo rentals in downtown Phoenix.  Condos ranging in size from one bedroom with one bathroom to two bedroom with a den and two bedrooms and priced as low as $1300 per month in an "A-Cabin" building walking distance from everything that downtown Phoenix has to offer.  High ceilings, floor to ceiling glass, exposed ductwork and conduit, upgraded lighting, wood floors and more.  To view these great condos click the "contact us" button at the top and we'll arrange a tour
… (0 comments)

What a difference just a few months - 06/15/09 05:07 PM
You might remember me writing about a purchase that fell through at The Vale because the Buyer's lender would not make the loan because the Home Owner Association (HOA) at The Vale was in financial trouble with 25% of the condo owners behind on paying their fees.  It was my opinion that until the HOA got its financial house in order, condo sellers would have an extremely difficult time selling there and prices would most likely drop.  I learned last week that the same condo refernced in the post recently sold to a cash buyer for $22,000 less than it had previously "sold" for.  Ouch!
Last … (0 comments)

Crescent looking for some"breathing room" - 06/15/09 05:03 PM
We just recently learned that Crescent Resources, the owner of Portland Place in downtown Phoenix filed Bankruptcy yesterday.
An article in the Charlotte Observer stated:
"Duke [Duke Energy - a Fortune 500 energy producer] created Crescent in 1969 to manage its surplus land along the Catawba River, transferring title to 300,000 acres. By the 1990s, Crescent had become a prominent developer. Duke sold a 49-percent share to Morgan Stanley in 2006.
But the company reported a net loss of $420 million on $407 million in revenue last year as it liquidated properties in Arizona, Florida and Texas, three states hit hard … (0 comments)

Tempe Waterfront Lot - 06/15/09 04:42 PM
June 12, 2009 - 3:28 pm

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Tempe Az Waterfront Lot - 06/15/09 04:40 PM
June 12, 2009 - 3:28 pm

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Portland Place Owner responds about Crescent - 06/15/09 04:36 PM
Portland Place Owner, Crescent, Responds
June 13, 2009 - 5:00 pm
I just received a copy of a letter written by the Chief Executive Officer for Crescent Resources addressing the bankruptcy.  I have cut and pasted the contents of that letter below: 
"June 9, 2009 
As you may know, the real estate industry has faced unprecedented economic challenges in the last year.  Crescent Resources is no exception.  In this environment, we have been working over the last several months to strengthen the company's financial position and improve our ability to continue to provide the high level of services for which we … (0 comments)

Scottsdale Condo High Rise - 06/15/09 04:29 PM
High rise and loft condos in Scottsdale offer a pedestrian friendly, dense, and fun urban lifestyle. One of our clients called Downtown Scottsdale lofts and high rises the closest thing to big city urban living available in the entire Valley.
Scottsdale lofts and condos range from exposed block, mid-century modern, flats at Bon Vie to two story loft style sophisticated "industrial" condominiums at Safari Drive to luxurious "traditional European" style high rises at Scottsdale Waterfront.
Walk out the door of Scottsdale Waterfront High Rise Condominiums, Optima Camelview, or Safari Drive Lofts to popular restaurants, breakfast joints, bars, night clubs, high end … (0 comments)

You asked ! - 06/03/09 02:15 PM
You asked for it so we went out and got it.  Short term rentals that is.  In the past we turned away many people who needed help finding cool condos in downtown Phoenix because there flat out wasn't anything available, until now.  We now have access to VERY nice furnished one and two bedroom high rise condos right next to the baseball stadium downtown.  These condos are available for as short as one night and for as long as six months.  Each condo comes fully furnished, with complete kitchens, wi-fi, Direct TV, and even room service from a local restaurant.  Enjoy the "A-Cabin" amenities … (0 comments)

Phoenix vs. San Diego - 06/03/09 02:13 PM
Talk to Phoenix high rise developers trying to hawk their goods and they'll tell you their prices make all the sense in the world.  If so, how come no one's buying?  Sure the market is slow and its harder to get loans today but some people are buying but not at the brand new condominiums in midtown and downtown Phoenix.  Sounds like a price issue doesn't it?
Because high rise living is so relatively new to Phoenix one way to get a perspective on values is to look at what's going on in other markets.
The San Diego high rise boom began … (0 comments)

Shift in America from Urban to Sub-urban - 06/03/09 02:11 PM
MSNBC recently reported that, "Most demographic and market indicators suggest that growth and development across the country are moving away from the suburban and exurban fringe and toward center-cities and close-in suburbs."
The article goes on to report that the reason behind the shift is multi-fold including, "Empty-nesters don't need the big house and don't want to mow the big lawn. High gas prices are making long commutes less practical. The urban renaissance in big cities ranging from New York to Portland, Ore. - and the revival of charming, vibrant downtowns in small cities like Missoula, Mont. - is making the … (0 comments)

1550.00 No I'm Not Kidding - 06/03/09 02:07 PM
I'm not kidding when I say that this is one of the nicest condos I have seen for rent in downtown Phoenix.
It has been COMPLETELY redone to the nines with new wood and stone floors, European hardware and fixtures, upgraded lighting, marble vanities and tub surrounds, two tone paint, a brand new kitchen, two car garage and much more.
All this and walking distance from light rail, Chase Baseball Field and everything else that downtown Phoenix has to offer for $1,550 per month.
I'm telling you this is really really nice.
… (0 comments)

we aren't even close to hitting the bottom - 06/03/09 01:58 PM
Moulle-Berteaux acknowledges that some "experts" claim that we aren't even close to hitting the bottom in prices but contradicts their postion stating "Many pundits claim that house prices need to fall another 30% to bring them back in line with where they've been historically....This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons."
Basically he counters that these people fail to take into account the power of low interest rates in the absorption of housing inventory. Afterall, we buyers typically want a payment we can afford. If home prices are higher but . He further … (0 comments)

Downtown Phoenix High Rise rental : Cheep! - 06/03/09 01:43 PM
We just learned about a steep price cut on high rise condo rentals in downtown Phoenix.  Condos ranging in size from one bedroom with one bathroom to two bedroom with a den and two bedrooms and priced as low as $1300 per month in an "A-Cabin" building walking distance from everything that downtown Phoenix has to offer.  High ceilings, floor to ceiling glass, exposed ductwork and conduit, upgraded lighting, wood floors and more.  To view these great condos click the "contact us" button at the top and we'll arrange a tour.
… (0 comments)

 
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Phoenix High Rise and Loft Condo Expert, Will Daly at www.WeKnowUrban.com

Phoenix, AZ

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We Know Urban Realty

Address: 1040 E. Osborn Road, Phoenix, AZ, 85014

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