Monthly Archives: March 2016

Cool Spots to Work Continue to Pop Up In The Phoenix Area

As the number of young professionals and entrepreneurs across the Valley has continued to increase, so has the market for alternatives to the traditional office.

Lauren Potter, Special for The Republic | azcentral.com | February 18,2016

Developers in the Valley are responding to this trend by creating shared, or co-working, spaces.

Workspace,midtown,central phoenix,downtownUnlike traditional offices, these spaces allow people who are self-employed, work for small companies or don’t have a dedicated office space to share equipment and collaborate under one roof.

People want to come downtown 
The Department, on the sixth floor of 1 N. First St. in downtown Phoenix, is one of the Valley’s newest co-working spaces. A project by private investment firm Marketplace One, the space was created to house the growing number of small-business owners and startups the firm was investing in and working with.

“We saw a need, especially downtown,” said Kyle Frazey, operating manager of the collaborative workspace. “People were wanting to come downtown more, especially the younger Millennials, tech entrepreneurs and investors.”

The 16,000-square-foot space is visually striking and offers views of South Mountain from its sixth-floor windows. Custom contemporary furniture dots the bright open-plan design, which houses three shared conference rooms, private offices, shared and reserved workstations, as well as a central lounge and kitchen area.

According to Frazey, current members include artists, private-equity investors, consultants, digital agencies and non-profits. While their industries may be different, Frazey said members share something in common.

“They’re really people that want to help each other succeed,” Frazey said.

Frazey said the space was designed to be collaborative, adding that this type of space has a certain energy and encourages relationship-building among those co-working there.

Three levels of membership are available (flex, reserve and team) starting at $200 per month. There are no hourly or daily pricing options. However, there is another co-working space in Phoenix that targets this niche market.

Co-working — with an emphasis on hospitality

A joint project between Valley developers Ironline Partners and Novawest, Mod is a meeting and workspace option for on-the-go and mobile workers. It offers a stylish lounge feel and, unlike other shared workspaces, places a strong focus on hospitality.

Located at 2828 N. Central Ave. in midtown Phoenix, Mod caters to traveling and mobile professionals. It offers amenities a traveling worker expects: Wi-Fi, printers and copiers, private and public workspaces, meeting rooms, notary services, a coffee shop, healthy cafe and bar.

There also are unexpected perks.

“If we notice one of our clients hasn’t taken a break in a really long time, (we) might surprise them with a hot towel or refreshment,” said Jamie Shaw, brand experience director at Mod. “We want you to feel pampered.”

According to Shaw, if clients need to ship a package or borrow a phone charger, the on-site “Modcierge”  can help.

Phoenix is Mod’s first location, and the company is opening a space in San Francisco’s Mission District this year. A third location is planned for Seattle in 2017. Company officials say they are exploring a second Valley location, possibly in Tempe.

Work and home

Residential developers also are responding to the need for alternative workspaces.

A Chile-based commercial developer, Sencorp, has targeted this mobile-workforce market with their first U.S. project, en Hance Park located at 1130 N. Second St. in downtown Phoenix, with prices from $150,000.

Eight of the 49 units are zoned as live-work spaces with a ground-level entrance to the home office area. Alvaro said the units are best suited to “low-traffic” home-based businesses such as design, insurance or real estate. The units cater to a small and underserved part of the market, Sencorp Chief Operating Officer Alvaro Sande said.

“It’s not all the market,” he said. “It’s a niche.”

In Scottsdale, developers are targeting the live-work niche, but with a focus on luxury.

SoHo live-work townhouses and condominiums, under construction near WestWorld of Scottsdale at Bell Road, range from $651,300 to more than $1 million. Starting at 3,939 square feet, the residences give buyers the opportunity to operate a retail business on the ground-floor space.

A great workspace attracts and keeps talent
Whether working from home or in a shared or traditional office space, the design and energy of modern workspaces is increasingly important.

According to Colliers International Director of Workplace Innovation Keith Perske, the environment in which people work makes a difference to employees and business owners alike.

“If you can change the workplace, you can (positively) affect a lot of people’s lives,” Perske said.

“Companies that really get it understand the way a workplace functions as a way to attract and retain talent,” he said.

Architectural Styles In Phoenix, Arizona

A Look at all of the Architectural Styles In Phoenix, Arizona

1930 FQ Story Tudor

A 1930 Tudor In FQ Story Historic District

Historic homes in Phoenix’ districts don’t only have an incredible history’s with telling pasts, but they also embrace an incredibly wide variety of architectural styles. Below is a breakdown of different styles, their history and photos.

Adobe – Pueblo Revival Architecture in Phoenix, Arizona (1908-present)

Because they are built with adobe, Pueblo homes are sometimes called Adobes. Pueblo Revival houses became popular in the early 1900’s, mainly in Arizona, California and New Mexico and inspired by the Pueblo Indians.

Art Moderne and Art Deco (1925-1950’s)

A mix of smooth swirls, curves and high-gloss finishes, art deco style evokes 1930’s movie star glamour. The style was partially inspired by artifacts discovered in 1922 in King Tut’s tomb, and many art deco buildings include the repeating designs and vivid color common in Egyptian artwork.

Bungalow Architecture in Phoenix, Arizona (1880-1930)

The bungalow showed up in America in the 1880’s but it was its development in Southern California that paved the way for its new role as a year-round house which turned it into the most popular house style American had ever known.

Cape Cod Architecture in Phoenix, Arizona (1931-1950)

The first Cape Cod style homes were built by English colonists who came to America in the late 17th century but after World War II, the architect Royal Barry Wills promoted the Cape Cod style for small homes in suburban developments throughout the USA.

French Provincial Architecture in Phoenix, Arizona (1914-1945)

Inspired by estates of the French countryside of the 1600’s, the provincial style came to America after World War I, bringing with it decorative appeal and romantic touches.

Mission Revivals Spanish Architecture in Phoenix, Arizona (1890-1935)

The Mission Revival movement enjoyed its greatest popularity between 1890 and 1915 but continued evolving into the 1930’s. The Spanish Mission Style and its associated Spanish Colonial Revival Style became internationally influential.

Monterey Architecture in Phoenix, Arizona (1920-1960)

The Monterey Style was born in 19th century California, but its popularity expanded throughout a growing 20th century United States.

Ranch Architecture, Old and Modern Style Architecture in Phoenix, Arizona (1930-1985)

Low-slung ranch homes, modeled after the casual style of homes on true Western ranches were first built in the 1930’s and spent the next four decades popping up everywhere throughout the country. Phoenix has an abundance of ranch homes in many flavors from historic to modern.

Spanish Colonial Architecture in Phoenix, Arizona (1890-1930)

Settlers from the Mediterranean fused design from Europe and Native America with their own to create a variety of home styles. Spanish Colonial Revival is used to describe homes built in the early 20th century that incorporate various elements of Mediterranean architecture. But as with all true styles, these homes are linked by a set of common physical characteristics.

Tudor Revival Architecture in Phoenix, Arizona (1890-1950)

Originating in England, the Tudor style is one of the most recognizable home styles. Best known for steeply pitched, multi-gabled roofs and decorative half-timber framing, Tudors were mostly built in established neighborhoods during the first half of the 20th century.

Victorian Architecture In Phoenix, Arizona (1830-1910)

Victorian architecture emerged between 1830 and 1910 under the reign of Queen Victoria and include sub-styles such as Gothic revival, Italianate, Second Empire, Queen Anne, stick style, Romanesque style and shingle style. Constructed more for beauty than functionality, Victorian homes tend to be more complex in design with ornate trim, bright colors, large porches, asymmetrical shape and multi-faceted roof-lines. Victorian-era homes in eastern American cities tend to be three stories and those in western American cities tend to be two-story houses or one-story cottages.

The Historic Phoenix Indian School Is Being Restored in Central Phoenix

After three years of fundraising and community input, construction is scheduled to begin on the former Phoenix Indian School music building at Steele Indian School Park in central Phoenix. The building, which has fallen into disuse, will become the site of a new Indian Center.

TUESDAY, MARCH 29, 2016 AT 6 A.M.
BY JANESSA HILLIARD – Phoenix NEW TIMES

historic phoenix,central,real estateThe improvements and future center are part of the Phoenix Indian School Legacy Project, a joint partnership between the City of Phoenix, which owns and operates both the former Indian School buildings and Steele Indian School Park; the Phoenix Indian Center, the first urban Indian Center in the nation, offering everything from work placement and development to addiction services; and Native American Connections, which serves more than 10,000 individuals and families annually, addressing issues of homelessness and housing along with behavioral health and outreach services. The city will provide funding for the project, while the nonprofits will operate the center and onsite events.

The center will be housed in the 6,000-square-foot music building, construPhoenixPhoenixcted in 1931 and first used as an elementary school. It was converted to the band-chorus room in 1964 and remained the music hall until the school’s closure more than 20 years ago.

Designed by Architectural Resource Team with input from tribal leaders and organizations during a series of community meetings, the architectural plans include creating a public gallery as well as a private board room and business center. The gallery will share the century-long history of the Phoenix Indian School with visitors alongside an open conference room for community events, and a commercial kitchen to prepare traditional indigenous foods. The center plans to frequently host health and nutrition courses as well.

“We are going to be able to bring the public back into the space, and educate and enlighten the community about the Native American boarding-school experience and how it impacted Phoenix, as well as the state of Arizona,” Diane Yazzie Devine, CEO of Native American Connections, said in a press release last week.

“We also recognized that for some people, coming back to the Indian boarding school could be a very emotional experience, so we have a reflection room at one end of the gallery,” Devine continued in a separate e-mail to New Times. “People can sit in that room and pay their respects to the memory of the students, or just sit and be quiet.”

The Phoenix Indian School originated in 1891, housing and educating thousands of students from more than 23 tribes across New Mexico, Nevada, Oregon, California, and Arizona. The controversial institution initially forbade students from interacting with their culture through strictly enforced rules dictating everything from language to haircuts. Those rules were eventually relaxed, and the school closed in 1990.

The City of Phoenix acquired the campus and its surrounding acreage in 1996 after a land exchange with the federal government. The three remaining buildings — Memorial Hall, the Indian School, and the Indian School Band Building — were added to the National Register of Historic Places in 2001. Steele Indian School Park, where the buildings remain as an homage to the landmark location, opened that same year.

“Phoenix Indian School played an important role in the history of our city, our state and our nation, so we must do all we can to preserve that legacy,” Phoenix Mayor Greg Stanton said in a press release sent out by Native American Connections last week. “Restoring the music building will ensure that the story of Phoenix Indian School and its students will continue to resonate with new generations while providing a valuable community asset at one of our busiest city parks.”

Renovations and new construction are expected to take eight to 10 months. The complex is slated to open next spring.

PIERSON PLACE HISTORIC DISTRICT

Pierson Place Historic District boundaries are roughly Camelback Road and the Grand Canal, Central and 7th Avenues in Phoenix, Arizona. The Light Rail wraps around this fantastically located historic district.

The architectural styles and square footage in this neighborhood is what I call a mish-mosh of a historic district, but in a good way. Early neighborhood styles include Bungalows and a number of different Period Revivals. English Cottages, Pueblo Revival, Spanish Colonial Revival, and Southwest Style houses are all found within the neighborhood. 

Most of the buildings in the proposed Pierson Place Historic District are single family houses. However, A range of architectural styles reflects several decades of build-out. Early modern designs, including an Art Modern house and several International Style houses are also found in Pierson Place. In the late 1930’s and 1940’s, and the early 1950’s, the district continued to build out with modern Ranch Styles. The Transitional Ranch, French Provincial, Early, and Simply Ranch sub styles are well represented in the neighborhood. Fifteen-percent of the properties in Pierson Place are multifamily complexes, comprised of collections of detached single family buildings, duplexes, triplexes, and four-plexes.  The original footprint of the single-family homes tend to be small, often less than 1,000 square feet with 2 bedrooms and 1 bathroom, or, up to 3 bedrooms.

The building materials used are also a mish-mosh. A house may be made of brick or block or wood frame or Adobe. Additionally, The original mix of these different dwelling styles give Pierson Place Historic District a unique personality that feels more city-like than most of our historic districts. To that original mix, sprinkle in some multi-unit rentals built during the 1950’s and 1960’s, and the very first high-rise living in the city at the 17-story Landmark Towers on Central.

Pierson Place has a wide variety of mixed-use properties with construction materials ranging from wood to Adobe with a wide variety architectural styles which makes this neighborhood so unique.

Pierson Place Historic District Homes For Sale

Pierson Place Historic District History

CityScape to Present Weekly Jazz Concert Series in April

Weekly Jazz Concert Series Begins at CityScape In Downtown Phoenix in Advance of Phoenix International Jazz Day

downtown phoenix jazz,central phoenix,real estate,historic districtsFree Outdoor Lunchtime Concert Series Every Tuesday in April Leads Up to April 30 Event

CityScape Phoenix will host a free outdoor lunchtime jazz concert series every Tuesday in April leading up to the 5th Annual Phoenix International Jazz Day on Saturday, April 30.

The series and event is in partnership with The International Jazz Day Foundation and will entertain audiences with a lineup of great local jazz and blues artists who will perform at Patriots Park, located in the center of CityScape, every Tuesday from 11:30 am to 1:00 pm. With cool spring temperatures and a variety of restaurants at CityScape, it’s the perfect excuse to order lunch to-go and enjoy it outside.

Weekly Jazz Concert Series at CityScape

  • April 5 – The Musical Magic of Doc Jones Ensemble
  • April 12 – The Anthony Pear Project
  • April 19 – Tom Daley & Friends
  • April 26 – Bobby Hamilton
    The free series leads up to the 5th Annual Phoenix International Jazz Day held at CityScape on April 30 from 4pm until 10pm. This same day more than 196 global celebrations take place to celebrate jazz and the role it plays in uniting people around the world. General admission is $25 at the gate and VIP seating is available for $75. Tickets can be purchased at www.ticketlobster.com or 602-268-0600.

Arizona’s own lucky charm trumpeter Jesse McGuire headlines this year’s jazz event, with a surprise special guest to be named later. Famous for his execution of the Star Spangled Banner, Jesse McGuire has performed for three U.S. presidents, and at many major sporting events, most notably game seven of the 2001 World Series when the Diamondbacks defeated the NY Yankees to bring home a victory.

5th Annual Phoenix International Jazz Day Featured Performers

  • Royce Murray – accomplished songwriter whose career includes collaborations with R&B icon Barry White; opening acts for Tony Monaco, Joey DeFrancesco and the legendary Jimmy
  • Smith; and playing organ for ABC, CBS and NBC television soap operas.
  • Dowell Davis – known as “D” to his fellow players, Davis has graced national and international stages with his drumming since 1983. He’s an accomplished artist who has played a variety of musical styles, and has an innate understanding of grooving.
  • Dan Pinson- Born in Phoenix, he has appeared with or opened for Stevie Wonder, Spyrogyra, The Temptations, Beach Boys, Gato Barbieri, Pinson has performed in venues around the world.
  • Carlos Rivas – International Latino jazz artist who has performed throughout the world. He is founder and director of Mex-Sal, one of Arizona’s most prestigious Latin groups.
  • Kerry Campbell – Jazz saxophonist and former member of The Dramatics and famed band War, Campbell has performed with jazz greats Herbie Hancock, George Duke, Joe Sample among others.
  • Loannis Goudelis – Piano “Ioannis Goudelis has performed internationally at festivals, clubs and concert halls throughout the world including the most of the United States, Europe, Africa, Central America and the Pacific.
  • William “Doc” Jones – Jazz saxophonist, keyboard artist, founder of NextStudent Academy and Jaz Day AZ, Doc Jones has performed with Aretha Franklin and The Temptations among others.

For more information, visit www.cityscapephoenix.com. Ample and convenient underground parking is available and validated by restaurants and retailers with purchase.

If you live downtown in or near historic districts like Willo, F.Q. Story, Encanto-Palmcroft or Roosevelt, you can walk or bike to the light rail and get there easily and quickly.

Cheery Lynn Historic District In Downtown Phoenix, Arizona

Cheery Lynn Historic District In Phoenix

Cheery Lynn Historic District Home. English and Tudor Revival styles were the dominant styles through 1930.

Cheery Lynn Historic District is roughly bounded by Flower Street to the north, Earll Drive to the south, Randolph Road on the west, and 16th Street on the east. 

Cheery Lynn Historic Homes For Sale

One of the best kept little secrets of Central Phoenix is the Cheery Lynn Neighborhood. When you step off of the hustle and bustle of 16th Street, it is almost like being transformed back in time as you’ll find people pushing strollers, walking dogs, jogging, skating, riding bikes and enjoying a porch party with their neighbors. A great diversity exists among the individuals and families that live in this neighborhood. Some are relatively new, while others have lived here since childhood.

The Greater Cheery Lynn Neighborhood Association was established in 2003. Cheery Lynn was remote from downtown Phoenix when the first home was built in 1928. On January 28, 1928, a tract of land described as Lot 1 Beverly Heights was subdivided under the name of Cheery Lynn. This neighborhood is more than 85 years old!

The Architectural Styles and Square Footage of the homes in the Cheery Lynn Historic District vary widely from around 1,000-1,350 square feet with 2-bedrooms on average. But, the 1940’s Ranch-Style homes can get to 3,000 square feet and have at least 3 bedrooms and 2 bathrooms. You’ll even find a few 2-story homes here. A nice variety with one of the most diverse, one-of-a-kind homes exist in this perfectly manicured, story book neighborhood.

All homes a very unique to each other with English Tudors and Cottage style homes built in the 1920’s and 1930’s. A few stunners of Spanish and Mediterranean-style homes add an incredible flavor to this classic central Phoenix neighborhood. The homes built post-WWII are modest, French Provincial Ranches

If you like Cheery Lynn, you’ll also like Woodlea Historic District or Yaple Park

Read the history of Cheery Lynn Historic District

Homes For Sale In Cheery Lynn Historic District

Coronado Historic District In Central Phoenix

CORONADO HISTORIC DISTRICT

Coronado Historic Bungalow Photo circa 1935

1935 Coronado Historic District Home

Coronado Historic District boundaries are roughly Virginia Avenue to Coronado Road, 8th Street to 14th Street and houses one of the largest city parks being Coronado Park at 12th Street & Palm Lane. Coronado is walking distance to loads of unique, independently owned restaurants, coffee shops, cafes and shops.

Coronado Historic District Homes For Sale

Fun Facts: The Coronado Historic District covers a bit more than a half square mile. It was designated historic in November, 1986.

Coronado Historic District in Phoenix is another Arizona neighborhood to land on the Best Old House Neighborhoods List for 2010 by This Old House.

Architectural Styles and Square Footage: 1920’s Tudor’s, Craftsman Bungalows and 1940’s Ranch homes with two bedrooms and one bathroom from 700 square feet to about 1,000 square feet are the dominant home sizes in Coronado but it’s certainly not limited to that as you can find a wide variety of homes with 3 bedrooms and 2 bathrooms ranging from around 1,200-1,500 square feet. terrific wide porches and decent lot sizes with mature trees make Coronado homes ideal for entertaining.

If you like Coronado, you’ll want to check out Country Club Park and Brentwood Historic Districts.

From This Old House:
Coronado Historic District, Phoenix

Once Phoenix had ensured its long-term survival by damming up the Salt River in the early 1900’s, developers got down to the business of plotting the future of the growing Southwestern city, and that future was all about suburbs. By 1920 one of the largest was the Coronado neighborhood, home to a middle-class population of merchants, policemen, and railroad engineers living in modest bungalows and Tudor Revival cottages, many fronted by small lots with towering palm trees. These days the nabe is drawing a young, artsy crowd, who like to hang out on their front porches and wave to neighbors who pass by. The neighborhood was added to the National Register of Historic Places in 1986. Each spring, residents show off their homes—and often their DIY handiwork—during an annual house tour and community festival.

The Houses In Coronado

Small to medium-size Tudor, Craftsman, and Ranch houses, built from about 1920 to 1940, are predominant. Prices start at around $150,000 – $175,000. Houses often include a freestanding garage out back with matching architectural details. During the Great Depression, many residents converted their garage into an apartment, moved in, and rented their home.

Why Buy Now?

The neighborhood’s affordability is outstanding. And while there are still a few dilapidated houses, most are in pretty good shape. Buy a house here and all you’ll need to do is pick out the furniture and add a fresh coat of paint.

Among the best for: Bargains, City Life, Easy Commute, First-Time Home Buyers, Singles.

Coronado Historic District Homes For Sale

Read the History of Coronado Historic District

North Encanto Historic District In Central Phoenix

NORTH ENCANTO HISTORIC DISTRICT

The purpose of North Encanto Neighborhood Association (NENA) is to preserve & enhance the historic character of the North Encanto Neighborhood & to improve the quality of life for its residents  by creating a safe, vibrant & engaged community. Period of Significance: 1939-1956.

French Provincial Ranch North Encanto

A 1947 French Provincial Ranch In North Encanto

North Encanto Historic District is generally bounded by 19th Avenue on the West, 15th Avenue on the East, Thomas Road on the South, and Osborn Road on the North housing almost one square mile of historic homes. This neighborhood is close to freeways, I-17, I-10, a very short drive to downtown Phoenix and even a shorter drive (or walkable) to the light rail. There are 456 homes in this this district. North Encanto illustrates the residential development trends of the 1939 -1956 period.

North Encanto is my personal, current historic district residence. I can tell you first hand that it is one of the most wonderful historic districts this city has to offer! On a daily basis, you’ll see residents walking their dogs, walking with their kids (and more dogs), jogging, playing and just hanging out for a good, friendly chat. So many of us neighbors know each other and continue to get to know each other. We have many neighborhood functions from Groundhog Day parties, Christmas & New Year’s gatherings, Halloween parties, joint neighborhood block yard sales and a bunch of other street festivities where we actually block off a street while food vendors attend along with our local fire fighters and more. Games are played by all the wonderful children while the adults hang out, laugh, eat, drink and get to know each other more & more. We look out for one another, watch each others pets, homes and whatever is needed and wanted which keeps a tight knit community.

North Encanto Historic District Homes For Sale

Architectural Styles and Square Footage: North Encanto is red brick heaven loaded with 1940’s and 1950’s Mediterranean Ranch Style Homes, Mid-Century Ranches ranging from less than 1,000 square feet to 2,800 square feet. This district is predominantly comprised of Transitional Ranch-style houses with the largest concentration of intact Transitional/Early Ranch-style homes in metropolitan Phoenix, perhaps even in all of Arizona. But, there are also has a variety of Pueblo Revivals plus three Art Moderne homes. Many of these gorgeous homes have 1 to 2 car detached garages, detached studios, guest houses and lot sizes with room to make it your own. Many of these homes still boast the 2-color, original tile combo with colors that you just don’t see anymore like peach and black, pink and black, powder blue and black, pink and green and peach and green. There are also many, many homes here that have extremely modern interiors while keeping historic integrity. These are must see homes.

If you like North Encanto, you’ll probably like Campus Vista Historic District which is just east of 15th Avenue, Del Norte Place near 15th Avenue and Encanto Blvd., and, Country Club Park Historic District near 7th Street and Thomas Road.

Homes For Sale In North Encanto Historic District

History of North Encanto Historic District

Check, Please! Arizona Festival 2016 In Downtown Phoenix

Don’t miss the 4th annual Check, Please! Arizona Festival! Sample chefs’ signature dishes and discover restaurants from some of your favorite episodes of Check, Please! Arizona. Enjoy the cuisine of independently owned restaurants featured on the show along with wine and beer pairings from participating wineries and breweries as well as cooking demonstrations and panel discussions with top Arizona chefs. All festival events, food and wine/beer samplings are included in the ticket price. Downtown Phoenix Event

When: Sunday, March 20, 2016
Time: 11:00 am to 3:00 pm
Where: Margaret T. Hance Park, Downtown Phoenix

Exciting new things are on the way for the 2016 Check, Please! Arizona Festival! Arizona PBS is pleased to welcome the star of the popular series Lidia’s Kitchen, Lidia Bastianich, and Savor the Southwest host Barbara Pool Fenzl – alongside our very own Emmy Award-winning host of Check, Please! Arizona, James Beard Award winner Chef Robert McGrath.

While you’re at the festival, make sure to check out the Inspired by Lidia Booth sponsored by MATCH Cuisine & Cocktails and special guest  David Manilow.

We are also in a new location this year, which will allow us more space to expand the experience! Margaret T. Hance Park, also known as the Central Deck Park connecting downtown and midtown Phoenix neighborhoods, is the green space running east-west between Culver Street and Portland Streets from 3rd Street to 7th Avenue. This event will take place on the “neighborhood side” of the park, located on the west side between 3rd Avenue and Central Avenue (67 West Culver).

Plus, just as in years past, you’ll have a chance to audition for the show at the event!

Margaret T. Hance Park is also easily accessible via Valley Metro Light Rail from either the Roosevelt stop near the Roosevelt Historic District or the McDowell stop – an easy way to go green on your way to the festival, and a great option if you’re planning to enjoy beer and wine sampling at the event.

Buy tickets here.

Promotion assistance by HistoricPhoenixDistricts.com

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THE MORTGAGE TRICK THAT COULD SAVE YOU $100,000 OR MORE

Should you switch to a 15-year mortgage?

If paying off your house is a priority, you’ve obviously considered it. “One of the biggest benefits of a 15-year mortgage term is the ability to quickly pay off your home loan,” said Money Crashers. “This option is perfect if you plan to stay put and don’t want to pay your mortgage for a lengthy period of time.” 15 year mortgage

But even if you’re not planning to live in your home forever, a 15-year mortgage can be a great way to go because of the money saved. And we’re not talking about pennies. We’re talking hundreds of thousands of dollars.

“The 30-year fixed mortgage is practically an American archetype, the apple pie of financial instruments. It is the path that generations of Americans have taken to first-time home ownership. According to the Mortgage Bankers Association, 86% of people applying for purchase mortgages in February 2015 opted for 30-year loans,” said Investopedia. “But many of those buyers might have been better served if they had opted instead for a 15-year fixed-rate mortgage, the 30-year’s younger, and less popular, sibling. A shorter-term loan means a higher monthly payment, which makes the 15-year mortgage seem less affordable. But, in fact, the shorter term actually makes the loan cheaper on several fronts.”

The savings is substantial

“Imagine a $300,000 loan, available at 4% for 30 years or at 3.25% for 15 years,” they said. “The combined effect of the faster amortization and the lower interest rate means that borrowing the money for just 15 years would cost $79,441, compared to $215,609 over 30 years, or nearly two-thirds less.”

According to The Mortgage Reports, going with a 15-year mortgage translates to a reduction in “the amount of mortgage interest paid over the loan’s life by $44,000 per $100,000 borrowed as compared to a 30-year loan. For loans at the conforming loan limit of $417,000, then, a homeowner would save $183,000 by using a 15-year mortgage to finance the home instead of using a 30-year one.”

That’s a lot of money. But it’s that higher monthly payment that is often the sticking point for many borrowers. The monthly payment on a 15-year loan will cost more than one that’s double in length for obvious reasons—you’re paying off more money in less time. But the two loan terms do not offer an apples-to-apples comparison because the interest rates for 15-year mortgages tend to be lower.

“15-year-loans are less risky for banks than 30-year loans, and because the money banks use to make shorter-term loans costs them less than the money they use to make longer-term loans, consumers pay a lower interest rate on a 15-year-mortgage — anywhere from a quarter of a percent to a full percent (or point) less,” said Investopedia. “And the government-supported agencies that finance most mortgages impose additional fees, called loan level price adjustments, which make 30-year mortgages more expensive.”

The monthly payment on the 30-yer mortgage referenced above is $1,432. On the 15-year loan, it comes out to $2,108. That steep increase is often a deterrent for borrowers – especially those who are more concerned with their current monthly input and output than potential long-term savings.

Doing it on your own

Of course, a 15-year mortgage isn’t the only way to pay your house off sooner. Making additional principal payments can eat away at your balance without tying you to a higher monthly payment. Even one extra payment per year can make a big difference.

“Making an extra mortgage payment each year (totaling 13 payments in a 12-month period) could reduce a 30-year mortgage loan to approximately 22 years,” said Nationwide.

“The most budget-friendly way to do this is to pay 1/12 extra each month. For example, by paying $975 each month on a $900 mortgage payment, you’ll have paid the equivalent of an extra payment by the end of the year.”

Overpaying also offers a shorter path to an equity position, so when you are ready to sell, you have more equity in your home and are in a greater buying position. And if you do get into a situation where you need cash you can always pull the equity out of your home.

If you’re on the fence and are thinking about buying a historic home in Phoenix, please call Laura B. Browse all historic Phoenix Districts and their homes for sale.

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