Scottsdale restaurant brings Italian concept to Collier Center in downtown Phoenix

Mancuso’s Restaurant – which has had Italian eateries in Kierland Commons and The Borgata in Scottsdale — is moving into the Collier Center development in downtown Phoenix.

Scottsdale restaurant Mancuso’s at the Collier Center will open this summer in an 8,700-square-foot space previously occupied by Kincaid’s. That business-oriented restaurant closed last year.

Scottsdale Restaurant Collier Center

Collier Center Downtown Phoenix

The location is located at Third and Washington streets in downtown Phoenix.

“The exciting growth of downtown Phoenix, with new businesses, new residents and visitors, plus increased activity at the Phoenix Convention Center, are all reasons now is the time to come downtown,” said Bobby Mancuso, president of Mancuso’s Restaurants, in a statement. “We are looking forward to bringing this vibrant part of the city our award-winning traditional Italian food, just as we did for 25 years at our former The Borgata of Scottsdale location.”

The Mancuso family has operated Italian restaurants in the Phoenix area for years. The Borgata location closed with the redevelopment of the retail complex into residential uses.

Another concept at Kierland Commons called Bobby’s Restaurant and Lounge had its last day on April 30 with the Mancuso’s moving onto a downtown concept.

Another new restaurant called The Park is also opening this summer at the Collier Center.

The Park is going into the former Stoudemire’s space. It is a food-truck food and craft beer concept and will include live music.

RED Development handles the leasing at the Collier Center.

RED also owns CityScape in downtown Phoenix and has brought popular restaurants and retailers into the Town & Country shopping center on Camelback Road and 20th Street.

Charles Skaggs, RED’s senior leasing broker at the Collier development, said the Mancuso’s and The Park are elevating the restaurant mix at the mixed-use development.

Phoenix Business Journal
May 3, 2016, 8:24am MST Updated: May 3, 2016, 8:28am MST

Vintage Culture Expanding In Downtown Phoenix

Anyone who has driven through downtown Phoenix recently has seen the construction on every corner and dozens of new restaurants and coffee shops.

May 2, 2016, 6:00pm MST

Contrastingly, if they drive four miles north of downtown along 7th Avenue, they’ll encounter a neighborhood with rich history and 20-year-old small businesses surrounded by historic districts like Woodlea and Pierson Place.

Melrose on 7th in Central Phoenix

The Melrose District In Downtown Phoenix, AZ

The Melrose District, nestled between Camelback and Indian School roads, is a place to shop for vintage clothing and antiques, eat at locally-owned restaurants and service your car at an old-school auto body shop.

It might stick out like a sore thumb in comparison to the new developments downtown, but that’s exactly what has made the district so successful over the years.

Melrose prides itself on being “a shining star in the Metro Phoenix area,” but what really shines is the rich vintage culture there. What makes vintage work so well in the Valley? Some store owners in the district say it’s because of Phoenix’s unique history, the supportive community and being able to adapt to change.

Phoenix’s unique history

More people are buying and selling vintage artifacts than ever before, according to a study by The Association of Resale Professionals. In fact, the U.S. resale industry has seen an average growth of 7 percent each year since 2012. Many cities have hopped on the vintage trend, and Phoenix in particular has become a destination for some of the best quality vintage at a cheap price.

Arizona’s southwestern roots make it a prime location to find vintage vests, cowboy boots and denim. Phoenix specifically is well-known for its mid-century modern architecture, which makes vintage furniture highly sought after too.

Retro Ranch owner Indigo Hunter said customers often come through her store looking for 50’s, 60’s and 70’s pieces.

“A lot of people have ranch-style homes, and the furniture works in it because it’s scaled properly,” she said.

Sarah Bingham, co-owner of Antique Sugar, said high rates of retirement and the ideal climate in Arizona also benefit the vintage culture.

“People come here to retire from all over the country, and then when they get here they have all their fabulous clothes,” she said.

Due to the abundance of vintage clothing in Arizona, Bingham said store owners can afford to sell their merchandise for cheaper prices than you’d find in Los Angeles or New York.

“And the climate’s really good…we don’t lose a lot of our stuff to rot because it’s dry here,” she said.

The district’s supportive community

The tight-knit community within the Melrose District is another reason vintage culture has lasted in the Valley. The majority of the district is made up of passionate small business owners as opposed to “big boxes,” as Hunter calls them.

“A lot of those are vintage and antique shops, and you kind of feel like that’s our tribe,” she said.

Bingham said she’s been to other towns where the resale industry is cutthroat, but that’s not the case in the district.

“We actually go out for cocktails with all the shop owners often,” she said.

Jeanne Wiesley, the owner of Pearly Mae’s, agreed that the Melrose community is uniquely friendly. Wiesley moved her store to the district in 2014 and said she was instantly welcomed with support.

“Everybody encourages everyone else’s success,” she said.

For instance, if she doesn’t have an item that a customer is looking for, Wiesley said she will happily send them to another store in the area because they would do the same.

Michael Hardesty said he experienced a similar camaraderie when he bought one of the largest vintage stores in the district, Zinnias at Melrose, in 2009. Hardesty even received advice from some of the shop owners on the ins and outs of the neighborhood and how to make his business last.

Adapting to a changing environment

Despite the district’s overall success over the past two decades, not all businesses have stood the test of time.

“Stores are going to come and go, and that’s not necessarily a red flag,” Hardesty said. “It’s just life.”

“Everything’s changing all the time,” Hunter said. “You pretty much always have to stay on your toes and be aware of what’s going on.”

One way Hunter and the other store owners have kept their businesses alive is by going online to cater to a younger demographic. For some of the owners, the prospect of going online is intimidating initially, given their longtime comfort with in-person interactions. Even so, having a digital presence has helped financially.

Wiesley said she recently started selling more of her inventory through Ebay and Etsy accounts during the summer.

“It’s a new world for me, but if it pays the bills we’re going to do it,” she said.

Another way vintage stores in the district have adapted is by pushing heavily on social media. In lieu of print advertising, Hardesty said he advertises aggressively on social media and through email campaigns.

Social media has helped a lot and really developed our brand,” he said.

For stores that make a living off of vintage artifacts, developing a strong brand is particularly important with all of the new development downtown. Fortunately, the vintage store owners see more opportunities from Phoenix’s development than threats.

Bingham, who recently relocated her store from the district to a new downtown building, said business is better than ever. In fact, she credits the changing environment to some of the store’s recent success.

“I say the more people the better,” Bingham said.

Wiesley moved to Phoenix in 1979, when she said people hardly ever went downtown. With the recent revitalization taking place, she’s shocked to see so many people walking around.

“I would rather have a high-rise there and show growth and potential in what our city can be to young and old,” she said.

Hunter is also in support of the developing culture, but cautions against too much change.

“I know that they’re building up downtown, but we still have to take care of the culture and the small business and not make it too corporate,” Hardesty said. “People are in business to make money, so it’s tough.”

Phoenix’s recent cultivation coupled with the need to grow digitally to continue making profits presents new-age opportunity to an old-age culture. But with a supportive community and unique history to back it up, the owners believe Phoenix’s vintage culture will continue to prosper.

“I think there’s always going to be a place for vintage,” Wiesley said.

TOP THINGS TO DO FIRST FRIDAY IN THE DOWNTOWN CORE

First Friday In the Historic Downtown Phoenix Core

Events in Downtown Phoenix

APRIL 28, 2016 BY FARA ILLICH

Roosevelt Row is the epicenter of all things First Friday, but sometimes venturing off the beaten path woven through Phoenix Historic Districts such as the Historic Roosevelt Neighborhood, can pay off in fun and unexpected ways. From free admission at the Children’s Museum of Phoenix to shopping in a shipping container, the Downtown Core offers some artsy, quirky and educational experiences Friday, May 6.

Skip out of work a little early or indulge in some retail therapy during your lunch break — it’s Friday after all. Stark James, the architecture and development firm behind Containers on Grand, have partnered with local t-shirt makers State Forty Eight to create a mobile, custom-made pop-up shop out of a shipping container, debuting for the first time 11 a.m. to 5 p.m. at Civic Space Park.

Load up the kiddos and head to the Children’s Museum of Phoenix, which is open to the public free of charge every First Friday. Explore 48,000 square feet of hands-on learning, art displays and play areas fit for the whole family, including specific zones geared toward toddlers and preschoolers.

Exploring the Arizona Science Center after dark already feels special. Add in the fact that it’s adults-only and there’s booze — and you’ve got the perfect date-night adventure. Enjoy access to four-floors of science fun, signature cocktails and discounted access to Popnology, a special exhibition focused on pop culture-inspired technology. The lecture series “The Future of Transportation: An inside look on how future cars are designed, built and operated” starts promptly at 7 p.m., followed by a discussion on transportation innovation.

It’s an evening of art, creativity and neon lights hosted by “Walter,” the world’s largest Volkswagen bus. Located on the beautiful Herberger Theater patio, enjoy happy hour drink specials, snacks and kid-friendly options. Bring the whole family to explore this 1960’s-era converted firetruck, and learn about Walter Productions, the collaborative and whimsical maker group behind the Walter “art car.”

Located on the corner of Monroe Street and Third Avenue, the beautiful Grace Chapel (which is rarely open First Fridays) is home to Release the Fear, an arts-centered nonprofit working with at-risk youth. Not only does the organization teach art, music and communication skills to kids in detention, treatment centers and schools, but some of their fantastic artwork is featured on the gallery walls and historic alter.

The Step Gallery at Grant Street Studios is really an artistic marvel in and of itself. In a converted warehouse just south of the Downtown Core, this exhibit explores modern Americana through ceramic sculpture and video installations. “For Closure” addresses issues of income inequality, predatory financiers and oligarchical policymakers in a thought-provoking series by Jonah Amadeus. This is his MFA thesis work for the Herberger Institute for Design and the Arts, and the show runs through May 8.

In a nearly 100-year-old former commercial laundry in the Warehouse District, the Bentley Gallery features gorgeous museum-quality exhibits in a variety of mediums. Whether it’s work on paper, metal or wood, the nine artists featured in “Off the Wall,” explore the relationships between color, form, the viewer, the wall, and the space in between. The exhibition, which runs through May 31, is all about the interplay of positive and negative space and the power of three-dimensional art.

Chateau on Central Luxury Townhomes For Sale

Chateau on Central Phoenix, Central and Palm Lane in Phoenix, AZ

Chateau on Central Phoenix is set in the heart of Phoenix. It’s more than you could expect  and everything you’ve always dreamed true city living can be. Located along the landmark corridor of downtown Phoenix on Central Avenue and Palm Lane,

Chateau on Central is redefining urban sophistication. Vertical living becomes more elegant and sophisticated at Chateau on Central. The five-story brick and masonry brownstones range from 5,200 to 5,800 square feet, with a signature residence that boasts 8,200 square feet. Each home can be customized to fit your lifestyle.

Just steps from the Phoenix Metro Light Rail and Willow Historic District, all the homes feature gourmet kitchens with Viking appliances, private roof-top patios, 2-car garage and a personal elevator.

Chateau on Central is the luxury community in Downtown Phoenix that offers complete customization to make your home a one-of-a-kind brownstone that represents your taste and style on all levels. Options available include Designer/Architectural Services, furniture built-ins and flex space for optional home theater, gallery, wine cellar or game room. Build a lifestyle that stands the test of time at Chateau on Central.

Phoenix housing project to undergo $44 million renovation

BY CHLOE NORDQUIST/CRONKITE NEWS | April 29, 2016

Once in danger of demolition, a housing project in south Phoenix is getting a new lease on life with a $44 million renovation.

The Coffelt-Lamoreaux Housing Project near 19th Avenue and Buckeye Road, built for Korean War veterans, now houses many low-income individuals and families in the Phoenix area.

Phoenix Housing Project“Most of the affordable housing we’re able to develop these days are multi-family buildings,” said Mike Trailor, director of the Arizona Department of Housing. “So this property is unique because there are 300 duplex units on 38 acres.”

Construction workers broke ground on the renovations Wednesday after three years of planning. The units will be gutted and redone with new appliances, flooring, plumbing and more. However, workers will preserve the outside because of the historical status of the buildings.

The Housing Authority of Maricopa County had slated the complex for demolition and had planned to sell it to private investors.

“We didn’t want to see Coffelt demolished, but they were not happy with the current condition of the property,” said Brian Swanton, Arizona market president for Gorman and Company Inc. “The housing authority gets a very small amount of money each year from the federal government to maintain this development, and it’s just woefully inadequate.”

A combination of federal, city, local and private entities helped come up with the $44 million renovation money, which included trust funds and historic tax credits.

The reduced rent housing eligibility is based on a number of qualifications.

For residents like Yolanda Ramirez, the affordability and location are important to her as a mother.

“I need to afford my kids because I don’t have a husband,” Ramirez said.

In late 2012, during the discussion of demolition, the community realized that nearly two thirds of the nearby elementary school students came from the homes.

“There was a lot of community pushback,” Arthur M. Hamilton School Principal Nicole Shamblin said.

The elementary school would have been shut down as a result of low enrollment, officials said.

“That would’ve been a complete disaster not just for Coffelt, but for the surrounding community as well,” Swanton said. “So this became (the Board of Supervisors’) top priority redevelopment project, and they asked us to step forward and find a way to recapitalize the development to save it from being demolished.”

The Coffelt-Lamoreaux homes make up the the oldest operational public housing project in Maricopa County. They were developed in 1953 and taken over by the city of Phoenix in 1959.

“As a community, if we can do a better job of providing decent, safe, affordable housing, and we give people opportunities, we become stronger as a community,” Trailor said.

The development will offer residents a health clinic, tutoring, a robotics program and county services like parenting, financial literacy and job training, according to Maricopa County. Officials expect to finish the renovations in 18 months.

Just released – Phoenix has 6.0% appreciation over last year

Case Shiller Index 2016

The latest S&P/Case-Shiller® Home Price Index® numbers came out this morning, covering sales that closed between February 2016 and February 2016. The greater Phoenix metro area came in with 6.04% appreciation over that 12 month period. 

Case Shiller IndexThe Cromford Report comments – “The west coast continues to appreciate the fastest, with Denver also very strong. Phoenix is in the middle of this pack of 20, but beat the overall average for the USA. When we look at the month to month change we see:

  1. San Francisco 1.06%
  2. Seattle 1.06%
  3. Denver 0.94%
  4. Portland 0.75%
  5. Los Angeles 0.70%
  6. Tampa 0.59%
  7. Dallas 0.52%
  8. Atlanta 0.37%
  9. Charlotte 0.35%
  10. Phoenix 0.27% 
  11. Las Vegas 0.21%
  12. Detroit 0.10%
  13. Miami 0.08%
  14. San Diego 0.06%
  15. Boston -0.08%
  16. Washington DC -0.20%
  17. Chicago -0.31%
  18. Minneapolis -0.44%
  19. New York -0.47%
  20. Cleveland -0.60%”

If you’re ready to buy a home in Phoenix, Scottsdale or surrounding areas, contact me today for a no obligation consultation.

Mortgage Rates Reach a New Low for 2016

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 15, 2016

Mortgage Rates in 2016The 30-year fixed mortgage rate dipped to its lowest average of the year this week, averaging 3.58 percent, Freddie Mac reports in its latest mortgage market survey.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, Freddie Mac’s chief economist. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 14:

  • 30-year fixed-rate mortgages: averaged 3.58 percent, with an average 0.5 point, dropping from last week’s 3.59 percent average. Last year at this time, 30-year rates averaged 3.67 percent.
  • 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.88 percent average. A year ago, 15-year rates averaged 2.94 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.84 percent, with an average 0.4 point, rising from last week’s 2.82 percent average. Last year at this time, 5-year ARMs averaged 2.88 percent.

It’s a great time to buy a home in Phoenix, Arizona. Call Laura B. today to begin the process of buying your historic Phoenix dream home.

Top 20 Cities for Luxury Sales Revealed

DAILY REAL ESTATE NEWS | MONDAY, APRIL 11, 2016

Scottsdale, Arizona Among Top 20 Cities For Luxury Living

Scottsdale Luxury Homes ArizonaAmerica’s top cities and ZIP codes for luxury home listings and sales kept a stable pace of growth over the last year, according to Coldwell Banker Previews International’s latest annual Luxury Market Report.

In some pockets across the country, however, luxury sales soared. For example, sales of $1 million-plus homes last year jumped 32 percent year-over-year in Austin, which is seeing a boom in its tech and entertainment industries. Other markets that are seeing large growth include Fort Lauderdale (up 31%) and Seattle (up 30%), according to the report.

Florida earned the top spot as the main destination for real estate’s high-priced segment. Luxury sales posted double-digit growth in Miami, Naples, and Palm Beach. Newcomer areas like Lake Worth and Wellington, also placed in the Top 20 list for $10 million sales for the first time, the report showed.

The following are the 20 top performing cities in the luxury real estate market for $1 million-plus sales, according to the latest report:

  1. New York, N.Y.: 3,662 (number of listings)
  2. Miami, Fla.: 1,654
  3. Miami Beach, Fla.: 1,473
  4. Naples, Fla.: 1,146
  5. Park City, Utah: 1,037
  6. Los Angeles, Calif.: 985
  7. Atlanta, Ga.: 982
  8. Scottsdale, Ariz.: 951
  9. Fort Lauderdale, Fla.: 878
  10. North Miami Beach, Fla.: 810
  11. Chicago, Ill.: 735
  12. Houston, Texas: 696
  13. Boca Raton, Fla.: 662
  14. Greenwich, Conn.: 535
  15. Honolulu, Hawaii: 501
  16. San Diego, Calif.: 471
  17. Austin, Texas: 460
  18. Sarasota, Fla.: 455
  19. Dallas, Texas: 420
  20. Santa Barbara, Calif.: 387

If you’re looking to buy real estate in Scottsdale, whether it’s a single-family home or a condo in an amenity-laden high-rise with 24-hour valet and concierge services, or a historic Scottsdale home, we can help you design a lifestyle tailored just for you.

If you like Scottsdale, you’ll probably like Paradise Valley which is situated between Scottsdale and Phoenix. Paradise Valley consists of 16-square-miles of tranquil oasis with large lots, unobstructed mountain views and acre-plus zoning.

For additional information and for a tailored, custom luxury homes search in Scottsdale, Paradise Valley or Historic Phoenix, contact me today.

Mortgage Rates Hit New Low for 2016

Mortgage rates this week plunged to their lowest level since February 2015, unlocking more savings for home buyers and home owners who are refinancing.

2016 Mortgage Rates,Phoenix,National“Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields, as the 30-year mortgage rate fell 12 basis points to 3.59 percent,” says Freddie Mac chief economist Sean Becketti.

“This rate marks a new low for 2016. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 7:

  • 30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.5 point, dropping from last week’s 3.71 percent average. Last year at this time, 30-year rates averaged 3.66 percent.
  • 15-year fixed-rate mortgages: averaged 2.88 percent, with an average 0.4 point, falling from last week’s 2.98 percent average. A year ago, 15-year rates averaged 2.93 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.82 percent, with an average 0.5 point, dropping from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 2.83 percent.

It’s a great time to buy a home in Phoenix, Arizona. Call Laura B. today to begin the process of buying your historic Phoenix dream home.

Source: Freddie Mac

The Numbers Are In and 2016 Is Off to a Good Start in Home Sales

We may be on the verge of spring, but housing and economic reports work on a bit of a lag time.

We’ve only just gotten the major data reports for January, and it’s giving us a clear-eyed view of how the real estate market is measuring up this year.

Home sales in 20162016 Is off to a good start in home sales. And yeah, things are looking good.

Job creation—arguably the most important factor in housing demand—is moving apace. January saw 151,000 jobs created. That level of employment growth is below 2015’s monthly average, but unemployment is now near 10-year lows and is in line with the current macro forecast from the National Association of Realtors® (NAR). This level of employment growth should translate into the 3% growth in housing sales we are expecting for the year.

Speaking of sales, January’s existing home sales report did not disappoint. Even though sales are taking longer to close, due to the implementation of new disclosure and closing forms and procedures, the pace grew 0.4% in January from December. Granted, that’s not a lot, but analysts had been expecting a decline. And from January 2015 to January 2016, existing home sales grew a solidly impressive 11%.

The increase in sales is resulting in continued tighter-than-tight supply—measured by NAR to be four months in January.  For you non-economists out there, that metric measures the number of months it would take to sell the current inventory of available homes, at the current pace. Got it? Six to seven months’ worth of homes on the market is considered normal; four months is cray-cray.

This is driving prices higher and encouraging consumers who hope to buy this year to get started as soon as possible.

January’s new home sales and new home construction remained consistent with the pace of activity of the last several months. Still, the level of new construction still represents solid year-over-year growth, especially in single-family homes. The most encouraging sign: The median price of new homes is finally declining, as a result of the fact that builders are offering more affordable homes.

Finally, the most timely readings we can pass on come from our own observations at realtor.com that confirm that demand is growing rapidly at the start of the year, resulting in an acceleration in inventory movement that we typically do not see until March or April.

OK, not everything is rainbows and unicorns. The biggest negative trend impacting potential demand relates to the January and February declines in stock values, which have taken a toll on consumer confidence. But, even that negative trend has a silver lining: Mortgage rates are now substantially lower. The average 30-year conforming rate has stabilized at under 3.7%, giving buyers almost 5% more buying power than they had at the end of 2015, and strengthening their ability to meet the debt-to-income ratio requirement for a loan.

Net-net, pent-up demand appears stronger than any weakness caused by the financial markets. And the lower rates are encouraging would-be buyers to act sooner rather than later. With this strong start, 2016 should indeed see growth, but the biggest constraint will be the tight supply.

Courtesy Realtor.com

If you’re ready to get pre-approved for a home mortgage and start home shopping, give me a call or email today.