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Tuft & Needle Buys Historic Paper Heart Building on Grand Avenue

Mattress retail startup and Phoenix cheerleaders Tuft & Needle have purchased an historic and iconic building on Grand Avenue.

Owners JT Marino and Daehee Park bought a 6,000-square-foot building at 750 Grand Avenue, most recently known as the Paper Heart, a performance space, music venue, gallery, coffee shop and bar.

The building opened in the 1960s as a Quebedeaux Chevrolet, and was designed by Victor Gruen, the Austrian architect known as “the father of the American shopping mall.”

The Paper Heart was opened by Scott Sanders in 2000 and ran until the end of 2007. The space was one of the early participants of downtown Phoenix’s First Fridays art walk.

Steph Carrico and JRC, owners of the Trunk Space — a long-standing Grand Ave. music venue that has since moved— were involved in the Paper Heart as well.

Park and Marino heard about the space and its history from the Grand Avenue community, and decided to purchase it to preserve the building and the lower Grand Avenue corridor, according to representatives.

The T&N headquarters is across the street on Grand Avenue.

Marino and Park then established Grand Paper Heart, LLC in fall 2016 to purchase the building, which has a full cash value of $512,200, according to Maricopa County records.

T&N declined to disclose the purchase amount, and are not sure what they plan to do with the building.

“We just want to make sure while we’re investing in this area that the other buildings are preserved,” said company representatives.

Marino and Park were runners-up in the Phoenix Business Journal’s 2016 Businessperson of the Year.

Real estate around Grand Avenue is soaring and many believe it’s the next Roosevelt Row where all cool things happen as part of Garfield Historic District and Roosevelt Historic District. Districts near Grand Avenue like Woodland Historic District and Oakland Historic DIstrict are still hidden gems with values increasing more rapidly than other districts. These districts border the core of downtown Phoenix and are walking distance to the State Capitol and other government buildings.

If you’re interested in buying or selling a home in any of these districts or surrounding historic districts, call Laura Boyajian at (602) 400-0008, a Historic Phoenix Real Estate Specialist.

10 Housing Markets to Envy in 2017

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 01, 2016

The national housing market is largely predicted to moderate in 2017, but a handful of metros are expected to beat expectations. In fact, 10 markets are looking like hot-beds for growth in the new year with Phoenix, Arizona being number one.

Realtor.com®’s research team has flagged markets that will likely see average price gains of 5.8 percent and sales growth of 6.3 percent in 2017. Those gains would exceed next year’s anticipated national growth of 3.9 percent in home prices and 1.9 percent in home sales.

As such, real estate professionals in these 10 markets should expect a booming business in 2017. Realtor.com® notes these are the hottest housing markets to watch in the new year, based on price and sales gains:

1. Phoenix–Mesa–Scottsdale, Ariz.

2. Los Angeles-Long Beach-Anaheim, Calif.

3. Boston-Cambridge-Newton, Mass.-N.H.

4. Sacramento–Roseville–Arden-Arcade, Calif.

5. Riverside-San Bernardino-Ontario, Calif.

6. Jacksonville, Fla.

7. Orlando-Kissimmee-Sanford, Fla.

8. Raleigh, N.C.

9. Tucson, Ariz.

10. Portland-Vancouver-Hillsboro, Ore.-Wash.

Why are expectations so high for these 10 markets? Realtor.com®’s research team notes that strong local economies and population growth are helping to fuel sales. Also, the top 10 housing markets have other commonalities, such as relatively affordable rental prices, low unemployment, and large populations of millennials and baby boomers.

Top Housing Trends for 2017
Next year’s predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends:

Millennials and boomers will dominate the market – Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they’re less dependent on financing, they are anticipated to be more successful when it comes to closing.
Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com^® expects this trend to continue in 2017 even as interest rates increase.
Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with Greensboro–High Point, N.C.; Akron, Ohio; and Baltimore–Columbia–Towson, Md., experiencing the largest gains. Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with Lakeland–Winter Haven, Fla., Durham–Chapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall.
Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramentoand Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; Provo–Orem, Utah; Seattle. and Oxnard–Thousand Oaks–Ventura, Calif.)

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Mortgage Rates Hover Near All-Time Low

HISTORICPHOENIXDISTRICTS.COM DAILY REAL ESTATE NEWS | FRIDAY, JULY 01, 2016

Fixed-rate mortgages this week dropped to their lowest averages of the year, which analysts attribute to the fallout from last week’s “Brexit” vote.

The 30-year fixed-rate mortgage averaged 3.48 percent this week, only 17 basis points from its all-time record low of 3.31 percent in November 2012, Freddie Mac reports.

“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

Freddie Mac reports the following national averages for the week ending June 30:

30-year fixed-rate mortgages: averaged 3.48 percent, with an average 0.5 point, falling from last week’s 3.56 percent average. Last year at this time, 30-year rates averaged 4.08 percent.
15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.4 point, dropping from last week’s 2.83 percent average. Last year at this time, 15-year rates averaged 3.24 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.70 percent, with an average 0.5 point, falling from last week’s 2.74 percent average. A year ago, 5-year ARMs averaged 2.99 percent.

Source: Freddie Mac

It’s never been a better time to buy a home. Money is inexpensive but that doesn’t mean you should spend a lot, unless you’re wealthy, of course. Call Laura B. for a free consultation on buying a home in any one of the Historic Phoenix Districts, historic adjacent, Uptown, Midtown, Downtown, Scottsdale, Biltmore, Paradise Valley, Arcadia or Surrounding suburbs.

Phoenix Approves Sale of Historic Downtown Building

The city of Phoenix will sell a 101-year-old historic downtown building to a developer for $2.28 million.

Jun 23, 2016

Barrister Building,downtown Phoenix.historic

Barrister Building in downtown Phoenix sale approved and will be renovated

The Arizona Republic reports that the city-owned Barrister Building, which sits on the corner of Jefferson Street and Central Avenue, will be sold to Crescent Bay Development Services LLC. The developer plans to renovate the century-old building, which the city bought in 1990.

Development plans include at least 88 condos in the existing six-story building as well as two new buildings.

This is the latest effort to renovate and preserve the historic building, which originally opened in 1915, and at one time was the tallest building in the state. The city had approved another project plan two years ago but it eventually fell through.

The building was long home to the Jefferson Hotel, featured in Alfred Hitchcock’s 1960 movie “Psycho.”

“We’re really excited about the project,” said Geoff Beer, a principal with Scottsdale-based Crescent Bay.

Beer said plans calls for construction of two new six-story buildings to go along with the six-story, 100-year-old Barrister building. The Jefferson Hotel/Barrister building was built in 1915.

Beer expects condos to be priced between $250,000 and $650,000 with an average unit size of 1,170 square feet. He said Crescent’s bid calls for buying the city-owned building for $2.28 million. It will also include some ground level retail and restaurant space.

Phoenix could reimburse Crescent Bay up to $1.9 million for infrastructure and preservation improvements, according to the Republic.

Tim Gallen and Mike Sunnucks

Phoenix Business Journal

Hilton introduces new hotel brand to the Phoenix area

May 3, 2016, 4:13pm MST

A new Hilton hotel will open this summer, known as the low season, in the Phoenix area, giving Valley residents a possible new staycation spot.

The Home2 Suites by Hilton is currently under construction and will open in July at 2490 W. Queen Creek Road in Chandler.

The 70,148-square-foot, 126-room, four-story building is the first of its kind in Arizona, and is geared toward extended-stay travelers.

“Every Home2 Suites hotel was designed to incorporate features that take the extended-stay concept to a new level, including expanded community spaces, flexible room configurations and enhanced breakfast offerings that assure guests have a varied selection no matter how long they stay,” said Bill Duncan, global head of Home2, in a statement.

The hotel is under the management of North Central Group, which previously developed and ran the Homewood Suites and Hampton Inn Suites in Chandler, and currently manages the Courtyard and Fairfield Suites & Inn in Chandler.

A representative for North Central Group also said that the company wanted to open Home2 Suites in Chandler because it is a “dynamic market and a great area.”

Kekoa Morton will be general manager and David Smith will be sales manager.

Steven Totten – Reporter

Phoenix Business Journal

Mortgage Rates Reach a New Low for 2016

It’s a great time to buy a Phoenix home.

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 15, 2016

Mortgage Rates in 2016 The 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.

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 2016 2016 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.

Fry’s to Open a Full Service Grocery Store in Downtown Phoenix

Courtesy: Downtown Phoenix Journal

Fry’s Food Stores Announces New Location in the Heart of Downtown Phoenix

55,000 Square-Foot Full-Service Grocery Store to Join Proposed Mixed-Use Project

Fry’s Food Stores and RED Development today announced the popular grocer will open downtown Phoenix’s first full-service grocery store. Fry’s preferred location to build the new 55,000 square-foot grocery store would be on the surface parking lot bordered between Washington Street and Jefferson Avenue, located between CityScape Phoenix and Collier Center. The downtown grocer would be housed in a proposed mixed-use development that could include traditional and creative office space and residential uses.

With the recent resurgence of downtown Phoenix and neighboring districts plus the expansion of both ASU and UA downtown campuses, a grocery store has been long-coveted for this area of the city. New employers are opening up offices, including tech-focused companies such as Uber and several new residential buildings have been built to meet the demands of new employee growth, creating an even greater need for a grocer in downtown Phoenix.

“This just made it a lot easier to move to downtown Phoenix,” said Mayor Greg Stanton. “A new full-service grocery store will be a catalyst for more residential and neighborhood growth downtown for years to come. With RED Development, Fry’s and Kroger, we are gaining trusted brands with a long track record of success in downtown urban markets.”

Frys Food,downtown phoenix,cityscape,real estate,historic

The location of the pending development is adjacent to CityScape Phoenix on the Valley Metro Light Rail Line. Photo courtesy of RED Development.

“This has been over 10 years in the making,” said Council member Michael Nowakowski, whose district includes downtown. “As the member on the Council who has represented downtown the longest, I am excited to announce that we are finally bringing a grocery store to downtown Phoenix. I can’t wait to see this project break ground in my district.”

Councilman Daniel Valenzuela, chairman of the Phoenix City Council’s Downtown, Aviation and Redevelopment Subcommittee, added “A grocery store has been at the heart of creating a modern, urban, vibrant downtown, which is needed to help attract the top talent necessary for our economy to thrive. I am thrilled to join Fry’s and RED in announcing this incredible news.”

“As a former downtown resident, I know first-hand how difficult it can be without convenient access to a full-service grocery store,” said Vice Mayor Kate Gallego. “For residents who live and work downtown, especially those who rely on light rail and other public transportation, this store is exactly what we need.”

Councilwoman Thelda Williams has also worked on this issue for many years.

The new Fry’s Food Store would be conveniently located in the core of downtown Phoenix, in between major light rail access points and would also serve greater downtown Phoenix historic districts such as Garfield, Roosevelt, Grand Avenue, Warehouse, Eastlake Park and more.

“CityScape was just the beginning of the potential we see in downtown Phoenix,” said Mike Ebert, Managing Partner, RED Development. “RED Development is looking forward to continuing its planning efforts on this mixed-use project and bringing a Fry’s grocery store to this area is the next step in solidifying the stability of the downtown revitalization movement.”

RED Development and Fry’s Food Stores look forward to sharing more details in coming months as the project progresses.

About RED Development
A wholly integrated commercial real estate company, RED Development maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 34 properties totaling nearly 17 million square feet in 11 states. For over 20 years, RED has been a preferred partner for national retailers and investors. The company also works with third-party property owners seeking RED’s expertise in remerchandising and repositioning properties to improve profitability and appeal. A privately held company headquartered in Phoenix, with corporate offices in Dallas, TX, and Overland Park, KS, RED builds on its development capabilities as an active acquirer of existing properties. www.reddevelopment.com

About Fry’s Food Stores
Fry’s Food Stores is headquartered in Tolleson, Arizona. The company employs more than 18,000 Arizona residents. The 119 Fry’s Food Stores service more than three million customers each week. Fry’s has been serving Arizonans since 1960. In 2012, Fry’s was honored with the Arizona Fundraising Professionals “Outstanding Corporation” award for its community service and philanthropic efforts. The company also received “2013, 2014 and 2015 Top Company” awards. Fry’s is the only grocer in Arizona to receive Top Company honors. The company is hiring and looking for customer service stars.

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

Free 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.

Historic Phoenix Districts Real Estate In Downtown and Central Phoenix

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