Tag Archives: Buying Historic Phoenix Real Estate

Arizona counties rank high as best places to get a mortgage

Home buyers looking to head back into the market in Arizona may do so in a state where it’s pretty decent to get a mortgage.

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Learn How to Save Money When Owning a Historic Phoenix Home

A new SmartAsset.com look at the best counties for getting a mortgage finds those in Arizona among the tops in the country. Pinal County came in first in the state and No. 34 nationally.

The report looked at five-year borrowing costs for as a ranking measure, but also examined property taxes, loan funding rates and annual mortgage payments to determine a composite score.

While the state’s most populous counties, Maricopa and Pima, ranked well nationally they were behind the curve in the state, ranking No. 3 and No. 9 respectively.

The best counties to get a mortgage mostly reside in Florida, with six of the top 10 in the ranking in the Sunshine State.

Methodology

For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment Best Mortgage Markets Index
1 Pinal, AZ 63.16% $76,932 $12,606 $14,789 94.24
2 Gila, AZ 58.11% $76,932 $10,586 $14,789 93.08
3 Maricopa, AZ 64.40% $77,437 $9,638 $14,789 76.73
4 Coconino, AZ 62.61% $77,437 $8,294 $14,688 76.70
5 Yavapai, AZ 61.05% $77,437 $9,001 $14,789 75.54
6 Mohave, AZ 59.90% $77,437 $9,166 $14,789 74.90
7 Yuma, AZ 62.26% $77,437 $11,292 $14,884 74.74
8 Graham, AZ 56.77% $77,437 $8,009 $14,789 74.13
9 Pima, AZ 62.13% $77,437 $13,620 $14,688 73.28
10 Cochise, AZ 55.76% $77,437 $9,981 $14,789 72.47
  AZ 56.00% $77,370 $10,134 $14,775
Methodology

Sources: Mortgage Bankers Association, US Census Bureau 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset

A DAY IN THE LIFE AT CORONADO COMMONS

The lifestyle at CORONADO COMMONS includes experiencing numerous restaurants, shops and a very walkable neighborhood just steps from your door. Coronado Commons 325 E Coronado Rd. Phoenix, AZ 85004

coronado commons,roosevelt,downtown,phoenix,luxury,lifestyleYour wait is over. Finally, a modern community close to all the action. Coronado Commons was developed by Riley/Smith Development, whose principals are highly respected residential developers. Years of experience and dedication have culminated in this livable downtown luxury property. Minutes away from the Light Rail, Phoenix Art Museum, Roosevelt Row, sporting events, entertainment, education, food, and culture.

In the heart of the Midtown area, residents are minutes from the Central Arts District, Downtown Phoenix, Arcadia and much more. With so much just minutes away imagine all of the neighborhood gems you’ll have to enjoy.

Coronado Commons offers its owners the best of both worlds–midtown culture and downtown living, all in the heart of a historic neighborhood. Restaurants, bars, coffee shops, event venues, art galleries are all within walking distance. Need to get around town? A few minutes by car or Uber will have you in Downtown Phoenix, Sky Harbor Airport or the Biltmore Corridor. Come see this gem of a new townhome community nestled in the heart of Phoenix.

Midtown
2 bedroom / 2.5 bathroom, 1731 sf

With 2 big bedrooms and 2 1/2 baths, you have everything you need and more in this dynamic space. The Midtown offers the Office/Den/Studio at the ground floor entry; flexible space however you want to use it! The Owners Suite is designed for today with walk–in closet, dual sinks and luxurious shower. As with all our plans, you’ll get large open kitchens, over-sized great–rooms and private patios to complement your new Urban Lifestyle!

Uptown
3 bedroom / 3 bathroom, 2150 sf

Big space for your big life! Uptown offers the Office/Den/Studio with convenience bath; flexible space however you want to use it! These end–unit only 3 bedroom homes deliver the light and views you want. The deluxe Owners Suite offers a large walk–in closet, dual sinks, extra counters and luxurious shower. As with all our plans, you’ll get large open kitchens, over-sized great–rooms and private patios to complement your new Urban Lifestyle!

Residence Features

  • Luxury Finishes
  • 10 ft+ Ceilings
  • Light, Open Interior Spaces
  • Attached Two Car Garages
  • Gas Cooktop and Oven
  • Energy Star Rated

Common Area Amenities

  • Resort Style Pool and Lounge Chairs
  • Covered Outdoor Community Grilling Area
  • Secured courtyard
  • Grass Dog Walk
  • Secured Direct access to
    Safeway and Starbucks
See what your day could look like living at Coronado Commons by calling Laura Boyajian at 602-400-0008 today to arrange a private tour.

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.

historic,phoenix,homes,real,estate,buy,sellReal 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

Housing Forecast Chart for 2017The 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. PhoenixMesaScottsdale, 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:

  1. 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.
  2. 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.
  3. 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 GreensboroHigh Point, N.C.; Akron, Ohio; and BaltimoreColumbiaTowson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with LakelandWinter Haven, Fla., DurhamChapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
  4. 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.
  5. 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; ProvoOrem, Utah; Seattle. and OxnardThousand OaksVentura, 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

mortgage,interest rates,national,real estate,loans
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.

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.

Phoenix Hilton,Chandler AZ,NewThe 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.

Vintage Culture Expanding In Downtown Phoenix

May 2, 2016, 6:00pm MST

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

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,Phoenix,Downtown,Central

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.

Mortgage Rates Reach a New Low for 2016

mortgage rates,2016,real estate,phoenixThe 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.

Source: Freddie Mac