Tag Archives: Historic Phoenix Neighborhoods

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

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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

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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.

Phoenix’s Encanto Park named among best in nation

Fresh air: Phoenix’s Encanto Park named among best in nation

KTAR May 16, 2016

Encanto Park,Historic,District,PhoenixThe Valley of the Sun is famous for our hot summers, but we’re also pretty well known for having some of the best weather in the country during other parts of the year.

We also have some great ways to mark that weather — hiking trails, lakes and one of the best parks in the nation.

Really.

Lifestyle website Thrillist said Phoenix’s Encanto Park is one of the nation’s best 15 city parks.

The site said it selected the 222-acre park because it has a lot to offer Phoenicians — think an amusement park, golf courses and swimming, among other activities — within a short drive from the central part of the city.

The park has also been highly rated by Forbes.

Encanto Park is located near 15th Avenue and McDowell Road. It was built in the 1930’s and designed by William G. Hartranft, who wanted to build something that would rival San Francisco’s Golden Gate Park or San Diego’s Balboa Park — the former was named the fifth-best city park in the nation by Thrillist, while the latter was named the second-best.

The park borders the popular and elite Encanto-Palmcroft Historic District and just across the street is Fairview Place Historic DIstrict with more affordable homes than Encanto. Just a short walk to the north is the popular North Encanto Historic District also offering homes more affordable than Encanto-Palmcroft.

Thrillist said Forest Park, in St. Louis, Missouri, is the best city park in the nation. Built to host the 1904 World’s Fair, it has numerous museums, the country’s biggest outdoor theater and a waterfall.

If you are curious about homes in this area, contact Laura B.