Tag Archives: Homebuying

Coronado Historic District In Central Phoenix

CORONADO HISTORIC DISTRICT

Coronado Historic Bungalow

1935 Coronado Historic District Home

Coronado Historic District in Central Phoenix boundaries are roughly Virginia Avenue to Coronado Road, 8th Street to 14th Street. It 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 neighborhood 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

Roosevelt Row BID Proposal Faces New Challenges

Since April 2014, Downtown Phoenix Journal has been sharing the story of the developing proposal for a Roosevelt area Enhanced Municipal Services District, more commonly known as a Business Improvement District or BID. 

Roosevelt Row Historic Phoenix

Roosevelt Row, Phoenix, AZ

Over the past 18 months, the Roosevelt Row community has been engaged in the process of forming a business improvement district (BID), which would provide enhanced municipal services for the area. Though the proposal for the BID passed the Phoenix City Council in January, it is now in danger of being invalidated due to a bill that is advancing in the state legislature.

HB 2440 would essentially change the process for the formation of BIDs – not just in downtown Phoenix, but across the state. If passed, it would incorporate more government oversight into the process and would be retroactive to January 1, 2016. The bill is sponsored by Representative Warren Petersen of Gilbert and is supported by a group of Roosevelt Row land owners who oppose the formation of the BID. The bill passed the House this week and is now on its way to the Senate.

Earlier in the week, Roosevelt Row CDC sent a letter to Roosevelt business owners informing them about the bill. The letter is excerpted here:

Dear Roosevelt Row Business Owner,

As many of you are aware, the Phoenix City Council recently approved the formation of a business improvement district for our Roosevelt Row area. That vote gives us the opportunity to create an organization that represents us, the small business owners of Roosevelt Row, to collectively market our area as an evolving canvas of creativity. By forming this district we will be able to promote arts, music, dining and shopping opportunities which will increase business and community awareness of Roosevelt Row as a culturally diverse destination welcoming to everyone.

To be clear, the Council’s vote to approve the District is contingent upon us working together to develop by-laws and a budget which reflects our priorities in a fiscally responsible manner. Once those documents are completed the City Council will then review, modify, and/or approve what we submit.

While we are currently in the process of developing those items (budget and by-laws), a lobbying firm, which recently purchased a building on Roosevelt Row, is using its influence to retroactively stop our district from being formed and essentially prohibiting any future Business Improvement Districts from ever being organized again. Public Policy Partners, a lobbying firm owned and operated in part by lobbyist Marcus Dell’Artino, has successfully gotten a Gilbert lawmaker to introduce House Bill 2440, which would essentially prohibit any types of these organizations from ever being organized again anywhere in Arizona! And the bill is retroactively dated to the date our district was approved by Phoenix City Council.

Currently business improvement districts are successfully operating in Downtown Phoenix, Tempe, Mesa, Chandler, Tucson and Flagstaff – they have been highly effective in revitalizing these urban core areas by recruiting, retaining and expanding locally-owned and independently operated small businesses and promoting these areas as unique cultural, artistic and commercial destinations. They have proven to be powerful economic engines to spur business and job growth.

If you agree with the Roosevelt Row CDC and would like to voice your support for the BID, follow this link to contact members of the Arizona Legislature: http://www.rooseveltrow.org/save-roosevelt-row/

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Mortgage Rates Move Lower Than Expected

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 05, 2016

Janet Yellen Interest Rates

For the fifth consecutive week, mortgage rates trended down, surprising even forecasters. The 30-year fixed-rate mortgage is now at its lowest average since April 30, 2015.

“Market volatility — and the associated flight to quality — continued unabated this week,” says Sean Becketti, Freddie Mac’s chief economist. “The yield on the 10-year Treasury dropped another 15 basis points, and the 30-year mortgage rate fell 7 basis points as well, to 3.72 percent. Both the Treasury yield and the mortgage rate now are in the neighborhood of early-2015 lows. These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance.”

This week the market forecasted zero hikes in 2016 for the Fed’s short-term rates, which could keep mortgage rates low. Analysts are now predicting that the closely monitored Fed Futures market has nearly a 60 percent chance of no rate hikes at all this year, marking a “dramatic U-Turn from only a month ago when the market was pricing in a 75 percent probability the Fed would increase rates at least once in 2016,” CNNMoney reports.

The Fed had risen rates 0.25 in December, its first increase in nearly 10 years. But with stock markets spiraling downward and the fragile global economy, analysts believe this will likely prompt the Fed to pause in raising rates.

“Things have happened in financial markets and in the flow of economic data that may be in the process of altering the outlook for growth,” Fed vice chairman Bill Dudley told MarketWatch this week.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 4:

  • 30-year fixed-rate mortgages: averaged 3.72 percent, with an average 0.6 point, dropping from last week’s 3.79 percent average. A year ago, 30-year rates averaged 3.59 percent.
  • 15-year fixed-rate mortgages: averaged 3.01 percent, with an average 0.5 point, falling from last week’s 3.07 percent average. Last year at this time, 15-year rates averaged 2.92 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.85 percent, with an average 0.4 point, falling from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 2.82 percent.

The opportunity to buy a home at low interest rates is still here. For how long, who knows?

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DOWNTOWN PHOENIX LIFE

The City of Phoenix defines Downtown as the area between 7th Street and 7th Avenue, from McDowell Road on the north to Buckeye Road on the south. However, the majority of downtown development is concentrated in the smaller area surrounding the intersection of Washington St. and Central Avenue. Downtown Phoenix is one of a the few major business districts in the city and is the central business district of the City of Phoenix, Arizona.

It’s located in the heart of the Phoenix metropolitan area or ‘Valley of the Sun’ with a large variety of designated historic districts housing some classic, vintage homes attracting people from all walks of life.

Phoenix, being the county seat of Maricopa County and the capital of Arizona, serves as the center of politics, justice and government on the local, state and federal levels. The area is a major center of employment for the region, with many financial, legal, and other national and international corporations housed in a variety of skyscrapers. Major arts and cultural institutions also call the area home. Downtown Phoenix is a center of major league sports activities, live concert events, and is an equally prominent center of banking and finance in Arizona. Regional headquarters for several major banks, including JP Morgan Chase, Wells Fargo, US Bank, Bank of America, Compass Bank and MidFirst Bank are all located within or close proximity to the area.

A Little History of Downtown Phoenix

Territorial era

In 1870, a meeting was held to select a town site for the influx of pioneers coming to the recently recognized town of Phoenix. 320 acres were purchased for $50 raised by popular subscription. This original site, the whole of the town of Phoenix in that day, encompasses what would presently be the Downtown Core, bordered by Van Buren Street south to Jackson Street, and Seventh Street to Seventh Avenue.

With the first survey of the new town, streets were laid out in a grid, with Washington Street as the main east-west thoroughfare. The north-south streets originally bore Native American tribal names, but were changed to more easily remembered numbers, with everything east of Center Street (later Central Avenue) named as streets and everything west as avenues. The town continued to grow, and was eventually incorporated as a city on February 28, 1881 centered around downtown.

Throughout the 1880’s the newly incorporated city made many strides toward modernization with the construction of one of the first electric plants in the West as well as the opening of the horse-drawn streetcar line. The Phoenix Street Railway system was eventually electrified and expanded to several different lines that connected Downtown Phoenix to other neighborhoods and cities in the Valley. Independence Day of 1887 heralded the arrival first Southern Pacific train. This opened up the economy of the young city, as goods now flowed in and out by train as opposed to wagon. As Phoenix became the center of commerce in the territory, the capital was moved to Phoenix, with temporary offices being set up in Downtown.

The city of Phoenix’s story begins as people from those settlements expanded south, in conjunction with the establishment of a military outpost to the east of current day Phoenix.

The town of Phoenix was settled in 1867, and incorporated in 1881 as the City of Phoenix. Phoenix served as an agricultural area that depended on large-scale irrigation projects. Until World War II, the economy was based on the “Five C’s”: cotton, citrus and cattle, climate and copper. The city provided retail, wholesale, banking, and governmental services for central Arizona, and was gaining a national reputation among winter tourists. The post-World War Two years saw the city beginning to grow more rapidly, as many men who had trained in the military installations in the valley, returned, bringing their families. The population growth was further stimulated in the 1950’s, in part because of the availability of air conditioning, which made the very hot dry summer heat tolerable, as well as an influx of industry, led by high tech companies. The population growth rate of the Phoenix metro area has been nearly 4% per year for the past 40 years. That growth rate slowed during the Great Recession but the U.S. Census Bureau predicted it would resume as the nation’s economy recovered, and it already has begun to do so. While currently ranked 6th in population, it is predicted that Phoenix will rank 4th by 2020. Currently it the 6th most populous city in the United States.

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A big change could be about to come to the housing market

Jonathan Marino and Andy Kiersz
Dec. 26, 2015, 8:44 AM

The Federal Reserve has finally lifted interest rates from 0% and after nine years without a rate hike.

The potential ramifications of the policy move are far-reaching and span various American industries, from automakers to homebuilders to investment banks.

But those impacts may be disparate.

Typically, rising interest rates make for a more difficult borrowing environment. That has the potential to slow home sales, which impacts US banks, as well as new starts, which will hurt homebuilders.

With the Fed’s rate hike, history shows homes starts have tended toward a decline, which will inevitably hurt homebuilders. When rates get higher, building new homes is usually a less attractive prospect.

“Homebuilding stocks are typically losers from an absolute and relative standpoint during tightening cycles,” according to a separate Credit Suisse note from December 15. “Historically homebuilding stocks under performed the S&P 500 during each of the past six Fed tightening cycles.”

For years after the Federal Reserve’s decision to back down interest rates to 0%, a badly beaten homebuilding sector saw gradual increases in both homes starts and permits. They never rose to the pre-crisis levels, but the period that led up to this was in part fueled by an unprecedented boom in lending to many unqualified borrowers.

Yet it is debatable on Wall Street whether the average consumer’s psyche is far less tethered to the behavior of US central bankers than, say, that of a Wall Street executive.

“If we do see some rate increases coming, because it reflects a stronger economy, nobody is going to not buy a house because the mortgage rates went up,” Wells Fargo CEO John Stumpf said the Goldman Sachs Financial Services Conference earlier this month. “They can choose a different product and probably get the same rate. The same thing is true for small businesses.”

But Bank of America CEO Brian Moynihan doesn’t agree with Stumpf.

“If you see rates rise, you’ll see the mortgage market slow down,” Moynihan said at same event earlier this month, before the Federal Reserve raised rates.

At still the same event, Blackstone Group CEO Steve Schwarzman noted that most interest-rate hikes have typically resulted in an uptick in home prices.

“Twenty-five out of 26 times when interest rates went up, home prices went up,” Schwarzman said.

If that is indeed the case, homebuilders may be better building more and aiming to make it up on margin. Even at the end of 2016, interest rates are expected to remain near record lows for the last half-century.

It’s a great time to buy a home.

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