We have another world premier movie at the August Get Your PHX.

NOTE: We are starting this event later than our usual events. We will start this event at 7:30.

A few months ago, we highlighted a local filmmaker, Matty Steinkamp, and a the documentary that he has produced called Play, The Documentary.

So, naturally, we called dibs on hosting one of his two upcoming premiers for the August Get Your PHX event on the 18th. Since seating is limited, we are asking you to buy your tickets right away.

Play The Documentary is a  film created in hopes of inspiring more people to play music. The documentary was shot in locations all over the US, in addition to captivating footage from Ireland, over the course of two years and features over 40 musicians each playing their particular instrument and discussing their perception of the personal impact of playing music.  The film also touches on US budget cuts to music education in recent years and what is being done to combat the cuts. In particular, the film delves into the work of game-changing national nonprofit Little Kids Rock program.

First time filmmaker Matty Steinkamp is excited to see the impact the film is having locally and looks forward to seeing similar impact in other cities across the US.  Steinkamp says, “I want to help create a positive change in my community, and throughout the world if possible. This film, I hope can achieve that change.”

The screenings will help raise funds for Arizona School of the Arts and there will be a silent auction with proceeds directly benefiting Phoenix-based music and arts programs.  Tickets for the screenings are $12 and are on sale now.

What: August Get Your PHX
When: August 18th, 2016 at 7:30pm
Where: FilmBar at 815 N 2nd St., Phoenix
Tickets: Please purchase your tickets directly from FilmBar for this one.

Prices have been going up for houses in Phoenix over the last few years. Not drastically, though. Its not 2007 all over again. But prices have been climbing in a healthy manner for a while.

So, you say to yourself, “Self, I don’t think I can purchase a home right now. Those prices are too high!”

But the price is not the whole story. Consider the interest rate!

Here’s what I mean.

In December 2013, according to Freddie Mac, average interest rates were about 4.46%. Had you bought a house in CenPho then, you would have paid about $140/square foot.

Let’s say you purchase a 2,000sf home then. The cost would have been $280,000. At 4.46% interest, your Principle + Interest (P&I) would be $1,412.07. (This does not count fees, taxes and insurance. We are not mortgage brokers, so check with them for those details.)

Okay, so fast forward to today. Average prices are over $200/sf in Cenpho. That same 2,000sf home will cost $360,000. At 3.57% interest, that’s $1,630.66, P&I.

To which you say, “Hey, that’s definitely more expensive.”

Yes, but had that loan been at 4.46% interest, the house would have cost $1,815.52, P&I.

Another way to look at it is that you could have purchased a $320,000 home for roughly the same monthly cost with rates at 3.57% as a $280,000 home when rates were at 4.46%.

Does that mean you can afford that house? Maybe. Maybe not. But you are definitely saving $200 per month over where it was when homes were selling for $140/sf.

Interest rates are lower right now and they will not always stay low. On the other hand, there is not much room for new homes in CenPho, other than condos and townhouses, which are not being built in great enough numbers. So, those prices are likely to go up further before they go down. Your chances of getting a home while the interest rates are lower and the prices are lower may be slipping away.

We can help you think through your options. Buy now? Rent for a while longer? Purchase in a different area?

We can help you buy or sell your home. Please give us a call at 602-456-9388.

This is a cross-post about a venture some friends of Get Your PHX are taking on. We are particularly interested in this because it signifies that redevelopment is beginning to move eastward on Van Buren from downtown. Keep an eye on this one!

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PHOENIX, Ariz. (May 3rd, 2016) – A team of downtown Phoenix advocates have purchased the historic Roland’s Market building in Downtown Phoenix, and will restore it to create an iconic space in the growing Eastlake Park and Garfield neighborhoods.

The 4,800 square foot, multi-use property at 1505 E Van Buren St. was purchased for $270,000.

Roland’s Market is available to lease, and the team is hoping to find a user who is passionate about housing their business in a unique, historically significant location. “There are so many young, exciting companies looking for cool, untraditional work space,” says Kevin Rille, real estate investor and developer with KLMN Properties LLC., leading the project.

The City of Phoenix has plans to revitalize Van Buren, which, in combination with established businesses like Co-Hoots, exciting new projects like The Pickle House by Chicanos Por La Causa, new multi-housing developments by Mike Lafferty, and plenty of light rail stops nearby, the Roland’s Market’s location will become even more desirable over the next couple of years. “Roland’s Market is just outside the downtown Phoenix hub, so it’s going to be really affordable, while also being super close to everything downtown Phoenix has to offer,” says Rille.

The property was built in 1917, and it operated as a grocery store until 2008. It became the iconic Roland’s Market in 1941, when Chinese immigrant Roland Ong bought the building and turned it into a Chinese market, fitting in with the robust, Chinese ex-pat culture in downtown Phoenix in the 1940s.

Rehab on the building will start soon, with plans to bring the warehouse-style building back to its original glory. Even after its many previous tenants, the team was happy to discover that most of the original elements that make the building so beautiful are still intact, including the tin ceiling, exposed brick walls, and wood trusses. One of the most exciting original elements is the vintage sign on the front of the building, a bright red typographic neon sign that has made Roland’s Market a landmark along the Van Buren strip.

The purchasing team of Roland’s Market LLC. is made up of Kevin Rille of KLMN Properties LLC., a broker and real estate manager; Celine Rille of Rille & Co., a creative studio that will handle the branding and marketing of the property; Brian Cassidy of CCBG Architects Inc., who will design the project; Kees Rietsema, a Phoenix entrepreneur, and two silent partners.

The team’s dedication to the development of Downtown Phoenix is a pivotal part of this project. Having recently served as president of the Evans-Churchill neighborhood association, Kevin Rille’s passion for downtown Phoenix led him to find this deal; Rille & Co. has been fundamental in projects around Downtown Phoenix, working on interior design, branding, and culture creation in spots like DeSoto Central Market and The McKinley Club, the co-working space and social club in the heart of the Roosevelt Row arts district; and CCBG Architects Inc. have been influential in the revitalization of the warehouse district, designing many of the adaptive reuse office and event spaces in the neighborhood, including their own work space.

The team hopes to make Roland’s Market a staple of the up-and-coming Van Buren hub.

For the monthly period ending May 15, our friends at the Cromford Report were recording a sales $/SF of $142.50 averaged for all areas and types across the ARMLS database. This is up 1.8% from the $139.96 we now measure for April 15.

In most years, prices make a lot of progress between March and June so they think 2 months of strong advance from April 15 to June 15 is a very reasonable expectation.

They also expect a retreat to occur between June 15 and September 15, because this is a seasonal pattern that occurs almost every year.

So, what does that “retreat” actually mean to you? Does it mean that prices will fall? I don’t think so. When we look at the Cromford Index (a measure of who has the advantage, and by how much), you can see that sellers have about the same advantage as they had last year. (Anything over 100 is a sellers’ advantage.)

When you look at price per square foot over the last three months in the CenPho area and historic neighborhoods, you see a strong climb for all prices. But, when you break it down, you see more strength in the sub-$200k market than the $200k to $500k market.

Why? Well, probably because there are so many first time home buyers who need homes and they are just not coming on the market. I think there is also a bit of a leveling in the $200-$500k band because many of the renovators and sellers are pricing their homes too high and the buyers just are not buying it.

See below for those charts.

So, what does this mean? I think we are in for a continued strong market through the summer with prices in the lower ranges pushing upward. Michelle and I usually find that the summer still has a very strong market. Well, we are busy, at least!

If you would like to build a strategy to purchase a home or sell your home, contact us at 602-456-9388.

$200-$500k market

All prices

Sub-$200k market.

We’ll be hosting the May Get Your PHX at Palabra.

In 2012, Jorge Torres first opened Palabra Hair. Art. Collective. in downtown Phoenix and in January of this year, the creative hub launched its new location on 1^st Street.

Since breaking out on his own, Torres’ vision for Palabra has intentionally brought together hair, art, fashion, music and performance. The idea is to cultivate growth in others and to infuse creativity into all aspects of the business.

Inside the stark white building, Futuro coffee welcomes guests with a rich wafting aroma of espresso, and behind it to the left is a dedicated gallery space, to the right is Torres’ hair studio.

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Here’s your January Phoenix Market Update. Our friends at the Cromford Report are showing a very slight increase in sold price over December.

Price per square foot – Phoenix

“For the monthly period ending January 15, we are currently recording a sales $/SF of $138.24 averaged for all areas and types across the ARMLS database. This is very little changed from the $138.32 we now measure for December 15.

On January 15 the pending listings for all areas & types shows an average list $/SF of $142.04, 0.7% above the reading for December 15. Among those pending listings we have 88.0% normal, 4.6% in REOs and 7.3% in short sales and pre-foreclosures. This has changed little from this time last month.

So we are not expecting a lot of movement between January and February, although any direction is more likely to be to the upside.”

Anecdotally, Michelle and I were seeing sellers staying on the market a little longer in December, and sold prices coming in a little lower than list price. But, that’s to be expected around the holidays.

Seller’s vs. Buyer’s Market?

We are in a bit of a waiting period right now in the CenPho area. Will the market get active, as it usually does between February and July? Or, will we see a continuation of the slacking seller’s market from December?

If you are a seller, price realistically. We discourage “going fishing” –listing at a high price, hoping somebody will pay higher than market value. That usually leads to people passing up your listing for more attractively priced homes –then your listing goes stale.

Buyers, don’t be afraid to offer what the market shows to be reality, but don’t expect price drops. The seller’s market is went a little slack, but it is still in seller’s market range (according to the Cromford Index).

As always, please give us a call for any of your real estate needs at 602-456-9388.

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