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First Time Home Buyer, Market Analysis, Phoenix News, Tips

Market Analysis: Riding the Rollercoaster (part 1)

The market price is a function of supply and demand.
~ Tina Tamboer-Glatfelter, Cromford Report

 

“oh, oh! It’s going up! It’s going up!”

 

 

”Oh, no! Now it’s going down, it’s going down!”

 

It sounds simple, but people get sucked up in the passions of the moment. They forget that price is a function of supply and demand.

100 is the magic line on the Cromford Supply Index.  As you can see from the graph, below, we are below the horizontal supply line of 100. It’s gone down, down, down, so today, in 2013, we are right about where we were in 2004. 

On the Cromford Demand side, we are higher than on normal demand—people have been talking about the high demand, but look, the demand was much higher in 2009.

Tina’s point is not that the demand is super high and therefore that’s what’s making this happen.  It’s that the supply is super low. So, yes, the demand is above average, but it’s not at 150!

Like Transformers.

The Supply Index and The Demand Index transform to show us when there is a seller’s market or a buyer’s market.

In Tina’s presentation at the Get Your PHX March 26 Market Briefing, she showed how the market index was at 300 market index before the recession, which is when many people bought their homes. See how the market index comes up a little bit in 2009?

This is where it becomes a seller’s market for just a short amount of time because people needed to use that first time home buyer’s tax credit. Then that went away and it dropped. Now we’ve been climbing up, steadily.

One of the most common questions Realtors hear is ‘When is the best time to sell my property?’  Often a seller wants to sell at the peak of price, when they can get the most for their investment.  However, their answer should be to sell during a seller’s market, when there’s more demand than supply.  Price is a trailing indicator, meaning that it’s in response to leading indicators such as supply and demand.  By the time our market peaks in price, and the media reports on it months later, the seller on the fence is too late to the party.

The Cromford Market Index is a tool that combines supply and demand data for the Phoenix Metro area to give clients a bird’s eye view of whether we’re in a seller’s or buyer’s market.  From this chart we can see that the peak of the seller’s market was Spring of 2005, after that the index took a dive and seller’s only had 7 months of advantage before reaching balance.  Prices, however, continued to rise until peaking from 2006-2007 when buyer’s took solid control of the market.

Today we find ourselves in a seller’s market once again and consumers are wondering if it’s a good time to sell.  Currently the answer is yes, but if supply increases or demand decreases you don’t want to get stuck on the fence.

~ Tina Tamboer-Glatfelter, Get Your PHX Team/Cromford Report

What’s a normal market?

Most people do not know what a normal market looks like.

For the last 10 years, we’ve been in either a severe up-swing, or crash, or coming out of it. In a more normal market, though, you’re going to fluctuate back and forth on this range among either side of this 100 line of the seller’s market/buyer’s market index line. So what’s happening is you get people reacting more extremely than they would in a normal market. Have a look again at those green circles again, below.

Low and behold, here we are, today, right back where we were in 2004.

If you bought in 2004, you’re probably in a good place to sell it. If you bought in 2009, 2010, 2011, you’re probably also in a good place to sell it. This is important to emphasize.  You’re starting to see people put things on the market, which is good, because it’s a seller’s market.

When you factor in what we’re seeing in terms of distressed and non-distressed single family inventory, foreclosures, and short-sales, and then look at it all in context, you’ll understand why equity seller is returning. That’s next week.

If you want to sell (or buy), please give me a call at 602-456-9388 or email me at ken@getyourphx.com.

[rollercoaster pic: Upsilon Andromedae]

April 11, 2013by phxAdmin
First Time Home Buyer, Light Rail, Market Analysis, Phoenix News, Sustainable Living, Tips

Why Home Values are Higher Near Light Rail

We’ve known it intuitively and anecdotally for a long time, but here is some great news that proves it: home values next to light rail are stronger.

In a recent blog by Michael Melaniphy (President and CEO, American Public Transportation Association (APTA)) he said:  “Average sales prices for residences in close proximity to high-frequency public transit were more stable during the recession”. This is not a guestimate, but backed up by strong data drawn from a nationwide report commissioned by APTA and the American Association of Realtors®.

The five cities upon which the study was based are a representative sample of the types of high-frequency public transit systems throughout the U.S. The five cities were Minneapolis-St. Paul, San Francisco, Chicago, Phoenix and Boston.

“During the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.” ~ APTA and the American Association of Realtors®

Enter Phoenix’s $2.9 million Sustainable Communities grant (2011, from the Department of Housing and Urban Development) for Reinvent PHX —  a way to produce sustainability action plans for the five districts along the existing light rail line and establish a new transit-oriented model for urban development along the city’s light rail corridors.

As the nation continues to assign us with the unofficial title “World’s Least Sustainable City”, we’re still a “Bird on Fire” worth writing books about and paying attention to.  You may recall that in November last year, I wrote about Phoenix leading the Nation in Innovation and Efficiency.

A year ago, January, Native American Connections built a community for our growing, city-dwelling Native American populations in the mixed-use, mixed-income apartments of  the Divine Legacy, just across from the Campbell & Central light rail station.

In my post last September, I mentioned a great story on KJZZ’s Changing America series where the reporter talked about how retirees are moving into downtown areas and urban cores along the Valley Metro light-rail line.

And as The Atlantic noted in a post a couple days ago, it looks like Phoenix’s walkability gamble just might pay off.  Light rail homes gives people quicker access to alternate ways to get around town, access to jobs, and lower transportation costs in walkable areas.

All of this is particularly important if you are thinking to list your home. If you bought before about 2004 or between about 2009-2011, you are probably in a really good position to sell.

In the immortal words of one Hannibal Smith, “I love it when a plan comes together.”

If you want to buy or sell the right property near public transit, please give me a call at 602-456-9388 or email me at ken@getyourphx.com.

 

[metro image: King Chung Huang]

April 5, 2013by phxAdmin
Design, First Time Home Buyer, Life, Phoenix News, Tips

Phoenix Urban Design Week

With ASU’s 2nd annual Phoenix Urban Design Week just three weeks away (April 4th and 5th), the Feast on the Street Saturday, April 13th, bringing together people around a half-mile long dining table in downtown Phoenix, historic preservation a constant need (last year’s coffee-table book showcases the importance of preserving Midcentury modern buildings), and the need for more sustainable green practices, I got to thinking:

What are some of the most important steps a person should take if they’re thinking of buying a home in the urban revitalization we’re witnessing in downtown Phoenix?

Step 1:   Get involved with groups like Local First AZ, Roosevelt Row, Get Your PHX, and Phoenix Spokes People (urban bicycle action group with 450+ members, intent on making our streets safer for bicyclists).

Step 2:  Condo or House? I wrote about this in August last year and it’s just as relevant today.

Step 3:  Take a walk, ride, or bike through our Historic Districts.

Step 4:  Familiarize yourself with the schools. This handy link lets you search by closest intersection.

Step 5:  Where are the best coffee houses? Which ones have wi-fi? Arizona Coffee has a great city-wide list with links, reviews, interviews, etc. My office is conveniently located in monOrchid, right next to Songbird café, which I highly recommend.

When you stop by, poke your head into my office not 10 feet away and say hello! I’d love to share some more urban tips with you about finding a home in downtown or central Phoenix.

Ken Clark, Realtor
602-456-9388

March 22, 2013by phxAdmin
Phoenix News, Tips

Credit Unions: Funnel it Down (part 2 of 6)

Let me start out by saying that this investigation into credit unions may not take as long as I originally thought in part 1.  Just doing Internet searches, I found 10 in Phoenix metro. My criterion to narrow it down from there was simple geography: the proximity to Central Phoenix and the number of their locations. I did this via the most important investigative step: I found them all on the Local First Arizona website.  Reviewing those I narrowed them down from five to settle on three (the links that follow are to their reviews on Local First): Arizona Central Credit Union, Desert Schools Federal Credit Union, and Marisol Federal Credit Union.

I did all of this before I contacted any of the Credit Unions in person.

I then narrowed it down from three, to two, because Marisol Federal Credit Union wouldn’t pick up their phone. That’s a big deal when it comes to a bank. Before I called, I looked at their website and saw that in order to avoid fees on their accounts, the minimum balance was pretty high. I wouldn’t really save anything compared to my existing account at JPWellsComeriBank in that area. Conclusion: Marisol was out of the running.

I didn’t just pick up the phone, though, and start calling the three before I narrowed it down to two. I started with an Excel spreadsheet, naturally, where I prepared to rate each credit union according to the following categories:

  • Number of ATM locations?
  • Online system usability?”The online stuff is important because I don’t want to be forced to go into the bank. Who does? Small business owners want to be able to just get it done on their computers.” ~ Me
  • What did their bill pay system look like (and did it cost anything)?
  • Their security system (if credit card is stolen? How secure is their internal information?)
  • Customer service?
  • Fee structure (personal and business checking, personal and health savings?)
  • Reinvest locally?
  • Member of Local First Arizona?

That left two Credit Union’s worth more serious consideration: An actual physical trip to the branch.

I started with Desert Schools Federal Credit Union, before I went to Arizona Central Credit Union. In part 3 of my investigation, I’ll share those two experiences, what I decided and why. (I may even include another humorous link as a bonus. What? You didn’t see it? I’ll give you one guess which link it is…)

To see the next installment, please click here.

November 29, 2012by phxAdmin
Events General, Life, Phoenix News

Nov 9th – 11th The Biltmore “Union” opens 18 local stores

This November (right before the holiday season and Phoenix’s peak months for tourism), Union at the Biltmore, located on the east end of Biltmore Fashion Park between Stingray Sushi and Season 52, will open 7,200 square feet of retail space in an exciting effort to highlight the mix or “union” of national shops with 18 one-of-a-kind small retailers from the local Phoenix community.

Matt Haldane of the Phoenix Business Journal reported that  Kimber Lanning, executive director of the Phoenix-based non-profit, Local First Arizona, was a consultant on the project.

 

 

 

 

 

 

 

 

[Photo: Artist rendering of Union at the Biltmore Fashion Park]

Confirmed locally owned independent boutiques include Whoopie Baking Co., Citrine Natural Beauty Bar, Paris Envy and Frances Vintage.

Francis original store on Central Avenue and Camelback Road is not moving. In fact, owner Georganne Bryant has said that she’s hoping this smaller store at Union will drive business to her larger store at the original location.

On August 18th, the Arizona Republic reported that Union had 11 signed leases out of the 18 total retail spaces available. Without a project like this, many of these stores would not be able to afford the rent.

A Phoenix New Times article said that each shop will be allotted 200-500 sq. feet of retail space with a year-long lease, giving mall shoppers a small preview of what their business has to offer. I read in another article that of the leases are for one year, but a couple of tenants have signed on for three.

Says the Arizona Republic:

Frances owner Georganne Bryant hopes to benefit from the Biltmore name but mainly wants to reach a customer who wouldn’t usually have wandered into her shop on Central Avenue and Camelback Road. Frances sells gifts and clothing for men, women and children.

“I was looking to expand, and I really love Phoenix, and they approached me with the project and it just seemed like a perfect fit,” she said. “It’s just kind of a different traffic area and a different location.”

She plans to use her Union location to draw customers to her larger shop, which will carry items not found at the Biltmore location.

“It’ll be like, ‘If you like this (the 500-square-foot shop), you’ll love this (the 2,000-square-foot shop),” she said.

The project was started by Mary Boyd-Williams (Senior Leasing Manager for Macerich) who’d been thinking for a long time about how to bring local flavor into the Biltmore.

Macerich is one of the largest owners of regional and community shopping centers in the United States, with 95 malls in 19 states; in 2002, they acquired Phoenix-based Westcor Partners and became the dominant mall operator in Phoenix. The Westcor portfolio included some of the leading retail assets in the country, including the Scottsdale Fashion Square mall, Scottsdale Borgata, Chandler Fashion Center, and Phoenix Biltmore Fashion Square.

With the introduction of the Union space this November, Biltmore hopes to start hosting events that highlight the community by bringing in local artists. According to the Phoenix Business Journal,

The shops at Union will mark a soft opening Nov. 8, followed by a three-day grand opening weekend Nov. 9-11.”

[After completing this post, I just recieved this exciting update from Helen Tack at Local First Arizona. Get this: All 18 of Union at the Biltmore’s spaces have been leased! Union will include an exciting mix of small, distinctive boutiques ranging in size from 200-500 square feet, as well as the new casual eatery Trattoria del Piero,  a restaurant concept by Perry Rea of Queen Creek Olive Mill.]

The Queen Creek Olive Mill is excited to bring our passion for simple, delicious and healthy cuisine to the Biltmore area with Trattoria del Piero, along with our new retail location for Oils and Olives,” said Perry Rea, owner.  “We hope to create a special culinary and shopping experience where locavores can shop and dine with us while enjoying our family recipes and delicious products.”

 A Complete list of Union at the Biltmore shops:

Bonafide Goods is a new concept from Greg Eveloff of The Clotherie.  Offering a modern interpretation of classic American men’s clothing, hats and accessories, it also will house Phoenix’s first micro-haberdashery.

Customatic.com brings together years of experience designing and building great architecture, furniture and interior items to create custom pieces for the modern home.

Oils and Olives by Queen Creek Olive Mill will offer its popular branded products.  Customers can explore the vast selection of signature extra virgin olive oils, balsamic vinegars, stuffed olives, and tapenades along with bath and body products made with extra virgin olive oil, daily fresh baked breads and a unique selection of other local treasures.

For the People is a modern gift and home accessories store with a focus on functional design. Featuring brands such as Alessi, the store will give customers access to great lifestyle design products and give talented designers an exciting venue to show and sell their work.

Frances & Charlie Newsstand will offer unique, hand-selected gifts including jewelry, candles, paper goods and books, as well as a variety of magazines, newspapers and specialty publications featuring fashion, design, art, living and global news.  

Lilly is a vintage-inspired women’s boutique  offering  the latest fashion apparel, celebrity jewelry lines, chic and unique housewares, distinctive gifts, handbags, accessories and much more.

Little Artika, a Biltmore Fashion Park favorite, returns to the center in UNION.  Offering cool stuff for small humans from lines like duc duc, muu kids, SkipHop, Nurseryworks and DwellStudio, Little Artika delivers outstanding products for children, newborn and up.

Me Myself & Eye is a sunglass boutique that pushes the boundaries of expectation, self expression and individuality by offering the highest quality of fashion-forward sunglasses, readers and accessories. Operated by the owners of Sassy Glasses Optical Boutique, Me Myself & Eye offers the same superior customer service as its parent store with a focus on unique sunglasses and readers.

R & R Surplus carries women’s active wear that can be worn on the street or in the studio.  These relaxed yet fashionable clothes are from the creators of Fitigues.

Royal Coffee will open a second location at Biltmore, brewing their popular roasts alongside a selection of fresh pastries.

Smeeks will bring their assortment of sweet treats and toys to UNION, offering the best old-time favorites – from handcrafted lollipops, toffee, caramels and marshmallows to yo-yos and shrinky-dinks.

Trattoria del Piero will bring to UNION the dedication and passion for good food found at del Piero at the Mill. Featuring all new simple and delicious sandwiches and salads, the menu will include the famous Kalamata sandwich as well as signature cocktails.  Using family recipes, handcrafted extra virgin olive oils and the best local and seasonal ingredients, del Piero has garnered both local and national acclaim and was featured on the Food Network’s “Best Thing I Ever Ate” in 2010. The menu exemplifies a dedication to delicious, healthy and uncomplicated food. Trattoria del Piero will serve breakfast and lunch and a full service restaurant for the evenings complimented by a full bar.

White House Flowers is an appealing, one-of-a-kind florist offering home accessories, gifts and repurposed and renewed treasures with a casual urban look, as well as traditional European-style furnishings.

The Willows Home and Garden offers simple yet sophisticated home décor items along with apparel and in-home design services.  They carry antique objects and a beautiful selection of exclusive lines including: Bella Notte Linens, Italian Vietri table top dishes, Michael Stars t-shirts, CP Shade apparel and a variety of unusual jewelry.

October 11, 2012by phxAdmin
Light Rail, Phoenix News

Final Report: Greening Lower Grand Avenue

Two weeks ago, Lyssa Hall, Senior Landscape Architect for Parks Development at Parks and Recreation told me about the Final Report on Greening America’s Capitals: Lower Grand Avenue, Phoenix (PDF).

The report provides short, mid and long term strategies for the redevelopment of Lower Grand Avenue into a vibrant corridor.

Here is a major development: it mentions a possible street car or trolley in the future. That is a HUGE win for the Grand Avenue Rail Project (GARP) which I wrote about a few weeks ago as being in danger of losing its Phoenix support when a neighboring city received a proposal to take our trollies and add them to their local museum.

The mention of the possible trolley in the Greening on Lower Grand report is not an endorsement by the city, but I believe that the city needs to get behind this economic development project.

I joined the non-profit Grand Avenue Rail Project (GARP) board shortly after it was first proposed and we are working to get recognition of what a great return on investment this represents. If funded, it would mean that you could ride the modern light rail in from the burbs, jump on the old Trolley and visit all the galleries and sites that will inevitably populate Grand Ave.

But, it is less about transportation than it is about what happens when you have a feature like this in an area like Grand. If you look at the buildings along Grand, most of them were built when Grand was THE shopping street in Phoenix. They are close to the road, the sidewalks are wide. Basically, the architectural environment is in place for new businesses to spring up. Behind those buildings are hundreds of old bungalows that have been largely neglected. A project like this will encourage historic renovation with the fervor that we saw around the light rail line recently.

That represents more dollars in the local economy, new businesses and higher value homes. All from a 1.5 mile trolley line.

And, who knows? That short trolley line could eventually make its way all the way around downtown. This is just a start.

Now, that’s economic development.

Now, as for the process:

It is the Parks and Recreation Department’s mission to be the best Parks Development Division in the nation. To this end, public meetings “community design workshops” were held over three days in Feb and March, put on by the Grand Avenue Merchant Association (GAMA) and the U.S. Environmental Protection Agency. The result of those meetings was finalized on September 10 by the Environmental Protection Agency and can be found in this Final Report:

The Streets Transportation Department will be presenting the findings from the workshop and report at the Parks, Arts, Families and Seniors Subcommittee on Oct 9th at 10am in Phoenix City Hall, assemble room A. If you are unable to attend the subcommittee meeting, they will be televised and archived for viewing.  

The estimated cost to build the trolley infrastructure, outfit a new museum on grand and operate the system: $10 million. I’ve heard transportation planners say $50. I think that is high for 150 year old technology.

Regardless, believe that the resulting new home sales, infill development and business starts along grand will be worth ten times that. Please contact your city councilmen and let them know that you support the Grand Avenue Rail Project.

October 4, 2012by phxAdmin
First Time Home Buyer, Life, Market Analysis, Phoenix News

When Will Spike in Housing Prices End?

Nobody has any idea. But I predict that, while it won’t be as dramatic as our last, it may go on for a while.

Here’s the analysis:

After the presidential elections in November, regardless of the winner,  prices will continue to move upward. How do I know this? And why does this sound like a weather report prediction?

It’s because the coming change in home-buying patterns is showing evidence of a refreshing rain moving our way. After a six-year long summer of dry, cloudless skies, we’re beginning to smell the change in the air. A break from the scorching heat is a ‘comin.

To say it without the weather analogy, the increase in buying will continue, in part because a lot of companies are holding off on major projects and hiring until after the elections’ fallout. However, that upswing won’t be dramatic because our national debt and energy prices will continue to be a drag on our economy.

In regards to prices, we don’t see where new inventory in our Phoenix market will come from, especially in CenPho. Tight inventory means higher prices.

Mark Zandy, one of the nation’s preeminent housing analysts was on the Diane Rems Show yesterday morning talking about prices and how they are continuing to move upward as distressed properties are going away.

In Phoenix house prices have gone up 30% from last year. Yes 30%.

Take a look at the graph below, showing the Monthly Average Sales Price Per Square Foot. You can’t see the wind, but you can tell how and where it’s moving by watching the things it affects.

This chart shows a snapshot of four years worth of housing prices on the move. The brown line on top, the one with the greatest upward spiking is 2012.

My expert conclusion?

The heat is unbearable and so many people are walking around with sunburned proof of the long, hot summer. If you’re thinking of buying, make your move and buy now.

I want to say this very clearly: while prices will be going up for the foreseeable future, they won’t return to 2007 levels for years. So, if you are thinking to BUY, do it now before you lose another 30% of your buying power. If you think you want to hold off SELLING until you hit 2008 prices again, don’t expect to see that again until 2020.

If you want more information, please contact me at 602-456-9388.

August 10, 2012by phxAdmin
Events General, Life, Phoenix News

We Will Demonstrate Unity

The killings at the Sikh Temple in Wisconsin are tragic and speak to a deeper illness in our society. It is an illness that we cannot address in one day or even one year.

But what we can do in one day is make a statement. We stand together. We can educate. We can reach out.

We are writing together because we were both touched by last Sunday’s events. Clearly, we are grief stricken for the victims of the shooter. And we are floored by fact that this confused and misguided murderer misdirected the anger resulting from stereotypes around cultures known to wear turbans.

This is so tragic and telling in so many ways. It is tragic that any person would kill civilians and worshipers of any religion. But it speaks volumes about our country and our culture that so many people do not understand who Sikhs are, let alone other groups at large. In this person’s haste to hate and destroy, he attacked anybody who even remotely resembled the target of his hatred.

This presents an inspiring opportunity for our communities to learn more about each other and in particular this powerful Ashram community embodying the maxim “All are One.”

We, the authors of this blog post have our own connections to this community. Harpal Kaur Khalsa is a Sikh member of the Guru Nanak Dwara Ashram here in Phoenix and has participated in the community as a teacher of kundalini yoga as taught by Yogi Bhajan for the last 5 years. Ken Clark, a resident of downtown, is not a Sikh, but who has benefited from the kindness of the Ashram’s members.

What we share in common, too, –and what we want to share with you– is an understanding of the role of the Ashram in the Coronado Historic Neighborhood. We believe that the Ashram represents a largely untold story in central Phoenix.

The Ashram has been operating since 1972 and will soon expand its new Gurdwara to serve its growing congregation. There are only about 30 million Sikhs, worldwide and only a few hundred thousand in the United States. The congregation in Phoenix may only number in the low thousands. But their influence is felt strongly here.

The Ashram has been a stabilizing force in the neighborhood, even in those years that the Coronado Neighborhood saw its worst blight, crime and dilapidation. Members of the Ashram educate the children of Sikhs and non-Sikhs, alike, in the Kahlsa Montessori schools in Phoenix. They provide a place, not only for yoga classes, but for refuge and contemplation.

In this way, they are unique, but also no different from any Christian, Jewish or Muslim congregation in America. As such, we hope you will join us as we unite to make a statement about this community’s support for our neighbors. We hope to introduce you to this congregation if you have not yet met them. We  hope to illuminate this unique group of people so that a tragedy like this will never happen again.

Please join us as we attend the AZ Sikh Candlelight Vigil at Cesar Chavez Plaza (201 W. Washington St.) on Thursday, August 9th at 7:30pm.

In Peace.

Harpal Kaur Khalsa                                                  Ken Clark

 

 

August 8, 2012by phxAdmin
Phoenix News, Public Policy

City of Phoenix Invests in Local Banks

From the “In Case You Had Not Already Heard” department….

This news is a few days old, but I wanted to touch on it because this says a lot about all of the work y’all have been doing to emphasize supporting local.

The city of Phoenix wants to invest close to $50 million in banks and credit unions in metro Phoenix. The city has close to $1.5 Billion in public money available for a large number of investments, so this is really a small portion of that. But since the goal is to make capital available for loans to businesses and individuals, it’s a step in the right direction.

The Arizona Capitol Times spoke with Phoenix Mayor Greg Stanton about it:

 

Not only is the city following a policy that provides for prudent and efficient investment, but provides additional funds for consumer and small-business loans in the local economy.”

Another reason for the city’s investment is to hopefully get a higher rate of return on some of Phoenix’s other investments. This move isn’t a totally unique one as several cities around the country have been implementing plans like this to manage their money in the fallout from the financial crisis.

It sounds like a novel idea and it stimulates and benefits the local economy, so why aren’t their reports of a high number of states and cities implementing such a plan? Says the Capitol Times…

Investing money in local banks isn’t easy. State law requires that the city’s bank deposits be insured by the Federal Deposit Insurance Corp. to prevent it from losing taxpayer money if the bank fails. The maximum federal insurance on low-risk investments that the city might utilize, such as a certificate of deposit, is $250,000. That could require the city to work with many banks if it hopes to invest anywhere near $50 million locally.

For these reasons, Phoenix mostly invests in U.S. government securities.

Jeff Dewitt, the City of Phoenix Finance Director said the city probably can’t invest more in local banks likely could not invest more in local banks given FDIC insurance limits. The East Valley Tribune also reported that Phoenix has a team of in-house investment managers who oversee its deposits and ensure that city funds are protected while earning the highest yield possible. Dewitt said the city is inviting local banks to submit applications with their investment pitches. He said proposals must be completely FDIC-insured or collateralized and offer a higher rate of return than U.S. Treasury notes.

As Local First so wonderfully reminds us,

The flow of these dollars will recirculate throughout the local economy, creating jobs and securing a strong economic future for our community. If you are a locally-owned and operated bank or credit union: Phoenix’s Finance Department will be accepting applications from local banks that have an interest in providing CDs and other FDIC-insured products to the city.  Local banks can contact the city’s Finance Department at 602-262-7166 for more information or to submit an application.”

July 27, 2012by phxAdmin
Art, Life, Phoenix News

Roosevelt Row Filling Up as Economy Rebounds

Photo by Stacy Champion

There is an interesting buzz around downtown, along the Roosevelt Row. Spaces are filling up along Roosevelt as the economy rebounds.

There’s the Concordia Eastridge Complex going up—slowly rising up to replace that empty dirt lot that used to greet you as you exited from off the I-10 exit on 3rd street. As I pulled off that very exit this afternoon, I said to a friend, “Look at our new entrance to downtown Phoenix. No more greetings from a forty year old dirt lot. This is looking to be a proper welcoming. ”

And there’s the old Canvass location at 3rd Street and Roosevelt, which back in 2008 was all talk about the multitude of places going in, but which never materialized (see the link for an artist rendering and a list of venues planned, but not done) and which is now getting a bunch of new goodies: an ice cream parlor, a Vietnamese restaurant, an Italian restaurant, and a French restaurant (operated by Duc and Noelle Liao, chef-owners of Scratch Pastries). According to the Phoenix New times, four leases were signed last month so this isn’t just wishful thinking or hearsay.

Speaking of Scratch, there’s an interview with Duc and Noelle called, “The Sweet Life” in the July/August issue of Java Magazine. (The link is a little weird, it’s a photo scan of the magazine, so just click the little arrow at top middle to read the 2nd page of the article).

They have had such great success with Scratch Scottsdale that they are opening a second location next fall….it will have a café and an adjoining pastry shop, and Noelle emphasizes that the new café’ will be much more than a coffee shop…the new Scratch will also have a full kitchen/full menu.” ~ Jenna Duncan (Java Magazine)

Don’t miss out on all the new opportunities coming to Roosevelt. I’ll update you on all the other  new places as I hear about them in the days ahead.

Of course, don’t forget that I now have a workspace here at monOrchid, next to the new Songbird Tea and Coffeehouse. See the story, here.

July 20, 2012by phxAdmin
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