Let me tell you a few reasons why I think my new listing on Roosevelt and 10th Ave is a great opportunity.

1) It is a short sale and very well priced. There are so few short sales left. That’s good, but it also means fewer chances to get some great deals.

2) It is very close to all the great things downtown. It is close to Grand Ave. galleries and Roosevelt Row, as well as one of my favorite places to appease my sweet tooth: Treehouse Bakery.

3) It has a garage, which is rare downtown.

4) The owner did a lot of work on the kitchen, which you get to benefit from. Oh, and the wood floors look great.

5) There are two rooms, each of which has its own little den. That’s perfect for first time home buyers or renters.

This home is only $135,000 –or whatever we convince the bank to take!

Please give me call if you’d like to see it at 602-456-9388.

The next time you are around Copper Star Coffee or one of the other locally owned gems on 7th Ave, swing in to the Woodlea Historic Neighborhood and see the my listing at 1109 W. MacKenzie.

Or, you can touch on this link to see the listing right now.

This is truly great renovation. Check out the “before” picture, below. The owners made it their goal to retain and respect the historic qualities of this 1,445 square foot, 3br/1.75ba home on a double lot of land. When you make an offer on this house you actually have to write in the sale of two lots. This is a great big space in an established CenPho historic neighborhood. 

The owners kept the original marble honeycomb tile and flat subway tile in the kitchen and bathroom. They also completely renovated the wood floors and kept the original kitchen vent hood for a touch of historic charm. 

They made detached garage operable again by rebuilding much of the structure. They added fixtures and features throughout the house, but also added new touches like an expanded master bathroom, a 21-SEER air conditioner in the master addition, a patio sitting area. They also re-built the front porch over-hang. Other modern touches include the 6-burner stainless steel stove and recessed lighting.

I was hosting our first open house last week and the neighbors were thrilled with the work that had been done. You will be, too.

I used to live in this neighborhood and I can tell you it is a great place to live, with wonderful people and easy access around town.

Please give me a call at 602-456-9388 to see the home.

==========Pre-renovation Photo===========

If you owe a debt to someone and they cancel or forgive that debt, the canceled amount may be taxable. Same goes for mortgage debts. Hence, the creation in 2007 of the Mortgage Debt Forgiveness Relief Act. The IRS explains the concept surprisingly well. This act expires in 96 days, the end of this year, after the holidays; much sooner than you realize.

People have been opining this whole year about the possible extension of the $1 billion mortgage debt forgiveness relief provision at the end of the year. I’ve been hearing the following:

“Should I short sell before the end of the year?”

“Can I count on the hopeful January 1 extension?”

“The $1 billion mortgage debt relief provision allows me to avoid paying taxes on mortgage debt forgiven by my lender, but it expires at the end of the year! My chance to short sell and still seek tax relief is disappearing quickly!”

“But I hear these holiday months aren’t as slow as one might think. Oh, no! I’m almost out of time to avoid the tax repercussions of selling my home short!”

Let’s be clear on what the act does.

The 2007 Mortgage Debt Relief Act allows taxpayers to exclude up to $2 million of forgiven debt on their principal residence in calendar years 2007 through 2012. With one caveat: The discharge of debt must be directly related to the decline in the residence’s value or in the financial condition of the taxpayer.

The Mortgage Forgiveness Debt Relief Act was originally going to expire at the end of 2010, but lawmakers decided to extend it until the end of 2012. If it does expire, anyone who receives mortgage forgiveness on day one of 2013, or after that, will have to face paying income tax on a forgiven debt.

Isn’t it in the President’s budget?
Didn’t it pass the committee level in the Senate?

Yes/But… We don’t know the outcome of the election in November and nothing is moving in Congress for the next 6 weeks. This time bomb very likely won’t be voted on before the end of the year, what with their attention consumed with the nation’s budget crisis.

Furthermore, given that it takes 3 to 6 months to close on a short sale…Are you really willing to take the risk that the act will be extended?

What’s the bottom line?

List now and be more certain that you will avoid that tax liability. I strongly advise you consult with a tax attorney!

[referee photo: compujeremy] [house photo: surprise truck]

There was a great story on KJZZ yesterday morning on their Changing America series. Reporter Peter O’Dowd talked about how retirees are moving into downtown areas and urban cores along the Valley Metro light-rail line.

Finding homes for these folks in CenPho is driven by a need I saw coming years ago: Baby Boomers—the post-WWII generation born between 1946 and 1964—are changing the way we view retirement. I say that because I have helped many folks in their retirement years as they search for homes in downtown. So, this story really hit home.

“As a group,” said Landon Jones in his book that coined the word, “[Baby Boomers], were the wealthiest, most active, and most physically fit generation to that time, and amongst the first to grow up genuinely expecting the world to improve with time.”

It should come as no surprise, then, that 60 housing units are opening at the end of this month in downtown Phoenix, along the “pedestrian friendly street with historic sidewalks and that sort of thing”—which is how Gordan and Company Developer Brian Swanton described Lofts at McKinley in the KJZZ piece.

The Lofts will attend to the lower and middle income residents, 55 years and older. It’s just a few blocks from a light-rail station. When the complex broke ground last year, KPHO reported,

Despite the lower price tag, amenities will not be cheap. Tenants met by doormen, high end appliances and even green products. Recycled water for irrigation purposes. Rent will range from $400 to $900. Eligible tenants must have an annual income between $18,000 to $32,000.”

There aren’t many seniors or retirees who can afford early retirement these days. Guaranteed pensions are even less likely. Swanson said that by 2013 close to 300 units for seniors will be available along the light-rail line between Phoenix and Mesa.

Shannon Scutari, who leads the Sustainable Communities Collaborative (and is quoted in the KJZZ piece), “helps coordinate a 20-million dollar fund to kickstart financing for affordable housing near transit. Without various stacks of private money, Scutari says the banks just aren’t interested in taking the risk on their own.”

Encore on Farmer is another senior housing complex that opened January in downtown Tempe.

The prospects are not just for rentals, but also for home sales in CenPho and downtown. This is what I find so exciting. I love the diversity. As a famous baby boomer said, “The times they are a changin’….”

There are plenty of homes, town homes, patio homes and condos for sale that meet this need. Please give me a call at 602-456-9388 if you are interested to learn more.

[Lofts at Finley photo: combusean] [Baby Boomers photos: NGOA&ENGAF]

The photos of this home just don’t do it justice. If you want to see how great it is, you should see this blog post from the folks who renovated it. This is a foreclosed property and the last owner damaged the floors of one room by keeping his dogs in there. It was a shame.

However, this complex, NonPariel, is a wonderful mid-century modern property with a very tight community of (mostly) owners. This is not my listing, but I can help you buy it.

Personally, I am biased. I believe that idea buyer will be an owner-occupant. That means stability and engagement by the owner. The HOA fees are high on this because it is based on square footage, but this is a huge property.

Please see this link for the listing, or touch on the photo, above.

Hey, all. This is outside of CenPho, but I want to help my friend Ron rent his 2,200 square foot home in Tempe. It’s a great home with a big garage and pool, very conveniently located in Tempe.

Check out this link for detailed information.

The rent is only $1,500  NOW $1,450 per month, a great deal for such a large house. It is also walking distance to a local school.

Please give me a call with questions at 602-456-9388.

As the summer begins to tease us with signs of fading out–the sky is overcast and the rain is supposed to continue for the next week or so, I find myself thinking about the end of the year. Specifically, I think about how the older realtors always talk about the “slow months” –November through January.

Now, I’m no old hand, but I’m not that new and I can tell you that last Halloween through New Year’s was all work for me in the real estate business.

As the story goes, people stop buying or selling houses because the holidays just creep up on them and they get distracted. The common wisdom says that the market slows down after the summer and then maybe you may be able to negotiate a better deal during the holidays and Christmas. But that has not been the case the last two years.

If you look at previous years (see below), you will see that this is generally true; especially around Thanksgiving. In the first chart below you will see the last nine years. Some of them drop off drastically, but come back around February. In the second chart you will see 2004 and 2005 compared to 2010 and 2011. In ’10 and ’11 there was a little drop around November, but then we just picked right up again.

In other words, don’t assume that the end of the year is going to be slow!

The take away?

First: Don’t assume the end of the year is going to be slow. Whether you are selling or buying, take advantage of the active market.

Second, it’s been hectic the last two years. We have every reason to believe it’s going to be hectic this year, too.

And by the way, if you’re thinking to short sale, you’re running out of time if you want to avoid the tax repercussions of selling your home short. Please see this article and learn how the Mortgage Forgiveness Debt Relief Act allows you to avoid paying taxes on mortgage debt forgiven by your lender. This act runs out at the end of this year.

This is part two of my little analysis of what you might want to consider when deciding between a house and a condo. So, let’s get right in to it.

1.      Gated security may be just what you’re looking for right now.

Perhaps you are living alone. Perhaps you like to know that there are people right next door. These are all legitimate concerns that condominiums (at least the good ones) seek to address.

Some questions to consider regarding security at condos:

• How careful is the management company with the common area keys or codes?
• Is the common are well-lit?
• Is the HOA paying for any live security? If so, how much does that impact the monthly assessments?
• When you look at the condo, does it look like the other condo dwellers take security seriously?

2.      Condos are often close to public transportation (the car-free life!)

One of the best things about urban dwelling is that you can leave that car in the garage, or just go without it completely.

Some things to consider when you’re looking for a condo:

• Some condos used to be apartment buildings and the parking may not always protect your car from the sun and weather while you are taking the light rail to work every day.
• The closer your condominium is to public transportation, the more likely that your condo will eventually sell for more.
• If you are thinking of the car-free lifestyle, also consider whether amenities such as groceries, the dry cleaners, and coffee shops are near-by.

3.      Condos maintain all the goodies: pools, landscaping, general maintenance.

 Especially on those hot summer days, it’s a great relief not to have to maintain your own landscaping, or pay somebody else to do it. This is especially helpful if the condo has a pool. Maintaining a pool at a detached residence house can cost thousands every year, and you may not even use it 10% of the time!

Some things to ask yourself before you buy a condominium**:

• Is the current HOA solvent? Do they have enough to properly maintain all of the features they promise when you buy?
• Who manages the property? Many HOA’s pay a management company to take care of details such as landscaping contracts and maintenance.
• How long has that company been working? How many properties do they maintain? What do the current residents think of their work?

** You can have a chance to ask these questions during the inspection period.

 4.      What is an assessment and what is expected of you in an HOA?

An assessment is a monthly fee on every unit in condo that goes in to a pot to pay to keep the place up. If you don’t pay your assessments, the HOA can record a lien against your property. If you have a lien against your property, you can’t finalize the sale of your condo to another person without paying off that lien.

The more units vacant in a condominium, the harder it is for the HOA to pay the bills.

Also, if there are outstanding big projects or maintenance issues on the condominium, or if the HOA board is not wise with its money (your money!), your assessment might go up every month.

Learn what you can about the HOA board, before you purchase a condominium.

5.      What is a CC&R?

CC&R means “Covenants, Conditions, and Restrictions”. It means, basically, that all of the people in a Home Owner’s Association agree that their property came with (and will go with, in the future) certain conditions and restrictions.

In other words, condo owners can’t just do anything they want with their condo.

CC&R’s outline everything from how often the board meets, to what is considered common property.

When you buy a condominium, inspecting the CC&R before your purchase is just as important as inspecting the condo’s wiring!

If you are part of an HOA, read what is expected of you in the CC&R’s. The best way to protect your investment is to stay involved in the HOA.

Please spread the word. We have two open houses this weekend.

Saturday from 12:00 noon to 2pm – 140 E Coronado Rd.

Villa del Coronado is one of the most sought after and unique co-op communities in Phoenix, steps away from museums, light rail, health clubs and restaurants. This 2 bedroom, 1.75 bath home has seen numerous improvements over recent years: opening up the living and dining rooms, UV protecting on the windows, renovating the kitchen a installing a beautiful master bathroom. Don’t miss the huge 5′ x 24′ living room balcony and the 5′ x 14′ off the master bedroom. Located in an elevator building, this unit is one of the few with a permitted full size washer and dryer and a detached garage! Cash buyers or seller may carry. All utilities and property taxes are included in the monthly HOA fee. This is perfect for refined downtown living.

Sunday from 11am until 1pm- 4729 N 76th Pl. in Scottsdale
This is a great single level home in Villa Monterey. Corner unit with rare side access gate to backyard. 2 bedrooms plus bonus den area. Updated kitchen with granite counter tops, built-in oven, smooth cook top, and eating area. Expansive living room huge window overlooking private yard. Huge master suite with updated bath. Private backyard with covered patio and mature citrus trees.

Sunday from 11am to 2pm – 140 E Coronado Rd.

Villa del Coronado is one of the most sought after and unique co-op communities in Phoenix, steps away from museums, light rail, health clubs and restaurants. This 2 bedroom, 1.75 bath home has seen numerous improvements over recent years: opening up the living and dining rooms, UV protecting on the windows, renovating the kitchen a installing a beautiful master bathroom. Don’t miss the huge 5′ x 24′ living room balcony and the 5′ x 14′ off the master bedroom. Located in an elevator building, this unit is one of the few with a permitted full size washer and dryer and a detached garage! Cash buyers or seller may carry. All utilities and property taxes are included in the monthly HOA fee. This is perfect for refined downtown living.

For those looking to relieve some pressure from the uncertainty of when to swing their buy-it-now bat and make contact with the house-ball, the number of listings  are creeping up again, wouldn’t you know it. (See the brown line in the “Monthly Average Sales Price” chart below).

Why is that, you ask?