The following is an excerpt from the Cromford Report’s comments from March 30th on the state of rentals in the Valley.

• The situation with single family rentals continues to get even more extreme. Today there are just 1,763 active listings on ARMLS, down another 15% since the beginning of the month and down 25% from this time last year. This is 24 days of supply.
• The average lease rate is up to $2,106 per month (up 41% from $1,710 last year). The average days on market is down to 33 (it was 40 last year).
• There are 988 condo rentals active, down from 1,347 at the same time last year, which is a drop of 27%. This is 54 days of supply.
• The average lease rate is up to $1,655 per month (up 13% from $1,461 last year). The average days on market is down to 39 (it was 45 last year).
• Affordable homes to rent or buy are both becoming much harder to find. However there is still plenty of choice in the upper price ranges for both lease and purchase.

Now, the MLS is very powerful as a source of data for sales, but not so much for rentals. I’ve heard told that only about 50% of all rentals are represented on the MLS. Those tend to be the higher priced ones; not the ones that list on Craigslist.com.

Here’s a little more on the topic from an AZCentral.com article.

Still, this an alarming pattern. It means that there are a shrinking number of rental properties for families and individuals. This is also why cities are encouraging the building of new rental projects. See this post from last week, at least as pertains to downtown Phoenix.

Every problem presents an opportunity, however. If you are thinking of getting in to the investment market for rentals, now is the time to do it.

Please give me a call at 602-456-9388 if you’d like to build a strategy.

On March 6th, 2012 the Facebook page of the Evans Churchhill Neighborhood featured a photograph of Mayor Stanton cutting the tape for groundbreaking of the new Concord Eastridge in-fill project (located on the two immediate blocks south of Roosevelt, between  3^rd and 4^th street) and wrote, “It promises to be a rewarding addition to our neighborhood and the Roosevelt Row CDC area.”

What you’d expect here is a photo of the glorious $52 million dollar housing project. And though you can follow the link anytime you want, I hope you’ll take a minute or two to be reminded of the history of this plot of land. A big part of the reason Phoenix is accused (by residents and non, alike) of not having any history is because when something new starts to rise, there is scarcely a memorial of what’s gone before.

According to historical imagery from Google Earth (left), the real estate of this block has been empty and barren since at least 1992.  (Note monOrchid, top left of the photo, the location of our next Get Your PHX event).

As long as I, or anyone I’ve asked, can remember, this was what it always looked like. The foundations of buildings are all that remain.

In May 2010, playwright and screenwriter, Dan Frey, captured the essence of this very block when he described it in his contribution to the Phoenix art exhibit, ‘26 Blocks’:

“Mostly just space now. Space for Terry to fill shopping carts with recyclables until there’s enough to sell. Space for those kids to smoke and see anyone coming before they get in trouble. Space for an Asian-fusion-smelling breeze to cool you off. A space everyone looks through and walks around. Which makes it the perfect place to stop and look up.”

It also made it the perfect place to stop and look down, as ’26 Blocks’ photographer Chris Loomis showed us in this helicopter shot of the same location.

For two years, the crop circle has been there. Like a target, waiting for something new to set its sights on the future of that block.

March 16th, 2012, two years later,  the Phoenix New Times publishes an article and updates our collective memories with photographs of the work-in-progress: “Construction on Concord Eastridge’s Roosevelt Row Apartment Complex in Full Swing”.

 “$52 million dollar housing project…[to be] completed June 2013… two buildings, one seven stories, one eight stories…325 apartments will be located in each building, as well as 7,500 square-feet of retail and restaurant space on the ground level…500 square-foot studios to four-bedroom apartments…high-speed Internet, private gyms, and swimming pools”.

The New Times article also mentioned that Greg Esser (long time partner of Cindy Dach, who we wrote about in a post last week about Changing Hands) was in attendance at the groundbreaking. If it feels like this blog post is cross-referencing itself more than usual, do read the excellent Downtown Phoenix Journal post from this Feb., “Creating Downtown“, where you’ll see just how interconnected Greg Esser, Cindy Dach, Wayne Rainey (owner of monOrchid), are…and why.

Writer Susan Copeland has a paragraph in the article which she uses to make a great point. One worth clipping here:

Wayne Rainey, Kimber Lanning and Dach/Esser all bought buildings and created art spaces within six months of each other. The prices were low enough at the time to make the spaces affordable. Dach says that artists are natural problem solvers. “We looked at the closed up buildings and dark spaces and said, ‘Yeah, this sucks. How can we fix it?’”

Phoenix New Times says “[The Concord Eastridge Roosevelt Row Apartment Complex will] change the face of the Roosevelt Row arts district.”

It certainly will.

My hope is that it will also remind us of the crop circle target on the long empty lot, and that we should continue to work on Phoenix by setting our sights on the empty lots that remain.

My clients are renting a 1,500 square foot townhouse at Portland 38, downtown. It is a great opportunity to live in the heart of the city and still have comforts such as a personal garage, modern appliances and new construction. Check this out!

These townhouses were built in 2007 with a great industrial style and centered around modern living. The spaces are open, fresh and clean. Check out this link to look at the listing. And, of course, give me a call at 602-456-9388 if you have questions.

My clients have just listed their new property for rent at 7th St. and Portland.

These townhouses were built in 2007, have all the latest modern features, secure garage space and pool access.

You can walk to First Fridays, or any number of great downtown activities.

Only $1,400 per month for a 2br/2ba 1,548 square foot townhouse!

Please contact me at ken@getyourphx.com or 602-456-9388 for more information.

Well, it’s been a long time in the making, but I’ve got a new website.

Now you can:

1) Find more information about Get Your PHX events.

2) More blog posts, news and analysis.

3) Log on and instantly to search the real estate market in the entire valley. There is sooooo much more power in this website!

4) Access pre-made searches for everything from historic homes to those super-cheap condos around town.

Let me elaborate on #3.

On my previous site you could see some searches, but only the criteria that I create for you. Click on “Search the Entire Valley” and you will be able to define your own searches!

I’m even opening up the blog to contributors who want to share thoughts ideas and experiences about how they “Get Their PHX”. So, have a look. Poke around.

Send me your thoughts!

Cheers,

Ken

Howdee all,

A friend of mine has a cute little bungalow in the historic Coronado neighborhood that she wants to rent.

The place is only a couple blocks from the best restaurants that have opened up on 7th St. in recent months: La Picolla Cucina, America’s Taco Shop, The Main Ingredient, The Tuck Shop.

Can you tell I think about food a lot?

Well, outside of that, this little gem has two bedrooms and two baths for only $900 per month. This is perfect for a couple or friends who want the quiet of Coronado, but the convenience of downtown. The kitchen has a dishwasher, which is unheard of in many older houses. The master bedroom is huge.

Check out the photos!

Contact Liv Nam Kaur at 602-595-5656 or email at irish4lou@me.com.

For all you folks who have bought your dream property to rent to the world, don’t forget that you need to register with Maricopa county when you start renting!

Check out this news release.

Just in case you geek out on fair housing law as it applies to you. If you are one of the fine folks that are now proud new landlords because you picked up a rental property this year, this seminar applies to you, too.

I’m all giddy to tell you about these two homes for rent in Garfield. In both cases, the owners have improved the properties and will maintain a close relationship with the neighborhood as we transition in to a renaissance of renovation in downtown neighborhoods.

Folks are buying foreclosed homes in historic neighborhoods at historically low prices and are doing an incredible job bringing them back to their former glory

First, 916 E. Taylor is just about the finest example I’ve seen recently of how an old property should be renovated and improved in an historic neighborhood downtown.

This is a property with two small houses on it, each about 800 square feet. They are perfect for the downtown and/or ASU lifestyle, with everything updated, security and a beautiful courtyard between the homes. You can walk to First Friday in about 10 minutes from here.

I was the buyer’s agent for this property. The listing agent was Sherry Rampy and the man responsible for the renovation is Kurt Krutak, who has done a number of similarly meticulous transformations. According to Rampy, “This property stands as an example of what is possible in Garfield and it is right next to everything going on downtown.”

This is how the property used to look.

This property is the new gold standard for how homes should be renovated and the potential we have in the Garfield neighborhood.

Both units are for rent right away. Please contact Ruben at rubenx02@yahoo.com or 602-368-6832.

Second, 747 E. McKinley is a 1925 bungalow, renovated in 2006 with a new bathroom, new kitchen, laundry, security, all new landscaping and an inviting updated front porch. I even renovated most of the old double-hung sash windows so you can open the place up the way it was meant to be. It is about 1,100 square feet with 3 bedrooms and 1 bath.

Here is they way it looked when I bought it in 2005.

You can walk from the front porch to the center of First Friday activities in about 5 minutes. I know. I timed it. I live here. I’m moving up the street to my old stomping grounds, but I will leave my heart in Garfield!

This property will come open in January. Please contact me at clarkreport@kenclarkforaz.com for inquiries.