Our friends at the Cromford Report paint a picture for this April Market Update of a stable, but upward-trending price line, probably fueled by a reduction in supply.

This may be why we all keep getting those annoying form letters in the mail offering to purchase our homes. (But we all know that those buyers are just fishing for people willing to sell their homes at a discount, don’t we?)

Anecdotally, for this April Market Update, we see lots of buyers coming to us. We’ve also had a fair number of sellers talking to us about selling. Not all are pulling the trigger, so there might be some hesitancy on the selling side of the equation.

There could be many reason for that. Despite record stock market highs, folks might be a little uncertain about what is coming next, and whether they should sell now or wait.

Anyway, so sayeth Cromford:

“Supply is significantly down from last year, especially in terms of active listings that are not in UCB or CCBS status. A drop of 12% is not to be sneezed at and makes life hard for most buyers.

The monthly sales rate is very strong, up almost 11% from last year, though this year over year growth is a little less than we saw last month. Surprisingly, we are not seeing the same growth in pending listings or in listings under contract. These are running close to last year’s numbers.

Pricing continues to advance, though not at any alarming rate. In fact the median sales price is unchanged from last month. This just shows one of the disadvantages of medians – they tend to cluster at round numbers, like $230,000, and resist moving by small amounts. Our more reliable indicator, average $/SF indicates an appreciation rate of 6.1%, better than last month’s 4.8%.”

Michael Reyes is a fighter, thus “Pinche the Warrior.” After a bout with a potentially cancerous medical issue, (which after surgery left him without a food truck), Reyes is now rising up again. Pinche Taco truck will be partnering with Bar Smith and serving the community just like before.

Many of us remember spending long nights on the Paz Cantina patio, laughing with friends, eating those damn delicious tacos. Then after development, we’d flock to fill the picnic tables outside his food truck.

Michael is a warrior, and his weapon isn’t an arrow, nor an axe, it’s not even a hammer. Michael’s weapon of choice is food. This is the one constant that any Anthropologist will tell you “connects every human together”, food is culture’s glue. By wielding his weapon, he continues to bring us all together.

Like any warrior, Reyes’ battle ground may change, but his passion and purpose never falter. From his food truck, Reyes and his team served over 30,000 tacos and burritos to the homeless. Now, his step one in the plan is to bring a brand-new food truck, Pinche Tacos, to the streets that will serve the customers at Bar Smith, and spend off times serving at rallies and First Fridays. As he puts it, “This truck will be on the streets when it’s scheduled to and when it has a purpose.” With the city and downtown-devotees help, Michael hopes to open a new brick-and-mortar in December.

“This is my Phoenix,” Reyes said. “We all have more passion than we do money. But we’re dedicated to this, to this street. This is our home, our world. Between ‘the sevens.’ That’s what we fight for. That’s why we cry, and that’s why we fight, and that’s why we hurt.”

As Michael has always put it, “I will be back, delivering burritos to my people.”

Join us in celebrating Michael Reyes, Pinche Truck and the passion and purpose again in Downtown Phoenix. Celebration at Bar Smith, see event details below.

When: Thursday, April 20^th from 5:30PM – 7:30PM
Where: Outside of Bar Smith: 130 Washington St, Phoenix, AZ 85004
Note: Free raffle ticket for all those that attend!
RSVP: Click here
Check out the Facebook invite here.

The March Get Your PHX with “F.U.N” story telling is a first for us, and we are pretty excited to bring it to you.

But, first, let’s get this out of the way. “F.U.N” is an acronym that we can’t really spell out on a G-rated website. It stands for f***-Up Nights. (Go ask your parents to explain.)

“F.U.N.” Phoenix, made its debut October 13 (The International Day For Failure). It is part of a global movement where stories of failed business and projects are told, questioned and celebrated. “F.U.N.” began in Mexico City in September 2012, and now as many as 200 cities in 70 countries participate in sharing the failure.

It has become an event where entrepreneurs, soon-to-be “f***-upreneurs” and others gather to listen to three or four stories about failure. It is something between a party and a casual business conference. The purpose of the event is to break free from the stigmas surrounding failure and to see it as a positive step everyone must overcome on the road to success. Especially since the majority of professionals don’t create the project of the year in their first attempt. Moreover, we can learn more from stories of failure than from stories of success.

We ask you to sign up for this even for a free “ticket” via this link, so we can have a reliable RSVP list. Watch for updates on our Facebook event page.

Where: Trunk Space. 1124 n 3rd st, Phoenix, Arizona 85004
When: March 23rd starting at 5:30.

Interest rates are on the way up!

We’ve been hearing talk of it for a while, but now its probably going to be a reality — not once, but maybe three times in the next 18 months.

So, what does this do to the price of a home? As you can guess, a lot!

For instance, if you buy a $200,000 house at 4.5% interest with a 5% down payment, your monthly payment (before taxes and insurance) would be $962. The same house at 5% interest would cost $1,019 per month.

That extra $57 per month difference may not seem like much. However, that is $684 per year or $20,520 over the life of the loan!

I don’t know about you, but I can think of a few things that I could do with that money. There are a few countries on my bucket list that I’d like to visit and I don’t want interest rates to keep me from going.

Another way to look at it is that in order to have the same payment every month that you had at 4.5% interest, you could only afford a house that costs $189,000 at 5% interest.

So, what does this mean? It means that you want to consider getting in to the market before interest rates go up.

It also means that you probably want to act before both prices and interest rates go up, which they are doing now. That is to be avoided!

Further, we’ve been hearing news stories that the Federal Reserve bank may be thinking of raising interest rates multiple times in the next 18 months or so. If prices in Phoenix continue to go up at the same time these interest rates are going, that could be a problem for you.

What’s the take-away? If you can buy now, you might want to make it happen.

Give me a call. I’m more than happy to help you navigate the market: 602-456-9388.

News from the City of Phoenix:

General Contact:
Ed Lebow
Phone Number:
602-495-0197

Spring is almost upon us and for a lot of folks that means time to organize and freshen up their home after a long winter. Now, before you start breaking out all your cleaning supplies, let me give you several reasons why switching to green cleaning products is the way to go this spring!

1. Healthy Home – Chemicals will no longer absorb into the skin or be breathed in. No longer breathing in harsh chemical cocktails from your typical household cleaners can reduce the risk of asthma, which is one of the most common chronic illnesses.
2. Pure Environment – Using greener methods to clean, reduces the pollutants released into the environment. This means less contaminated water and air. Most green cleaning solutions are made from recyclable packaging which also reduces waste.
3. Safe Products – Typical household cleaners pose the risk of chemical burns to skin and eyes. Green cleaning products are non corrosive and have stricter standards regarding toxicity, combustibility, and skin absorption.
4. Better Air Quality – Strong chemical cocktails come with a strong chemical odors. Green products usually include soft, pleasant smells, often from natural essential oils.
5. Less Expensive – Most green cleaning methods can be made right at home from ingredients you already have in your pantry. Why go out and buy expensive products when you have what you need at home?
6. Knowledge of Ingredients – Government regulations do not require ingredients be listed on cleaning products. When you’re making your own green cleaners at home, you know exactly what you’re using.

These are just a few of the many reasons people are switching to green cleaners. Not only is it better for the environment, but for your and your family’s health! So, before you start checking things off your spring cleaning checklist this season, consider cleaning GREEN!

I should also ad that it’s kinda fun to make your own products to clean around the house. I never even thought about it, but it kinda is!

We love and use our friends at Going Green House for their good work and their tips. We use them for our clients, too!

Its that time of month when we remember to check our fire alarm batteries, we clean out the gutters after all the rain and, oh yeah, we check in with our friends at the Cromford Report.

Around mid-month, they saw a sales $/SF of $147.97 averaged for all areas and types across the ARMLS database. This is up a very strong 2.0% from the $145.07 we now measure for January 15.

They caution, however, “This may sound like a big difference but the monthly average $/SF can change quite a bit over a short period. For example between January 16 and January 21 it rose from $144.88 to $147.00, a change of 1.5% in just 6 days.”

This seems to track (in the very short term, at least) with a small down-tick in “month’s supply of homes.” In other words, if no more homes came on the market today, how many months would it take us to exhaust the inventory? Supply goes down, prices go up.

In the CenPho market, we are seeing a small up-tick in days-on-market. I think this is probably still reflects those folks who listed around the holidays and just accumulated days-on-market, while everybody else ate Thanksgiving dinner and celebrated the New Year, nary a thought of buying a home.

Anecdotally, we are still seeing strong interest from people who want to sell their homes and we are constantly getting calls from new buyers. Over-all right about where we would expect to be this time of year.

See below for the monthly info-graphic from the Cromford Report Folks.

If you are looking for more statistical information for your home sale or purchase, hit us up at 602-456-9388.

The February Get Your PHX at the Dressing Room as been a long time coming. monOrchid owner, Wayne Rainey, has been dreaming of turning this structure in to a micro restaurant for years. After lots of hard work and a few set-backs, he’s finally done it.

Of course, it would not be what it is without the people behind the restaurant itself. You will have a chance to meet Kyu Otsunomiya and Troy Watkins, the brains behind the venture. The two have been friends for 20 years and have worked some of the top restaurants and hotels in the world. They will tell us how they used Kickstarter to launch the Dressing room, and their vision for the future.

The Dressing Room is designed to serve “Global Street Food” from a Micro Restaurant that also has a respectable craft cocktail list, wine & beer. The will be a full service, fast causal restaurant.  

They have also activated the back alley to include a 40 seat patio, designed around a full grown Native Mesquite Tree and a converted construction dumpster, which had been turned into a full fledged prep kitchen.

So, there you go: adaptive reuse.

They will be open Mon – Thurs:11am to 11pm; Fri – Sat: 11am – Midnight & Sun – 11am to 10pm. They will also have a happy hour every day (Half-off all specialty drinks, beer & wine from 11am to 6pm).

So, there you go: day drinking on Sundays!

The dressing room has a storied history, in case you don’t know. Decades ago there was a bar where the apartment building is now next door. You may have known that building at Greenhaus boutique. That bar had an original piece of art on the wall by Ettore DeGrazia, which was destroyed when the developer put up the apartments. (tisk, tisk).

Anyway, when that building was a bar, local drag artists would put on shows for adoring crowds. Because the bar was so small, the performers had to go to the little structure across the dark alley to get ready to go on, then scoot back in time for their next performance. It was their dressing room.

The current owners have kept the name in honor of the performers. At a time when downtown Phoenix was a little dangerous and in an era when performing in drag could put you in real danger (even more than today), these artists really put themselves out there for their craft.

When: February 16th at 5:30 pm
Where: 220 East Roosevelt.
Sign up at this link to reserve your spot.

Its that time of year again. The Devour Culinary Classic is February 26th through March 5th.

The Devour Culinary Classic is the region’s premier annual event hosted by Phoenix Art Museum, Local First Arizona and the Devour Phoenix Restaurant Coalition. Now offering a week-long series at multiple venues in Phoenix, the events showcase the fine food and drink restaurants, producers and purveyors of Arizona while furthering metro Phoenix as a dining destination worthy of international prestige.

An event for every taste, the series culminates into the ultimate two-day Devour Culinary Classic featuring culinary curators and purveyors who support the Arizona food, wine and restaurant industries. Attendees have the chance to partake in innovative culinary demonstrations, meet top chefs and restaurateurs as well as taste an enormous array of culinary excellence from the region’s best chefs, restaurants, local food artisans, brewers, and vintners.

In 2017, the Devour Culinary Classic will celebrate its eighth annual event with over 100 of Arizona’s best culinary personalities from restaurant owners and chefs to food producers, wine makers, distillers and craft brewers who will come together to create an incredibly unique culinary experience for 4,000 lucky guests. Attendees can expect the utmost in lively food experiences: partake in innovative culinary demonstrations and taste workshops, meet the makers of your favorite edibles and drinkables and taste an enormous array of culinary excellence from the region’s best.

And since Devour is put on by our besties at Local First Arizona, of course we want to make sure you know about it!

Your February Market update indicates a continued strong market with sellers having the advantage as we go in to the busiest time of year.

Here’s what our friends at the Cromford Report have to say:

“New listings have been arriving at a slower rate than last year, adding to the problems faced by buyers. Although the overall number of active listings excluding UCB increased by 2.4% during the month, this is an unusually low growth for January and many areas have experienced an unexpected decline in listings over the past 31 days.

This imbalance between supply and demand is true throughout most of the low and mid price ranges, but is less of a factor in the higher price areas, particularly in the outer locations. While this imbalance persists, it is likely to lead to further price rises. We saw a substantial 1.1% rise in the average price per sq. ft. during last month, but the median sales price remained flat for the second month. The average price per sq. ft. is a better reflection of what is going on.”

Anecdotally in CenPho and the historic neighborhoods, we are continuing to see a strong seller’s market, as well as new listings. There is a little dip in prices in the chart below, but it is yet to be seen as to whether this is the hold-over from the end of the year. I would guess that it is more of a blip because the contract ratios are still moving upward, as we would expect this time of year.

In short, if you are looking purchase, you will want to either get on it now or wait for at least a year.

If you are thinking of selling, 2017 is definitely the time to do it.

By the way, we also work in other areas of town. We do this analysis for CenPho and the historic neighborhoods because we get most requests for that analysis.

If you would like us to analyze the market for you in any other area of Maricopa county, please give us a call at 602-456-9388.

Handy-dandy charts for your February Market Update are below:

The market analysis shows a small shift in prices, but probably not significant.

The seller’s advantage continues upward as the year begins.

The number of listings continues to climb. Will that eventually put a downward pressure on prices?

Contract Ratios -the ratio of homes that close in any given month, of all of those on the market of any status