October is a great month to live in Phoenix. Not only is the weather beautiful, excluding this week of course, but there are great things going on all month long in every corner of town.

October 15^th

• Oktoberfest is upon us. Pull on your Lederhosen or Dirndls and head down to Margaret T. Hance Park. Of course there’s more than just beer and sing-a-longs. There will be mouthwatering sausages, authentic strudel, and German products to boot. You can find out more about tickets and times on their website.
• The Makers Faire is a One day DIY festival celebrating all things art, food, science, music and more. The festival will be held downtown between 3^rd and 5^th on Roosevelt Row from 11am to 7pm. http://www.makerfairephoenix.com/
• Tour de Fat is an annual bike ride held at various time of year across the country.  Tomorrow at 10 am is the official Tour de Fat parade where bike and Fat tire beer enthusiasts will mount wild bikes and ride Tempe beach park followed by a beer pour from 11-4 all in the name of fun and local cycling nonprofits.  

Other things happening this weekend. How about the Arizona State Fair, the Arizona taco festival, or the  The TASTE Chandler Culinary Festival. It might seem like a very foodie weekend, but what wrong with that?

Oct 20^th is our next Get Your PHX Event from 5:30pm – 8:30pm at the Nina Mason Pulliam Rio Salado Audubon Center. Come by and have a beer while you learn about their efforts in habitat restoration and education.

Oct 22^nd

• For those of you who want to feel a little more artists and a little less bloated,there is the  The Humanities Festival. The Humanities festival is a day of cultural, educational, and artistic activities from internationally known groups, authors and artists. The festival runs from 10am to 6pm at the new Civic Space Park Downtown next Saturday.
• The Grand Avenue  Festival is a celebration of Phoenix’s drive to revitalize and renew its downtown.  Come Celebrate Downtown’s vibrant culture, art, history and adaptive re-use of the Lower Grand Avenue arts and small business district and adjoining neighborhoods The 3rd Grand Avenue Festival will be October 22nd from 3 – 11 pm.
• The Food Truck Festival is rolling into town thanks in part to the Roosevelt Row CDC and Phoenix Street food Coalition. A ticket gets you inside to sample from each of the food trucks at your leisure. More than two dozen food trucks and carts are expected to be on hand for the event, providing hungry patrons an opportunity to taste the latest food trend popping up all over the nation.

What else is coming up that weekend, Chandler’s Day of Play, The Arab American Festival, The TBAG Zombie Bike Ride, and more!

And that’s just the next two weeks! With all the events going on this month, there’s something for everyone. Get out there and be a part of Phoenix’s growing community.

Y’all know that I dig the Cromford report. Then again, I also like to follow congressional and legislative redistricting. So, I guess I kinda like data. Sue me.

So, my friend Cynthia Lujan from Old Republic Title Company likes do do a month-in-review summary. Very handy.

What might just look like a collection of charts and numbers is actually a great overview of the state of our growth and change in Phoenix. Home inventory is down significantly from where it was this time last year, so if you’re gearing up to buy a home, its time to step on the gas. Unless we get a major change in the market this slight upward trend is likely to continue.

Home inventory is down significantly from where it was this time last year, so if you’re looking to buy a home, better step on it now. Unless we get a major change in the market this slight upward trend looks likely to continue.

Here are the Market Headlines:

• We are slowly climbing out of the pricing low point from the second half of August to the first half of September.
•  Unless we get a major change in the market this slight upward trend is likely to continue.
• Foreclosure activity is declining and REO inventory is falling fast, especially at the lower price levels.

Homes Under 100,000 to 200,000

• The demand for homes between $50,000 and $150,000 is particularly strong as investors chase homes to add to their rental portfolio but demand from owner occupiers remains relatively weak.
• As the supply from foreclosures has fallen, short sales are becoming a larger part of the picture.

Homes 200,000 to 400,000

• Above $200,000 the market continues to decline, but only slightly.
• High sales volumes at the low end this sector is pushing overall pricing higher.
• Average sales price per sq. ft. is rising for homes under $200,000 and stable up to $400,000.

Homes above 400,000

• Above $400,000 there is potential for further price weakness unless demand improves.
• The overall average and median sales pricing is now on an upward trend.
• Buying interest in homes over $3,000,000 is dramatically down compared to this spring.
  

  See how the days inventory was at its high in 2010, but has dropped dramatically. This is a buying spree.

This just in from the desk of my friend Jeannie Bolger, of Nova Home Loans:

There were some changes other than weather as of October 1^st this year. For those of your looking to buy a home, there were several mortgage changes effective last Saturday.

For those looking into FHA (Federal Housing Administration) loans the maximum loan has been reduced state wide. As you may recall, in 2008 a temporary boost to Federal Housing Administration-guaranteed loan was passed. That boost expired October 1^st and

In Maricopa County new loan limits are:

Anyone looking into VA Funding has noticed a decrease, sometime more than a full % for purchases, on funding fees.  Across the board these are positive changes, as the VA loan is already perhaps the best loan option available for today’s veterans and active duty service men and women.

Regular Military Funding:

Reserves and National Guard:

Beginning October 1, 2011, USDA Rural Loans have annual mortgage insurance (3%, paid monthly) and reduced the upfront guarantee fee on purchases from 3.5% to 2%. Unlike FHA insured loans, USDA’s annual insurance fee is for the lifetime of the loan, which is definitely something to think about when considering loans.

Loans can be complicated, but they don’t have to be. Contact Jeannie at (602) 385-4812 today for help.

And, of course, give me a call at 602-456-9388 for property questions.

You know that Phoenix continues to “grow up” when it develops a healthy sketch comedy community. Enter stage left: First Friday Night Live.

Amongst the hustle of the First Friday art walk lies the Firehouse, a gallery which plays host to provocative exhibits, musicians, and local fire dancers all month long. After the First Friday vendors pack up and the art walk teens return home before curfew, the firehouse continues to burn the midnight oil. This Friday, the cast and crew of First Friday Night Live will kick off their second season of sidesplitting sketch and stand up on the stage behind The Firehouse.

The cast of seventeen local actors and comedians along with a group of dedicated writers collaborate all month long creating, writing, and practicing original scenes. In addition to the six nightly sketches, the hour and a half performance will include stand up from the cast, musical guests, as well as the firehouse’s signature fire dancers.  In total, the cast and crew are more than 60 dedicated members strong.

Michael23, a local artist and show founder is looking forward to the second season and the knowledge that comes with it. The first season ran September to March, with two “uncomfortably cold nights,” in January and February that changed the course of this season. To avoid the cold Arizona nights, FFNL has decide to split the season, staging shows October to December and then March to June with two FFNL events in between.

The show is put up every month on a “shoestring budget,” says Michael, “We hope to break even at the end of this season.” Tickets are available pre-sale for five dollars online or the Firehouse Gallery and Lawn Gnome Publishing Bookstore on first Friday. Tickets at the door are seven. You can even buy season tickets for forty dollars on their website which comes with a free t-shirt to boot. The show also streams live online, for those who need there FFNL fix in bed.

If you’re interested in finding out more about FFNL or joining the production you can find information on their site.

First Friday Night Live’s first show of the season premieres at 11pm this Friday at the Firehouse.

Those of you who have been to the arts market in the Roosevelt Arts District may not know that it’s yet another brain child of the Roosevelt Row CDC. The A.R.T.S. Market serves small businesses and art vendors at First and third Fridays year round. Vendors looking to participate can secure a location for $50 for both First and Third Friday, or $80 for just First Friday.

Courtesy of Roosevelt Row

Does that seem a bit backwards? First Friday is prime property for vendors and artists looking to get their name out. But, with every artsy teen strolling the street in their winter tank tops, some adults may shy away from the crowd. Third Friday, though quieter then the hustle of First Friday Crowd, attracts a more serious adult, art crowd. Roosevelt Row, in all their wisdom, struck up this deal for vendors who show a commitment to participate in an A.R.T.S. market as well as to the growth of the district.

Vendors have to meet basic guidelines, which are outlined on the Roosevelt Row cite, and aren’t judged on aesthetics. And the deals don’t stop there. On November 12, Roosevelt Row will be hosting a pie social to benefit the Bioscience High School. After the pie social there will be an art walk where booths are only $25 for the night. On the nights that pie isn’t available Food vendors can grab a spot too by contacting the food trucks coalition who are acting as art walk partners.

Next first Friday is October 8th. We’ll see you there!

Irrigation in place as we moved dirt last Saturday.

Over the course of a weekend a once vacant lot on the corner of 6^th and Garfield became fertile ground for beauty and science. As we mentioned in our post last week, this past weekend volunteers, organizers, and even a couple politicians gathered for the planting of Valley of the Sunflowers.

Not too long ago, Sean Sweat, an Intel employee, met with some friends and discussed the potential for this lot. Luckily, he was talking to the right people. Kenny Barrett and Cindy Dach, of the Roosevelt Row CDC, and Braden Kay of the ASU Global Institute for Sustainability are good friends to have when you’ve got big ideas.

RRCDC is a non-profit downtown which promotes the interests of the downtown community by supporting public events and fostering urban renewal. Kay introduced the project to Bioscience High School, which also overlooks the lot. Bioscience High is currently building a biodiesel car, and was conveniently looking for a source of oil.

With help from the Roosevelt CDC and two start-up grants from Intel, They were able to propose his plans for a temporary sunflower field to the City. The hope of this and many other revitalization efforts is not only too beautiful but bring business downtown.

Of course the City was hesitant at first, but because VOS already had the plans and the money, it didn’t take long for the city to get on board. Because the project was temporary and funded, the city leased the lot to Valley of the

Sunflowers for free, putting it on the fast track to realization.

It was the “temporary” use of the lot made this project possible. The lot is currently allocated to the Arizona Cancer Center, which plans to start construction in the next two years. Until construction begins the two acre lot will be put to good use by VOS. They are planning two grow cycles, keeping stick notes and directions, so this project can be recreated again.

So how can you help? Well they’re still looking for an oil press and a tractor, if you’ve got one lying around. If not you can donate time through the RRCDC website or head to their kick starter page and donate to the cause.

As those of us with steak sauce stained shirts and full bellies already know, the fourth annual Arizona Restaurant week is in full swing. This year, over 200 restaurants are offering prix-fixe menus to hungry patrons looking for a deal.

All the restaurants are offering three course meals for $20, $30 or $40 person, excluding drinks, tax and tip. There are even some places offering two for $30.

Photo Courtesy of the Arizona Restaurant Week

As some of you may recall, when restaurant week started in 2008 there were less than 100 valley restaurants involved. But at $29 a meal, patrons rolled in by the hundreds. By 2009, the celebration had spread all the way to Tucson and this year they are state wide with four restaurants in Flagstaff.

Of course, you don’t have to pack up the whole family to enjoy a fantastic meal. Some of the finest dining restaurant week has to offer is from Phoenix food institutions.

Durant’s, which opened in 1955, is a swanky, old-school, red leather booth, seafood and steak house that serves a classic menu and great drinks. As jack Durant said himself “Good friends, Good Steaks, and the Best Booze, are the necessities of life,” If you agree, Durant’s is the place for you this restaurant week.

Pie at Stockyards - Picture Courtesy of AZCentral

If you’re a meat and potatoes kind of person, Stockyards is “Arizona’s Original Steak house.”   Stockyards started as a favorite meeting place for local cattlemen, bankers and politicians. If your looking for the taste of history, Stockyard joined the historical registrar in 2004 and will be helping Arizona celebrate its centennial this February. Or just skip the history and try one of their six restaurant week desserts.

Avanti, open in 1974, is classic Italian at its best. The romantic, zebra striped restaurant is still owned by the two original partners from Sorrento, Italy and is known for its impeccable food and unbelievable service.

If you’re looking to soak in Arizona in all its glory, you have to hit up El Chorro. Originally opened in 1937, El Chorro Lodge sits at the base of the Mummy Mountains offering classic Arizonan inspired cuisine. Many will agree with me when I say the best part of El Chorro’s restaurant week menu has to be their Gooey Caramel Cake which has been tempting patrons for years.

Courtesy of El Chorro Restaurant

Of course there are our favorites. Christopher’s and Crush is a new comer, with only three years on the block, but their hip atmosphere keeps patrons coming back for more. For you locavores, St Francis is offering fresh, rustic cuisine from local farms and even better kids eat FREE.  Ticoz Resto-Bar offers Latin-Arizonan Fusion cuisine, not to mention to die for tacos, for those of us looking to spice up our life.

Dining in Phoenix can be a wonderful adventure. With only 9 Days to work through the complete Restaurant Week menu, you can expect to see everyone out for a great meal at these Arizona standbys.

http://arizonarestaurantweek.com/participating-restaurants/

For those of you who are not already privy to recent ongoings around Margaret T. Hance Park, I hope the following serves as a useful primer.

The Margaret T. Park sits like a leafy green roof over the 101 tunnel between Culver and Portland. This was the final place in America where I-10 was joined, completing the ribbon of highway connecting the Atlantic Oceanside of Florida to the Pacific beaches of California.

The 32.5 acre park, which is adjacent to the Willow, Roosevelt and Evans Churchill neighborhoods, is gearing up for a major repurposing.

Thanks to the Parks and Recreation Department of Phoenix and the park’s vision steering committee, Margaret T. Hance Park may be getting a major facelift very soon.  A thirteen member committee along with several ASU architecture and landscaping students are creating a master plan to be proposed in December for future, long term changes to the park while still preserving its historical integrity.

The park is already home to the Irish Cultural Center, Japanese Friendship Gardens, and the Jewish Heritage Center as well as many events, like next month’s Oktoberfest. The committee, whose meetings are open to the public, plans to propose new structures and additions which can benefit and increase park programming, such as an amphitheater for concerts and shows or basketball courts for local teams.

The project is just one of many around the community help to better downtown neighborhoods for the good of the public and its real-estate. Cindy Dach, a six month veteran of the committee, is a former New Yorker and knows how important parks can be to a community, especially downtown.  For Cindy, “parks are vital,” especially to those downtown who “may never otherwise see a tree.”

Cindy is also a board member for the Roosevelt Row Community Development Corporation, which promotes revival of downtown Phoenix by endorsing the arts and creative renewal of vacant downtown spaces. This weekend the Roosevelt Row CDC will be hosting a public seed planting for their Valley of the Sunflowers project on Saturday.

We are lucky to have people like Cindy and downtown advocate Sean Sweat involved in these projects.

Revitalization projects all over central phoenix are working toward the same goal: happier, healthier neighborhoods, engaged communities, and a flourishing downtown.

There you go, reason 1,487 why I dig CenPho and think you should, too.

Have a great weekend!

—————-

By the way, below is a rendering of one of the plans that was suggested in the 1960s to move traffic through Phoenix BEFORE historic neighborhood leaders got involved and fought for what became Margaret T. Hance Park. Do you get the feeling that we dodged a bullet?

The City of Phoenix is now offering a $15,000 loan towards closing costs and down payment to purchase a newly renovated “Move-in Ready” homes through their Neighborhood Stabilization Program.

The Neighborhood Stabilization Program is an effort in response to the number of vacant foreclosures in Phoenix neighborhoods. Housing programs are popping up all over the Southwest in hopes of turning foreclosures into affordable, refurbished homes and enhancing neighborhood curb appeal.

NSP is offering an extensive catalog of renovated properties in established neighborhoods as well as providing guidance through the entire process.

To qualify, home buyers must meet these requirements:

1. Applicants must meet the income guidelines for household Family size. For Example, A family of 4 must have an income at or below $78,600 annually to receive the loan.
2. Candidate should be able to qualify for a 15 or 30 year fixed mortgage
3. Though you don’t have to be a first time home owner, you can’t currently be on title on any residential property.
4. Applicants must be able to contribute one half of the home’s required cash down payment for a min. $1,000. For example, a $100,000 home would require a $1750 down payment.
5. All loan hopefuls have to take a two hour one-on-one credit counseling and an 8 hour home buyer education class

A word of caution: I have helped buyers through this program. Half of the time it went smoothly and relatively quickly. The other half of the time it took longer and everybody was pulling their hair out. Now, to be fair, that was mostly because the listing agent’s contractors were not doing the basic things that the city inspectors asked of them.

Further, that was in 2010. Now NSP has homes that are already renovated. So, this is a whole new world from when the program just got started.

Regardless, families state-wide are in a great position to be homeowners in great phoenix neighborhoods. My friend Jeannie Bolger, of Nova Home Loans let me know all about this program and, as a mentioned a few weeks ago, she is experienced in these loans and could be a huge help in the process.

You can visit www.phoenix.gov/nsphome to view the Move In Ready list of available homes or give me a call today at 602-456-9388.

It was nice to see this article in the Arizona Republic yesterday talking about a “rebound” in the condo market in Phoenix.

I don’t know if I would go so far as to call it a rebound. In fact, several of the projects the article talks about are still not sold –they turned in to apartment buildings instead.

However, the article does point out something that I’ve been saying for a while: an increasing number of people want that dense, urban experience. That is why 44 Monroe, for example, filled up with renters so quickly.

So, while you can still get a great condo downtown and in CenPho right now for much, much less than you could in 2006, and while the market for condos has not completely righted itself it is true that the inventory of condos in CenPho has dropped sharply over the past year. They are being gobbled up!

This demand should be an indicator to anybody, whether buying a house or a condo, that urban centers are going to be in great demand once the market stabilizes. If you are holding on to your house to sell later, have hope. If you are thinking about getting in to CenPho, now is a good time because it will be more expensive a year from now.