The portion of the inventory that is considered distressed is still much smaller than it has been for years, and will continue to be that way.

If you look at the number of listings in the inventory, above, you will see that we had an increase in “normal” listings at the end of last year. That is because people who bought during the really low points or before about 2003 are putting their houses on the market. You see that January inventory is down a little bit.  I’m guessing this is because people think prices will go up, so they are holding off listing. But that’s tough to say –and it is a bit of a gamble for those folks who think they should wait.

Here’s why: while most folks think interest rates will stay where they are this year, I’m also hearing loan officers reporting that rates are starting to go up. You don’t want to try to sell a house while the interest rates are higher. It erases all of the price increase you were waiting for!

Still, you can see in this chart that the prices continue to go up, generally.

This is why you will see fewer investors in the market. First, their ability to get a super cheap house which they can flip up is going away in most areas. Second, it is more difficult to turn that house in to a rental and get cash flow when you bought it at a higher price.

I expect to see more “normal” buyers in the market, as those people who lost their credit scores recover and decide to pick up a new home.

If you are thinking about listing you home (even for short sale), please give me a call and let’s meet. If you are thinking of buying, let’s grab a cup of coffee and talk about your plans. We can build a strategy that gets you the home that you are looking for.

Call me at 602-456-9388.

PLEASE NOTE: THIS IS A TWO-NIGHT EVENT. DEC. 5TH AND 12.

Friends, it is official. Phoestivus is on and bigger than ever. Not only will we have over 50 vendors. Not only will we have at least 6 food trucks. Not only will we have feats of strength, an airing of grievances and the worlds largest Phoestivus pole (as far as you know).

Not only that, friends. But this:

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 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.”

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

Saturday from noon until 3pm – 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.

Drop by and say hello to Michelle Conley, the newest Get Your PHX team member.

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.

Thank you to Wayne Rainey of monOrchid for hosting the June Get Your PHX. Special thanks to Michael Popescu of MojoTree for bringing the Pichuberries and to Dwayne Allen and Danielle Leoni of Rum Bar for contributing their brand new recipe for the Pichuberry Punch. Many folks walked out of this last event wondering where they could get that drink again. (I know I did.) Drop by and try this new drink at Rum Bar.

Thank you also to Jonathan and Erin Carroll of the Song Bird Tea and Coffee House for contributing to the food, the prizes and sharing their new space with us and to Troy Benjamin for his food creations using Pichuberries. Troy, I think you have a new calling.

This July 19th we are celebrating 180° Degree Automotive, which just celebrated its grand opening a brand new shop at 545 W Mariposa.

See the Facebook invite page here.

180° Automotive is a unique venture, started in another location in the Melrose District in 2009 by Bogi Lateiner, a former law student – turned celebrity mechanic. Bogi garnered a lot of attention in recent years because she is a female mechanic, business owner and all-around great lady. She has also managed to fit in time to co-star in the Velocity Channel’s auto-repair “MacGyver-like” problem-solving show “All Girls Garage.”

But as if that were not enough, we are dedicating this event to celebrate four other inspiring women business owners in CenPho. Why are we celebrating these five women? Because each and every one of them not only inspires us, but has also grown their respective businesses during the recession.

Heidi Abrahamson — Heidi is a recognized jewelry designer who has shown all over the United States and in Europe. Her jewelry is, as she says, “modern architecture for the body.” Heidi and her husband, Doug, own Phoenix Metro Retro just off 7th Ave and Hazelwood. Heidi recently got nation-wide attention for the cat hair jewelry that she created with Kate Benjamin.

Kate Benjamin — Kate is best known for Modern Cat Design, a newsletter, website and source for chique accessories and furniture for the modern cat and their people. In 2009, Kate launched Moderncat Studio, a line of modern cat products that includes handcrafted toys, beds and scratchers that are all carefully tested by Kate’s nine felines at their Phoenix, Ariz., home. Some of Kate’s chic creations were recently featured in an annual design episode of CBS Sunday Morning.

Christine Cassano — Christine is an artist and designer, who has taken the medium of concrete to a new level (come see the front counter at 180° Automotive). We know Christine because she is the inspiration behind the Phoenistivus Market publicity designs. Christine has taken up residence next to the 180° “compound”, where her work can be seen. Christine is one of those behind-the-scenes champions who helps drive the energy and connections in the business community in CenPho.

Tracy Perkins — Of Strawberry Hedgehog has proven that you CAN make vegan, plant-based bath products, which are attractive to men and women, alike. Further, Tracy has proven that these products are attractive to national retailers, such as Whole Foods.  Tracy also works out of the 180° Automotive neighborhood, where she makes her soaps in small batches by hand.

July 2012 Get Your PHX
Thursday, July 19th at 5:30
180° Automotive
545 W Mariposa St.,
Phoenix AZ 85013  Map it

I was recently introduced to the 2012 Centennial Edition of the Bicycle Map and Phoenix Historic Neighborhoods  (PDF).

It was created under the guidance of Joseph Perez, the city of Phoenix Traffic Safety & Bicycle Coordinator (May 31, 2012 video), so I had high hopes for what Joe might bring to the mix.

I’m hoping people using the map will see the close proximity of the historic districts, bike trails, canal paths, and light rail stops, and think, ‘I should move here. It’s so close to everything,’  Perez told me when I asked him about it.

As it turns out, I live in the Campus Vista historic district and own a bike, so I felt endowed with certain unalienable rights to… put this map to the test.  Campus Vista is one of the 35 historic districts profiled, colored, numbered for easy recognition in this unique little fold up map. My neighborhood (light blue, #4):

Campus Vista. The opening of a new campus for Phoenix College in 1939, just outside city limits, created a demand for nearby housing. Bordering on the eastern and northern campus, the homes in this district represent a heterogeneous collection of mid-20th century domestic architectural styles.

Eager to start my journey, I head east on Thomas until I reached the yellow dots at 5^th ave and head south. This dedicated bike lane takes me through a dark orange neighborhood, one of my favorite places to buy and sell homes, and one of the most popular historic areas to walk, drive, or bike through: the Willo District.

Showcasing a wide variety of home styles including Tudor, Spanish Revival, Bungalow and Ranch, Willo is one of the largest historic neighborhoods, with majority of construction having taken place during the 1920’s-1930’s. Significant architectural changes in Willo can be marked  in the neighborhood starting with the earliest development near McDowell, and progressing north toward Thomas.

As I leave Willo, I cross south at McDowell and enter the Roosevelt District,

The first Phoenix neighborhood to be designated a historic district… A typical “Streetcar” neighborhood, its narrow and deep lots often showcase both California and Craftsman Bunaglow.

It’s a wonderful ride and I slow my pace even though it’s over 105 degrees out. (One has to have priorities, you know.)  A bit later, I follow the dedicated bike path over the I-10 freeway, then stop as I’m struck by the proximity of the majestic Kenilworth Public School building (and not just because I see my name is in it).

View Phoenix Historic Districts in a larger map

I’ve reached Fillmore. The map shows my path as orange dots, a “Bike Boulevard” that leads east through central Phoenix to 7^th street and the Garfield Historic District–- “modest bungalows, Period Revival homes, turn-of-the-century structures and a concentration of Pyramid cottages.”

A bike boulevard is designated visually on the road by ‘sharrows’, two white parallel arrows over a large white bicycle that make it obvious the road is to be shared with bicyclists. This summer, the Bike Boulevard (begun in a public meeting in 2010) will be completed when it reaches the Grand Canal Trail at 33^rd street, leading bicyclists from there into Tempe. (Read the full story here.)

SRP has plans to install a pedestrian bridge this year,” said Perez.  “To help connect the boulevard to the Grand Canal Path immediately east of Indian Trail but seperate because of an irrigation ditch.” [update: the bridge is now complete at Garfield & indian Trail!]

If you’re a bit skittish about sharing the road with cars, like I am, you might reconsider when you read Taz Looman’s Blooming Rock post, “Why I Converted from a Sidewalk Cyclist to a Street Cyclist”.

Well…Bike Boulevard and the land of Garfield awaits…I’m off!

 (Photo: Jaydec)

You’ve probably already heard about this Frank Lloyd Wright home, designed for his son, David, in 1950, that was scheduled for demolition. You likely know the current owner had plans to split the lot in half, effectively demolishing the house in the process. Odds are, you read about this at AZcentral.com last Thursday, June 14 or on the front page of the Arizona Republic on Friday, June 15th (Is Phoenix home designed by Frank Lloyd Wright in peril?“).

It was the Frank Lloyd Wright Building Conservancy that came across an application to split the property and who immediately,

…sought landmark designation and historical-preservation status for the home with the Phoenix Planning Commission in an attempt to fend off any threat to the Gladys and David Wright House, which was originally sold in 2009 by Wright’s great-granddaughters,” reported the Republic’s Philip Haldiman.

 The day the story was published, hundreds of people left comments below the article, protesting the demo plans. On Friday, June 15th, azcentral.com ran a brief story, “Outcry saves Frank Lloyd Wright house“:

[Frank Lloyd] Wright fans feared new owners planned to demolish the home. They packed a Phoenix Planning Commission meeting to protest. Hundreds more mailed or e-mailed their objections.

The new owners heard. Developers Steve Sells and John Hoffman had indeed planned to demolish the home, not realizing its significance. They told Arizona Republic reporter Philip Haldiman that they’ve since learned more about the house, including that its spiral design would later be used in one of Wright’s most famous works, the Solomon R. Guggenheim Museum.

After the loud community protest, the demolition plans were dropped.

And on Friday, June 15, the Republic declared, “Frank Lloyd Wright home buyers will work to preserve it“.

This is good news.
Great news.
Of course, it is.

But there’s a Frank Lloyd Wright-like attention to detail at work here. Something I don’t want you to miss. Before the press revealed it. Before Wright fans promoted it. Before emails and voices protested it. It’s the reason this home was even capable of being saved.

Recall that the new owners of the two-acre lot had filed an application to split the property in two. And it was the Frank Lloyd Wright Building Conservancy that came across that application. Before they sprung into action and made a move to stop it, they had to discover it.

Unless I’ve got my facts wrong, looking through applications isn’t very sexy. Who knows how many applications this person looks through on any given day? Day after day after week after week, nothing to report. And then, one day, someone noticed. And it’s because of that one person that what followed, followed.

You may have seen my previous stories about the effort to put historic trollies on Grand Avenue as an economic development project. This low-cost project would help encourage new businesses along Grand Ave between Van Buren and Roosevelt –a trend that is already under way, but which could quicken and bring new income to Phoenix.

Since writing these stories, I joined the Grand Avenue Rail Project (GARP) board and we are working to get recognition of the great return on investment this represents.

It came to my attention this last week that the folks at the Trolley Museum, where they house the historic trollies which we hope to use on Grand Ave., have received a proposal from a neighboring city to take our trollies and add them to their local museum.

From what I am hearing, the Phoenix Trolley Museum folks, not getting a particularly warm feeling from City of Phoenix, are seriously considering taking this other museum up on their offer. From what I hear, some in the City really want to take back the trolley museum building at Margaret T. Hance Park so they can use it for other things. They have gone so far as to encourage the Trolly Museum to move, but they have not provided a viable place for them to go.

The sad part is that there is a very viable option, which the Museum folks and GARP founder Robert Graham have been advocating for: put the trolly museum on Grand Ave., along with an accompanying trolly line that will encourage new business on Grand.

Thus their frustration.

Here is my concern: if the Trolley Museum moves to some other city, it will be even more difficult to see the GARP idea through and it will represent yet another Phoenix stab at historic preservation. Even sadder is the fact that the city does not need to lay out much money to make this happen. They just need to partner on proposals to the federal government for transportation dollars, which can be used for this purpose.

The estimated cost to build the infrastructure, outfit a new museum on grand and operate the system: $10 million. I 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.

I’m very proud to announce a new listing that I have at the widely-coveted Villa del Coronado.

Please see this link for the listing information.

These condos, built in 1958 are one of the few quintessential examples of Mid-Century Modern design left in Phoenix. Did you know that one of our previous governors used to own a property here?

I use the word “coveted”, above because this community is absolutely pristine and sought-after by Mid-Century Modern buffs.

The owner of this property has renovated the bathrooms with beautiful modern features, opened up the great room. The Villa de Coronado community has two salt water pools, with one heated. It is also one of the few properties downtown with individual garage parking.

The community takes care of everything, even some maintenance for each unit. That way you can get out and explore, wether you are going across the street to the Phoenix Art Museum or to the light rail stop about 300 feet away.

These properties are co-operative condos, a rare breed in Phoenix. As such, the properties are kept in immaculate condition by people who are very particular about the type of property they own. It means that if you own one, you actually own a portion of a corporation. As such, all of your taxes, electricity, gas and other usual HOA fees are paid out of one monthly fee. It also means that these properties can only change hands by paying cash, with one exception –“seller carrybacks”. Financing is not an option.

To put it another way, because you are buying in to a corporation a lender is not likely to give you a loan.

What is a “seller carryback,” you ask? Check out this post from way back in 2010 about seller carrybacks and how they work. Basically, you can buy it directly from the owner through installments.

If you want more information about this unique opportunity, please give me a call at 602-456-9388.

(Yeah, go ahead. Say it. “Phoenix and Historic Preservation are oxymorons.” Did you get it out of your system? Ok. Thanks. Proceed.)

In keeping with the National Preservation Month’s May theme—“Discover America’s Hidden Gems”—past and present Phoenix Historic Preservation Commission members will share their favorite Phoenix memories and “hidden gems”.

Nine Phoenix resident commission members, from at least one of the following categories—registered architect, real estate professional, archeologist, and historian—serve on the commission for a three-year term. The newest member is Tazmine Khatri Loomans (“but you can call me, Taz”), architect, writer and advocate for sustainable building practices. Her first committee meeting was May 21, but I know she’ll have plenty to contribute to the celebration! (For more info on Taz, check out her excellent ‘city. sustained.’ Phoenix-based blog, Blooming Rock.)

Maybe we’ll hear something along the lines of discoveries in 2010’s excellent coffee-table book, “Midcentury Marvels: Commercial Architecture of Phoenix, 1945 -1975” co-written by The Phoenix Historic Preservation Office and Ryden Architecture, Inc.

The Phoenix Historic Preservation Office writes books!? And they do a lot more, working to protect and enhance historic neighborhoods, buildings, and sites. They work closely with the Phoenix Historic Preservation Commission, to identify designate districts and properties that are eligible for a listing on the Phoenix Historic Property Register.

To qualify as a Historic Property in Phoenix, a property has to be at least 50 years old or have achieved an exceptional level of significance in the past 50 years.

“Significance” can mean one or more of these things: that the property is connected to events have contributed to wide patterns in the Phoenix history; that it is associated with significant people from Phoenix history; that it has, or is likely to in the future, provide information that will be helpful to increasing our understanding of Phoenix history or pre-history; and/or that the construction of the property clearly represents a specific type, period, or method; or it represents the work of an artistic master.

National Historic Preservation Month Celebration
6:30 p.m.
Tuesday, May 29
Encanto Clubhouse
2605 N. 15th Ave.