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.

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.

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.

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.

Phoenix homeowners have kept a close watch on the housing market with a certain air of disappointment. Chances are they had high hopes for their homes. For most people the idea behind home ownership is to buy a home, live there for as long as the location and characteristics of the home suit their lifestyles, and sell the home years down the line while pocketing a little extra built-up equity — or using it to buy a better home. Time is running out to short sale and avoid possible tax liability.

Prices on Downtown Phoenix homes have been steadily rising for the past year. When inventory goes down, prices go up (you probably learned that in your high school econ class) But, that’s not bound to last. Home builders are ramping up quickly. So, the rising prices will level out a little later this year.  People are buying in the late spring and summer for job relocations and to close in time to get kids in to new schools, etc.

So if your looking to sell your home, now’s the time. I truly enjoy helping people make smart real estate decisions. Call today

Here’s a little more background: Since 2007, the Mortgage Debt Relief Act has allowed owners selling their homes through a short sale to do so without having to pay tax on the amount their mortgage holders forgave them. In previous days the money that the bank forgave on the loan would have been considered by the IRS as some sort of income on which you must pay taxes!

That will end December 31, 2012, giving homeowners until the end of this year to get out from under their debt without facing tax consequences.

Real estate brokers and agents specializing in the listing and sale of short sales have become the busiest in the industry. The moral here is that if you are going to do a short sale, do it now.  While most short sales take 3-4 months, some can take longer.  You do not want to be sweating out a December 31st closing.

Call us today at 602-456-9388 and we can make it happen for you!

You have to give it to them. Despite upcoming triple digit temperatures, the Phoenix Bike Community never stops peddling.

And why would they? All Valley Metro buses are equipped with bike racks and the city is finally expanding bike lanes to help support this very green form of travel.

And I have to say finally! I remember about 12 years ago I tried to ride my bike to work from the Willo neighborhood to downtown. I was certain every morning that I was going to die. The drivers would buzz me as if to say, “yeah, buddy, we’re gonna enforce this here no-ride zone.”

Anyway, in Celebration of the city’s growing bike scene, Twenty-five top local graphic designers will show their original bicycle-themed poster artwork for Third Friday festivities and through the month of April by appointment all leading up to Pedal Craft.

The one night event will feature lots of bikes, plenty of beer, and a bike themed poster show highlighting Phoenix bike culture. Throughout Phoenix, bicyclists, walkers, and pedicab riders will be visiting downtown Phoenix restaurants that have installed bike racks and are offering special menu discounts for PEDAL CRAFT PHX participants. Those bike racks were created in part by SideWalk Phoenix, a newly formed advocacy group for walkable, bikeable, and livable communities, will display a dozen one-of-a-kind bicycle racks designed by local artists and metal sculptors.

SideWalk Phoenix will be raising awareness and funds at Pedal Craft to create a temporary infill “pop-up” park at the quarter-acre Ro2 Lot at 1005 North Second Street. According to Pedal Craft Co-organizer, Jim McPherson,  “Fun, community-minded events like PEDAL CRAFT PHX help to raise awareness and, knock on wood, support for much needed bicycle transportation initiatives in the Valley.”

These are great community organizations and members working together for the great phoenix area. I’m inspired every time I see a new project like this come together.

THIS, my friends, is why people are flocking to Phoenix.

Over the years, brokers have gotten a bad wrap. I work with people everyday who want to go with big banks and credit unions for their loans (because they haven’t done anything wrong in the past few years, right?).

Just recently I had a client who went with a big credit union for her loan, and 7 days before close of escrow, they decided to pull the loan because the bank had issues with the HOA. Lucky for us, Jeanie Bolger from Nova Home loans came in and saved the day. I can’t tell you the number of times this happens.

Here is what I learn and I want to share with anybody who is thinking about finding a lender:

1. Big banks are just that BIG. They’ve got lots of red tape and work to get through everyday, before they even think about giving you a loan. On the other hand, a mortgage broker is a certified professional who seeks the best mortgage terms for you by accessing a network of lenders that includes major banks, trust companies, credit unions and finance companies.
2. Big banks and credit unions tend to be more conservative on loans. So, if you have something out of the ordinary going on, like a second property, a divorce or a spouse with bad credit, stay away from the big banks, especially.
3. Underwriters work fast with Brokers. Jeannie’s brokers are in the same office, so she can work with the underwriter to make sure everything they need and you need is in place. Jeannie can physically walk down a hall and ask an underwriter a question about a loan and get an answer right away. They can’t do that in the mega bureaucracies.

I recently worked with Lonna to find a home downtown. Lonna wanted to go with a credit union because they had given her pre-approval. One week from closing escrow, the credit union pulled the loan and we once again turned to Jeannie.

Lonna loved working with her. “Jeannie answered all my questions immediately and spoke to me like she was trying to help. It feels like your being interrogated when your with a Credit Union, like you’re just a case number, but with a broker it was like they cared.” Once Jeannie took over, it only took two days from when the underwriter received the application to approval.

So, let me be clear: from the time we started to the time we close, Jeannie swooped in and got it all done within 5 days! Its gotta be a record!

So if you’re thinking of buying a home in downtown phoenix, use a broker. Heck, Call Jeannie!

Or call me for more information about the market: 602-456-9388.