Urban Life

Welcome To Urban Life... A Phoenix Real Estate & Life Blog

Welcome to Urban Life. Our intention is to provide a mix of real estate, housing, market analysis, downtown/central Phoenix news & events, as well as area restaurant & business review.

We generally post new articles 2-3 times per week in the various areas of focus. In addition, readers can search the Greater Phoenix real estate market with our map-based and very popular home search tool. Feel free to share our articles using the Face Book, Twitter and other social media links you'll find at the end of each post.

Thanks for visiting Urban Life.

Gene Urban & Ron Urban
The Urban Team

Real Estate Agents Assisting Short Sales, Are You In Compliance

Ron and I are concerned many real estate agents do not understand the responsibly they take on when helping a client with their short sale submission package. In the normal course of our duties we do not handle a client's personal information such as SS#'s, bank statements, and tax returns. However, if a real estate agent helps a client assemble and submit a short sale package they likely have access and or possession of private information. The question is, "Are you compliant with regulations covering these actions?"

Below is a piece our friend Doug Farnam at Thomson Conant PLC, a Phoenix based law firm, wrote to help real estate agents performing this task.

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Short Sales and the Security Nightmare: Are You in Compliance?

Doug Farnam, Thomson Conant, PLC

Did you know that there are compliance regulations that now apply to you and your business as a result of collecting financial information to short sell a property?

Did you know that there is no limit on damages in a lawsuit relating to improper handling of confidential data?

Most loan originators that started offering loan modifications and short sale negotiations have come from a business environment that is highly regulated. Even though some mortgage lenders are not in compliance, they are aware of the rules associated with accepting sensitive client information. Most real estate professionals, however, have not had to deal with compliance regulation and processes such as DSS (Data Security Standard), DLP (Data Loss Prevention) and ILM (Information Lifecycle Management). These are more than just fancy terms. These processes apply to who has access to client information, for how long, how data is stored and disposed of, and can you show logs and security measures to establish compliance.

If ID theft is linked back to a leak at your company, are you prepared to establish how you have followed all required regulations? Can you produce a policies and procedures document and logs to show these regulations were followed? Before you tell yourself this could never happen at your business, think about this; cyber crime is growing at record pace and becoming more sophisticated each day. Even the largest companies with the biggest security budgets have been infiltrated. Although the economic return from hacking your computer may be small by comparison, your computer is an easy target. A hacker will always go after the low-hanging fruit first.

There is no way to guarantee your computer or office has not, or will not be compromised. Compliance is about minimizing that risk and being able to show that you did your due diligence to secure the data in the event of a breach.

Some things to consider even if you don’t store client information on your computer:

Email is not secure. Do not accept information by email. Additionally, if your email syncs to your phone you have just extended the endpoints of your data network and these devices should be encrypted. It is possible to have data stolen from your phone through a blue tooth connection without your knowledge and of course there is always the possibility of losing your phone.

Chat (messaging) programs are also not secure, they store a chat log on your computer, and are a common method hackers use to gain access to, or upload malware to your computer that will monitor of your activity.

Many lenders require information be entered into an online system (i.e. Equator). If your computer is compromised this data could be captured by hackers and sold to the highest bidder.

Required Regulations:

There are many regulations that apply when you start accepting sensitive client data. Most of these contain overlapping requirements. For many companies, following the PCI (Payment Card Industry) requirements covers the minimum requirements for many other regulations. Even if you do not accept or process credit cards, PCI is a well accepted standard and is very clear in its definitions. It is also well supported by numerous software programs for testing and report generation. As an alternative to PCI, ISO27001 is becoming an accepted standard. Because the data collected by a client relate to mortgage origination there are parts of SOX (Sarbanes Oxley) and GLBA (Gramm-Leach-Bliley Act) that could apply. But these last two are not as well defined as PCI or ISO27001 and are somewhat vague as to DSS requirements. FISMA is a government standard released by NIST (National Institute of Standards and Technology) that seems to have some teeth as far as enforcement and penalties.

Some states are adopting their own requirements, such as Massachusetts in the case of MA201. These state regulations can apply not only to companies based in that state, but to data stored relating to any consumers based in that state. There are also companies that can test and certify your company for compliance to any of these regulations.

In general these regulations cover requirements for properly configured firewalls, endpoint security, properly maintained anti-virus and anti-malware software, password minimum requirements, keycard access to rooms hosting computers and paper records, policies and procedures for ILM, logging requirements, all applications on the network must be tested to meet OWASP and SANS standards and wireless security.

You are responsible for the security of the data you receive from a client, even if you have a third party handle the negotiations and processing. It is imperative that you confirm that any software you use to process or any third party used to process this data meet these requirements.

Here are some links to help you with tracking and compliance:

PCI (Payment Card Industry) Compliance
Policies and Procedures Template for PCI
GLBA (Gramm-Leach-Bliley Act)
FISMA
ISO27001
MA201
MediationNet (Short sale software for attorneys and processors.)

After reading this, is there any wonder why The Urban Team has clients work directly with an attorney to prepare and submit the short sale package?

Gene Urban
The Urban Team at Realty Executives
602-234-5777
For more information about short sales in the Greater Phoenix area, visit our web site:  www.Short-Sale-Phoenix.com

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The information in this post was provided by Thomson Conant, PLC. All opinions and advice are those of Thomson Conant PLC.  They may be reached at 602-326-6552

Art Detour Is Happening In Downtown Phoenix

One of the truly grand events in downtown Phoenix is Art Detour and it is happening this weekend, March 6-7, 2010. 

If you haven't been, Art Detour is when a hundred or so artists, 60 some odd galleries, a great mix of musicians and several thousand Phoenicians gather to enjoy the arts scene in downtown Phoenix.

Art Detour is sponsored by ArtLink Phoenix, the same folks that bring you First Friday. Over coffee with ArtiLink board member David Appleby, it was clear that there is great passion for this annual event. Despite the ciaos of last minute details, David is excited to share the downtown arts scene with new and old friends.

Here are the details:

What: Your art adventure is self-guided, but ArtLink has maps. You'll amble through several central Phoenix areas including Roosevelt Row, Grand Avenue, Seventh Avenue and the Melrose district. Don't worry, they have shuttles to get you around to the various regions.
When: 10 a.m.-6 p.m., Saturday, March 6; noon-5 p.m., Sunday March 7.
Where: Shuttles leave from Phoenix Center for the Arts, 1202 N. Third St., Phoenix. This is also where you get your map/guide.
Admission: Free.
Support ArtLink Phoenix: artlinkphoenix.com.

Short Sale Advisory Good for Home Sellers in AZ

If you have sold or are thinking of selling your home as a short sale, a bit of good news is here. The Arizona Department of Real Estate, in a refreshing proactive move, has produced the Short Sale Seller Advisory.

The Short Sale Seller Advisory is a handy bit of information we highly recommend those pondering a short sale read. The advisory includes a variety of information on topics including:

• Understanding a lenders options... now isn't that a catchy title.
• Warnings about predatory scams and fraud... a very important topic these days.
• Info on HUD approved housing counselors... a free service many have found useful.
• Information on obtaining legal/tax advise... our short sale web site has links to attorneys too.
• Non-short sale options you can explore.
• Short considerations such as how to hire a qualified Realtor, eligibility, home values and credit score talk.

We are delighted ADRE was quick to come to bat on this subject. Our own John Foltz, Past-President of Realty Executives, did much to push this forward and we thank him for his efforts. Short sale sellers are safer for this advisory.

If you would like to read and download this document, we've posted it on our Phoenix Short Sale web site. When you click on the link, scroll down through our short sale home seller links to find the ADRE short sale advisory. 

Gene and Ron Urban
The Urban Team at Realty Executives
602-234-5777

www.short-sale-phoenix.com (our site dedicated to short sale information)

Good News For Greater Phoenix Rental Market

I just posted an article on our Real Estate Investing 101 site regarding the Greater Phoenix real estate rental market. The news is pretty good for those who own a rental home. Based on ARMLS data, the number of available rentals has gone down considerably in the past couple months.

If you are a supply and demand person like me, this news suggests rent rates should begin to stabilize. Landlords will still be faced with finding credit worthy tenants, yet the shift in supply is good news for them.

To read the article and see the data we've collected, simply go to our real estate investing site: www.greatinvestmenthomesaz.com.

Hope you have a great weekend,

Gene Urban
The Urban Team at Realty Executives
602-234-5777

Help For Phoenix Home Buyers

Have you thought about buying a home in Phoenix Arizona, yet you don’t have the money for a down payment and closing costs? Help may be yours under the Neighborhood Stabilization Program.

The city of Phoenix Neighborhood Stabilization Program (NSP) offers a home ownership assistance program providing $15,000 for down payment and closing cost assistance.  Eligible buyers must be

• Buyers must be able to qualify for an FHA loan.
• Have completed the NSP-required eight-hour Home Ownership Education Class and Credit/Budget Assessment counseling course.

There are a few other requirements to consider:

• Buyers must maintain the property as their principal residence.
• The total household income must be below 120% of area median income. 
• Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs.
• The $15,000 is paid back to the city when the home-buyer sells the home or refinances. 

The program targets foreclosed single-family homes, town-homes and condominiums (condominium conversions are not eligible) that meet HUD Housing Quality Standards (HQS).  The purchased home must be a foreclosed home anywhere within the city of Phoenix limits and meet other eligibility requirements.

Many mortgage lenders can assist you with this program. We’ve had good results with:

Judy Giel
MetLife Home Loans
602-494-6000 x222
jgiel@metlife.com

Ron Hall
BNC National Bank
623-293-6970
rhall@bncnationalbank.com

Best to you,

Gene Urban
The Urban Team at Realty Executives
602-234-5777

CityScape Announces Downtown Phoenix Grocery Store Partner

Mayor Gordon was joined by Mike Ebert (Red Development) and Barbara Henderson to announce the long awaited name of the grocery store that will be going in at CityScape in downtown Phoenix Arizona.

The grocery partner will be… a drum roll please… Oakville Grocery Company, a 100+ year old grocery company based in Napa California. Oakville Grocery recently opened in Scottsdale near Kierland and will branch out to offer their special take on food, wine, cheese and sweet things in downtown Phoenix.

Barbara Henderson, Oakville’s General Manager for Arizona, says the company has a passion for food, wine and a great customer experience. When asked about supporting local food purveyors, Henderson said she met with Kimber Lanning of Local First Arizona and shares her passion for supporting the community. Oakville will feature 15 or more local food providers as well as a number of other fine vendors.

The store will be about 9000 sqft and is scheduled to open at CityScape in September 2010.

Now that the wait is over and we’ve found out who will be the second grocery option for downtown Phoenix, we’d love your feedback. I believe it may be a good fit. Certainly, Oakville is not your typical grocery store and may well turn out to embrace the urban/downtown experience with a sense of authenticity.

How Long Before I Can Buy A Home After A Short Sale

Our buddy at BNC, Ron Hall, always has something fun to share with our readers. Today he sent an article looking at the big question many people doing a short sale have asked: How long do I have to wait before I can buy another home after my short sale?

We've posted the article on our dedicated short sale site, short-sale-phoenix.com for your enjoyment. Here is a direct link to our "In The News" section where you will find Ron's article. If you have questions for him, here is his direct contact info:

Ron Hall
Senior Mortgage Consultant
623.293.6970 cell
480.463.2490 efax
rhall@bncnationalbank.com

 

Best to you and hope we've been of help to you.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

 

Epilepsy Foundation Mardi Gras Gala

Good morning, Gene Urban here with a post NOT about real estate and downtown and central Phoenix. It is about my other love... magic and helping people.

Some of you know I spent most of my adult life performing sleight of hand magic around the planet. Since I joined my brother's real estate practice, most of the magic is now performed locally. I especially like to donate time to important charitable events and tonight is one of them... the annual Epilepsy Foundation Mardi Gras Gala.

If you are free tonight from 6:00 to 11:30, come on down to the Arizona Science Center and join in the Fat Tuesday fun. Beads will be a plenty as will a casino night, silent auction, food and fine magic.

Fox News Phoenix did a little promo piece this morning and I was able to slip in a very quick coin trick for the shoot with Alexis DelChiaro. Below is the video clip:

Rental And Real Estate Scams on CraigsList and Other Sites Are Common

Watch out for real estate and rental scams on sites like CraigsList.com.  This weekend, one of our listings (a home we had for sale) showed up on CraigsList.com as a rental. It seems some low-life scumbag had nothing better to do than steal information and use it to con people out of their money.

The scam is pretty simple. They steal listings off the internet and post them as rentals on sites like CraigsList.com. The picture on the right was our listing they stole. Click on the picture to see the full size image.

If you respond to the rental ad you will probably get an email back asking for some personal information. What happens next depends on the scumbag. We hear some will meet you at the home and pretend they forgot the keys so they can't show you the property. They will say there are a lot of people interested though and if you want to stay in the game you'll need to give them a cash security deposit. Others will try to do everything by email and get you to give them your banking info and other personal data so they can do nasty things like steal your identity.

All we can say is to be careful. If the deal seems to good to be true, it probably is. If you think it is a scam, contact your State Attorney General's office or the FBI. Be proactive and smart.

Best to you and keep safe my friends,

Gene Urban
The Urban Team at Realty Executives
602-234-5777

Willo Historic District in Phoenix, a bit of history and information

I began writing articles about the various historic districts in Phoenix about a year ago. The more I research and write, the more facinated I get. Today's post is on the Willo historic district; Its character and make-up are a real lesson in Phoenix history.

Let’s begin our story with location, make up and size of Willo. Unlike most Phoenix historic districts, Willo is comprised of many subdivisions. Most writers say there are 22 whereas my research suggests 23- 24 in all. Its rough geographic boundaries are Thomas Ave to the North, McDowell to the south, 1^st Avenue to the east and 7^th street to the west.

Homes in the area have a wide range of architectural styles. This comes as no surprise since homes were designed and built here over a long period of time. Maricopa County records indicate home building began in 1905 and continued into the 1950’s with a few newer builds here and there. As you venture through the area you’ll find examples of many styles including:

• Monterey Style
• Greek Revival
• Pueblo Revival
• French Provincial
• Spanish Mission Revival
• Tudor Revival
• American Colonial Revival
• Georgian Revival
• Bungalow/Craftsman
• Ranch

 

 

Home building began in the southern parts of Willo during the early 1900's and the boom of revival style homes. The 1893 World’s Fair in Chicago and the Panama-California Exposition of 1915 in San Diego advanced the notion that revival style architecture was a good thing. The Chicago Fair is likely why we see so many Tudors revivals while the San Diego exposition is credited with the explosion of Spanish Colonial style homes and its cousins such as Spanish Mission and Monterey Revival designs.

The various revival style homes have a sence of playfulness about them. This matches the era, 1890-1928, that included the Roaring 20's, dawn of air travel, a boom stock market and so much more.

Most home building came to a halt when the Great Depression hit. Many of the newer subdivisions fell into financial ruin and land-lots were left unbuilt while people went into survival mode. Does this strike you as similar to Phoenix today as we struggle to emerge from the housing boom and bust of 2003-2010? (I think this will be a topic of a future post.)

Building began again as the Federal Housing Authority brought hope and access to financing,  they also brought new construction standards to the table. The FHA liked building projects that were mass produced and lower priced such as ranch, stripped down French Provincial and Spanish/Monterey style homes. This is evidence in subdivisions such as Lou Mar and Loma Vista where such styles are more prevalent.

I invite you to explore the Willo district and take a step back into our City and Country’s history. Take notice of the difference between the home styles south of Encanto and those to the north west where FHA and post WWII buying trends had a significant influence on style and construction techniques.

For more information about the various Phoenix historic districts, please visit our main site: www.UrbanTeamAZ.com.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

CLICK HERE TO GET TICKETS AND INFORMATION ABOUT THE ANNUAL WILLOW HISTORIC TOUR AND FAIR.  

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