Urban Life

DID YOU GET HIT BY THE STORM? REPAIRS MAY BE COVERED BY INSURANCE

Last night's storm was an amazing show for many and a source of property damage for others.

We just wanted to let people know that many storm-caused home issues are covered under your homeowners insurance policy.

We advised one of our clients after the last storm and their insurance policy is covering the replacement of their roof that was damaged by winds and rain.

Roof damage, downed trees, broken walls, blown-out windows and many other damage issues are often covered by your policy. Contact your carrier to determine your best recourse.

Otherwise, have a great weekend and we wish you a grand Labor Day holiday.

Gene & Ron Urban
The Urban Team
Realty Executives
602-234-5777

PORTLAND'S RESTAURANT PHOENIX... A REVIEW

Our Local First Arizona member review this week is Portland's Restaurant & Bar located at Central & Portland in downtown Phoenix.

I arrived at Portland's a little before the lunch hour to have a sit down with owner Dylan Bethge. Unlike many privately owned downtown restaurants, Portland's exudes an upscale richness rather than downtown funk. Dark woods and deep color schemes invite a feeling that this is a deal-making hangout... a bit like Victor's in the old days of Phoenix. It's classy without being too pretentious and has a comfortable, neighborhood feel.

Dylan joined me and we talked a bit. He and his wife Michelle opened the place in 2001. Michelle grew up in the food business and Dylan too has a rich background having been in management with Tarbell's, Starbuck's and Houston's. 

I started out asking about how the light rail had affected his business since he's located right on Central near one of the stops. He said it was "pretty ugly" for a while. However, many of their clients work downtown... lots of politicos, attorneys and such. (My initial thought of this being a "deal-making place" turned out spot-on.) In addition to the executive clientèle, Portland's has a strong neighborhood following.

The menu is pretty down to earth with just the right amount of flair to excite the taste buds. Dylan says their food choices are customer motivated. He and Michelle focus on wowing their clients, not the gourmet food critics. When asked about the chef he told me that he and Michelle take care of the back end. Both are passionate about good food and have the skills to ensure a consistently fine product.

I can't forget to mention the bar side of Portland's. Although talked about as a wine bar, they actually have it all including a fine assortment of scotch... the always popular choice of business types. The wine bar is extensive with a variety of solid names and many boutique wines including Joel Gott, A to Z Wineworks  among others.

I really like the Bethge's commitment to community. Having grown up in Phoenix, Dylan cares about this town. He and Michelle buy as much of their fare as possible locally. Schreiner's Sausage and Four Peaks Brewery are but a few of their local suppliers. In addition to vendors, they support local artists by rotating a variety of artwork on Portland's walls. Luis Gutierrez's thought provoking work was there on my visit.

Dylan and Michelle have a great place... one that makes our downtown better and offers a bit of distinction. Next time you are wondering where to have a fine meal with great ambiance, give Portland's a try. Having tried it once, it will be on your short-list of places to dine when heading downtown for an event or work.

Gene Urban
The Urban Team

SCOTTSDALE, AZ REAL ESTATE HAPPENINGS

Happy Friday Urban LIfe readers. A bunch of people have asked what's going on in Scottsdale real estate. In an effort to please the masses, Ron and I pulled stats, chatted with fellow real estate kind-of-guys, put all the info in the blender and have come up with the following information and  analysis for July 2008. Now that we are done we can use the blender for it's intended purpose... Margaritas.

Abbreviations used are
SFH = Single Family Homes
Condo = condos, lofts, town homes, patio homes
DOM = Days on market.

85250
12- SFH sold
11- condo sold
83- active home listings
189- active condo/TH listings
88 - Average DOM
25- new foreclosures recorded
Analysis:
Number of sales increased while prices dropped in July. Stats indicate 85250 is finding some stability and headed for recovery. Foreclosure numbers rose slightly in July.  SFH are fairing better than condos.

85251
21- homes sold
34- condos sold
130- active home listings
467- active condo listings
90- DOM
30- new foreclosures recorded
Analysis:
SFH market gained strength as sales and prices were steady. Condo/TH market is over-saturated with listings. Expect condo prices  to continue declining into 4th quarter of 2008 with inventories so high.  Since this is an older area and nearer Old Town and the Waterfront, we expect it to recover ahead of the pack. However, foreclosure could be a factor in recovery. May be a good time to find a condo deal or bank owned home.

85254
61- homes sold
7- condos sold
455- active home listings
129- active condo listings
114- DOM
27- new foreclosures recorded
Analysis:
High inventory levels are still a problem, especially for the condo market. One of the hardest hit foreclosure areas in Scottsdale., Prices will probably continue to fall. No indication for quick recovery here. If you can buy a bank owned right it could be a good long term hold/investment.

85255
52- homes sold
18- condo/townhouse sold
912- active home listings
229- active condo/TH listings
128- DOM
Analysis:
Sales dropped off significantly and inventory levels were very high in July. Hardest hit zip code in Scottsdale for foreclosures thus far in 2008. A bad combination of factors suggesting further price declines.  We're not too surprised by the state of real estate in 85255. Many homes were built and bought in 2002-2006 and subject to the crazy loans and buying stampede. Many buyers stretched
to buy the homes and variable interest rates are coming back to bite.  I'd be very alert if buying in this zip code. We believe prices will continue to drop.

85257
23- homes sold
4- condos sold
154- active home listings
113- active condo listings
83- DOM
22- new foreclosures recorded
Analysis:
One of the best performing zip codes in Scottsdale. Homes are doing better than condos. We like the lower inventory levels in the SFH market and the southern parts of Scottsdale appear to be more stable and are probably being supported by the Waterfront developments and lower drive times. Foreclosure numbers are relatively low in this zip code suggesting prices won't be effected as much as some other areas.

85258
22- homes sold
17- condos sold
243- active home listings
243- active condo listings
120- DOM
20- new foreclosures recorded
Analysis:
Sales have fallen off dramatically and DOM is rising. Not unusual for this zip code in late summer. Inventory rates are in the 18 month range. Probably sluggish until November.  If you wanted to live in the McCromick/Scottsdale Ranch area there are probably some good deals to be had during the summer and fall.

85259
22- homes sold
6- condo sold
410- active home listings
63- active listings
107- DOM
Analysis:
Home prices fell sharply in July as did the number of sales. High inventory is a problem. We like to see inventory rates in the 6-8 month range rather than the 18 months we are currently seeing. (Inventory rates are the number of months it would take, at current sales volume, to sell all the homes on the market.) On the good news front, 85259 had the fewest foreclosures in Scottsdale during July, Condos are likely to do better than SFH for the rest of the year. Again, this may be a good time to find a deal on a SFH since DOM are still pretty high and there are a lot of homes competing for your dollars.

85260
42- homes sold
32- condos sold
384- active home listings
218- active condo listings
114- DOM
37- new foreclosures recorded 
Analysis:
The number of sales rose in July while prices dropped significantly. We feel this is partially due to the relatively large number of bank owned homes in the area... a number not likely to come down in the near future.   Condo market less stable than SFH. If you were very careful, getting a great deal on a condo in 85260 is a good possibility. Keep an eye on bank owned home prices as they can significantly effect a market quickly.

The graph below gives an overall view of what's happening in Scottsdale. As you can see, the number of sales has been steadily rising in 2008 and the prices have continued to  dive. The good news is that strong sales will eventually bring stabilization to the prices. It just takes time.

Have a great weekend and please let us know if you have any questions, thoughts or comments on this post.

Gene & Ron Urban
The Urban Team

MAIZIE'S CAFE IN DOWNTOWN PHOENIX.. A REVIEW

In our on-going series featuring locally owned and operated businesses, we bring you Maizie's Cafe and Bistro.

I sat down with Joel Miller this morning and chatted about his family's newest adventure... Maizie's Cafe. Named after his business partner and daughter, this neighborhood restaurant is destined to be an urban dining destination for a long time to come.

Maizie's has a lot going for it. Careful planning and execution are evident. The decor is contemporary without being trendy. Joel says they were fortunate to find a designer who really understood how to create an urban environment where people could talk, eat, hang-out and enjoy the downtown life. An assortment of seating: highboy tables, traditional, couches and an outdoor patio give patrons a variety of choices. Plus, it is well located at street level in front of the Landmark Tower Condos.

Brother Ron and I returned to test the food during our lunch break. At 1:00 on a Monday the place was a bevy of activity. Sara, our server was authentic and personal... not the typical corporate personality seen in too many chain restaurants. I chose a burger with cheddar cheese while Ron ventured to the south and tried their Shrimp Orleans pasta dish. Both were served promptly and delicious. The burger was flavorful and the frys among the best I've had. Yummy stuff. Ron let me have a taste of his meal and I liked it a lot too; the shrimp were juicy and BIG; the sauce was tangy and complemented the fettuccine. Click here to view the menu in PDF form.

During my earlier interview, Joel said their chefs were special. Mike Kirk came from a local country club and brought along sous Chef Matt Higdon. Together they are producing a good product that invites you to come back and try another item off the menu. (I've only tried two so I have a lot to go.)

I really like downtown dining and Maizie's is definitely being added to the list of fun places to take in a lunch or dinner. I can't wait until the light rail is in and we can do a light rail dine-around/happy hour. In the meantime, take a look at their website to see what special events like "Taco Tuesday" are happening and make the trip to Maizie's. Please post a comment about your experience here at UrbanLifeBlog.com.

Maizie's Cafe & Bistro
4750 North Central Avenue
Phoenix AZ  85012
602-274-2828
http://www.maiziescafe.com

link to another review of Maizie's in North Central News.

Enjoy... Gene Urban

 

44 Monroe.. A LOOK AT A DOWNTOWN PHOENIX DEVELOPMENT

I visited 44 Monroe yesterday to get an update on Grace Communities high rise residential development in the heart of downtown Phoenix.  The on-site builder's agent, Stephanie Littlefield-Roush, took me on an extensive tour of the property and kindly answered the myriad of questions I brought.

When I first heard of the development, a year or so ago, I questioned its feasibility. Could a downtown development with prices starting in the 1/2 million range and going up to over 4 million find an audience?  According to the builder's representative 105 units are under contract, a figure lower than the 118 quoted in the Phoenix Business Journal. Perhaps they do have the audience I once doubted.

In scope, I really love this project. Designed by Curtis Beattie & Associates, the 34 story skyscraper is perfect for its downtown location. Views are abundant and it has parking, unlike the ill-conceived Orpheum Lofts. The loft-homes have a good Urban feel. Travertine stone, maple cabinets, and 8'8" ceilings come standard. The eighth floor amenities level offer a variety of features:

• Swimming Pool/Spa with sun deck and downtown views
• Fitness Center with professional equipment
• Business Center including WIFI, computer stations, fax and printers
• Meeting Room with large conference table, and satellite TV
• Entertainment Room with kitchen, fireplace, TV and fine views

I personally would have liked a more vibrant color/decor scheme in the common areas. They chose gray  tones and subtle finites. I also found the HOA fees to be high at a projected 54 cents a square foot. Buyer's often do not think about HOA fees when budgeting and are in shock when they find out their 1300 sq.ft. home's HOA fee is $700.00/month. All said, I enjoyed the project and feel it will provide a benefit to the growing residential urban community in downtown Phoenix.

My only concern, at this time, is the actual number of owners scheduled to move in 44 Monroe this coming Fall. The project, according to a Business Journal article is behind schedule, not uncommon with a project of this scope. The market has shifted and this can make people skidish. As the occupancy date draws closer (30-45 days from now) we may see a few units come back on the market. In addition, there are a few units already on the market from early investors. Once we have some occupancy, we'll know a lot more about how our current market have affected this project.

As always, we STRONGLY recommend you hire your own real estate agent when buying a newly built home, condo or loft. As nice as the builder's agent might be, they are the BUILDER'S agent, not yours. We are not saying you have to call us (although we'd be honored) but we are saying you should always have a strong, seasoned, knowledgeable agent working as your advocate. It doesn't cost you a cent and often reaps great benefits.

Have a great weekend and we are exuberantly delighted you take your valuable time to read our posts.

Gene Urban
THE Urban Team
Realty Executives

STINKWEEDS... It's for real music lovers and more

For months I've been writing about locally owned businesses in the Greater Phoenix area that are members of Local First Arizona. I thought it was about time to write about the business and business owner who started it all... Kimber Lanning and Stinkweeds music store. This only one of many businesses and civic ventures Kimber is involved in but those will have to wait for a future post.

I pulled into the parking lot on the north side of the building located at 12 W. Camelback. The place was cozy and at 12:30 on a Monday it was filled with curious customers; a good sign your in an important place.

Stinkweeds is refreshing, rare in personality, a bit edgy and it has bounce. Posters and clothing decorate the walls, CD's and vinyl are neatly displayed everywhere you gaze. There are numerous listening stations offering visitors the opportunity to hear before they buy... both for music and video... yes Stinkweeds offers a fine selection of both.

Regarding the music selection... this isn't your mainstream music and video store. Kimber focuses on independent labels and bands. This is not to say you can't get all your music here. In fact, a lot of people give Kimber a call and she will order (at below retail) any title, still in production, they might want.

I got a chance to talk with Kimber after the crowds dwindled down a bit and asked her why she chose to open a music store. Her answer was, "Music and book stores are the hub of the community and you know how important I think connections and community are."

To help make that connection happen, Stinkweeds features local musicians, hosts music events on their patio, has a HUGE community bulletin board and is simply a comfortable place to hang out.

I told Kimber about the style of music Amy (the woman who makes my life a bit brighter each day) likes. She thought for a moment and asked me if I had heard Courtney Marie Andrews, a young local performer. I hadn't, so she grabbed a CD and popped it in for me to take a listen. She was spot on to the style I'd described. I bought the CD and took it home and had an even greater surprise... scratched into the graphics on the back of the CD case were the words "Urban Myth."

Gene URBAN here to say... take a drive to Stinkweeds and you'll be in for a treat, I was.

Stinkweeds
12 W. Camelback (NW corner of Central and Camelback)
Phoenix, AZ 85013
Hours: 11am-10pm Monday to Saturday, 12-6 Sunday
www.Stinkweeds.com
602.248.9461 phone
602.248.9471 fax

REAL ESTATE IN DOWNTOWN PHOENIX--85003, 85004

Today, we'd like to take a look at what's happening with real estate sales in Downtown Phoenix.

As an overview, there have been 59 sales in the downtown area (85003 & 85004) this year. As one would expect, urban type properties outsold single family homes 38 to 21 respectively.  Artisan Lofts (6 sales) and Tapestry On Central (10 sales) lead the field in condo/loft sales according to ARMLS. No single family home subdivision really stood out for sales. The 59 units sold is a low number and indicates the region's real estate market is stumblingly along slowly.

As of this writing, there are 198 properties on the market with 128 of them being condo/loft type projects. There is quite a wide price range available in the downtown condo/loft market with average prices in the $500K range. The lowest priced listing sits at $279,000 while the highest, at 44 Monroe, is a whopping $4.12 Million.

The analytics graphs below gives a sense of what's going on in the 85003-4 area. (Graph on right) The green line represents the number of units sold over the past year while the black line indicates the average sales price. The February spike was the result of an $800k+ sale.

As is typical valley-wide, overall sales started plummeting last summer. This coincided with the extreme media coverage of the sub-prime mortgage crisis. As we have discussed before, it is amazing to look back and see the effect media coverage has on our lives. The good news from this graph is that the number of sales is rising, however, the prices are continuing to fall.

(Graph on left) Since the days on market (the number of days a listing is active before finding a buyer) started rising in April and is currently in the 120 day range, we believe prices will continue to fall throughout the summer. One of the things we look for in stabilizing markets is the average DOM figure to be under 100 and dropping. Ideally, we'd like to see DOM numbers in the 60-80 day range combined with stable to rising prices.

Conclusions: The downtown core is still in flux. I do believe it will stabilize by the last quarter of 2008 and show slow-steady growth in 2009. The light rail will be competed at the end of 2008, CityScape (whether you like it or not) is progressing and will be a vital business anchor, the convention center's north building will be opened next year, TGen continues to win grant projects and expanding its role, ASU's downtown expansion is still in its infancy, major hotel projects are in place like the Sheraton Phoenix, and a variety of smaller, yet vital, projects will aid in the rebound.

Gene Urban
The Urban Team
Realty Executives