Urban Life

TAPESTRY ON CENTRAL... an Urban Life Residential Develpment

This past Thursday our Realty Executives Center Pointe office held its meeting at Tapestry on Central, an urban style living development in downtown Phoenix Arizona.

Tapestry on Central is a 295 condo/loft style development across the street from the Heard Museum in downtown Phoenix. The project offers a variety of expansive flats, and multi-level penthouse suites with underground parking and superior amenities. . Although many of the cityhomes have been sold, there are about 60 units waiting for their new owners to arrive and enjoy city living. Prices are among the best in the region with urban-style homes starting in the low $300,000 range and reasonable HOA fees to match.

Dennis Kolodin, the on-site broker, spoke to our group about Tapestry and, more importantly, the rich lifestyle opportunities its residents enjoy. The development is located at one of the Metro Light Rail stops making movement through the downtown area a snap.

Downtown Phoenix offers a wide range of activities and Tapestry dwellers are in the heart of it. The Heard Museum, Phoenix Art Museum, downtown Library, ASU downtown campus, the newly expanded Phoenix Convention Center, Chase Field, US Airways Arena, Symphony Hall, The Orpheum and Dodge Theaters and lots of unique restaurants are just the beginning of downtown life.

Dennis Kolodin offered a compelling reason why Tapestry is a good investment. He talked about the future of downtown Phoenix. TGEN, is proposing a significant expansion that will add many new jobs; Expansion of the ASU College of Nursing and the medical school will add a considerable number of new jobs as well. Kolodin estimates the job creation from these two projects alone will significantly deplete the inventory of homes in the downtown region. As any supply/demand economist will tell you, "When demand goes up and supply goes down, prices rise."

Below is an excerpt from Dennis' talk explaining the lifestyle choices offered to the residents of Tapestry.  If you are getting a bit excited by this possibly we would be happy to take you on a tour of the place and let you see it first hand. Just email us and we'll take care of the details.

Gene Urban
The Urban Team at Realty Executives
www.UrbanTeamAZ.com

Update On Sale of McCain's Former Home

We've had a number of emails asking what happened with the auction of McCain's former home.

The auction was held on Saturday the 25rd. It was an exclusive event; To attend, bidders had to provide proof of financial ability.

I understand there were 8 groups in attendance and 3 active bidders. There were no restrictions on the opening bid amount, however, the seller did have the option to approve or decline the final bid amount. The hammer came down on a final offer of a bit under 7.5 million.

I understand the seller did not accept the approximate 7.5 million dollar bid and is in negotiations with the buyer at this time. The MLS listing for this property show the home as available as of this posting's date and time.

If you would like to see more pictures and descriptions of the home simply go to our website, www.urbanteamaz.com, and scroll down the page to find our very popular real estate search tool.  Scroll down to the bottom and you'll see an "Advanced" search button on the left. A new screen will pop up and simply enter the following numbers in the search field entitled "MLS Number"... 3000132.  Now you will be able to see lots of pictures, view the virtual tour and much more.  By the way, if you want to offer a bid more than the current bidder, you just might be able to live there and we'd be delighted to help.

Best to you,

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

Urban Team Announces New Home Search Tool.

Just wanted everyone to know that we have launched a new property search tool that not only makes it easier for people to search for homes in the Greater Phoenix area... its really fun too. we invite you to try it out by clicking here... just scroll down the page and you will see it.  Have Fun!!

FORMER MCCAIN HOME UP FOR AUCTION... N. Central Phoenix should benefit

Many have heard the former home of John & Cindy McCain is going to be auctioned today, October 24th.  The home has been extensivly remodeled and hardly resembles the original residence sold in December of 2006 to Jan Popple.

The auction event has received a lot of press and we think this is a good thing for the Central Phoenix region. Most of the articles have had a positive spin, a rare occurrence in anything real estate these days.

We are equally excited, as agents who work in Central Phoenix, about the exposure this incredible part of town is receiving. The mere fact that a home in the 10+ million range exists outside the Biltmore and Paradise Valley is news to many Phoenicians.

We have long promoted this region of the valley for the many positive aspects of Central Phoenix life. Easy access to the many downtown venues, drive time to the airport is mere minutes, Central Phoenix has a culture and sense of neighborhood unlike any other part of the Valley. Historic estates are prevalent as well as spectacular ranch style homes and simple bungalows. Diverse is the word that comes to mind.

The dining and shopping options are quite special in this part of Phoenix. Many home grown, and operated, businesses are minutes away; The light rail will add mobility; Downtown Phoenix is growing with activities, jobs and culture as has not been seen since the beginning of the 1900's. 

So we extend a big thank you to Jane Popple for creating this event and the associated exposure to one of Phoenix's best kept secrets... life in the central corridor. 

Gene Urban and Ron Urban
The Urban Team at Realty Executives
www.UrbanTeamAZ.com

A LOOK AT VIA COLORI SCOTTSDALE ARIZONA

This past weekend Scottsdale hosted its first Via Colori street painting festival. I have attended the nation's biggest street painting festival  held in Santa Barbara, CA and was glad to hear Scottsdale was hosting a similar event.

First, I have to say it was not to the scale or excellence of the Santa Barbara event; That is by design. Via Colori does not award prizes for best of show and such. It uses the art as a backdrop for a weekend of celebration and fund raising. Unlike the Santa Barbara event, Via Colori shows off mostly local talent... although they did bring in one international pro, Melanie Stimmell,  whose work is pretty incredible.

I've put together a quick video of the event and hope you get a sense of the fun. Perhaps you keep an eye out next year when the Second Annual Via Colori in Scottsdale will happen.

I do have to say that downtown Phoenix is missing the boat here. A street paining festival at St. Francis would be amazing and be in line with the original street painting festivals of the 16th century that were held on the courtyards of great Italian Cathedrals. Just an idea for the Phoenix Arts Counsel to consider.

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

PHOENIX METRO LIGHT RAIL... a sneek peek video

I attended Phoenix Mayor Phil Gordon's State of Downtown Phoenix talk last night. It was an upbeat presentation with commentary on the many projects that have or are close to being completed. Included were the Sheraton Phoenix Dowtown, the new convention center and light rail. Click here to read more about his statements.

Attendees were surprised with an invitation to take a ride on the Metro Light Rail right at the conclusion of the event.

I had my hand Flip Mino with me so I shot a little footage and created the following video for your enjoyment. 

Have fun watching...

Gene Urban
The Urban Team at Realty Executives

MAYOR GORDON'S STATE OF DOWNTOWN PHOENIX

Just a last minute reminder about Mayor Gordon's 5th annual State of Downtown Phoenix address. Although they have asked people to RSVP in advance, you can still attend the event.

Downtown Phoenix is alive with projects and activities. I know some are angry with the Mayor's focus on the downtown region while others are elated with the progress to take our city core to new heights. Personally, I am loving the new downtown. My wife and I drive down often to enjoy the sights and sounds of the urban region.

Tonight, the Mayor of Phoenix will provide information and his views on the state of the downtown region.

WHERE:  Sheraton Downtown Phoenix -- 340 N. 3rd Street
DATE:     Thursday, October 16th
TIME:      Reception begins at 5:00 pm.  The actual address starts at 6:30 pm
Attire:     Business casual

Valet parking is available at the Sheraton.

URBAN COOKIES... OUR REVIEW OF THIS GREAT PHOENIX BAKERY

We've been sending friends and family the delicious cookies from Urban Cookies for quite a while now. We thought it was time to share this great place with the rest of you.

We first learned about Urban Cookies from Ron's wife Ruth. She saw the name and went exploring. I was soon to follow and bought several holiday gift boxes for some of our vendors. the response was telling. I'd bought them expensive wine baskets in the past without much notoriety...these cookies were a different story... my clients absolutely loved them. 

Urban Cookies, located t 4711 N. 7th Street in Phoenix, opened their doors in November of 2005. Brady & Shaun Breese are the proprietors of this haven for fine cookies. The original cookie, called the Urban Cookie, started things and the line-up has expanded to many options and flavors including one for your puppy.

Everything about their cookies is of premium grade; Organic is just the start. Peruvian dark chocolate and Madagascar vanilla are just part of the well chosen ingredients that give these treats their unique deliciousness.  Is that a word?  If not it needs to be for this place.

The packaging is equally well-thought. You actually get to custom design your gift box with artsy graphics and a personal message that is seen on the front of the box. Of course Shaun and Brady will work with you to create packaging with your company logo as well. They are quite accommodating and love to be so.

I could go on and on about this place... it is truly one of my favorites. But that would waste valuable time you could spend visiting their web site and ordering your own cookies delivered to your home or across the nation. Even better, you could take a drive to their bakery and have one right now. 

Speaking of going to the bakery, Brady and Shaun have extended hours on Thurday, Friday and Saturday nights when you can enjoy a cookie and some milk or coffee on their patio. Now that's a great weekend idea.

Here is a little video interview with Shaun Breeze...

Gene Urban The Urban Team at Realty Executives

SMART MONEY... SEVEN WAYS TO RAISE A MONEY LITERATE KID

Ron and I use GreatHomes.com to review schools for our clients. It's a fine tool for finding the best schools in your area. Today I saw an article on their site that seems topical during our current financial times. Rather than recap the content I'll just put a link to the article here... click to read the article on helping your child become financially literate.

Enjoy,

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

CHANGE IN LAW WILL AFFECT INVESTMENT PROPERTY OWNERS

Whenever Congress tries to help us it seems someone always gets hurt. The Housing Assistance Act of 2008 (HR 3221) is one such piece of legislation.   Section 3092 of this bill has a provision that will have tax consequences for real estate investors. 

As most of us know, there are provisions in the tax code regarding capital gains on real estate. When we sell our personal home we get a break on the first $250,000 to $500,000 of gain depending on our marital status so long we live in the home for 2 out the last 5 years. Likewise, If you purchased a rental property you could claim the same break as long as you lived in the home for two out of the five years.

Section 3092 of HR 3221 changes all this. Future investors who use the renting and occupying strategy described above will pay capital gains based on a proration of qualifying (owner occupied) and non-qualifying (rental) usage.

To see how these rules work, let us consider a couple of examples. (Depreciation issues and sale costs will not be considered in the examples.)

Current rules: You acquired a rental property in 2003. Your basis in it is $200,000. You rent it out for three years and then occupy it as your personal residence. In 2008, five years after acquiring it, you sell for $400,000, with a gain of $200,000. (Good for you.) The total gain falls within your individual $250,000 exclusion limit and is excluded from taxable income.

New rules: You buy a property in 2009 for $300,000.  You rent it out for three years and then occupy it as your personal home. In 2014, five years after acquiring it, you sell for $500,000. You, therefore have a gain of $200,000. (We are not saying this will happen in our current market... this is a scenario.) Three of the years, 60% of the ownership period, were for rental use and non-qualifying under the new law. Thus 60% ($120,000) of the gain will be taxable. Just 40% of the gain ($80,000) represents the qualified use of the property and may be excluded from taxable (capital gain) income.

The above scenario is simplistic and many variables can and may affect the actual outcome. This is why we strongly recommend you consult with a tax attorney or qualified accountant.  We're really good Realtors, but the expertise of a tax pro is what you'll need to figure out your position under the new tax laws created by The Housing Assistance Act of 2008.

By the way, most of what Congress hoped to achieve through HR 3221 has already failed, but not the new tax portion which the Senate Finance Committee estimates will raise $1.394 billion over 10 years. Thank God we have our elected officials protecting us from ourselves.

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