Urban Life

FIRST TIME HOME BUYER UPDATE FOR PHOENIX AREA HOME BUYERS

The facts about the first time home buyer's tax credit as created by the latest bailout plan are trickling in slowly. We've been hesitant to write anything before now because the story kept changing. Here is the latest news I was able to put together based on emails from a few sources I trust.  Here is the skinny:

Who is Eligible for the tax credit?

• The $8,000 tax credit is available for first¬time home buyers only.The law defines a first¬time home buyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.

What are the Income Limits?

• Home buyers who file as single or head¬of¬household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
  • Here is what Wikipedia has to say about MAGI.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head¬of¬household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first¬time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first¬time home buyer tax credit. The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000.

Effective Dates for the Tax Credit:

First¬time home buyers would receive a $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close escrow during this period.

Tax Credit is Refundable... this is a good thing!

A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference. Yippee.

• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).

You are allowed to claim the credit for a purchase in 2009 on your 2008 tax returns. Consult your tax person. Note we did not say consult your tax software.

Types of Homes that Qualify for the Tax Credit:

All homes, whether single¬family, town-homes condos or loft will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly¬constructed homes.

For more details on the tax credit, go to www.federalhousingtaxcredit.com

Hope this info helps. On tax issues, please consult a professional. I can handle the real estate questions but all those tax laws make me crazy.

Best to you... especially if you are lucky enough to be at Mardi Gras like a few friends I know.

Gene Urban
The Urban Team at Realty Executives
Your real estate guys for Phoenix, Downtown, Central, North and more.
602-234-5777

RADIATE PHOENIX MEETS IN DOWNTOWN PHOENIX AT SENS TAPAS

The Radiate Phoenix gang met at Sens Asian Tapas in downtown Phoenix last night and what a meeting it was. Radiate Phx is touted as a non-traditional networking event and last night was a classic example of what sets this group apart from the crowd.

The event began at 5:30 as always with a bit of social time. Old members and new ones had a chance to catch up on life, business and their involvement in the downtown Phoenix scene. Founder's Claudia Bullmore and Catrina Knoebl welcomed the group and asked each of us to briefly describe the type of person or business that would best help us personally. 

Next up was a talk by Patty Johnson, from Connections,  who has been hired by the Mayor's office to help brand downtown Phoenix and implement ways to carry the downtown message across the Valley and Nation.

 Patty is a powerhouse of energy and has/is orchestrating a number of events and activities to spread the word about the excitement going on downtown. I found it to be an inspirational talk and truly validated the City's commitment to the area. If you get a chance to meet Patty you'll find a true person of zeal... she must get triple shot espressos at Lux.

After wards people chatted, talked to Patty and enjoyed a beverage or one of the fine tapas Sans offers. I was told to try the pork & cabbage dumpling, just one of the many unique dishes chef/owner Johnny Chu delivers. It was amazing...like a party happening in my mouth. WOW!.

Kudos to Catrina and Claudia for another great evening. By the way, you can find out more about Radiate Phoenix at meetup.com.

Enjoy your day,

Gene Urban
The Urban Team at Realty Executives
"Your downtown and central Phoenix real estate guys"
602-234-5777

ARE THE STATISTICS ON HOME VALUES IN PHOENIX REAL OR NOT?

One of the things Ron and I like about working out of a large real estate office are the conversation with other seasoned agents. Yesterday and today we've had several conversations about the reports on home values in Phoenix.

Greg Sapp, a 20+ year veteran was being interviewed by Channel 5 news about home values and we helped him with some research. The data was pretty interesting. Sure enough, the average home price has fallen considerably. The graph below shows the numbers clearly... but is this the whole picture?

We started discussing the numbers and what they really mean. At first glance one might say, "Look, the average home in Phoenix sold for $258K a year ago and now its down to 131K." The question is, does this indicate the average value of a home is down that much or is it the average price of a home bought today is that much lower than a year ago?

The question is very important as we look at home values. Has the price really dropped that much or is it that low priced homes are what people are buying rather than mid to high priced properties? The dominance of low priced purchases is obvious to us in the industry and may be skewing the numbers.

Mind you, I am not suggesting that property values are fine... they are not. My neighborhood in the Phoenix mountain preserve is down about 15% when corrected for normal market conditions and inflation. If I look at where my home was at the height of the market verses now, I'm down about 30%. Neither picture is pretty, yet many people are in worse shape.

I guess the point of this post is that the numbers the media keeps posting may better represent the average price of homes being purchased rather than the average value of the homes in Phoenix.  Boy, I'm confused just reading what I said, I hope it makes some sense to you.  Remind me not to get philosophical at the end of the day.

Best to you on this beautiful Tuesday in Phoenix,

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

MATSURI... DOWNTOWN PHOENIX HOSTS A JAPANESE FESTIVAL 2009

Downtown Phoenix will be the place to be this weekend, February 21st and 22nd, for Matsuri, A Festival of Japan.  This will be the 25th anniversary celebration and filled with lots of fun activities.

I lived with a Japanese family during my days at UCSB. Ken Ota was my judo and aikido sensei and living with  his family was quite an experience. The respect and integrity of their culture deeply affected me in a wonderful way.

The festival is jammed packed with activities the entire family will enjoy including: Taiko drumming, Kendo karate demonstrations, Japanese Lion Dance, native folk dancing, a Kimono fashion show and much more. A complete schedule of events is posted on the organizer's web site.

One of the best features of this kid friendly event is the price... its free. Just come down to the Heritage & Science Park and enjoy Matsuri.

If you are traveling by Light Rail its just a short walk from the 3rd St. & Washington stop. Check out RailLife.com for maps and rail info.

Enjoy...

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

The Matsuri poster to the right was designed by Phoenix artist Brian Fisher and generously provided by tireless Matsuri web developer and general get-it-done person, Penny Levy.

LIGHT RAIL USEAGE IS GOOD NEWS FOR DOWNTOWN PHOENIX

Nick Bastian, over at RailLife.com, just posted the numbers for light rail usage for last month. The results are above projection with over 900,000 boardings in January.

Downtown Phoenix just gets better and better. Go check out the full article at RailLife.com.

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

HOUSE OF CARDS DEMONSTRATES THE INTENSE GREED OF THE MORTGAGE INDUSTRY

A fine friend emailed me a heads-up about a CNBC piece of investigative journalism entitled House of Cards.

House of Cards in a look at the corruption in the mortgage industry and wall street that led to its collapse and ruin.

CNBC Journalist Dave Faber captures both the dream of the buyers who saw a chance at home ownership and a mortgage industry filled with greed and indifference to the safety of their clients. Some of Farber's interviews are nothing less than chilling.

Many of us in real estate have extensively read about the sub-prime market collapse and the role of mortgage backed securities. I've found the analysis presented on House of Cards is the clearest and most easily understood presentation.

I invite you to check out your channel guide and find this show being rerun all week long. Perhaps in the viewing, you will be protected from the next to-good-to-be-true scam.

Gene Urban
The Urban Team at Realty Exeuctives
Your Real Estate Information Source
602-234-5777

TOP 10 PLACES TO TAKE YOUR VALENTINE TO DINNER IN THE PHOENIX & SCOTTSDALE AREA

It's funny how many people call us asking for our suggestions on things like where to take my valentine for dinner. Being in real estate, we do get around a bit; However, I turned to the experts for answers to this question... top meeting, event and party planners.

 The results of our survey are pretty interesting. Some suggestions include well known, long time favorites and others are a bit less recognized.

Anyway, below are a few ideas the pros say will wow your sweetheart.

#1    Elements @ The Sanctuary Resort in Paradise Valley came in with the most votes. If you have not been to Sanctuary, you are in for a treat. It's a stunning boutique resort with great views and even better food. The menu is worth taking a look at with many tempting items like wild mushroom ravioli.

#2     Different Point of View at the Hilton Pointe Tapitio. This is a long time Valley favorite for many. The views can't be matched and the patio is a great spot for wine before dinner. They've won a bundle of awards including New Times "Most Romantic."

#3    Lon's at the Hermosa Inn. Lon's lies within an historic ranch house on the Phoenix/Paradise Valley border. Named after legendary western artist, Lon Megargee, this place oozes comfort and charm. Chef Michael Rusconi has his own gardens on property and is known for the intoxicating flavors his dishes exude.

#4    Bloom located near Gainey Ranch gets more raves for its interior design than its food... not to say the food isn't great but people especially like the intimacy. They have a special Valentine's menu going on the 14th.

#5    Coup des Tartes gets missed on a lot of lists but rates high on romantic places to go. It is intimate and feels a bit French. It's a BYOB place so go by AZ wines or Sportsman's first. The building was originally a farmhouse on an olive and date farm. Food and Wine magazine say, “A bistro atmosphere worthy of New York City’s Soho”... pretty strong praise and just one of the many fine reviews you'll read about this place.

6)     T-Cooks at the Royal Palms Resort is a worthy addition to this list. It is situated in one of the sweetest properties in town and has a specialness that transcends words. The menu is fanciful with favorites like Pan Roasted Duck Breast with spiced confit pave and Seared Loch Duart Scottish Salmon. Oh help me, my senses go on overload just writing this stuff.

7)    The Estate House at Southbridge in Old Town Scottsdale is getting major raves. Amy and I have not been here yet (this would have never happened when she was an active meeting planner). However, we are told the service is way above average and the food is both creative and tasty. It's not a place for those who like Cheesecake Factory portions and it's not inexpensive. Heck, who wants cheap on Valentines day?

8)    La Fontanella in the Arcadia distinct is rated as one of the bests Italian restaurants by Fodor's. Isabella Mannone-Bertuccio is the owner/chef and has created a Tuscan style menu that truly pleases the pallet. The staff is expertly trained, just aloof enough to make them interesting and always helpful. The Gnocchi is to die for and the ambiance is perfect for a Valentine's night out.

9)    Roy's was mentioned by many of the experts. Amy and I have been to Roy's many times and always enjoy the food. I'm not sure it could be classified as romantic though because of the high activity factor. Its a lively place. The Ahi is exceptional  and I'm a big fan of the tenderloin as well.

10)    Cibo in downtown Phoenix is a must go place.  Tony & Karen, the proprietor's, are always moving about making sure their guests are happy and well cared. Exceptional pizza is what Cibo is about. Add a historic home turned restaurant, patio with fireplace all nestled in a grand Phoenix historic district and you are set for a great time.

Well, we hope this has been of help. If you make it to one of these eateries, please come back and post a comment to this blog about your experience.

Happy Valentines Weekend to you,

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

2009 NBA All Star Game Activites & Parties Will Make Downtown Phoenix Rock This Week

Downtown Phoenix has become an incredible hub of activity, fun, dining and hope this past year. The next few days are just one more example of Phoenix taking the bull by the horns and making things happen with the 2009 NBA All Star Game.

It is events like this that give us reason to believe downtown and central Phoenix are a great place to live and why we like to help people find that just-right abode.

So, where is all the fun going to happen, where are the parties, where to eat during the NBA All Star weekend... we're here to help tell the story.

It all starts with the NBA Block party on Thursday the 12th at 4:00 across the street from US Airways Center and continues through the weekend. Below is a list of activities, parties, jam sessions, restaurants, clubs and bars that are planning NBA specials all weekend long. 

THURSDAY, FEBRUARY 12TH

4:00 -- 10:30    NBA All-Star Block Party        Jefferson and 2nd Street   (click here for tickets)
4:00 -- 10:00    NBA All-Star Jam Session        Phoenix Convention Center  (click here for tickets)

9:00 -- 2:00    All Star Kick-Off Party            Matador Restaurant, 125 E. Adams
9:00  pm        All Star Comedy Show              Phoenix Night Club,  122 E. Washington

FRIDAY, FEBRUARY 13TH

4:00 -- 10:30    NBA All-Star Block Party        Jefferson and 2nd Street 
4:00 -- 10:00    NBA All-Star Jam Session        Phoenix Convention Center

4:30 -- 7:00     McDonald's NBA All Star
                      Celebrity Game                     Phoenix Convention Center   (click here for tickets)

7:00 pm          Rookie Challenge                    US Airways Center

SATURDAY, FEBRUARY 14TH

9:00 am     NBA All Star Jam Session              Phoenix Convention Center
2:00 pm     NBA D-League All Star Game        Jam Session Center Court at PHX Convention Center
2:00 pm     NBA All Star Block Party              Jefferson & 2nd Street

6:00 pm     NBA All Star Saturday Night         US Airways Center
                    Haier Shooting Stars
                    Playstation Skills Challenge
                    Three Point Shootout
                    Slam Dunk Shallenge

9:00 PM     NBA Cares & Cooks Fundraiser    Phoenix Convention Center

SUNDAY, FEBRUARY 15TH

9:00 -- 5:00    NBA All Star Jam Session        Phoenix Convention Center
2:00 -- 10:00  NBA All Star Block Party         2nd Street & Jefferson

6:00 pm     58th NBA All Star Game         US Airways Center

PLACES TO HANG OUT AND PARTY ALL WEEKEND LONG:

1130 the Restaurant
Special 3-course meal - $35 on Fri & Sat. Extended hours and drink specials all weekend
455 N. 3rd St.

Alice Coopers’town
Entertainment and drink specials
Thu-Sat until 2 AM
101 E. Jackson

Bar Smith
Entertainment and drink specials; open until 2 AM
130 E. Washington

BROOKLYN’S NY PIZZA
144 E. Washington , Phoenix
Extended hours

Carine's Little Italy
3. S. 2nd Street
A cozy place that's open every day until 8PM

Coach & Willies
Featuring live music and drink specials until 2 AM
412 S. 3rd St.

The District at the Sheraton Phoenix Dowtown
Upscale place with great food. The hotel is worth checking out if you have not seen it.

ICON
Food and drink specials until 2 AM
At the Wyndham Phoenix Hotel

Karim’s Cobbler Shop
Extended hours with special BBQ menu; Wed-Sun until 12 AM
333 E. Jefferson St.

Hard rock Cafe Phoenix
Food till midnight, open till 1AM, Fri-Sun

Hooters in AZ Center
445 N. 3rd Street
Food and drink specials; Thurs-Mon, 11AM – 2AM

Kincaid's Fish, Chop & Steak House
Drink specials in the lounge; reservations recommended

Majerle’s
Probably my favorite spots bar with a great staff
Drink specials and giveaways until 2 AM
24 N. 2nd St.

My Big Fat Greek Restaurant
All day Happy Hour until 11pm;
455 N. 3rd St.

ORPHEUM THEATER
203 W. Adams Street
All-Star Comedy Show w/ Joe Torry, B Phlat & AG White, Thurs 8PM, tickets online at ticketmaster.com

Networks at the Hyatt Regency Phoenix
Featuring an outdoor grill for food specials
122 N. 2nd Street

PHX Night Club ...lots of stuff happening all weekend long.

Pizzeria Uno Phoenix
Open until 11 PM; drink specials

Rose & Crown
Thurs 8AM-10PM; $4.50 pints & $2 off domestics; F-Sun open until 2AM
628 E. Adams

Sonoma
Late night events Fri-Sun
Breakfast served from 2 AM-5 AM all weekend
25 W. Van Buren

Steve’s Greenhouse Grill
Food and drink specials; open Fri & Sat until 2 AM
139 E. Adams

Stoudemire’s
Fri Brunch benefiting Ronald McDonald House, $125 or $200 for VIP, 9 AM to 11 AM. Amare’s star-studded “Keys to My City,” Thurs-Sun.
3 S. 2nd St.

Teeter House
BBQ on Sun featuring ribs, brisket, burgers & $1 beer
622 E. Adams

T.G.I. Friday’s Front Row
Entertainment specials Thu-Sat until 2 AM
401 E. Jefferson at Chase Field

We hope you have a great time downtown this weekend. Don't forget you can use the light rail to save on parking hassles. Our friends at RailLife.com have a great info on light rail and places you can go to eat,play and have fun. Also, many of the events require tickets and Ticketmaster.com seems to be the place to get them. good luck, have fun and please use a designated driver... walking we don't worry about. 

If you are visiting from out of town and want to look at the real estate market, we have a nifty search tool for you to use.. just click here and have some fun.

Best to you,

Gene Urban
The Urban Team at Realty Executives

we love downtown phoenix... so will you.

Congress, The Bailout and Geologic Time

To tell you the truth, I've been terrified listening to the multi-billion or multi-trillion dollar bailout news. Those kinds of debt numbers scares the Jezebels out our me.

A billion is a totally unreal number when you think about it.  A billion seconds ago it was 1978 and a billion minutes ago it was the beginning of the 2nd century. A trillion is even more inconceivable...one trillion seconds is way over 31,000 years;  we're talking Paleolithic period. A trillion minutes is somewhere close to 190 thousand years... now were talking some real time.

What is even more fantastic is that the boyz and girlz in DC can conceive of these numbers and put them into a coherent bill in a matter of days. As most reasonable people know, they can't.  

Gene Urban

REAL ESTATE NEWS & UPDATE FOR ZIPCODE 85012 IN PHOENIX, AZ

It's time to get back to some real estate updates and news for the Central and North Central Phoenix corridor. It tough to stay focused on the real estate issues when so much is happening in Downtown Phoenix.

Today, let's focus on the 85012 zip code. This is one of those skinny/tall regions bounded by Glendale to the North, Thomas to the South, Central Ave to the West and 7th Ave to the East. If the area were a picture it would be a vivid mix of media. There are wildly beautiful homes, some pretty trashy ones, and a lot of personality. Some of my favorite restaurants such as Maizies and Lola's Tapas are in the area and part of it is on the Light Rail line.

The region has about 3550 homes in its 2.1 square miles and a bit over 6300 people live and play there.  Real estate is a mix of mostly single family homes with multi-housing and some condo/townhouse projects.

The single-family home market seems to be settling down in 85012. Prices are still a little squishy but there aren't a lot of foreclosures beating up the prices. Of the current active listings only 2 of the 44 are REO's. According to ARMLS figures, 24 homes sold in 2008 and 9 of them happened in November and December. We've seen a lot more activity in the past few months in the central corridor so this just follows the pattern.

The condo/townhouse market is another story. Much as been written and said about the troubles at the Landmark Towers and they are perched on Central Avenue in 85012.  All the sales stats on the condo market are highly influenced by this apartment to condo conversion project.

The data is pretty amazing here; Of the 65 active listings, 39 are at Landmark; There are 26 bank owned condos on the market and 20 are at Landmark; There are 8 short sales being attempted and 5 are at Landmark.  All I can say is if you are looking to buy at Landmark, do your due diligence with great care.

Below is our cool little real estate search tool pointed at the real estate opportunities in 85012. The map shows 20 of the active listings and you can manipulate it to show you everything. It's fun, so go ahead and play. If you click on a property icons, the full search engine will open up and give you lots more info and search abilities.

Our Conclusions:  The single family home market seems pretty stable, sales are on the rise, days on market are falling... both good economic factors and there are some sweet deals out there. I'd be careful with a condo, especially Landmark.  As always in this market, be cautious, do your homework, hire a veteran agent who represents only you and work for a good deal.

Thanks for the visit,

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

http://www.linkedin.com/in/theurbanteam