Phoenix City Living

This Week's Mortgage rate trends

From Bankrate.com here are the results from the recent Mortgage Rate Trend survey:

45% of participants predict rates will increase
22% of participants predict rates will decrease
33% of participants predict rates will remain unchanged

Rate shoppers may want to start looking into locking their rates.  A more in-depth look at the market finds that the supply of homes dropped from 7.3 months to 6.8 months.  Less inventory - stabilizing prices.  Median home prices are flattening out versus the declines witnessed last year.  There is also a growing feeling that the housing market will re-energize (albeit slowly) in 2007.  Fears of potential inflation may convince the Fed's rate-setting Open Market Committee to take a harder stance on rates and the feeling is that at best rates will stay flat but likely start to move higher soon.

Melrose Point vote delayed

A 120-foot tower along Seventh Avenue in Phoenix was the deal-killer for Steve Szczepkowski.  The project, Melrose Point, would exceed the existing height cap of 56 feet and the city delayed the vote Jan 17, 2007 due to the canvasing efforts of Szczepkowski, chairman of the Woodlea/Melrose Neighborhood Association.  The hearing was continued to February 7th and with many that work and live in the area pushing for the project we certainly expect a few early July fireworks to take place.

Phoenix Historic home tours at a glance

With the start of 2007 it's time to look forward to another series of tours through some of urban Phoenix's finest examples of historic architecture.  Three of the largest Historic Districts open their doors within the next few months so mark your calendars and fire up those Deloreans for a blast from the past. 

Coming in just a few weeks is the Willo Historic District Annual Home Tour.  Complemented by a Street Fair with handcrafted goods, artwork, and jewelry and including food vendors to satisfy every whim of the tummy, $15 will get you a tour of homes dating from the 1920's through 1940's including such styles as Spanish Revival, Tudor, Bungalows, and Ranch.  It all takes place Sunday, February 11th.

3 weeks later the 20th Annual Coronado Home Tour on Sunday, March 4th.  Coronado contains many of the same styles of architecture as Willo and developed primarily during the same period but offers a different perspective on history.  More than a home tour, expect vendors selling a range of goods keeping your pocketbook light and your stomach full.  Tickets are $12.75 in advance and $15 at the door...or is that doors.

And finally this Spring, Encanto Palmcroft has their 2007 Historic Home Tour and Street Fair.  The District contains a blend of Southwestern styles within Encanto and Period Revival styles prominent within the Palmcroft area.  The area is significant as it contains an intact collection of some of the finest historic homes in the area.  The tour features food and goods vendors, an antique car show, and live bands to keep your legs moving.  Always a popular event, tickets are $18 and the date is Sunday, March 25th.

Let's keep the urban spirit alive.  Phoenix downtown is changing rapidly with many new infill residential developments now planned or under construction, commercial developments and building face lifts, the Metro Light Rail project, the downtown ASU campus, and the Biotech campus.  All of it though is surrounded by the Historic District communities which were once the heartbeat of the city and now serve as an anchor for Phoenix's urban renaissance.

For more information on Phoenix's diverse range of Historic Districts check out:
City of Phoenix Historic Preservation Office
DurnfordGroup website - Historic Districts

Orpheum Theatre celebrates 10th anniversary of restoration

Sunday, January 28 marks the 10th anniversary of the monumental restoration and grand reopening of the Orpheum Theatre in downtown Phoenix. Often cited as one of the first major restorative projects in historic downtown, the Orpheum ushered in a brand new era when it reopened its doors January 28, 1997 after a $14 million renovation.

For more information...

CityScape and Patriot's Square - Parks Board Meeting - Approval?!

On Thursday, January 25, the Parks Department will request that the Parks Board adopt and approve the public vision for Patriot's Square that was presented and discussed at the public meeting on January 11.

This is the first opportunity the Parks Board has to hear from proponents and opponents of the vision and it is very important to the success of the CityScape project that supporters of the plan engage the Parks Board and make their opinion known.

This is an important meeting regarding CityScape and Patriot's Square, so if you have something to say, this is your chance to be heard.  If you have already attended a meeting, CityScape needs you to share your support one more time.

Thursday, January 25, 5 p.m.
Council Chambers, 200 W. Jefferson

For more information....
CityScape
City of Phoenix - Patriot's Park Redvelopment

Palatte - New Restaurant Opening Soon in Roosevelt District!

You almost won't recognize the house at the corner of 4th Avenue and Fillmore....you can actually see it now that the overgrown plants have been removed!  The building which formerly housed Tera's Garden, was purchased on November 1st by Fillmore West, LLC (Brian and Christine Burch) and will soon be home to Palatte.

Palatte will serve both breakfast and lunch!  While I do enjoy and frequent Matt's Big Breakfast, I have been waiting and waiting for another breakfast option downtown.  I love a great breakfast out after a stop at the downtown market on Saturday mornings.  Palatte will also include a small garden shop.

A big thumbs-up to the City for granting Palatte a parking variance for 7 spaces vs. the 34 required.  The Burch's applied for a liquor license, but City staff recommended disapproval of the request at the December Council meeting because the owner's had not yet submitted the required Certificate of Occupancy.  City Council meeting minutes state that "if the applicant obtains the required Certificate of Occupancy, staff recommends the City withdraw its opposition."

Let's all send positive thoughts their way so that the final pieces of the puzzle come together easily!  And soon we'll have another new spot downtown!

Freeway expansion and development continues at rapid pace

As one of the nation's fastest growing cities it is expected that freeway capacity will always hold the attention of anyone involved in the future planning for Phoenix.  Although the state is bracing for the financial issues (bond extensions, tolls, taxes?) concerning accelerating the development of new road networks, a massive number of expansion projects to existing road networks are now slated for 2007.  Although Durnford Group focuses primarily on the urban market of Phoenix, we feel it important to be in-tune with developments at ADOT.  Congestion spawned by rapid population growth, unchecked peripheral city development, and increased commercial traffic is all expected to be a positive influence on the development of the urban centers.  Wouldn't it be nice to be driving against traffic as you commute to work or not have to drive far at all?  Tired of packing a lunch just to sustain yourself while driving?  Seen more of your dashboard than your kids?  College fund depleted to pay for gas?  It's time now to say in unison:  Stop Commuting and Start Living!  Must call Durnford Group now.  Must call.......

For more information:
Finishing, widening roads dominate ADOT's agenda
ADOT

Snow, snow, please stay for another day

Ok, so it wasn't exactly a blinding storm with cars spinning into curbs and yes, you'd be hard-pressed to find a palm-cicle to pick or the time to make a snowball before it all cruelly melted in your hand......but it WAS snow in the Valley.  For about 30 minutes Sunday afternoon many across the north Valley saw the unexpected floating to the ground.  Sure, we all complain now, but as that furnace heat hits you in the face come August Sunday will be a pleasant memory.  And before we all head out to buy bulked up winter coats or windshield scrapers remember this simple fact: from 1896 through 2007 the Valley has received a grand total of 3.7 inches of snowfall.  Siberia this is not.

Source:  National Weather Service

PMI is now tax deductable!

Just a quick heads-up that as of January 1st, 2007 PMI (Private Mortgage Insurance) just became tax deductable in addition to the current deductions on your home loan payments.

And always keep in mind the 20% ratio.  If your home has appreciated since your purchase and you feel you have 20% equity now as a combination of your initial down payment and appreciated value it may be time to pull an appraisal and get that big ol' elephant off your back.

For more information:
PMI Deduction Buried in the Closing Acts of Congress

Phoenix's rental market tightens....rents build at strong pace

California research firm RealFacts notes Phoenix as one of the top 5 markets in its western/southwestern market study with rent growth up over 7% annually. 

A strong local economy, a beehive of residential, commercial, and public infrastructure development, and the nexus of all things good and wonderous on the planet earth (overkill?)....and the long-term upside in rents is supposed to be news?  Keep in the know folks.  The next decade will be dramatically different than the preceding one and it will mean very different dynamics in the ownership vs rental market.  We are at historic lows in the percentage of rental vs principal ownership in the market fueled by low rates, easy financing, and a construction boom born from slack Federal legislative and oversight policies and a stock market looking for a landing after the sinking boat known as the .com bust.  We're about to see a seismic shift in the market as the baby-boomers start to retire en mass, interest rates float up to cover our deficits, loan programs tighten and others disappear, and down payments get larger.  Phoenix is a strong urban market going through a renaissance and, although sales have slowed, values remain strong.  We're at or near the top in the nation in net and percentage population growth, job growth, and future growth potential.  For all the right reasons that urban Phoenix will grow and attract a larger and larger permanent population (just look at the impact of the ASU downtown facility alone) there will be sustained pressure on rents and the market value of real estate.