Money is Cheap Cash Still King is a post from: Rail Life

During this time of record low mortgage rates, many people still seem to be surprised when they hear of how many homes are selling for cash.

Recent numbers released by the Arizona Regional MLS show that 2011 saw the second highest number of home sales in the last decade, which was surpassed only by the “insanity” that was 2005. Yes, really.

2011 saw 100,959 home sales in our market. Of those sales, nearly half ( over 47,000 ) were CASH sales.

Cash Still King

Investor activity high:

Of the homes sold in our market, 87% of them were under $200,000 purchases. Of that 87%, we see that a total of 63% of 2011 home sales were below $100,000! Investors are snatching up homes like crazy. Heck, remember 2005?  You were hard pressed to find anything for less than $100,000. For now, you can find some “affordable” properties along the line. Yes, for the most part you will be paying quite a bit more for a home along the line than for one in outlying areas of town, but think about it… It’s money well spent. Time is money, that will never change.

Today, I noticed 16 of the 64 single family homes for sale within ( approximately ) 1/2 mile of a light rail station were priced below $100k. Of the 91 condos for sale near the line ( includes lofts, patio homes, etc. ), I noticed 31 priced at or below $100k.  These numbers change rapidly and sales have been many. Multiple offers and bidding wars are prevalent in this market. While the media is still perpetuating the false notion that real estate sucks, more than a few people seem to disagree.

We are talking to many parents buying homes for their kids utilizing cash AND “kiddie condo loans.” Many of the non cash sales were FHA loans, and the kiddie condo loan is a very cool FHA product for that ASU student looking to live off of campus. The map below shows just a sample of places to live along the line. Cash or not, life along the line is pretty darn cool…

View Homes Near METRO light Rail in a larger map

If you have any questions or comments, “Just Call Nick!”

Photo / graphic by Arizona Regional MLS
]]> http://raillife.com/blog/2012/02/04/money-cheap-cash-king/feed/ 0 http://raillife.com/blog/2012/01/19/real-estate-market-walk/ http://raillife.com/blog/2012/01/19/real-estate-market-walk/#comments Fri, 20 Jan 2012 04:34:24 +0000 Nick Bastian http://raillife.com/?p=5652 Real Estate Market Says Go For A Walk is a post from: Rail Life

Lakeside Living In Tempe is a post from: Rail Life

Lakeside living in Tempe AZ offers a unique opportunity to live an urban / active lifestyle where people have easy access to hiking, biking, boating, sand volleyball and so much more. Living in or near the Mill Avenue district, people also have the convenience of a lifestyle that is arguably Arizona’s most urban environment with incredible restaurants, shopping, and nightlife, along with a good ( and improving ) transportation system that allows easy access to some of the valley’s top sports and entertainment destinations. 

From your home near Tempe Town Lake you are just minutes from the Phoenix light rail line where you can get to even more sports and entertainment venues, concert halls, the Heard Museum, US Airways Center, Chase Field, etc., etc. Seriously, the entertainment options are nearly endless.

Sports? Did I mention that people living near Tempe Town Lake practically have ASU in their back yard?  Join the fun in cheering on the Sun Devils!

So, what communities are close to the lake? I thought you’d never ask.

Let’s take a look at 4 of them:

The North Shore Condominiums are, surprisingly enough, on the north side of the lake. While North Shore is the furthest from a light rail station, the location still rocks and is conveniently located near freeways, Phoenix Sky Harbor International Airport, the Mill Avenue District, Tempe Marketplace, Arizona State University, restaurants, golf, shopping, entertainment and so much more. Northshore offers some great views in a resort-like setting.

Several different views are available from the condos at North Shore. The units facing the courtyard have views of the water, while other units can see Sun Devil Stadium and down to Hayden Ferry.

Speaking of Hayden Ferry, you have two gorgeous buildings to choose from at Hayden Ferry Lakeside. The two buildings are Edgewater and Bridgeview.When people think of luxury lake front living near Tempe Beach Park, these two buildings are normally at the top of the list. Awesome location, amazing views, and amenities galore can all be found at Hayden Ferry.

Not far from Hayden Ferry you’ll find Regatta Pointe:

Regatta Pointe consists of three buildings with separate addresses. If you just need to be close to the shores of Tempe Town Lake, this place has you covered. If you need some awesome views of the lake and /or the nearby mountains, make sure to look at the correct building. I’m pretty sure that your favorite Tempe real estate agent can help you make some good decisions. :)

525 Town Lake is the address and community that rounds out our examples of Tempe lakeside living. This gated community is just south of the lake off of Rio Salado Parkway. I like the look and feel of this community even though they don’t have quite the “views” as some of the other buildings. As with all four of these examples, you are minutes from a lifestyle that many people didn’t know existed in Arizona. You really should get out and explore all that is happening around Tempe Beach Park and Tempe Town Lake.

The future is sure to bring even more entertainment and recreational options to the area. There has even been talk of creating a sand beach area for all to enjoy.

Again, if you would like more information about the “urban beach” lifestyle that can be found in Tempe, feel free to contact Rail Life via Twitter, Facebook, or you can reach Nick Bastian at Realty Executives by calling 480-463-4514.

Take a closer look at “lakeside living” in Tempe, you just might like what you find…

$88 Million Kiddie Condo Sale is a post from: Rail Life

Around here, we’ve been known to talk about some of the cool homes located along the light rail line. One of the largest demographics benefitting from living along the line are students at ASU. Many ASU students work hard for their money and some of them enjoy a little bit of help from mom and dad. While some of you have had some help, I’m pretty sure none of you has had as much help as Ekaterina Rybolovleva. Ekaterina is a Russian student in New York who just purchased an apartment in New York for a cool $88 Million.

Yes, $88 MILLION.

Ekaterina’s dad is a Russian billionaire, I’m assuming he helped her out with this purchase which, by the way, isn’t her only home. According to NBC’s Brian Williams, she has a place in Monaco, as well.

Check out the WalkScore on this bad boy…

For $88 million, Ekaterina gets approximately 6744 square feet which should make for some pretty fun college parties. The apartment has 4 bedrooms and 4.5 bathrooms with a “decent” view of the park. Of course, she gets concierge service and an elevator attendant along with a fitness room and a rooftop garden to do some studying.

The monthly maintenance fees for the building at just over $8,800.00 and the property taxes are just under $5k per month. While I would imagine that daddy paid cash for the home at 15 Central Park West, I checked to see what an estimated payment would be on $88 million with a 20% down payment and came up with $391,747.18 PER MONTH.

While we have helped ASU students find cool places to live, all of them put together haven’t totaled $88 million. Maybe that’s because your mom and dad don’t know about Kiddie Condo loans! Heck, your mom or dad doesn’t need to be a Russian billionaire, they just need to co-sign on a place for you. For FAR less than $88 million, you can get a decent pad at Chateau on Central or maybe snag a place or two to crash at Hayden Ferry.

Students anywhere near Arizona State University should immediately forward this article to mom and dad and DEMAND that they buy them a home near campus.

It’s only fair…

Hey Gracie NIMBY is a post from: Rail Life

For years, there have been talks about bringing higher density to places along the light rail line. In fact, the Apache Corridor in Tempe has been one of the areas where many feel there can / will be some major changes in the future.

“Encourage reinvestment in the Apache Boulevard area in order to build a more desirable neighborhood in which people will enjoy living and working. Enhance the positive aspects of this area and promote desirable reuse of the land.” – Quoted from the Apache Boulevard Redevelopment Plan

Over the past several months, there has been a lot of discussion about the redevelopment project that will be called Gracie’s Village. Currently, Gracie’s Thrift Store sits on approximately 2 1/4 acres at 1520 East Apache Blvd in Tempe and is owned by Grace Community Church. In the future, Gracie’s is purposed to be a 5-story, approximately 100,000 square foot LEED certified building consisting of the thrift store, a community center, internet cafe and 74 affordable living apartments for people in the 40-60% median income range.

Development and funding for Gracie’s:

So how does this thing get off the ground in these challenging economic times when redevelopment seems so difficult? According to Garin at the Tribune, the $19 million project could be part of the Sustainable Communities Development Fund. Information that I collected from Gracie’s indicates that the ( private ) developer of the project will be Gorman & Co. with a collaboration of federal, state, local entities  along with  a non-profit. ( Grace Community Church )

While the project is slated as affordable housing, it has been stated that this does not mean student or Section 8 housing.

Neighborhood Opposition:

Some of the surrounding neighborhoods have been vocal in their opposition to the development of Gracie’s Village. Driving through the University Heights neighborhood to the north and the Hudson Manor neighborhood to the south you see dozens of signs protesting the project’s height and apparent disruption to their area. Picketers have protested outside of Grace Community Church, as well.

It seems like some of the neighbors in the single family homes close to the project are against the proposed density of Gracie’s Village. To be clear, there are other factors that weigh in to their opposition, but the 5 story height of the building is certainly a major factor. One interesting fact about this area is that it is already one of the most densely populated areas in the entire Valley. In addition to many homes, condos, and apartments, there are many restaurants and shops located nearby. Being close to so many neighborhood amenities and being between two light rail stations allows residents to live a much less car dependant lifestyle. Yes, transportation does play into both the pro and con side of the equation. Opponents say the development would bring more traffic and parking problems while proponents might say the proximity to light rail could / would be a huge benefit.

No Formal Plans Submitted:

It’s my understanding that all of this fuss is over a project that has not yet been submitted to the city for review. It sounds like there may be some anxious developers and some over zealous opposition making a big fuss over something that hasn’t really even seen the light of day yet. Once the city gets the plans for review, it’s anyone’s guess as to how this thing plays out. One thing is for sure, it will be interesting to watch.

The Business Journal has posted a rendering of the project. Take a look, let us know what you think.

More Options For Life Along The Line? is a post from: Rail Life

You’ve heard us talk about how much we like Walk Score in the past, right? Well, it seems like the fine folks at Walk Score are always looking to improve the data people can use to find great places to live in walk able neighborhoods.

Today, I noticed a tweet from Walk Score talking about their “new” apartment search tool. So far, it looks like the data feeds needed from our area have not been provided to Walk Score. Hopefully, that will get fixed soon. They also have public transit scores, etc. Their web site and blog is one that I like to follow, as talking about a more urban lifestyle was one of my main goals since I began Rail Life.

Through some of the tools we use around here, we display a walk score for homes near the light rail line, but we mainly feature properties within 1/2 mile of a station. Students looking for housing near ASU have shown an interest in properties along the line, but a resource for apartments is often difficult to find. This new tool should be a good fit for many people looking to live in walk-able areas.

Neighborhood Spotlight – Casitas Tempe is a post from: Rail Life

People like affordable homes. People like affordable homes close to ASU and close to the light rail line. Casitas Tempe fits the bill pretty darn well.

Located near the southeast corner of McClintock and University Drive, these townhomes are also convenient to many restaurants, shops, freeway access, Tempe Marketplace, Sky Harbor International Airport and more.

Casitas Tempe consists of 156 single level townhouses built between 1973 and 1978 that average 1000 square feet of living space. ( Perfect for students, young professionals, etc. ) Neighborhood amenities consist of a community park located at the southwest corner of the property that has a BBQ, benches, and a large grass area along with a community swimming pool.

If you can get mom and dad to give you some cash to buy a place close to school, it seems like the math works pretty well. With recent sales in the sub-$60k range, you can argue that many new cars cost more. Heck, your parents can buy you the fancy car after college…

Homes for sale at Casitas Tempe:

See the list below that shows the townhouses for sale at Casitas Tempe. 

While Casitas Tempe is a good option for many people, you know this is America and we like choices. Fortunately, we have lots of them. So, when you are looking for your next place to call home, think of how cool it is to live near the light rail line. Save some cash by driving less, enjoy the convenience of hitting all of the cool restaurants, bars, and sporting activities along the line and have someone drop you off right at campus.

View Homes Near METRO light Rail in a larger map

To see any of the homes for sale at Casitas Tempe, or anywhere along the line, feel free to call your favorite Tempe real estate agent at 480-463-4514!

Save Time AND Money? Makes Sense To Us is a post from: Rail Life

Many of you probably saw the AZCentral story about a young couple that recently moved from Queen Creek to the super-cool address that is 44 Monroe in downtown Phoenix. Talk about a lifestyle change… While each of the two areas has it’s plusses and minuses, it was interesting to hear another couple describe their desire to live in a more urban and convenient location. Having the ability to walk or take the light rail to a seemingly endless number of things to see and do makes leaving suburbia an easy decision for those that don’t enjoy driving long distances to get to the things they want to do.

Here’s a quote from the article that I found particularly interesting:

”Moving downtown has saved them hundreds of dollars a month in gas, reduced their headaches, eliminated their long commutes and improved their social lives.” – AZ Central.

We have seen the success of 44 Monroe and West 6th in Tempe on the rental market but have also watched buildings like One Lexington and many of the single family neighborhoods along the line increase in popularity.

It’s true that a home in the far outlying regions of the valley can be purchased at what seems like ridiculously low prices. Once people factor in the cost of fuel, travel times, and other lifestyle factors, the lower rents / mortgage prices don’t always make up the difference. Let’s look at 44 Monroe pricing: “Rent is $1,582 for a one-bedroom, 1 1/2-bath unit that spans 1,126 square feet” while the rents are “$2,900 to $2,990 for the largest unit, a 2,079-square-foot space that includes two bedrooms and 2 1/2 baths”.

So, people are gobbling up places in the $1,500 – $3,000 a month price range, because they want to live in a more urban environment, right? Right. One of the great things about life along the line is the fact that there are a LOT of choices. The types of available housing within 1/2 to 1 mile from a light rail station would probably surprise many of the people that still want to hold on to a little bit of suburbia. For example… Currently, there are more than 40 single family homes for sale within 1/2 mile of a light rail station priced under $200k. Heck, about half of those are priced under $100k! Have you checked interest rates lately? Do the math, it makes $ense…

Is A zHome Right For Phoenix? is a post from: Rail Life

So, it’s good to be green, right? The people behind a Washington project called zHome sure think so. I read about zHome this morning, and it got me thinking again about the potential for some great new projects along the light rail line here in Arizona. I remembered Don Keuth talk of the need for affordable infill developments, and I remembered the article from June of this year talking about the creation of a $20 million investment in affordable living near the light rail line.

ZHome in Issaquah, WA is being billed as affordable green homes utilizing “smart design and cutting edge technologies to radically reduce its environmental impacts.” On the ZHome web site, their location page says they are near a Park and Ride lot which got me thinking about how much land is available near our line for a cool infill project like this.

“zHome is located in Issaquah Highlands, just east of the Issaquah Highlands Park and Ride.”

zHome is a relatively small project of 10 homes that will “emit net zero carbon emissions.” Now, I’m no tried and true green expert, but I do know the climate is slightly different in Phoenix than it is in Washington. While the low water use ratings based on utilizing rainwater may not work as well here in the PHX, I bet the solar energy portion of the project would do just fine.

As you look at projects like this or even some that are not quite as Earth-friendly, you may start to think about the location of a home factoring into the green equation. As we see more people living near the light rail line, we will hear more about people saving some cash and using less gas than those relying solely on a car to get around town. Taking advantage of living near a good transportation system can benefit wallets AND help make smaller carbon footprints.

 “in major urban areas, individuals on average save $9,656 annually by using public transportation instead of driving.” – APTA

As people continue to discuss the future of our light rail system, there will need to be many discussions of what will work best in terms of development for sustainable growth. Obviously, the choices are many. If given the opportunity to live near the line in a green home, do you think more people would do so?

West 6th – Welcome To The Neighborhood is a post from: Rail Life

West 6th threw a party Friday night.  It was an amazing party that gave many of us a glimpse of what is to come with these gorgeous buildings. I’ve been fortunate to have taken a few tours of West 6th over the past few years; first with the previous ownership group while the buildings were mere shells, and then with the current ownership that has endured several challenges and setbacks before completing one of the more storied closings in the history of the City of Tempe. Each time I’ve entered the buildings, I’ve come away thinking that this project will be a huge benefit to the entire Mill Avenue District, and it was exciting to be at last night’s party to see people finally get a chance to mill around the lobby, tour the common areas, stand by the swimming pool and enjoy the amazing views of our city – without wearing hard hats. Amazing food was served, a large amount of cocktails consumed, and entertainers performed for a crowd of people that collectively celebrated what is to come.

Who’s Who Comes Out For West 6th:

The talented development and marketing teams for West 6th put their party hats on in a big way last night inviting many city leaders, including Mayor Hallman, council members, Shanna Ellis and Corey Woods, as well as, Kris Baxter-Ging from the City of Tempe and many more. But it was Kent Chantung from the Zaremba Group who was hugely instrumental in making this deal happen. Always a team player, Kent made sure to introduce the people from their company, their marketing firm, and the construction crews that helped him pull it all off. The obvious sense of accomplishment was great to see, and it is this kind of pride and can-do attitude that saved West 6th from the demise that so many people thought the project was heading towards. The video below is from a ribbon cutting ceremony back in March of this year. Just a few months later, residents are moving into West 6th.

Nearly A Full House:

Last night Kent announced that West 6th is only four leases shy of a completely full Tower One. That’s 185 leases already signed in the 189 unit Tower One. Demand has been huge, and residents are excited to move into the towers and enjoy the location and amenities of West 6th.  The opening of Tower One is well-timed, as ASU students beginning the fall semester will comprise a large percentage of Tower One’s occupants. Additionally, reservations were announced last month for the 186 unit Tower Two. A total of 375 units will be located at West 6th in Tempe. After the initial rush of college students, it has been rumored that some empty nesters, young professionals, etc. were waiting to make sure the project really is viable and would live up to the hype. I have a feeling that the building will sell itself to anyone that had any doubts about the viability of this project. Below is a video I shot of the interior of one of the West 6th units a few months ago. They are nicely appointed and some awesome views are available.

A Shot In The Arm:

I believe the Mill Avenue District has received a shot in the arm unlike anything it has seen in the past.  A transformation is underway where hundreds of new residents will be shopping and playing nearby. Yes, places like Hayden Square, the Lofts at Orchidhouse, and even the luxury units at Hayden Ferry have all been there for years, but this project just feels like it is ready to make an even bigger impact on the area. Mill Avenue area merchants from restaurants, shops, and service industries seem to be excited about the influx of many new people. The one glaring shortfall that continues to be mentioned is the lack of a grocery store nearby. I’m thinking we will hear of something coming in the near future, hopefully soon.

More West 6th Info:

Initial lease rates for West 6th began at $945 for a studio, $1,175 for one bedroom units, $1,550 for two bedrooms, and $1,995 for three bedroom apartments. There is a state of the art fitness center with an extensive cardio area, machine and free weights, yoga room, tanning beds, locker rooms, dry saunas, and more. Other building perks are theater style viewing television, resort style swimming pool with a spa, cabanas, fire pits and bbq area. The game room features TV viewing areas, pool tables, poker tables and a coffee bar. The Business Center has private conference rooms, high speed internet, Wi-Fi, computer stations and printers. I know I’m missing a few things so you’ll have to check the place out for yourself. I have some more photos of West 6th and you can find their web site at West6thTempe.com or keep up with them via Facebook.

The pic below is of myself with Kent Chantung from the Zaremba Group and it is a bit fuzzy. I thought it was appropriate because it was taken towards the end of the evening. :) Thanks again to Kent and his crew for all of their hard work. Welcome to the neighborhood!