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AZBUILD

FEBRUARY | MARCH 2016

ArizonaHomebuilder

You’re an Arizona Builder, We’re an Arizona Lender.

BILL ROGERS CEO Founder & CEO of Homeowners Financial Group Financial

“As an Arizona based lender we always welcome and

EXPERIENCE THE HFG DIFFERENCE

recognize the value of working with builders who are

with local and in-house Processing,

building Arizona communities. Working with other local

Underwriting & Funding. Call us

companies helps Arizona to build stronger communities.”

today to find out how we can help

-Bill Rogers, CEO of Homeowners Financial Group

you sell more homes and give your clients better service!

Corporate Office | 16427 N. Scottsdale Rd. Suite #145 | Scottsdale, AZ 85254 | www.homeownersfg.com | 480.305.8550 All loan products and loan amounts may not be available in your area and are subject to credit and property approval pursuant to guidelines. Information is subject to change without prior notice. Other restrictions and limitations may apply. Homeowners Financial Group USA, LLC is licensed in AZ: Mortgage Bankers License No. BK 0906222, NMLS#93718; CA: Department of Business Oversight under the Finance Lenders Law License No. 603 F033; ID: Mortgage Broker/Lender License MBL-5879; NM: New Mexico Mortgage Loan Company License 03068; ND Money Broker License MB102538; OR Mortgage Lending License ML-5229 WA: Consumer Loan Company License CL-93718; MN: Residential Mortgage Originator License MN-MO-93718; MT: Mortgage Broker/Lender License 93718; NE: Mortgage Banker License NE93718 and registered in CO: Mortgage Company Registration.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

DOWNTOWN PHOENIX ENHANCED en Hance builds community


T

here’s a new “enhancement” project to Phoenix, en Hance Park Condominiums, with over 59,000 square feet of condominium space at 1130 North Second Street, just south of Margaret T. Hance Park near Moreland Street.

In light of downtown’s recent undertaking of redevelopment of the urban Margaret T. Hance Park, developers from Chile, Alvaro Sande, COO of Sencorp, was drawn to a downtown Phoenix parcel surrounded by burgeoning Phoenix Convention Center, Roosevelt Row, ASU, TGen and light rail. Sencorp has developed more than 40 million square feet of space in South America and other international markets. When considering the Arizona real estate market, Alvaro Sande said, “The combination ALVARO SANDE of light rail, Convention Center and the arrival of ASU to Chief Operating Officer downtown made downtown Phoenix a natural fit for us. Sencorp Our expertise is high density development in urban areas. We believe Phoenix is changing for the long run and we wanted to be a part of the process. Finally, the excellent business environment toward foreign investment made our choice an easy one.”

efficacy en Hance Park offers 49 smartly designed condominiums from 490 to 1700 square feet. There are efficient, wellorganized floor plans that allow the lowest price per unit for new condominiums without sacrificing designer fixtures and finishes. This translates into an easier transition to ownership of a new, well-appointed home in the thriving downtown Phoenix market hub. connectivity en Hance Park is literally nestled in the heart of downtown Phoenix with easy access to both the Valley Metro Light Rail and the freeway. It’s adjacent to the vibrant Roosevelt Row art scene and directly across the street from Margaret T. Hance Park which is scheduled to be transformed into a world-class urban oasis. This means the new condominium can be both a sanctuary and a hub connecting to boutique shopping, award-winning local restaurants, nationally-renowned art galleries, sporting events, concerts and more. responsibility Sencorp is acutely aware of the responsibility, consideration, and commitment involved in purchasing a new home. In an effort to earn buyer’s confidence, en Hance Park is the only self-financed condominium project in downtown Phoenix. From conception to delivery, the construction of en Hance Park is under developer Sencorp control. They are completely invested in their own product, process, and buyers. They are not constrained by outside lenders. Their team members are local, so buyers can be assured of the project’s completion on time and on budget. There is an increased interest and traffic due to the interest rate hike which is motivating buyers to make decisions. The fact that renting may cost more than buying a residence is supporting strong condo sales in the downtown arena.

en Hance Park is a unique condominium residence focused on “thoughtful living” ­– combining well-organized floor plans, designer fixtures and finishes, and a prime location in the heart of our city. Just in time for a flurry of buyers who are “rightsizing,” en Hance aims at a lifestyle shift to accommodate the 40-65 age empty nester wanting more freedom from maintenance, closer to mass transportation like light rail, and connections to growing urban city amenities like dining, the art scene, and sports venues. “My experience in the condo space has defined my approach to real estate and client relationships. We are designing lifestyles, not simply units or spaces. From young professionals to empty nesters rightsizing and transitioning to a maintenance free lifestyle, today’s condo dweller wants new, minimalist living that allows them more time to truly enjoy their lives.” states Roberta Candelaria, designated broker for Phoenix Urban Spaces. Dubbed the condo queen, even by her own admission, Ms. Candelaria lives and breathes the condo lifestyle for her clients.

Designed for work independence, popular floor plans offer live/ work residential options. Studios with 490 square feet and 1 bedrooms with 679 square feet are in demand. Drawn to smaller footprints like en Hance, it’s Arizona locals who are moving in from the suburbs to shed responsibilities of larger homes and lots, or fueled by career moves by downtown’s ASU and UofA campuses or TGen’s new research facility, UBER’s new headquarters or Banner’s hiring of 6,000 new employees. Whether FHA, VA or Conventional loans, new condo buyers are poised to reap the rewards of density pricing, quality design and construction, and market rates. With floor plans starting at only $150,000, now it’s even easier to own a new, wellappointed residence nestled in exciting downtown Phoenix. Construction has begun. Accepting lot reservations. Delivery of the first residence expected August 2016. en Hance is located at 1130 N. 2nd Street, Phoenix, AZ 85012. Website link for more information: www.phoenixurbanspaces.com

ROBERTA CANDELARIA Designated Broker Phoenix Urban Spaces

Roberta Candelaria | Phoenix Urban Spaces, Designated Broker roberta.candelaria@gmail.com | 602-791-3292 Alvaro Sande | Senecorp, COO | alvaro.sande@sencorp.com | 602-380-3663

With the arrival of December, the Metro Phoenix Area housing market had entered its typical period of relative hibernation. Yet, even during a time in which relatively few people shop for homes, the latest available data indicate a much healthier December for the new home industry than experienced in years past. Sales slowed down from mid-November to midDecember, in conformance with seasonal trends. Despite the slowdown, homebuilders sold more than 1,000 homes in the 30-day period – more than they sold in any month-long period last year except May and June! The 38% year-over-year increase in sales volume was met with concurrent year-over-year traffic growth in 3 of the 4 Metro Phoenix Area regions.

TIM JORDEN

The most recent sweeping changes were a result of the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosures (TRID) which went into effect for loan applications taken on or after October 4th, 2015. Since that time, mortgage lenders have been adapting to these new disclosures and TRID is starting to feel normal for us. We had initially expected closings to take 40-plus days on average, but in November the average turn time for our company’s TRID purchases was 35 days and that number continues to get smaller each month. Senior Vice President of Sales Homeowners Financial Group

Also, we have seen some normalcy in agency products (FNMA, FHLMC, FHA, VA and USDA), with lender overlays becoming a thing of the past for the most part. When originating these agency products, we can finally trust in the automated underwriting findings without the worry of investors making up their own sets of guidelines on top of the agency guidelines. Currently, we don’t see any large scale changes on the horizon, so we are anticipating a strong and steady year in 2016. The return to more stable conditions will allow lenders to concentrate on more important things like delivering improved service and affordability to their customers.

10thAnniversary

New home prices continue on a slow, steady trend of appreciation. Though the first 10 months of the year for which data is presently available, new home prices, net of incentives, rose 2.6%. Further appreciation is expected to have occurred through the final months of the year. Upon the finalization of December data, Belfiore expects total 2015 appreciation to have reached 3.0%. The prospective view is optimistic; homebuilders are well-poised for a strong selling season. The persistence of healthy traffic indicates a continuance in the rally of new home demand. New home sales volumes are accordingly expected to grow substantially in spring. Moreover, demand will be less-diluted, spread across fewer communities; in 2016 the number of open new home storefronts is forecasted to moderate. The rate of new community openings has been slowing and is projected to continue to slow in coming months. And, community close-outs will pick up pace in 2016, with 243 of the 536 (45%) now active Metro Phoenix Area new home subdivisions able to sell-out in the next 12 months if they achieved the current average 12-month sales rate. Met with significant increases in demand, this is expected to produce healthy upward movement in the sales per subdivision rate. In 2016, Metro Phoenix Area homebuilders are likely to encounter the greatest hurdles on the supply-side. Due to shortages of labor, construction times are expected to extend and greatly delay production schedules. Belfiore recommends homebuilders prepare for the spring selling season by preemptively bulking-up inventory supply levels in locations where exceptional demand is expected. This will not only help builders stay on schedule, but will also reinforce profitability. Building homes earlier rather than later will help builders stay on the front-end of rising construction costs and as construction times increase, buyers may willing pay more for inventory homes than new builds. As demand grows and as talk of rising mortgage rates increase homebuyer anxiousness, more buyers are expected to seek homes deliverable within a shorter period of time than builders will be able to construct them from slab. For additional insight, call Jim at Belfiore Real Estate Consulting, (480) 706-1002, or visit www.belfioreconsulting.com.

The residential mortgage industry has seen sweeping changes over the last several years, but it is finally starting to feel like “business as usual” again. In an industry where change has been the only constant since 2008, “usual” is a word that we are happy to hear!

Bash

April 8th, 2016 11am-4pm 3930 E. Ray Rd

Exclusive Sponsorship Opportunities °°°

s Cornhole

Starting at $1000

Tournament 100% of proceeds benefiting

BBQ, Drinks, $50 Music Per Person er Your T st

m ea

en Hance Park is committed to building well designed residences, as well as rewarding relationships with buyers, neighbors and the urban city. To that end, en Hance has a unique mantra of guiding principles that is referred to as “thoughtful living”.

livework

Metro Phoenix Area homebuilders have had their share of setbacks this year – appreciation was lower than many builders JIM BELFIORE desired and rising construction costs Belfiore Consulting painfully squeezed homebuilder margins. Still, the year turned out better than most industry experts expected, with a phenomenal increase in demand and solid employment and population growth.

Business as Usual

Reg i

en Hance Downtown Phoenix

Homebuilders Poised for a Robust 2016

For details and registration visit belfioreconsulting.com/events

& Fun


T

here’s a new “enhancement” project to Phoenix, en Hance Park Condominiums, with over 59,000 square feet of condominium space at 1130 North Second Street, just south of Margaret T. Hance Park near Moreland Street.

In light of downtown’s recent undertaking of redevelopment of the urban Margaret T. Hance Park, developers from Chile, Alvaro Sande, COO of Sencorp, was drawn to a downtown Phoenix parcel surrounded by burgeoning Phoenix Convention Center, Roosevelt Row, ASU, TGen and light rail. Sencorp has developed more than 40 million square feet of space in South America and other international markets. When considering the Arizona real estate market, Alvaro Sande said, “The combination ALVARO SANDE of light rail, Convention Center and the arrival of ASU to Chief Operating Officer downtown made downtown Phoenix a natural fit for us. Sencorp Our expertise is high density development in urban areas. We believe Phoenix is changing for the long run and we wanted to be a part of the process. Finally, the excellent business environment toward foreign investment made our choice an easy one.”

efficacy en Hance Park offers 49 smartly designed condominiums from 490 to 1700 square feet. There are efficient, wellorganized floor plans that allow the lowest price per unit for new condominiums without sacrificing designer fixtures and finishes. This translates into an easier transition to ownership of a new, well-appointed home in the thriving downtown Phoenix market hub. connectivity en Hance Park is literally nestled in the heart of downtown Phoenix with easy access to both the Valley Metro Light Rail and the freeway. It’s adjacent to the vibrant Roosevelt Row art scene and directly across the street from Margaret T. Hance Park which is scheduled to be transformed into a world-class urban oasis. This means the new condominium can be both a sanctuary and a hub connecting to boutique shopping, award-winning local restaurants, nationally-renowned art galleries, sporting events, concerts and more. responsibility Sencorp is acutely aware of the responsibility, consideration, and commitment involved in purchasing a new home. In an effort to earn buyer’s confidence, en Hance Park is the only self-financed condominium project in downtown Phoenix. From conception to delivery, the construction of en Hance Park is under developer Sencorp control. They are completely invested in their own product, process, and buyers. They are not constrained by outside lenders. Their team members are local, so buyers can be assured of the project’s completion on time and on budget. There is an increased interest and traffic due to the interest rate hike which is motivating buyers to make decisions. The fact that renting may cost more than buying a residence is supporting strong condo sales in the downtown arena.

en Hance Park is a unique condominium residence focused on “thoughtful living” ­– combining well-organized floor plans, designer fixtures and finishes, and a prime location in the heart of our city. Just in time for a flurry of buyers who are “rightsizing,” en Hance aims at a lifestyle shift to accommodate the 40-65 age empty nester wanting more freedom from maintenance, closer to mass transportation like light rail, and connections to growing urban city amenities like dining, the art scene, and sports venues. “My experience in the condo space has defined my approach to real estate and client relationships. We are designing lifestyles, not simply units or spaces. From young professionals to empty nesters rightsizing and transitioning to a maintenance free lifestyle, today’s condo dweller wants new, minimalist living that allows them more time to truly enjoy their lives.” states Roberta Candelaria, designated broker for Phoenix Urban Spaces. Dubbed the condo queen, even by her own admission, Ms. Candelaria lives and breathes the condo lifestyle for her clients.

Designed for work independence, popular floor plans offer live/ work residential options. Studios with 490 square feet and 1 bedrooms with 679 square feet are in demand. Drawn to smaller footprints like en Hance, it’s Arizona locals who are moving in from the suburbs to shed responsibilities of larger homes and lots, or fueled by career moves by downtown’s ASU and UofA campuses or TGen’s new research facility, UBER’s new headquarters or Banner’s hiring of 6,000 new employees. Whether FHA, VA or Conventional loans, new condo buyers are poised to reap the rewards of density pricing, quality design and construction, and market rates. With floor plans starting at only $150,000, now it’s even easier to own a new, wellappointed residence nestled in exciting downtown Phoenix. Construction has begun. Accepting lot reservations. Delivery of the first residence expected August 2016. en Hance is located at 1130 N. 2nd Street, Phoenix, AZ 85012. Website link for more information: www.phoenixurbanspaces.com

ROBERTA CANDELARIA Designated Broker Phoenix Urban Spaces

Roberta Candelaria | Phoenix Urban Spaces, Designated Broker roberta.candelaria@gmail.com | 602-791-3292 Alvaro Sande | Senecorp, COO | alvaro.sande@sencorp.com | 602-380-3663

With the arrival of December, the Metro Phoenix Area housing market had entered its typical period of relative hibernation. Yet, even during a time in which relatively few people shop for homes, the latest available data indicate a much healthier December for the new home industry than experienced in years past. Sales slowed down from mid-November to midDecember, in conformance with seasonal trends. Despite the slowdown, homebuilders sold more than 1,000 homes in the 30-day period – more than they sold in any month-long period last year except May and June! The 38% year-over-year increase in sales volume was met with concurrent year-over-year traffic growth in 3 of the 4 Metro Phoenix Area regions.

TIM JORDEN

The most recent sweeping changes were a result of the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosures (TRID) which went into effect for loan applications taken on or after October 4th, 2015. Since that time, mortgage lenders have been adapting to these new disclosures and TRID is starting to feel normal for us. We had initially expected closings to take 40-plus days on average, but in November the average turn time for our company’s TRID purchases was 35 days and that number continues to get smaller each month. Senior Vice President of Sales Homeowners Financial Group

Also, we have seen some normalcy in agency products (FNMA, FHLMC, FHA, VA and USDA), with lender overlays becoming a thing of the past for the most part. When originating these agency products, we can finally trust in the automated underwriting findings without the worry of investors making up their own sets of guidelines on top of the agency guidelines. Currently, we don’t see any large scale changes on the horizon, so we are anticipating a strong and steady year in 2016. The return to more stable conditions will allow lenders to concentrate on more important things like delivering improved service and affordability to their customers.

10thAnniversary

New home prices continue on a slow, steady trend of appreciation. Though the first 10 months of the year for which data is presently available, new home prices, net of incentives, rose 2.6%. Further appreciation is expected to have occurred through the final months of the year. Upon the finalization of December data, Belfiore expects total 2015 appreciation to have reached 3.0%. The prospective view is optimistic; homebuilders are well-poised for a strong selling season. The persistence of healthy traffic indicates a continuance in the rally of new home demand. New home sales volumes are accordingly expected to grow substantially in spring. Moreover, demand will be less-diluted, spread across fewer communities; in 2016 the number of open new home storefronts is forecasted to moderate. The rate of new community openings has been slowing and is projected to continue to slow in coming months. And, community close-outs will pick up pace in 2016, with 243 of the 536 (45%) now active Metro Phoenix Area new home subdivisions able to sell-out in the next 12 months if they achieved the current average 12-month sales rate. Met with significant increases in demand, this is expected to produce healthy upward movement in the sales per subdivision rate. In 2016, Metro Phoenix Area homebuilders are likely to encounter the greatest hurdles on the supply-side. Due to shortages of labor, construction times are expected to extend and greatly delay production schedules. Belfiore recommends homebuilders prepare for the spring selling season by preemptively bulking-up inventory supply levels in locations where exceptional demand is expected. This will not only help builders stay on schedule, but will also reinforce profitability. Building homes earlier rather than later will help builders stay on the front-end of rising construction costs and as construction times increase, buyers may willing pay more for inventory homes than new builds. As demand grows and as talk of rising mortgage rates increase homebuyer anxiousness, more buyers are expected to seek homes deliverable within a shorter period of time than builders will be able to construct them from slab. For additional insight, call Jim at Belfiore Real Estate Consulting, (480) 706-1002, or visit www.belfioreconsulting.com.

The residential mortgage industry has seen sweeping changes over the last several years, but it is finally starting to feel like “business as usual” again. In an industry where change has been the only constant since 2008, “usual” is a word that we are happy to hear!

Bash

April 8th, 2016 11am-4pm 3930 E. Ray Rd

Exclusive Sponsorship Opportunities °°°

s Cornhole

Starting at $1000

Tournament 100% of proceeds benefiting

BBQ, Drinks, $50 Music Per Person er Your T st

m ea

en Hance Park is committed to building well designed residences, as well as rewarding relationships with buyers, neighbors and the urban city. To that end, en Hance has a unique mantra of guiding principles that is referred to as “thoughtful living”.

livework

Metro Phoenix Area homebuilders have had their share of setbacks this year – appreciation was lower than many builders JIM BELFIORE desired and rising construction costs Belfiore Consulting painfully squeezed homebuilder margins. Still, the year turned out better than most industry experts expected, with a phenomenal increase in demand and solid employment and population growth.

Business as Usual

Reg i

en Hance Downtown Phoenix

Homebuilders Poised for a Robust 2016

For details and registration visit belfioreconsulting.com/events

& Fun


AZBUILD

FEBRUARY | MARCH 2016

ArizonaHomebuilder

You’re an Arizona Builder, We’re an Arizona Lender.

BILL ROGERS CEO Founder & CEO of Homeowners Financial Group Financial

“As an Arizona based lender we always welcome and

EXPERIENCE THE HFG DIFFERENCE

recognize the value of working with builders who are

with local and in-house Processing,

building Arizona communities. Working with other local

Underwriting & Funding. Call us

companies helps Arizona to build stronger communities.”

today to find out how we can help

-Bill Rogers, CEO of Homeowners Financial Group

you sell more homes and give your clients better service!

Corporate Office | 16427 N. Scottsdale Rd. Suite #145 | Scottsdale, AZ 85254 | www.homeownersfg.com | 480.305.8550 All loan products and loan amounts may not be available in your area and are subject to credit and property approval pursuant to guidelines. Information is subject to change without prior notice. Other restrictions and limitations may apply. Homeowners Financial Group USA, LLC is licensed in AZ: Mortgage Bankers License No. BK 0906222, NMLS#93718; CA: Department of Business Oversight under the Finance Lenders Law License No. 603 F033; ID: Mortgage Broker/Lender License MBL-5879; NM: New Mexico Mortgage Loan Company License 03068; ND Money Broker License MB102538; OR Mortgage Lending License ML-5229 WA: Consumer Loan Company License CL-93718; MN: Residential Mortgage Originator License MN-MO-93718; MT: Mortgage Broker/Lender License 93718; NE: Mortgage Banker License NE93718 and registered in CO: Mortgage Company Registration.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

DOWNTOWN PHOENIX ENHANCED en Hance builds community

Arizona Homebuilder  

real estate