Lifestyle One Lexington

Zillow Zestimates: The Inside Scoop

One of the most widely discussed (and often most contested) aspects of the real estate industry is automated valuation models – or as most commonly know them “Zestimates.” Did you know that Zillow even admits on its own website that their Zestimates in Phoenix have a median error of 6.9%*? This means that in the Phoenix Metropolitan area, Zestimates for half of the homes are within 6.9% of the selling price, and half are off by more than 6.9%.

Kevin Owens | Your One Lexington Real Estate Specialist

2 0 1 5 M A Y

|

Have you checked the Zillow “Zestimate” for your home?

J U N E

UBPHX

YOUR ONE LEXINGTON REAL ESTATE SPECIALIST

OneLexington L I F E S T Y L E

Oh-soBlissful Elegant!

Surroundings

If you are considering selling, don’t rely on an automated valuation of your home… contact Kevin Owens for a confidential, no-obligation analysis of what your home is worth in today’s market! *zillow.com/zestimate

For the most effective marketing to sell your One Lexington property, contact Kevin today!

KEVIN OWENS, REALTOR Your One Lexington Real Estate Specialist

480.217.9184

kevin@fineAZliving.com www.fineAZliving.com

Kris Pesic, Escrow Officer

28 years experience with Old Republic Title in Camelback Corridor

602.631.3706 direct | KPesic@ortc.com 2375 E Camelback Rd #180 | Phoenix, AZ 85016

One Lexington Market Update ®

ADDRESS

SQFT

BED BATH LIST PRICE

SOLD PRICE

LIST / SOLD / SQFT

Active 1 E Lexington Ave 1406 1 E Lexington Ave 1507 1 E Lexington Ave 411 1 E Lexington Ave 901 1 E Lexington Ave 801 1 E Lexington Ave 501 1 E Lexington Ave 503 1 E Lexington Ave 1401 1 E Lexington Ave 701

734 734 1,089 1,261 1,261 1,261 1,169 1,297 1,297

1 1 2 2 2 2 2 2 2

1 1 2 2 2 2 2 2 2

$239,900 $264,900 $316,000 $319,900 $320,000 $325,000 $329,000 $334,900 $338,000

$326.84 $360.90 $290.17

$253.69 $253.77 $257.73 $281.44 $258.21 $260.60

Pending 1 E Lexington Ave 305 1 E Lexington Ave 1203 1 E Lexington Ave 1309 1 E Lexington Ave 1509

783 1,169 1,169 1,973

1 2 2 2

1 2 2 3

$209,999 $350,000 $379,900 $790,000

$268.20 $299.40 $324.98 $400.41

Sold 1 E Lexington Ave 1210 1 E Lexington Ave 1010

1,169 2 2 1,169 2 2

Real Estate Update

Townhome & Condo Popularity

Springtime Favorite Salty Señorita’s Caesar Salad

$345,000 $295.12 $387,500 $331.48

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS.

Thinking of Selling?

Call Kevin Owens today at 480.217.9184 If your home is currently listed, this is not a solicitation for that listing. Owned and operated by NRT, LLC.

ISSN-1939-943X Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

One Lexington Market Update Exclusively Presented By Kevin Owens

Blissful Surroundings

In Good Taste Salty Senorita’s SaltySenorita.com | 480.947.2116

Elegance. How do you define it? When it comes to your home, it’s anything that makes you feel special, graceful, and sophisticated. Being in elegant surroundings—think of a posh hotel, a chic urban eatery, or even a grand museum—has an impact on how we feel. We feel uplifted and stylish, and in turn, we feel happy, like anything can happen on any given day. Here’s how to create an elegant room filled with the right elements so you’ll feel inspired to live a beautiful life.

Grilled Caesar Salad with Wild King Salmon INGREDIENTS SALMON 4- 6oz Wild King Salmon filet (skin off) 1 tbsp extra virgin olive oil Salt and pepper to taste CAESAR SALAD 2 heads romaine lettuce 4 tbsp Caesar dressing

1 tbsp extra virgin olive oil Salt and pepper to taste

CROUTONS 1 loaf focaccia bread 2 tbsp parmesan cheese

2 tbsp extra virgin olive oil Salt and pepper to taste

If you want elegance, the size and grandeur of a room definitely helps set the stage. A living room with high ceilings, an open floor plan, and tall windows is a perfect place to start. Silk drapes can give a room a sweeping feeling of elegance with soft natural light streaming in from behind. Even if you don’t have those elements, simple tips can trick the eye. Hang your drapes as high as possible, just grazing the floor to give the room a feeling of height. To keep it airy and open feeling, select light paint hues or maybe an ethereal white. Light colors will keep the space soothing and inviting … you want a room of enlightenment. (Leave the darker colors for the den!)

Event Calendar MAY | JUNE 2015 Urban Wine Walk

Appoint your room with glass and metal end tables and coffee tables to achieve a free-flowing space. This is a room for discussions, music, and entertaining.

The final details for an air of joyful elegance: fresh flowers in beautiful vases, books on favorite artists and authors, and perhaps sculpture or a piano to make the mood sublime. We’re not talking stuffy … just setting the room with beautiful items that make you smile when you see them, that evoke memories and make you feel blissful and ready for anything that may come your way. Living your life in a beautiful and elegant setting can truly impact your happiness. Find your bliss!

Décor is usually minimal in sophisticated spaces, for clutter is anything but elegant. Artwork lends a refined touch to interiors, and adds splashes of color to more monochromatic rooms. Neutral area rugs and symmetrically aligned furniture keep the mood intimate and understated. Sofas and armchairs are more tailored and trimmed than their softer, sink-into-them cousins that are more at home in the family room. Wood tones are also mostly light, while lamps, frames, and accessories are done in shiny silvers and golds for a polished look.

PREPARATION SALMON Season salmon with salt and pepper. Wipe the hot grill with a lightly oiled towel and place salmon on the grill at a 45 degree angle to the grill grate. Grill the salmon for 2-3 minutes then turn the fish over to the opposite side and cook for an additional 2 minutes until medium rare.

Yields: 4 Servings

Spring Restaurant Week Various Locations | May 15 – May 25 ArizonaRestaurantWeek.com | 602.307.9134 This statewide affair that gives foodies a wealth of dining opportunities and the chance to get outside their own neighborhood and try something new.

From sizzling Southwestern and soothing comfort foods to five-star dining and international fare – it’s all on the table during Arizona Restaurant Week. So prepare your taste buds and dig in.

Cave Creek Balloon Festival Rancho Mañana Golf Course | May 23 CaveCreekFestivals.com Come out for the Sixth Annual Cave Creek Balloon Festival. This year is going to be bigger and better than ever! The Rancho Mañana Golf Course will once again become a magical field of glowing splendor when brightly colored and whimsically shaped balloons come to life. Enjoy live music by local bands, food and beverages that include locally brewed Four Peaks. Gates open at 5:00 PM and glowing balloons to venture off at 7:30 PM.

CROUTONS Cut focaccia bread into 1/2 inch cubes. Drizzle olive oil and parmesan over focaccia cubes and season with salt and pepper. Bake the cubes at 350 degrees for 10-15 minutes, or until golden and crispy.

SALAD Cut romaine lettuce in half by length and brush with olive oil. Grill romaine until slightly softened. Drizzle Caesar dressing over romaine, place on a serving platter, top with croutons and parmesan cheese. Place salmon on top of the salad, drizzle with olive oil and garnish with lemon.

Light Rail Corridor | May 16 VisitPhoenix.com | 602.254.8698 A fun day of wine tasting and a trip through the world of wine! All the participating restaurants are on the Light Rail corridor and are within a short walk from each stop. They will be offering up to three wine samples and snacks. You can start the Urban Wine Walk at any location of your choosing. All you need to participate is a map, an adventurous spirit and an all-day Light Rail pass. The walk begins at 1:00 PM and walkers must be 21 and over to participate.

Residential Real Estate

By Michael Orr | Director of Real Estate Studies at ASU & Principal of The Cromford Report

Between September 2013 and January 2015 the Greater Phoenix housing market suffered from an unusual combination of weak demand and low supply. The only sector that was firing on all cylinders was the extreme luxury market. Although homes over $2,000,000 sold in higher quantities than they had since 2006, the bulk of

the market saw relatively low sales volumes and prices that were mostly stagnant. However we saw a low level of loan delinquency and little distress in 2014. Although buyers enjoyed some negotiation power this showed up in concessions like having their closing costs paid by the seller rather than any downward pressure on pricing.

Andy Warhol: Portraits

and second home buyers. The market in March 2015 continues to strengthen and in the majority of areas, sellers have the upper hand in negotiations again. The number of multiple bid situations is increasing and upward pricing pressure is starting to build.

There are many potential reasons for the increase in demand: • Down payment requirements are lower than in 2014 • More millennials are starting families • People foreclosed in 2008 are becoming eligible for conventional loans again • Some lenders are gradually loosening their underwriting guideline

A change occurred in February 2015 as a significant up-tick in demand produced far more homes under contract and a shrinking supply of homes for sale. This was particularly true of the sector from $150,000 up to $600,000 which includes the entry level homes as well as most of the move-up market.

• FHA loans are more affordable thanks to lower insurance premiums

Investor demand is back down to normal, so this additional buyer interest is coming from ordinary owner-occupiers

• Interest rates remain remarkably low by historic standards

• Unemployment continues to fall • Central Arizona’s economy continues to strengthen • Increased consumer confidence & more disposable income thanks to lower fuel costs

REAL ESTATE CORNER

It is difficult to determine which combination of these is having the most effect, but whatever the reason, it is very obvious that more people are interested in home buying than a year ago.

Another trend that has developed is a growing preference for attached homes – condos and townhouses, suitable for a “lock and leave.” These are increasing market share at the expense of single family homes which have traditionally taken 85% of the total market by unit count.

The current renewed buyer interest is likely to quickly overpower the supply of both condo and single family homes and if it continues we anticipate a busier year for new home construction than in 2014.

Phoenix Art Museum | May 15 – June 21 PHXArt.org | 602.257.1880 Come out to view Andy Warhol’s work from his student days. An American artist who was a leading figure in the visual art movement known as pop art, the exhibition examines Warhol’s fascination with celebrity culture and the “world famous”. It will feature more than 150 screen prints, paintings, drawings, and Polaroid portraits.

Saturday Night Starlight Trains Verde Canyon Railway | May 30 and June 27 VerdeCanyonRR.com | 800.320.0718 On select Saturday evenings, the train departs at 5:30 PM from the Verde Canyon Railroad just outside of Sedona. The first part of the trip you will get to enjoy the beautiful sunset. Once you reach the turn-around point, you will get to experience the beautiful celestial bodies. A magical experience. These evenings sell out quickly, so if you are interested make sure to book your reservations soon to jump aboard!

Blissful Surroundings

In Good Taste Salty Senorita’s SaltySenorita.com | 480.947.2116

Elegance. How do you define it? When it comes to your home, it’s anything that makes you feel special, graceful, and sophisticated. Being in elegant surroundings—think of a posh hotel, a chic urban eatery, or even a grand museum—has an impact on how we feel. We feel uplifted and stylish, and in turn, we feel happy, like anything can happen on any given day. Here’s how to create an elegant room filled with the right elements so you’ll feel inspired to live a beautiful life.

Grilled Caesar Salad with Wild King Salmon INGREDIENTS SALMON 4- 6oz Wild King Salmon filet (skin off) 1 tbsp extra virgin olive oil Salt and pepper to taste CAESAR SALAD 2 heads romaine lettuce 4 tbsp Caesar dressing

1 tbsp extra virgin olive oil Salt and pepper to taste

CROUTONS 1 loaf focaccia bread 2 tbsp parmesan cheese

2 tbsp extra virgin olive oil Salt and pepper to taste

If you want elegance, the size and grandeur of a room definitely helps set the stage. A living room with high ceilings, an open floor plan, and tall windows is a perfect place to start. Silk drapes can give a room a sweeping feeling of elegance with soft natural light streaming in from behind. Even if you don’t have those elements, simple tips can trick the eye. Hang your drapes as high as possible, just grazing the floor to give the room a feeling of height. To keep it airy and open feeling, select light paint hues or maybe an ethereal white. Light colors will keep the space soothing and inviting … you want a room of enlightenment. (Leave the darker colors for the den!)

Event Calendar MAY | JUNE 2015 Urban Wine Walk

Appoint your room with glass and metal end tables and coffee tables to achieve a free-flowing space. This is a room for discussions, music, and entertaining.

The final details for an air of joyful elegance: fresh flowers in beautiful vases, books on favorite artists and authors, and perhaps sculpture or a piano to make the mood sublime. We’re not talking stuffy … just setting the room with beautiful items that make you smile when you see them, that evoke memories and make you feel blissful and ready for anything that may come your way. Living your life in a beautiful and elegant setting can truly impact your happiness. Find your bliss!

Décor is usually minimal in sophisticated spaces, for clutter is anything but elegant. Artwork lends a refined touch to interiors, and adds splashes of color to more monochromatic rooms. Neutral area rugs and symmetrically aligned furniture keep the mood intimate and understated. Sofas and armchairs are more tailored and trimmed than their softer, sink-into-them cousins that are more at home in the family room. Wood tones are also mostly light, while lamps, frames, and accessories are done in shiny silvers and golds for a polished look.

PREPARATION SALMON Season salmon with salt and pepper. Wipe the hot grill with a lightly oiled towel and place salmon on the grill at a 45 degree angle to the grill grate. Grill the salmon for 2-3 minutes then turn the fish over to the opposite side and cook for an additional 2 minutes until medium rare.

Yields: 4 Servings

Spring Restaurant Week Various Locations | May 15 – May 25 ArizonaRestaurantWeek.com | 602.307.9134 This statewide affair that gives foodies a wealth of dining opportunities and the chance to get outside their own neighborhood and try something new.

From sizzling Southwestern and soothing comfort foods to five-star dining and international fare – it’s all on the table during Arizona Restaurant Week. So prepare your taste buds and dig in.

Cave Creek Balloon Festival Rancho Mañana Golf Course | May 23 CaveCreekFestivals.com Come out for the Sixth Annual Cave Creek Balloon Festival. This year is going to be bigger and better than ever! The Rancho Mañana Golf Course will once again become a magical field of glowing splendor when brightly colored and whimsically shaped balloons come to life. Enjoy live music by local bands, food and beverages that include locally brewed Four Peaks. Gates open at 5:00 PM and glowing balloons to venture off at 7:30 PM.

CROUTONS Cut focaccia bread into 1/2 inch cubes. Drizzle olive oil and parmesan over focaccia cubes and season with salt and pepper. Bake the cubes at 350 degrees for 10-15 minutes, or until golden and crispy.

SALAD Cut romaine lettuce in half by length and brush with olive oil. Grill romaine until slightly softened. Drizzle Caesar dressing over romaine, place on a serving platter, top with croutons and parmesan cheese. Place salmon on top of the salad, drizzle with olive oil and garnish with lemon.

Light Rail Corridor | May 16 VisitPhoenix.com | 602.254.8698 A fun day of wine tasting and a trip through the world of wine! All the participating restaurants are on the Light Rail corridor and are within a short walk from each stop. They will be offering up to three wine samples and snacks. You can start the Urban Wine Walk at any location of your choosing. All you need to participate is a map, an adventurous spirit and an all-day Light Rail pass. The walk begins at 1:00 PM and walkers must be 21 and over to participate.

Residential Real Estate

By Michael Orr | Director of Real Estate Studies at ASU & Principal of The Cromford Report

Between September 2013 and January 2015 the Greater Phoenix housing market suffered from an unusual combination of weak demand and low supply. The only sector that was firing on all cylinders was the extreme luxury market. Although homes over $2,000,000 sold in higher quantities than they had since 2006, the bulk of

the market saw relatively low sales volumes and prices that were mostly stagnant. However we saw a low level of loan delinquency and little distress in 2014. Although buyers enjoyed some negotiation power this showed up in concessions like having their closing costs paid by the seller rather than any downward pressure on pricing.

Andy Warhol: Portraits

and second home buyers. The market in March 2015 continues to strengthen and in the majority of areas, sellers have the upper hand in negotiations again. The number of multiple bid situations is increasing and upward pricing pressure is starting to build.

There are many potential reasons for the increase in demand: • Down payment requirements are lower than in 2014 • More millennials are starting families • People foreclosed in 2008 are becoming eligible for conventional loans again • Some lenders are gradually loosening their underwriting guideline

A change occurred in February 2015 as a significant up-tick in demand produced far more homes under contract and a shrinking supply of homes for sale. This was particularly true of the sector from $150,000 up to $600,000 which includes the entry level homes as well as most of the move-up market.

• FHA loans are more affordable thanks to lower insurance premiums

Investor demand is back down to normal, so this additional buyer interest is coming from ordinary owner-occupiers

• Interest rates remain remarkably low by historic standards

• Unemployment continues to fall • Central Arizona’s economy continues to strengthen • Increased consumer confidence & more disposable income thanks to lower fuel costs

REAL ESTATE CORNER

It is difficult to determine which combination of these is having the most effect, but whatever the reason, it is very obvious that more people are interested in home buying than a year ago.

Another trend that has developed is a growing preference for attached homes – condos and townhouses, suitable for a “lock and leave.” These are increasing market share at the expense of single family homes which have traditionally taken 85% of the total market by unit count.

The current renewed buyer interest is likely to quickly overpower the supply of both condo and single family homes and if it continues we anticipate a busier year for new home construction than in 2014.

Phoenix Art Museum | May 15 – June 21 PHXArt.org | 602.257.1880 Come out to view Andy Warhol’s work from his student days. An American artist who was a leading figure in the visual art movement known as pop art, the exhibition examines Warhol’s fascination with celebrity culture and the “world famous”. It will feature more than 150 screen prints, paintings, drawings, and Polaroid portraits.

Saturday Night Starlight Trains Verde Canyon Railway | May 30 and June 27 VerdeCanyonRR.com | 800.320.0718 On select Saturday evenings, the train departs at 5:30 PM from the Verde Canyon Railroad just outside of Sedona. The first part of the trip you will get to enjoy the beautiful sunset. Once you reach the turn-around point, you will get to experience the beautiful celestial bodies. A magical experience. These evenings sell out quickly, so if you are interested make sure to book your reservations soon to jump aboard!

Zillow Zestimates: The Inside Scoop

One of the most widely discussed (and often most contested) aspects of the real estate industry is automated valuation models – or as most commonly know them “Zestimates.” Did you know that Zillow even admits on its own website that their Zestimates in Phoenix have a median error of 6.9%*? This means that in the Phoenix Metropolitan area, Zestimates for half of the homes are within 6.9% of the selling price, and half are off by more than 6.9%.

Kevin Owens | Your One Lexington Real Estate Specialist

2 0 1 5 M A Y

|

Have you checked the Zillow “Zestimate” for your home?

J U N E

UBPHX

YOUR ONE LEXINGTON REAL ESTATE SPECIALIST

OneLexington L I F E S T Y L E

Oh-soBlissful Elegant!

Surroundings

If you are considering selling, don’t rely on an automated valuation of your home… contact Kevin Owens for a confidential, no-obligation analysis of what your home is worth in today’s market! *zillow.com/zestimate

For the most effective marketing to sell your One Lexington property, contact Kevin today!

KEVIN OWENS, REALTOR Your One Lexington Real Estate Specialist

480.217.9184

kevin@fineAZliving.com www.fineAZliving.com

Kris Pesic, Escrow Officer

28 years experience with Old Republic Title in Camelback Corridor

602.631.3706 direct | KPesic@ortc.com 2375 E Camelback Rd #180 | Phoenix, AZ 85016

One Lexington Market Update ®

ADDRESS

SQFT

BED BATH LIST PRICE

SOLD PRICE

LIST / SOLD / SQFT

Active 1 E Lexington Ave 1406 1 E Lexington Ave 1507 1 E Lexington Ave 411 1 E Lexington Ave 901 1 E Lexington Ave 801 1 E Lexington Ave 501 1 E Lexington Ave 503 1 E Lexington Ave 1401 1 E Lexington Ave 701

734 734 1,089 1,261 1,261 1,261 1,169 1,297 1,297

1 1 2 2 2 2 2 2 2

1 1 2 2 2 2 2 2 2

$239,900 $264,900 $316,000 $319,900 $320,000 $325,000 $329,000 $334,900 $338,000

$326.84 $360.90 $290.17

$253.69 $253.77 $257.73 $281.44 $258.21 $260.60

Pending 1 E Lexington Ave 305 1 E Lexington Ave 1203 1 E Lexington Ave 1309 1 E Lexington Ave 1509

783 1,169 1,169 1,973

1 2 2 2

1 2 2 3

$209,999 $350,000 $379,900 $790,000

$268.20 $299.40 $324.98 $400.41

Sold 1 E Lexington Ave 1210 1 E Lexington Ave 1010

1,169 2 2 1,169 2 2

Real Estate Update

Townhome & Condo Popularity

Springtime Favorite Salty Señorita’s Caesar Salad

$345,000 $295.12 $387,500 $331.48

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS.

Thinking of Selling?

Call Kevin Owens today at 480.217.9184 If your home is currently listed, this is not a solicitation for that listing. Owned and operated by NRT, LLC.

ISSN-1939-943X Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

One Lexington Market Update Exclusively Presented By Kevin Owens