Urban Phoenix Lifestyle Presented By Kevin Owens

May | June 2014

Urban Phoenix

Specializing in Phoenix Lofts/Condos

Why Do People Move?

Here are a few statistics which you might find interesting from the U.S. Census Bureau: Of those who have changed addresses in the past year, 43.7% moved for housing related issues, such as a new or better home. 30.3% of the moves were family related, including a change in marital status. 16.4% were employment related and 9.5% were related to other factors.

As you would expect, Arizona’s statistics don’t always fall in line with the U.S. While nationally 84.9% of the U.S. was in the same residence as they were a year ago, in Arizona that number is only 81%. Nationally, 12.2% of the people who changed residences were from the same state. Here in Arizona, that number was actually 14.7%.

I work with and talk to a lot of people moving from other areas of the country to Arizona. In 2012, the Census shows that over 232,000 people migrated to Arizona.

California represented the largest state migration to Arizona representing 19.3% of our total. Additionally, 4.2% of our migration was from outside the nation.

Spring is a great time to sell! There are usually more buyers in the market and the selection of “next” homes has not been this plentiful in years.

Whatever your reason for moving, I am here to help!

KEVIN OWENS, REALTOR® Specializing in Phoenix Lofts/Condos

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

Urban Phoenix Market Update ADDRESS

SQFT

BED BATH

SOLD PRICE

SOLD PRICE PER SQFT

CLOSE OF ESCROW

1 E Lexington Ave 806 734 One Lexington

1

1

$214,500

$292.23

2/14/14

1 E Lexington Ave 706 734 One Lexington

1

1

$220,000

$299.73

3/17/14

1 E Lexington Ave 1207 734 One Lexington

1

1

$247,800

$337.60

3/31/14

727 E Portland St 13 1,444 2 Portland Place

2

$260,000

$180.06

3/31/14

1 E Lexington Ave 411 1,089 2 One Lexington

2

$263,000

$241.51

2/05/14

1326 N Central Ave 213 1,557 1 Artisan Lofts On Central

2

$295,000

$189.47

2/28/14

1 E Lexington Ave 902 1,089 2 One Lexington

2

$312,000

$286.50

2/28/14

1 E Lexington Ave 410 1,156 2 One Lexington

2

$325,000

$281.14

3/19/14

517 E Ames Pl 1,626 3 Portland II

3.5

$330,000

$202.95

4/07/14

1 E Lexington Ave 1209 1,169 2 2 One Lexington

$343,900

$294.18

3/03/14

1326 N Central Ave 210 1,624 2 Artisan Lofts On Central

2

$350,000

$215.52

1/31/14

1 E Lexington Ave 201 1,973 3 One Lexington

3

$368,000

$186.52

2/07/14

208 W Portland St 161 1,592 2 Portland Place

2

$407,500

$255.97

1/30/14

1326 N Central Ave 410 1,957 2 Artisan Lofts On Central

2.5

$420,000

$214.61

3/24/14

Thinking of Selling?

Call Kevin Owens today at 480.217.9184 For informational purposes only. Your real estate professional is not a mortgage lender; please contact your Mortgage Advisor for information about mortgage products and your eligibility for home financing. If your home is currently listed, this is not a solicitation for that listing. Owned and operated by NRT, LLC.

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

Summer Solstice

Celebrate A Fresh Start

Luxury Market Solid Performance

With Jumbo Loans & Stock Market Strength

Cool Down With Modern Margarita’s

Watermelon Honey Mix & Cilantro Vinaigrette

Urban Phoenix Market Update

From Kevin Owens, Loft / Condo Specialist

In Good Taste Modern Margarita 602.795.8111 | ModernMargarita.com

CILANTRO LIME VINAIGRETTE INGREDIENTS: 1/4 c Agave nectar 2 limes zested 1 c lime juice 2 Serrano peppers roasted

1 c vegetable oil 1 bunch cilantro, roughly chopped Salt and pepper to taste

DIRECTIONS: In a sauté pan heat the Agave nectar over medium heat.

Once the Agave begins to simmer add the zest of the 2 limes.

At this point the Agave nectar is beginning to caramelize, carefully add the 1 cup of lime juice and reduce by half. Once it has reduced by half the original volume, remove and cool.

Mark your calendars! June 21st marks the summer solstice, or the longest day of the year. Not only does this day mean the most hours of sunshine all year (hurray!), but throughout time it has symbolized a period of renewal and rebirth. At the start of summer, plants are beginning to grow and mature, bees are busy pollinating, and you too may feel more energetic and filled with a desire to get things done. In today’s world, it’s a perfect time to reconnect with nature and make plans and goals for the year ahead.

The summer solstice occurs when the earth’s tilt toward the sun is at a maximum. At this time, the sun is at its

Meanwhile char the Serrano peppers on an open flame or in a toaster oven, once charred set aside to cool.

Once everything has cooled to room temperature place the Agave/lime liquid in the blender puree add the Serranos with their charred skins (seeds can be removed for a milder dressing). Stream in the oil, then finish the dressing with the rough chopped cilantro. Blend for a couple seconds but leave the cilantro fairly coarse. Season to taste with salt and pepper.

Chef recommends this dressing drizzled over a shrimp salad with goat cheese or a light salad with mixed greens and seasonal fruits.

northernmost point in the sky. In fact, the sun’s position at noon changes very little for a few days before and after the summer solstice. The word solstice comes from the Latin solstitium or sol (the sun) and –stit or -stes (standing).

It’s a time of celebration after many months of colder temperatures and long, dark days.

In many cultures, the summer solstice is still celebrated today. In Sweden, people dance around the maypole at festivals; in Britain, many still travel to the rocks of Stonehenge, where the ancient ruins align with the summer solstice and present magnificent viewing; and right here in the United States, people mark the day with festivals, running races, and distinct rituals. In fact, right in Sedona, the Hopi and Navajo peoples have always celebrated the mystical summer solstice and today certain groups offer retreats to teach of the day’s spiritual significance.

Bonfires are another ancient ritual associated with the summer solstice. The fire is believed to ward off evil spirits and bring good fortune for the year ahead. No matter

WATERMELON HONEY MARGARITA INGREDIENTS: 3 oz tequila (ArteNOM Blanco Tequila recommended) 2 oz watermelon water 1 oz honey syrup 1 oz strained fresh lime juice Take a watermelon and cut out all the fruit. Use a juicer or blender and pulverize into a puree. Pass the puree through a fine strainer or cheese cloth, the resulting fluid is watermelon water.

Next, fill a sauce pan with water and put the bottle of honey in the pot and heat it up. Once the water is hot, remove the bottle and bring the water to a simmer. Remove the pan from the heat and measure out equal parts hot water to honey.

Dissolve the honey completely in the water and transfer syrup to a bottle and chill in the refrigerator before using.

Combine ingredients in a cocktail shaker with ice and shake vigorously. Strain over fresh ice in a margarita glass. Garnish with a watermelon rind peel.

Luxury Market Update

by Mike Orr – Director of Real Estate Studies at ASU’s WP Carey School of Business and Principal of The Cromford Report The luxury home market in Maricopa County had an excellent year in 2013, easily its best in the last seven years.

We saw almost $5 billion in sales of homes over $500,000 during 2013 at an average price of $223 per square foot.

This was an increase of 37% over 2012’s total of $3.6 billion in sales. The annual average sales price per square foot for homes over $500,000 gained 6% between 2012 and 2013.

In addition to the general recovery in the local housing market, two changes fueled this additional success in luxury homes. Firstly, jumbo loans have become very popular with lenders since 2012 and they are competing with each other to offer attractive loan terms to well-qualified borrowers.

Contrary to the usual situation, the larger the loan amount, the lower the interest rates on offer, and this has helped boost activity at the very top end of the luxury market.

The second factor was the strength in the US stock market in 2013 which has increased the wealth of those invested in it. Advances in the stock market tend to have a strong correlation with demand for luxury homes.

Another encouraging sign is that the average number of days on market is down 5% for sales and down 14% for active listings over the last twelve months. Distressed homes are also having a negligible impact on the luxury market.

When counting homes over $500,000, we see that lender

owned homes are less than 0.6% of active listings and short sales and pre-foreclosures are down from 3.8% at the start of March 2013 to just 1.5% this year.

However the success during 2013 has brought many more sellers into the market in 2014. At the beginning of March 2014 we had 51% more active listings of homes for sale over $500,000 than we had a year earlier. This means sellers have a lot more competition in 2014 and buyers have more choice and something of an edge in negotiations. Mitigating the increased supply, demand has held up much better than in the rest of the market and luxury home sales increased 3% by unit and 7% by revenue when we compare the first two months of 2014 with the same period in 2013. The greatest improvement was among homes over $2 million which were up 79% in the first two months of 2014 compared with the same period in 2013.

As long as the stock market continues to perform well and the Phoenix economy continues to improve, the luxury home market is likely to outperform the more general housing market in 2014.

your beliefs, it’s a fun way to celebrate the change in seasons and get outdoors to reconnect with nature and the rhythm and cycle of life, which we often are disconnected from in today’s modern computerized world.

Much in the way modern day people think of New Year’s Day as a day to make positive changes and resolutions, throughout time people have considered the summer solstice as a time of growth, and a time to improve their lives and make positive changes. After all, with more daylight you probably feel more energized to get more done than you do in the cooler, darker days of winter. So whether you’re looking to make a career move, get your dream home once and for all, or find your soul mate, make June 21st a day to get outdoors and celebrate the start of something new, fresh, and full of possibilities. Maybe even light a bonfire … you never know what good fortune could be coming your way!

Event Calendar MAY | JUNE 2014 Rock-N Glow 5K Westgate Entertainment District | May 18 872.216.4569 | RocknGlow5k.com Rock-N-Glow 5K fun run/walk is energized by continuous bursts of music along the course with participants covered in glow-in-the-dark swag. Come light the night for a great cause. Add your own creative glow by dressing up in costumes that rock and glow!

Carnival of Illusion: An Evening of Old-World Magic Arizona Biltmore Resort | May 24 480.359.7469 | CarnivalOfIllusion.com Step right up and get ready to laugh, have fun, and celebrate a magical night out with Carnival of Illusion! This top-rated attraction is “Revitalizing Magic” by blending their international travel theme with all the charms of a Vaudeville-inspired roadshow. Carnival of Illusion is a night of magic, mystery and oooh la la!

Les Misérables Phoenix Theatre | Now through May 25 602.254.2151 | PhoenixTheatre.com Les Misérables has thrilled audiences all over the world; now, the timeless classic returns for Phoenix Theatre’s 93rd season. Experiencing this musical on stage will touch your heart and soul in a way no film can. The tale of Jean Valjean’s unjust imprisonment and quest for redemption is set against the highly volatile political backdrop of a revolutionary period in France. The stunning score features beautiful orchestrations and instantly recognizable melodies including On My Own, Bring Him Home and I Dreamed a Dream. This sweeping epic of love, loss, rebellion and rebirth is delivered with heartbreaking poignancy. At Phoenix Theatre, you’ll be closer to the barricade than ever before!

The 99th Annual Southwestern Amateur Cochise Course at the Desert Mountain Club | June 4-7 480.595.4090 | SWGA.net As the highest-ranked amateur golf tournament in the Southwest, the championship attracts the world’s best amateur golfers. This 7,019-yard course which Jack Nicklaus has called “one of the most picturesque golf courses in the world” will provide the players with a true test of their skills. With origins dating back as early as 1908, the tournament was formally organized into a regional competition in 1915. Since then the championship has grown to many more players and a stepping stone for many great future PGA Tour stars.

Hollywood Costume Phoenix Art Museum | Now through July 6 602.257.1222 | PHXArt.org A ground breaking exhibition that celebrates and explores costume design as a key component of cinema storytelling. Arriving in Phoenix from the Victoria and Albert Museum in London, this major multimedia exhibition explores the essentials of costume design and illuminates the costume designer’s creative process, bringing together more than 100 of the world’s most iconic costumes from a century of filmmaking.

In Good Taste Modern Margarita 602.795.8111 | ModernMargarita.com

CILANTRO LIME VINAIGRETTE INGREDIENTS: 1/4 c Agave nectar 2 limes zested 1 c lime juice 2 Serrano peppers roasted

1 c vegetable oil 1 bunch cilantro, roughly chopped Salt and pepper to taste

DIRECTIONS: In a sauté pan heat the Agave nectar over medium heat.

Once the Agave begins to simmer add the zest of the 2 limes.

At this point the Agave nectar is beginning to caramelize, carefully add the 1 cup of lime juice and reduce by half. Once it has reduced by half the original volume, remove and cool.

Mark your calendars! June 21st marks the summer solstice, or the longest day of the year. Not only does this day mean the most hours of sunshine all year (hurray!), but throughout time it has symbolized a period of renewal and rebirth. At the start of summer, plants are beginning to grow and mature, bees are busy pollinating, and you too may feel more energetic and filled with a desire to get things done. In today’s world, it’s a perfect time to reconnect with nature and make plans and goals for the year ahead.

The summer solstice occurs when the earth’s tilt toward the sun is at a maximum. At this time, the sun is at its

Meanwhile char the Serrano peppers on an open flame or in a toaster oven, once charred set aside to cool.

Once everything has cooled to room temperature place the Agave/lime liquid in the blender puree add the Serranos with their charred skins (seeds can be removed for a milder dressing). Stream in the oil, then finish the dressing with the rough chopped cilantro. Blend for a couple seconds but leave the cilantro fairly coarse. Season to taste with salt and pepper.

Chef recommends this dressing drizzled over a shrimp salad with goat cheese or a light salad with mixed greens and seasonal fruits.

northernmost point in the sky. In fact, the sun’s position at noon changes very little for a few days before and after the summer solstice. The word solstice comes from the Latin solstitium or sol (the sun) and –stit or -stes (standing).

It’s a time of celebration after many months of colder temperatures and long, dark days.

In many cultures, the summer solstice is still celebrated today. In Sweden, people dance around the maypole at festivals; in Britain, many still travel to the rocks of Stonehenge, where the ancient ruins align with the summer solstice and present magnificent viewing; and right here in the United States, people mark the day with festivals, running races, and distinct rituals. In fact, right in Sedona, the Hopi and Navajo peoples have always celebrated the mystical summer solstice and today certain groups offer retreats to teach of the day’s spiritual significance.

Bonfires are another ancient ritual associated with the summer solstice. The fire is believed to ward off evil spirits and bring good fortune for the year ahead. No matter

WATERMELON HONEY MARGARITA INGREDIENTS: 3 oz tequila (ArteNOM Blanco Tequila recommended) 2 oz watermelon water 1 oz honey syrup 1 oz strained fresh lime juice Take a watermelon and cut out all the fruit. Use a juicer or blender and pulverize into a puree. Pass the puree through a fine strainer or cheese cloth, the resulting fluid is watermelon water.

Next, fill a sauce pan with water and put the bottle of honey in the pot and heat it up. Once the water is hot, remove the bottle and bring the water to a simmer. Remove the pan from the heat and measure out equal parts hot water to honey.

Dissolve the honey completely in the water and transfer syrup to a bottle and chill in the refrigerator before using.

Combine ingredients in a cocktail shaker with ice and shake vigorously. Strain over fresh ice in a margarita glass. Garnish with a watermelon rind peel.

Luxury Market Update

by Mike Orr – Director of Real Estate Studies at ASU’s WP Carey School of Business and Principal of The Cromford Report The luxury home market in Maricopa County had an excellent year in 2013, easily its best in the last seven years.

We saw almost $5 billion in sales of homes over $500,000 during 2013 at an average price of $223 per square foot.

This was an increase of 37% over 2012’s total of $3.6 billion in sales. The annual average sales price per square foot for homes over $500,000 gained 6% between 2012 and 2013.

In addition to the general recovery in the local housing market, two changes fueled this additional success in luxury homes. Firstly, jumbo loans have become very popular with lenders since 2012 and they are competing with each other to offer attractive loan terms to well-qualified borrowers.

Contrary to the usual situation, the larger the loan amount, the lower the interest rates on offer, and this has helped boost activity at the very top end of the luxury market.

The second factor was the strength in the US stock market in 2013 which has increased the wealth of those invested in it. Advances in the stock market tend to have a strong correlation with demand for luxury homes.

Another encouraging sign is that the average number of days on market is down 5% for sales and down 14% for active listings over the last twelve months. Distressed homes are also having a negligible impact on the luxury market.

When counting homes over $500,000, we see that lender

owned homes are less than 0.6% of active listings and short sales and pre-foreclosures are down from 3.8% at the start of March 2013 to just 1.5% this year.

However the success during 2013 has brought many more sellers into the market in 2014. At the beginning of March 2014 we had 51% more active listings of homes for sale over $500,000 than we had a year earlier. This means sellers have a lot more competition in 2014 and buyers have more choice and something of an edge in negotiations. Mitigating the increased supply, demand has held up much better than in the rest of the market and luxury home sales increased 3% by unit and 7% by revenue when we compare the first two months of 2014 with the same period in 2013. The greatest improvement was among homes over $2 million which were up 79% in the first two months of 2014 compared with the same period in 2013.

As long as the stock market continues to perform well and the Phoenix economy continues to improve, the luxury home market is likely to outperform the more general housing market in 2014.

your beliefs, it’s a fun way to celebrate the change in seasons and get outdoors to reconnect with nature and the rhythm and cycle of life, which we often are disconnected from in today’s modern computerized world.

Much in the way modern day people think of New Year’s Day as a day to make positive changes and resolutions, throughout time people have considered the summer solstice as a time of growth, and a time to improve their lives and make positive changes. After all, with more daylight you probably feel more energized to get more done than you do in the cooler, darker days of winter. So whether you’re looking to make a career move, get your dream home once and for all, or find your soul mate, make June 21st a day to get outdoors and celebrate the start of something new, fresh, and full of possibilities. Maybe even light a bonfire … you never know what good fortune could be coming your way!

Event Calendar MAY | JUNE 2014 Rock-N Glow 5K Westgate Entertainment District | May 18 872.216.4569 | RocknGlow5k.com Rock-N-Glow 5K fun run/walk is energized by continuous bursts of music along the course with participants covered in glow-in-the-dark swag. Come light the night for a great cause. Add your own creative glow by dressing up in costumes that rock and glow!

Carnival of Illusion: An Evening of Old-World Magic Arizona Biltmore Resort | May 24 480.359.7469 | CarnivalOfIllusion.com Step right up and get ready to laugh, have fun, and celebrate a magical night out with Carnival of Illusion! This top-rated attraction is “Revitalizing Magic” by blending their international travel theme with all the charms of a Vaudeville-inspired roadshow. Carnival of Illusion is a night of magic, mystery and oooh la la!

Les Misérables Phoenix Theatre | Now through May 25 602.254.2151 | PhoenixTheatre.com Les Misérables has thrilled audiences all over the world; now, the timeless classic returns for Phoenix Theatre’s 93rd season. Experiencing this musical on stage will touch your heart and soul in a way no film can. The tale of Jean Valjean’s unjust imprisonment and quest for redemption is set against the highly volatile political backdrop of a revolutionary period in France. The stunning score features beautiful orchestrations and instantly recognizable melodies including On My Own, Bring Him Home and I Dreamed a Dream. This sweeping epic of love, loss, rebellion and rebirth is delivered with heartbreaking poignancy. At Phoenix Theatre, you’ll be closer to the barricade than ever before!

The 99th Annual Southwestern Amateur Cochise Course at the Desert Mountain Club | June 4-7 480.595.4090 | SWGA.net As the highest-ranked amateur golf tournament in the Southwest, the championship attracts the world’s best amateur golfers. This 7,019-yard course which Jack Nicklaus has called “one of the most picturesque golf courses in the world” will provide the players with a true test of their skills. With origins dating back as early as 1908, the tournament was formally organized into a regional competition in 1915. Since then the championship has grown to many more players and a stepping stone for many great future PGA Tour stars.

Hollywood Costume Phoenix Art Museum | Now through July 6 602.257.1222 | PHXArt.org A ground breaking exhibition that celebrates and explores costume design as a key component of cinema storytelling. Arriving in Phoenix from the Victoria and Albert Museum in London, this major multimedia exhibition explores the essentials of costume design and illuminates the costume designer’s creative process, bringing together more than 100 of the world’s most iconic costumes from a century of filmmaking.

May | June 2014

Urban Phoenix

Specializing in Phoenix Lofts/Condos

Why Do People Move?

Here are a few statistics which you might find interesting from the U.S. Census Bureau: Of those who have changed addresses in the past year, 43.7% moved for housing related issues, such as a new or better home. 30.3% of the moves were family related, including a change in marital status. 16.4% were employment related and 9.5% were related to other factors.

As you would expect, Arizona’s statistics don’t always fall in line with the U.S. While nationally 84.9% of the U.S. was in the same residence as they were a year ago, in Arizona that number is only 81%. Nationally, 12.2% of the people who changed residences were from the same state. Here in Arizona, that number was actually 14.7%.

I work with and talk to a lot of people moving from other areas of the country to Arizona. In 2012, the Census shows that over 232,000 people migrated to Arizona.

California represented the largest state migration to Arizona representing 19.3% of our total. Additionally, 4.2% of our migration was from outside the nation.

Spring is a great time to sell! There are usually more buyers in the market and the selection of “next” homes has not been this plentiful in years.

Whatever your reason for moving, I am here to help!

KEVIN OWENS, REALTOR® Specializing in Phoenix Lofts/Condos

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

Urban Phoenix Market Update ADDRESS

SQFT

BED BATH

SOLD PRICE

SOLD PRICE PER SQFT

CLOSE OF ESCROW

1 E Lexington Ave 806 734 One Lexington

1

1

$214,500

$292.23

2/14/14

1 E Lexington Ave 706 734 One Lexington

1

1

$220,000

$299.73

3/17/14

1 E Lexington Ave 1207 734 One Lexington

1

1

$247,800

$337.60

3/31/14

727 E Portland St 13 1,444 2 Portland Place

2

$260,000

$180.06

3/31/14

1 E Lexington Ave 411 1,089 2 One Lexington

2

$263,000

$241.51

2/05/14

1326 N Central Ave 213 1,557 1 Artisan Lofts On Central

2

$295,000

$189.47

2/28/14

1 E Lexington Ave 902 1,089 2 One Lexington

2

$312,000

$286.50

2/28/14

1 E Lexington Ave 410 1,156 2 One Lexington

2

$325,000

$281.14

3/19/14

517 E Ames Pl 1,626 3 Portland II

3.5

$330,000

$202.95

4/07/14

1 E Lexington Ave 1209 1,169 2 2 One Lexington

$343,900

$294.18

3/03/14

1326 N Central Ave 210 1,624 2 Artisan Lofts On Central

2

$350,000

$215.52

1/31/14

1 E Lexington Ave 201 1,973 3 One Lexington

3

$368,000

$186.52

2/07/14

208 W Portland St 161 1,592 2 Portland Place

2

$407,500

$255.97

1/30/14

1326 N Central Ave 410 1,957 2 Artisan Lofts On Central

2.5

$420,000

$214.61

3/24/14

Thinking of Selling?

Call Kevin Owens today at 480.217.9184 For informational purposes only. Your real estate professional is not a mortgage lender; please contact your Mortgage Advisor for information about mortgage products and your eligibility for home financing. If your home is currently listed, this is not a solicitation for that listing. Owned and operated by NRT, LLC.

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

Summer Solstice

Celebrate A Fresh Start

Luxury Market Solid Performance

With Jumbo Loans & Stock Market Strength

Cool Down With Modern Margarita’s

Watermelon Honey Mix & Cilantro Vinaigrette

Urban Phoenix Market Update

From Kevin Owens, Loft / Condo Specialist