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INSIDE THIS ISSUE 2 Pet-friendly amenities 3 Condo community maps
August 2016 Powered by
CONDO TOWNHOME &LOFT
To rent or to buy — Filling in the that is the question‌ missing pieces Optima Kierland
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By Debra Gelbart
By Cara LaBrie
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here are pockets and parcels of new development all over metro Phoenix — but not just on the outskirts of the city. From North Central Phoenix to Old Town Scottsdale, inÿ ll communities are adding extra life to existing neighborhoods and helping to revitalize areas that are being newly discovered. Whether the destination is a downtown high-rise, an uptown condo or a suburban townhome, there are inÿ ll communities across the Valley in established neighborhoods ready to welcome new residents.
The Mason
Location, location, location InĂżll communities tend to spring from one of three forms — a previously abandoned lot, an empty commercial property ready for a transition or an existing residential property that’s ideal for redevelopment. “As a group, we’ve targeted urban inĂżll development,â€? said Chris Murdy, director of development with Liv URBN. “We like inĂżll because these core areas have a lot of tired properties — land that’s underutilized or abandoned and hasn’t kept up.â€? Liv URBN is in the process of redeveloping _e Mason, a townhome community near 16th Street and Bethany Home Road in Phoenix.
THE MISSING PIECES; continued on page CL4
any experts will tell you that if you’re looking for a ÿ xed housing payment, tax advantages and real estate ownership, buying a condominium may be one of the best things you can do.
When you buy, said Paul Parshley, sales manager and loan originator in the Tempe oXce of Phoenix-based Summit Funding, you can get a Ăżxed interest rate on your mortgage that will mean an unchanging principal and interest payment for years to come — instead of a monthly rental charge that’s subject to change every year. “Consider where your money is going each month,â€? advised David Newcombe, a real estate broker and one of the founders of Launch Real Estate in Scottsdale. “Your rental payment could easily be close to or more than you’d pay for a mortgage to purchase a condo — especially a[er you take into consideration potential tax deductions that you can’t get if you rent.â€? Owning also provides the buyer the ability to build equity, said Tim Sprague, co-principal of Habitat Metro, LLC, the developer of Portland Place and Portland on the Park condo communities in Phoenix. “Home ownership is the main way we build individual wealth in this country. Buying a home at a reasonable price is one of the most stable investments you can make,â€? he said, adding that with your own home, you are also free to customize it to your personal style. +8##96&: 0 $#&"# 7# .5' If you’ve decided to buy, you can purchase a condo in a development that is under construction or you can opt for a condo that’s already completed within a development but is unsold — known as a move-in-ready condo. “If you choose carefully, you can save money or equal your rental payment while creating an asset that you can either live in or rent out down the road,â€? Newcombe said, noting that with a move-in-ready condo,
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Homes by Towne
“Home ownership is the main way we build individual wealth in this country. Buying a home at a reasonable price is one of the most stable investments you can make.â€? —Tim Sprague, Habitat Metro, LLC responsible for the development’s maintenance and repair which a^ects the value of individual residences. With an already-built unit, there is likely a history for the HOA, he said, and a lender is able to look at the HOA’s Ăżnancial picture including its budget and reserves. Mike Bondy, an associate broker with Homes by Towne, said that at the Desert Village at Sonoran Foothills condo development in North Phoenix, Homes by Towne is o^ering seven completed movein-ready homes. At Villagio at Dove Valley Ranch in Cave Creek, Homes by Towne has about Ăżve move-in-ready units available.
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you have 100 percent conÿdence that what you see is what you get. An already-built condo in an established building is more attractive to lenders than one yet to be built, Parshley said. A condo development’s Homeowners’ Association (HOA) is a critical part of a lender’s decision to fund a mortgage, he said, because the HOA is
36(6&: '#5; .5' During the summer, Sprague said, “buyers are likely to encounter less traXc in the condo market and thus less competition TO RENT OR TO BUY; continued on page CL4
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Got pets?
garage is that residents can take a dirty pup straight there a9er a fun day out without getting their unit dirty ÿrst.” —Brian Dworsky, Deco Communities
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Arizona Humane Society
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lot of pet owners in Phoenix embrace an urban lifestyle and want to walk to a co] ee shop and restaurant and have their pet with them,” said Chris Murdy, director of development at Liv URBN, a Phoenix and Denver-based developer and builder of inÿ ll housing products. ^e company’s Contour on Campbell Ave. community breaks ground this month and will feature 111 condominium units at its centrally located address of 2242 East Campbell Avenue in Phoenix. Contour has a limit of three pets per condo; there is no weight limit per pet. It will feature dog-friendly areas around the perimeter of the building so that owners can easily take their pups for a quick walk before bed or when they ÿrst get up in the morning. “It’s going to be convenient to access, right at the front door of the building,” Murdy said.
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“One of the best parts of having a dog-wash station on-site and in the
sink will feature a sturdy strainer to collect pet hair, while a separate table will include an industrial hair dryer. Another condo community, Edison Midtown (located at Central Avenue and Marshall Way in Phoenix), also o] ers an amenity dedicated to dog cleaning and grooming. “^e great part of our dog-wash station is that residents can keep their dogs clean without sacriÿcing the cleanliness of their [personal] living spaces,” said Brian Dworsky, sales manager for Deco Communities of Scottsdale, developer of Edison.
5:3(982:%" /&:% 028#%' :% 36 According to Dworsky, all of Deco’s properties o] er a pet-friendly environment. Along with Edison, Deco’s local properties are Inspire (on Scottsdale Road and Earll) and Envy at 75th Street and Camelback Road in Scottsdale. Deco allows two pets in each of its condos; there are weight restrictions for pets at Inspire and Envy but not at Edison. Other pet amenities at Deco Properties will include a grassy dog-walking area in the common space at both Inspire and Edison. “We really are in an urban environment, so the walking areas will be around the community versus just a patch of grass,” Dworsky said, adding that there are also a lot of parks within walking distance. ) #¼:6 :. 8$4 Not every condo development is petfriendly, so pet owners should do their research. “I think it’s one of those things where you establish a mind-set as a developer that you are either going to be pet-friendly from the get-go or you are going to discourage it,” Murdy said. “We are saying ‘hey, come on in and bring your pet.’”
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BEST-BET PETS FOR SMALL-SPACE LIVING There are obviously other pets besides cats and dogs, but we’ll focus our attention on these two species since they are the pets of choice for an overwhelming number of folks. Cats often make great condo residents because they tend to be much more independent than dogs and don’t need as much “running room” as some canines tend to require. However, if you’re more of a Fido fan than a feline aficionado, be sure to consider not just the size but also the age of your dog(s). For example, an older dog could do well in a condo, while a rambunctious puppy might need more space to run and play. According to Ashliegh Goebel, media coordinator at the Arizona Humane Society in Phoenix, here are some breeds of dogs that might be perfect for condo living: English Bulldogs are great as long as they are not on the second floor French Bulldogs could easily cozy up Thinkstock on the couch after a brisk morning walk Boston terriers are quiet and compact
*. 34(32' : - :% :, 3 Another Contour pet-convenience will be a pet-spa area consisting of a large stainless steel sink speciÿcally to wash dogs (or cats if you’re brave enough). Residents will have a key fob to enter the room which will feature a ramp or ladder so that a dog can easily get up and into the sink, hooks to attach a leash, an overhead nozzle and soap/shampoo. ^e
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Chihuahuas’ small stature makes them perfect for small living quarters —Rhona Melsky Deco Communities
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Diamante Luxury Condos by Meritage Homes Diamante is desirable for anyone looking to partake in the urban lifestyle. Located just around the corner from Old Town Scottsdale, Diamante is a community of new, incredibly energy-efficient homes by Meritage Homes ranging from 1,161 - 1,713 sq. ft.
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6565 E. Thomas Rd. Scottsdale, AZ 85251
Diamante
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Corner of 64th and Thomas Luxury condos from the low $300s
MAP NOT TO SCALE
Home, features and community information is subject to change, and homes to prior sale, at any time without notice or obligation. Pictures and other promotional materials are representative and may depict or contain floor plans, square footages, elevations, options, upgrades, extra design features, decorations, floor coverings, decorative light fixtures, custom paint and wall coverings, window treatments (such as shutters, drapes, etc.), landscaping, pool, spa, sound and alarm systems, furnishings, appliances, and other designer/decorator features and amenities that are not included as part of the home and/or may not be available in all communities. Square footages are approximate and may vary in construction and depending on the standard of measurement used, engineering and municipal requirements, or other site-specific conditions. Not an offer or solicitation to sell real property. Offers to sell real property may only be made and accepted at the sales center for individual Meritage Homes communities. Meritage Homes® is a registered trademark of Meritage Homes Corporation. ©2016 Meritage Homes Corporation. All rights reserved.
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Aerium Encore
Desert Village at Sonoran Foothills Homes by Towne New Models Coming Soon From the low $200s 2425 W. Bronco Butte Trail, Phoenix HomesByTowne.com 866-307-3989
Landmark Homes USA Private yards, 2-car garages From the high $300s 6990 E. 6th St., Scottsdale 70th St. south of Goldwater LandmarkHomesUSA.com 602-663-3455
DiamantĂŠ 5 Meritage Homes Luxury Condominiums From the low $300s Thomas Rd. & 64th St., Scottsdale MeritageHomes.com 877-278-4188
240 Missouri K. Hovnanian Homes Final Opportunities From the mid $400s 240 W. Missouri Ave., Phoenix KHOV.com • 877-546-8669
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Bella Monte at Desert Ridge Homes by Towne Final Opportunity From the high $200s E. Deer Valley Rd. & N. 56th St., Phoenix Sales office at Villagio at Dove Valley HomesByTowne.com 877-623-6060
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Monterey Ridge Condos Cachet Homes Walk to shopping and dining From the $290s West of Scottsdale Rd. & south of Mayo Blvd on 68th St., Scottsdale MontereyRidge.com 480-356-0179
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Homes by Towne New Models Now Available From the mid $200s 33575 N. Dove Lakes Dr., Cave Creek HomesByTowne.com 877-602-1414
SOUTHWEST Cachet at The Wigwam Cachet Homes Condos, Townhomes and Single-Family From the $250s Litchfield Rd. and W. Village Pkwy, Litchfield Park CachetAtTheWigwam.com 623-385-0129
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Center 8 Townhomes Landmark Homes USA Private yards, 2-car garages From the low $300s 820 N. 8th Ave., Phoenix 8th Ave. & Roosevelt LandmarkHomesUSA.com 480-648-9733
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MODEL HOMES NOW OPEN!
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THE VILLA COLLECTION CONDOS 1,522 to 1,961 sq. ft.
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| | S U N D AY , A U G U S T 14 , 2 016 || T H E A R I Z O N A R E P U B L I C TO RENT OR TO BUY; continued from page CL1
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when bidding for their desired residence. aos e looking to buy will also have a greater opportunity to come across deals and incentives not available during peak periods in the local market.” And it would be tough to encounter more optimal interest rates, Sprague said. “It’s hard to imagine rates any lower than they are right now,” he said. “We’re at a generational low when it comes to home interest rates and the probability of these rates remaining where they are is very unlikely.” 54 1* 204- . 74 1. &2&* / With a move-in-ready condo, Parshley said, you may be able to get a loan approved in as few as 25 days. However, the typical loan-processing time for a move-in-ready unit is probably 45 days, he said, and the maximum amount of time for a loan approval is about 60 days. To expedite the loan approval process, he advised, learn what you can about the development’s HOA. Speciÿc characteristics can limit a lender’s willingness to approve
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THE MISSING PIECES; continued from page CL1
a mortgage, he said. aese include pending litigation; the HOA not maintaining enough in reserves to ensure proper maintenance and repair of the development; and the development not meeting strict occupancyrate guidelines. An FHA loan requires that 51 percent of the units in the development be owner-occupied, Parshley said, while conventional lenders may require that up to 70 percent of the units be owner-occupied. ) 4 #4-1 $47 *'41 ! Before you sign on the dotted line to purchase a new condo, Newcombe said, be sure to do your homework. Some things to consider: Ask to listen to the sound transmission between homes. “Also, make sure there are no outstanding handover issues between the developer and the residents,” Newcombe said, so you can be assured of smooth transfer of ownership. In addition, check out whether there is enough parking for you and where that parking is located. “Your realtor will be able to help you with ÿnding the answers to all of these concerns,” he said.
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“We’re at a generational low when it comes to home interest rates and the probability of these rates remaining where they are is very unlikely.” —Tim Sprague, Habitat Metro, LLC
Homes by Towne
URBAN LIVING IN MIDTOWN!
Contour on Campbell Ave.
%2 9!20"9".# “What we love about that area is the emergence of the corner there,” Murdy said. “ae neighborhood becomes the amenity. It’s about walkability — walking to a restaurant or a store — without living in an apartment per se.” Because inÿll communities are constructed in existing residential areas, the amenities are already there. Schools are built, restaurants are thriving — there’s no wondering what might be years down the road. “It’s the ability to walk to existing amenities — entertainment, dining, retail — and also have the live-work-play lifestyle,” agreed David Hovey Jr., president of Optima. “You can walk across the street and enjoy a movie or go to a great restaurant.” Optima is developing Optima Kierland at the corner of Scottsdale Road and Kierland Boulevard. “It was a great piece of property,” Hovey said. “We had great owners who were really interested in adding value to the community and were committed to doing something that would contribute to the local businesses and culture.”
each other. It makes things go smoothly.” Communities like Portland on the Park are a natural addition to downtown Phoenix, Sprague said. “ae only way Phoenix is going to become a cool place is to make sure our downtown has all those things that folks want,” he said. “Inÿll is completing that task of making Phoenix a cool place.”
Deco Communities
+4- 6. #(41 /7 2990- /"6*/ /*/ Inÿll communities also provide the opportunity for local tradespeople to get work. Rather than large-scale master plans that require major subcontractors, these smaller communities are ideally sized for small businesses. “We have a local developer, local capital, local bank, local contractor,” said Tim Sprague, co-principal of Habitat Metro, LLC, which is building Portland on the
8664, 2. ", * $4- /"6& 43. "46/ “More and more people are looking for something that’s low-maintenance,” Hovey said. “We’re getting a lot of buyers who aren’t interested in the costs that come along with owning a single-family home. More people are also looking to be able to lock and leave.” But inÿ ll isn’t just convenient — it’s also necessary. ae growth of downtown Phoenix demands housing innovation like inÿ ll communities. “aere’ s a big revitalization of the urban core,” said Dan Richards, a partner with Deco Communities, which specializes in inÿ ll properties. “ae interesting thing for Phoenix, downtown Phoenix speciÿcally, is that starting in 2000 and through the recession, light rail went in, ASU went in,
Park in downtown Phoenix. “All of our subcontractors are local. It’s about as local as you’re going to get for a project this size. We feel it’s important — it’s one of those things that, when you know everyone you’re working with, everyone’s looking out for
TGen, CityScape, all this infrastructure. Now is the time where the revitalization is happening. We see people moving closer to those amenities. We see working professionals that work downtown and they can do everything they want.”
ONLY 2 HOMES REMAIN! Imagine yourself living on the pulse of all that Central Phoenix has to offer… K. Hovnanian’s® 240 Missouri. A stylish townhome neighborhood featuring modern, linear designs and refined finishes is waiting for you to make your move. Stop by 240 Missouri today to find your next adventure but hurry - only 2 homes remain!
Portland on the Park
• Minutes from the light rail, eateries, shops and more • Intimate community pool and gathering spot • Tastefully priced from the $400s
2nd Ave & Missouri Ave in Midtown Phoenix
LIVE AT SAN MARCOS CONDOS
877-546-8669 • khov.com/phoenix Mon-Thu & Sat: 10 a.m. to 6 p.m. | Fri: 12 noon to 6 p.m. | Sun: 11 a.m. to 6 p.m.
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71st St. & Earll Dr. in Scottsdale
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Availability, prices, incentives and dates are subject to change, and K. Hovnanian® Homes reserves the right to cancel or change all offers without prior notice; see Sales Consultant for details. If buyer is working with a licensed real estate agent or broker, the agent or broker must accompany and register buyer on first visit to community. No offer for sale or lease may be made or accepted until buyer’s receipt of Arizona Subdivision Public Report. A public report is available on the State Real Estate Department’s website. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.© 2016 K. Hovnanian® Great Western Homes, LLC. ROC 188563. ©2016 K. Hovnanian® Building Company, LLC, an Arizona limited liability company. ROC 277023
480.516.0476 All information provided is preliminary in nature. Changes may be made to the project, including but not limited to designs, floor plans, resident sizes, services, amenities, and pricing. No offer to sell may be made or accepted prior to the issuance of the final Arizona Subdivision Disclosure Report issued by the Arizona Department of Real Estate. All is subject to ADRE Final Public Report.