AZ Condo Living 08-14-2016

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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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