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First-time homebuyers Condo financing update Condo community maps
Wired for work +LJK WHFK LQIUDVWUXFWXUH FULWLFDO WR VXFFHVVIXO EXVLQHVV RSHUDWLRQ By Debra Gelbart
Rendering depicts work space inside a SOHO Scottsdale townhome.
Live/Work condos
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xperts say how wired a workspace is should be an important consideration before you buy a condo or townhome that will also be your office. “A building that offers network infrastructure shares the costs for installing and maintaining the most powerful tools for the entire building — which dramatically cuts costs for individual users,” said Rob Lyles, principal with Deco Communities, which developed Edison Midtown in Phoenix, a condo project designed to cater to the entrepreneurial homeowner. “Homeowners certainly can augment their network, but this is often very expensive and offers more of a ‘patch’ solution for their personal needs.”
3OXJ LQ UHDG\ A plug-in-ready infrastructure available at move-in is optimal, Lyles said, because buyers know exactly what to expect from a connectivity standpoint and the access and bandwidth will be consistent. “We have all dealt with internet/network inconsistencies and issues at home and in the workplace — a condo owner will have peace of mind knowing they will always have fast consistent access and connectivity at their residence,” he said. Ideally, the network in the building should provide both wireless internet to the common areas such as clubrooms, exercise facilities and pool areas, and a wired internet connection to the condo unit itself, advised Jeff Beall, president of Digital Commercial Systems in Phoenix. The minimum infrastructure requirement for a condominium buyer will include a wireless router located centrally in relation to the floor plan of the home, WIRED FOR WORK; continued on page CL5
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By Debra Gelbart
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ual zoning allows residents to live in their home and have a fully functional business within the same structure,” said Irene Catsibris Clary, principal of Catclar Investments, developer of SOHO Scottsdale, a live/work community at nd 92 Street and Bell Road that features 10 lofts and 64 townhomes each zoned for a home-business operation. SOHO townhomes and lofts range in size from 2,364 to almost 4,000 square-feet and are priced from $529,900. Employees of a home-based business are free to come and go without restriction and clients also have access without breaking any laws, codes or regulations — either from the city or their homeowners association, Clary said. 3RSXODU YHQXHV In downtown Phoenix at 1130 N. Second Street between Portland and Moreland Streets, a live/work condominium development with 49 units already is half sold-out. Called en Hance Park, the community is across the street from the 32-acre Margaret T. Hance Park and adjacent to the arts district known as Roosevelt Row. Seven of the units are designated as live/work, said Alvaro Sande, chief operating officer for the Chilean organization Sencorp, which has made en Hance the company’s first project in the U.S. Only one live/work unit remains unsold in the first phase of en Hance, but the second phase of construction begins in January, Sande said. The second phase will include 130 units, 20 of which will be designated live/work. Two live/ work floor plans will be available, Sande
said: a 620-square-foot single-story and a 1,300-square-foot two-story unit. Prices currently start at $150,000 and $200,000 for the live/work units. Second-phase pricing will be comparable, Sande said. 9DULHW\ RI ORFDWLRQV Live/work residences that are zoned both commercial and residential can be found in industrial, commercial, retail and even residential areas, Clary said. In metropolitan Phoenix, typically, “we find the majority of
LUXURY INTERIORS
Artist TJ Gardner/1 B Visual
these residences located near existing retail or office space,” she noted. “Businesses with a ground-level storefront exterior that relies on heavy pedestrian traffic are most often located in an urban or suburban retail environment,” Clary said. “Businesses that do not require heavy pedestrian traffic and are primarily professional offices or workplaces can be located anywhere.” LIVE/WORK CONDOS; continued on page CL5
Courtesy en Hance Park and Headwerk
VA and FHA Loan Financing
LUXURY CONDOS
CONDO LIVING AT ITS FINEST
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Optima Kierland
First-time homebuyers 6ROG RQ FRQGRPLQLXPV By Susie Steckner
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t used to be the American dream: a new home — with a grassy-green yard in front and a sparkling swimming pool in back — on a tree-lined street in a nice neighborhood. But the picture of homeownership is being repainted all the time. One portrait emerging today stars first-time homebuyers who are seeking out condominiums rather than a traditional single-family home. The appeal? Condos can be more affordable, enjoy a range of pricing and are lower maintenance than a single-family home. Condo properties also offer in-demand amenities like pools and gyms and foster a sense of community thanks to common areas, clubhouses and the like. %$"+$"' *&) !)-(),* #* First-time homebuyers are also drawn by the wide array of condominium community locations. Indeed, the couple that spends weekends outdoors can find a perfect fit with a desertarea property near plenty of hiking and biking trails. A single millennial looking for shopping and restaurants within walking distance might fall in love with a property in the urban core. A young professional
who wants to play on the weekends can opt for a property offering resort-style living and amenities. Fannie Mae reports that condos have become a hot commodity across the country in cities as varied as Austin, Dallas, Denver, Miami and New York City. They are especially attractive options to Baby Boomers looking to downsize as well as to first-time millennial homebuyers who see condos as a stepping-stone to a single-family home purchase several years down the road, according to the mortgage company. /RZ PDLQWHQDQFH OLIHVW\OH Experts say a primary selling point for firsttime homebuyers is the low-maintenance lifestyle associated with condo living. “One of the biggest advantages for firsttime homebuyers who buy a condo rather than a traditional single-family home is the fact that they don’t have to maintain their home’s exterior, the yard and pool,� said Andrew Hickey, chief operating officer for Serenity Development, which operates Serenity Fulton Ranch in Chandler. Serenity Fulton Ranch is located within the larger master-planned Fulton Ranch community. “Maintenance costs and the time needed to
Grand Opening
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Serenity Fulton Ranch
Typically, condos are more affordable than single-family homes. For example, Serenity Fulton Ranch condos start at $239,900.� —Andrew Hickey, Serenity Development
perform the needed upkeep or to hire and manage service professionals is greater for a single-family home,� Hickey added. Less time spent working means more time to play. And most condominium properties today have plenty of amenities to make that happen whether it’s a state-of-the art fitness center, a beautiful pool, a wellappointed billiards/game room or perhaps a rooftop bar. At Serenity Fulton Ranch, buyers can take advantage of Fulton Ranch’s 32 acres of lakes, streams, bike and walking paths, large parks and open spaces. Owners can also enjoy the community’s contemporary clubhouse, resort-style pool, on-site gym and outdoor common gathering areas with professional barbecue grills, Hickey said. Scottsdale’s Optima Kierland, a new highrise luxury condominium and boutique rental community, also prides itself on
amenities, said David Hovey Jr., president of Optima, the project developer. “There’s no single-family home that would come close to offering the amenities we have,� he said. For example, Optima Kierland’s high-rise rooftop features “negative edge� railings that offer uninterrupted mountain and city views. Owners can relax at the rooftop lap pool, spa, lounge and fire-pits. They can gather at the barbecue area or in common green spaces. They will also find a range of activities at the fitness center including basketball and squash courts as well as fitness training. Meanwhile, the residences each have private garden terraces that are designed to extend the living and entertaining spaces. $IIRUGDELOLW\ Condominiums can be a more affordable choice for first-time homebuyers as compared to single-family homes; they can also be more economical than renting, according to Fannie Mae. What’s more, condo owners have a pre-determined annual maintenance fee rather than the unpredictable yard, pool and exterior maintenance costs associated with a singlefamily home.
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Imagine yourself living on the pulse of all that Central Phoenix has to offer‌ K. Hovnanian’sŽ 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!
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In a continuing effort to meet changing conditions, Arcadia Townhomes, LLC reserves the right to make or modify features, specifications, and/or prices without notice or obligation. Renderings and animation are artist's illustrations only, and are subject to change. No offer to sell or lease can be made and no offer to purchase or lease can be accepted prior to issuance of Arizona Subdivision Public Report. ARS 32-2183.01
Availability, prices, incentives and dates are subject to change, and K. HovnanianŽ 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.Š 2016 K. HovnanianŽ Great Western Homes, LLC. ROC 188563. Š2016 K. HovnanianŽ Building Company, LLC, an Arizona limited liability company. ROC 277023
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Condo financing update
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:KDW \RX QHHG WR NQRZ By Rhona Melsky
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The recertification process used to be more burdensome, according to Serven. Those strict requirements have lessened, allowing for more condos to be purchased. “They are freeing up money so people can purchase and buy and live in the condo themselves,� she said.
ondos are making a comeback these days — especially with millennials and empty-nesters. However, it’s important to understand that condominium financing can be a bit different than with traditional single-family homes. “We can make it very transparent for buyers when they are financing a condo,� said Christine McConnell, senior loan officer at Homeowners Financial Group, Scottsdale. McConnell is a preferred lender with Serenity Fulton Ranch, which offers special programs for buyers. “When you are offering financing in a condo project, it is better to be considered warrantable,� she said. This makes it eligible for Fannie Mae or Freddie Mac financing which are traditional, conventional programs. “There are also programs such as Home in Five and The Home Plus that are two grant programs geared mostly toward first-time buyers,� McConnell said. )LQDQFLQJ DQG SODQQLQJ With regard to condos and financing, it can be more risky for lenders, according to McConnell. “You don’t want too many renters in a project and want to ensure buyers keep up with HOA dues,� she said. “At Homeowners Financial, we work with many condo projects and do what we call forward planning,� McConnell said. By working with the developer to prepare the project, she said, “we work with them to make the project warrantable so they can offer virtually any conventional loan product to the buyer.� The buyer is subject to a larger down-payment and higher interest rate if a condo project is not warrantable, but with forward planning, this helps with presale requirements for a warrantable status. &RQGRV DQG DIIRUGDELOLW\ During the housing boom there was a big issue when apartments started going condo, according to Paula Serven, president, Arizona Association of REALTORSŽ,
$WWUDFWLYH RSWLRQ Condos are showing up everywhere and the lifestyle is becoming very popular especially in the Phoenix/Scottsdale area, according to McConnell. Millennial professionals and retirees, many of whom are empty-nesters who want a second home without the upkeep, are attracted to condos, Serven said. With a condo, owners do not have to worry about the grounds and the outside of the building, which allows for a more carefree lifestyle.
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Phoenix. “Everything got sideways so people rented them out because they couldn’t sell them.� That, in turn, tightened up lending for condos and Federal Housing Administration (FHA) requirements for ownership versus rentals. HOAs were not able to track one versus the other and the paperwork was extensive. “The FHA has made changes that got introduced in D.C. in May 2016,� Serven said. Over the summer, Arizona REALTORSŽ joined others from throughout the country to lobby for H.R. 3700, The Housing Opportunity Through Modernization Act,
which was passed in July. “Very few condos had FHA certification, but now it will become easier to streamline the paperwork and make it a much simpler process to get certified,â€? she said. According to Arizona REALTORÂŽ Voice, the newsletter of the Arizona Association of REALTORSÂŽ, H.R. 3700: • Simplifies the FHA’s recertification process • Lowers its owner-occupancy requirement • Requires the agency to loosen policy restrictions on transfer fees
7KH ERWWRP OLQHÂŤ Developers monitor how many units in a condo project are sold for investment because they have to manage how many people are purchasing in a project as nonowner occupied, according to McConnell. “Everyone would like to see more homeownership,â€? Serven said. The financial part of buying a condo previously was so strict, even more so than for buying a single-family home, because certification was so burdensome. “They’ve made it easier for people who want to buy.â€?
Defining “warrantable� A “warrantable� condo means the mortgage loan can be sold to Freddie Mac or Fannie Mae. If a condo is considered “non-warrantable,� the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, they are considered by most banks to be more risky. Source: Christine McConnell, Homeowners Financial Group
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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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877-906-8150 | meritagehomes.com/phoenix
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6565 E. Thomas Rd. Scottsdale, AZ 85251 Corner of 64th and Thomas Luxury condos from the low $300s
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Thomas Rd.
Diamante
Scottsdale Rd.
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64th St.
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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 HomesŽ is a registered trademark of Meritage Homes Corporation. Š2016 Meritage Homes Corporation. All rights reserved.
|| S U N D AY , O C T O B E R 16 , 2 016 || T H E A R I Z O N A R E P U B L I C NORTHEAST
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Aerium Encore Townhomes Landmark Homes USA Models Now Open! From the low $400s 3233 N. 70th St., Scottsdale (70th St. south of Goldwater) LandmarkHomesUSA.com 602-648-9912
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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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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
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Edgemont 12 From $399,000 42nd St. and Thomas Rd., Phoenix Edgemont12.com 602-385-1220
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Diamanté Meritage Homes Luxury Condominiums From the low $300s Thomas Rd. & 64th St., Scottsdale MeritageHomes.com 877-278-4188
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Gallery
6 K. Hovnanian Homes
Coming Soon! 71st St. & Earll Dr., Scottsdale khov.com 877-546-8669 Monterey Ridge Condos
7 Cachet Homes
Walk to shopping and dining From the low $300s West of Scottsdale Rd. & south of Mayo Blvd on 68th St., Scottsdale MontereyRidge.com 480-356-0179
The Rosedale Residences
8 Catclar Investments, LLC
Grand Opening - Models From the low $200s 4438 N. 27th St., Phoenix RosedaleResidences.com 855-430-4438
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SOUTHEAST
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SOHO Scottsdale
9 Catclar Investments, LLC
Urban Chic Townhomes and Lofts (Live/Work Zoning) From the $530s Model Preview/Sales Center 9377 E. Bell Rd., Suite 101, Scottsdale SOHOScottsdale.com 888-959-SOHO (7646)
6
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at Pinnacle 10 Summit Peak Patio
K. Hovnanian Homes Coming Soon! Jomax Rd. & Alma School Rd., Scottsdale khov.com • 877-546-8669 at 11 Villagio Dove Valley Ranch
Homes by Towne New Models Now Available From the mid $200s 33575 N. Dove Lakes Dr., Cave Creek HomesbyTowne.com 877-602-1414
NORTHEAST
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Locator Maps
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2 5 SOUTHEAST
4 San Marcos Condos
1 421 W. 6th Street
Wood Partners Coming Soon! 100 N. Dakota St., Chandler LiveAtSanMarcosCondos.com • 480-516-0476
Catclar Investments, LLC Urban Townhouse near Mill Avenue From the $350s 421 W. 6th St., Tempe 421West.com • 855-421-WEST (9378)
5 Serenity Fulton Ranch
2 The Cays at Downtown Ocotillo
Statesman Sales & Marketing, LLC Over 70% SOLD From the $230s 2511 W. Queen Creek Rd., Chandler (S.E. corner of Price Rd. & Queen Creek Rd.) TheCaysAtOcotillo.com • 480-248-3737
3 Che Bella Villas
Graham Development Grand Opening! From the low $200s On Pecos, between Cooper & McQueen 900 S. Canal Dr., Chandler CheBellaVillas.com • 480-540-0615
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Serenity Development Resort to a Better Lifestyle Quick Move-In Homes Available From the mid $200s! Model Villas Now Open 4777 S. Fulton Ranch Rd., Chandler SerenityFultonRanch.com • 602-682-4500
6 The Villages at Mesa Grande
Bella Flor Communities From the low $200s 2821 S. Skyline Dr., Mesa MyMesaGrande.com • 480-772-0447
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SOUTHWEST
CENTRAL CENTRAL PHOENIX
SOUTHWEST
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Cachet at The Wigwam 1 Cachet Homes Condos, Townhomes and Single-Family From the $250s Litchfield Rd. and W. Village Pkwy, Litchfield Park CachetAtTheWigwam.com • 623-385-0129
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 • 480-385-5211
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WWW.AZCENTRAL.COM LIVE/WORK CONDOS; continued from page CL1
WIRED FOR WORK; continued from page CL1
said Beall [of Digital Commercial Systems], who is helping three condo projects in Phoenix — Contour on Campbell; The Mason Townhomes; and Portland on the Park — install an extensive network infrastructure. 3ULPH FRQQHFWLRQV Larger spaces and/or multi-level homes will require a wireless access point to extend the internet signal and provide predictable coverage. A wired connection will be important for home office application. “Wired connections will always perform better than their wireless counterparts,� Beall said. “A best practice is to have both. Another best practice is to pay attention to the channel set-up on the wireless device. Most of the better brands of routers will have an automatic channel selector that finds the best channel based upon other routers in proximity.� Beall also said Wi-Fi in all common areas should be expected with secured access. “Residents should be able to roam the building with their smart-phone, tablet or laptop with predictable connectivity to the internet,� he said. All of this will perform best when installed at the time of the condo building’s construction. Practically speaking, Beall said, you can “only wire a condominium once — and that is during construction.� A condo development intended for at least some home office activity should contain “an interconnected fiber/Cat 6, the non-proprietary backbone that can support high-density environments,� said Craig Hutchinson, president of Vicidiem, a Salt Lake City-based internet services company. The way people work has changed, Lyles [of Deco Communities] said, and it is
becoming expected that “multifamily housing offers high-level connectivity, catering to those that work from home whether it is a homebased business or simply an owner who works from home from time to time.� 3UHSDUHG IRU WKH IXWXUH The rate in which bandwidth consumption is growing requires builders and developers to ensure their current networks are ready for tomorrow’s needs, said Hutchinson, who is also helping Portland on the Park and Contour on Campbell, as well as Optima Kierland (a condominium development in Scottsdale) with their technical infrastructure. For example, Hutchinson pointed out, 10 years ago no one was thinking video streaming was going to be driving 80 percent of peak network utilization. “Properties that ran coaxial cabling instead of Cat 5 or 6 (or fiber) are feeling significant pain on both a performance front and financially,� he said. “They are now facing the reality that a large capital expenditure is needed to get their property’s network in a position to meet tenant (or buyer) demand.�
Contributing Editor JIM WILLIAMS JLWilliams@RepublicMedia.com Design CARL BEZUIDENHOUT CarlBez@me.com
General Manager CAMI KAISER CKaiser@RepublicMedia.com Creative Development Director ISAAC MOYA IMoya@RepublicMedia.com
Courtesy en Hance Park and Headwerk
An entire project does not need to be dualzoned, Clary [of Catclar Investments] said, but a developer needs to dedicate a portion of the product to offering both commercial and residential zoning to correctly use the term without misleading buyers. 9DULHG GHVLJQ IHDWXUHV Although the design of the home can be detached, attached, multi-story or singlelevel, often “we see townhome-style units where the ground-floor is used for the business and the upper stories for the residence,� Clary said. Some live/work homes offer a storefront exterior as part of the commercial space, she said, but SOHO Scottsdale’s interior townhome units include a retractable Plexiglas loading door for each of their townhomes. At SOHO Scottsdale’s townhomes there is no storefront retail feature for individual units but instead a wall opens to a landscaped courtyard.
4XHVWLRQV WR DVN Depending on your need to utilize cloudbased applications, you should ask the condo community’s sales representative about both download and upload internet speeds. “There are vendors in the market today that offer what is known as symmetrical internet services,� Beall said. “This means the upload speed and the download speed will be the same. Several developers have embraced this premium service to offer the live/work buyer optimal services for their lifestyle,� he said, adding: “The speeds are incredible, too. No more buffering for movies and no more waiting to upload that important business file.�
Editor PAULA HUBBS COHEN Paula.Cohen@cox.net
A division of The Arizona Republic 200 E. Van Buren St. Phoenix, AZ 85004
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&KRRVLQJ D OLYH ZRUN HQYLURQPHQW Condo and townhome buyers who prefer an urban core for their home’s location typically make their decisions based on where they want to live and what they want to surround themselves with, according to David Newcombe, co-founder and associate broker at Launch Real Estate. “If the development isn’t located in a spot easily seen by customers, then a buyer who wants a live/work residence probably will move on to another community,� he said. A live/work arrangement offers a ‘zero commute,’ � Newcombe said. “But even better than that, live/work gives you total control over your shop. You completely own the entrepreneurial experience.�
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Dual zoning 101 Whether or not a space is officially granted “dual zoning� status may affect the way a buyer can operate a business in their new condo or townhome. Some units may have a live/work design and home office adaptability but not necessarily be specifically dualzoned for both residential space and office space. Others may be situated in a residential community where only a handful of the units have an actual dual zoning designation. Still others may be called “live/work� because there is the ability to work just a few steps from the condo community. To further complicate matters, it’s not entire neighborhoods that are granted dual zoning (live/work) status but rather individual developments or units. “A development or unit typically can’t be billed as live/work without the proper zoning,� said David Newcombe, co-founder and associate broker at Launch Real Estate. Zoning laws allow for some units within a development to be identified as live/ work while others are identified as residential, he explained.
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RESORT TO A BETTER LIFESTYLE. Experience the Final New Home Neighborhood In Chandler’s Exquisite, Master-Planned Community - Fulton Ranch
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