AZ Condo Living 11-13-2016

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INSIDE THIS ISSUE

November 2016 Powered by

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CONDO TOWNHOME &LOFT

Personal downsizing stories Townhomes 101 FICO scores Condo community maps

Looking for an ideal second home? ( '-/&- !)+* 0"$#* .* *#% ,"221

By Susie Steckner

Serenity Fulton Ranch

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hen Rick Whitmyre was looking for a second home in the Valley, “lock and leave” was high on his

wish list.

He wanted to travel back and forth between his home state of Massachusetts and Arizona without the hassle of dealing with yardwork or pool care at his second home. A condominium at The Village at Surrey Hills in Cave Creek fit the bill perfectly.

“I was looking for a residence [in Arizona] that I could lock and leave when I was going home,” Whitmyre said. “It would be much different with a single-family home. I would have a lot of on-site needs to take care of.”

The Village at Surrey Hills

Easy appeal Whitmyre is not alone. Many buyers looking for a second — or third — home in Arizona are choosing condominiums over traditional single-family homes. It’s easy to see the appeal of this low-maintenance, high-amenity option.

“The concept of ‘lock and leave’ is a current housing trend that empowers homeowners to spend time doing the activities they enjoy,” said Andrew Hickey, chief operating officer of Serenity Development. “Second-home buyers often are looking for a lifestyle that is devoid of yard, pool and building maintenance.”

Instead, he said, residents at a property like Chandler’s Serenity Fulton Ranch can take advantage of resort-style living with amenities such as bike and walking paths that wrap around lakes and streams — all without the worry of maintaining them.

Rising demand Arizona draws buyers from around the country as well as Canada looking for second homes thanks to the state’s nearperfect climate during most of the year, wide range of events, activities like Spring Training and abundant outdoor recreation IDEAL SECOND HOME; continued on page CL6

Taking stock Scott Sandler via Cachet Homes

Especially at this time of year, a move-in-ready condo may suit you perfectly

By Debra Gelbart

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uying a condo or townhome at the end of the year can have a number of advantages. Indeed, purchasing a condo at or near year-end allows the buyer to have a major write-off in terms of points paid toward closing costs, taxes and any HOA fees paid, said Derek Wilkins, a sales associate with the Meritage Homes community of Diamante, a condominium development in North Scottsdale.

“If someone is in need of lowering their tax liability for 2016, this is a great way to do it, along with scoring a killer deal on something because it’s a year-end sale,” he noted.

Ken Johnson, vice president of strategic marketing for Landmark Homes, a condominium developer that has developed communities such as Aerium Encore in Scottsdale and Center 8 Townhomes in Phoenix, agrees. “If you close by year-end,” he said, “you can deduct any mortgage insurance you pay, any points paid [fees paid directly to the lender at closing in exchange for a reduced interest rate], as well as property taxes and mortgage interest paid.”

At this point in time, pretty much the only way to move in by the end of this year is to buy what’s known as a “move-in-ready” or inventory condo, meaning one that’s already 50 to 100 percent constructed but unsold.

Scottsdale. Today it typically takes 30 to 60 days to close escrow and move into an inventory home if it’s financed, she said. If someone pays cash, escrow can be closed in as little as three days, she added.

If you qualify for a mortgage, a movein-ready condo may be easier to get a loan for because lenders look for condo projects considered “substantially complete,”

“

“Builders often offer additional incentives to make these move-inready units even more attractive.”

—Matt Cody, Cachet Homes

Johnson said, referring to the regulation that requires most condo projects to be 50 percent pre-sold before the first buyer can move in. An inventory condo typically isn’t available until the pre-sold requirement is met, Johnson said. Wilkins concurred.

“Most of our move-in-ready condos are in phases near completion, meaning you don’t have to worry about meeting the 50 percent sales requirement from newer phases we have opened,” he said.

Meritage Homes’ new-build condos typically take up to three and a half months to build out, Wilkins said. “Sometimes you have construction issues that can push back closings but with an inventory condo we can close you in 30 to 45 days.”

Fewer decisions New-build condos that are ready in three months or so typically involve buyers needing to select their cabinets, flooring, TAKING STOCK; continued on page CL6

Incentives, quick closings Most builders don’t like to keep movein-ready condos and townhomes around unsold for a long time, said Matt Cody, owner and president of Cachet Homes.

“Builders often offer additional incentives to make these move-in-ready units even more attractive,” he said.

The industry is experiencing delays in the appraisal process due to the shortage of appraisers, according to Rene Lopo, regional builder sales manager for imortgage in

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Downsizing for family reasons 16-year-old daughter accepted to ASU

By Meghann Finn Sepulveda

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hen Paul and Andrea Dahlkamp learned their 16-year-old daughter had been accepted to Arizona State University, they were thrilled. The couple decided it was the perfect time to downsize from their 4,500-square-foot Raleigh, N.C. home into a smaller space. Earlier this year, the Dahlkamps purchased a two-bedroom condominium at Inspire Downtown Scottsdale, a Deco Communities property, and are looking forward to their new lifestyle.

‘Some day’ came early The Dahlkamps always liked the idea of some day retiring in Arizona. The couple had spent plenty of time vacationing in the Valley — enjoying Spring Training games, the beautiful weather and the area’s plethora of restaurants and entertainment options.

When their young teenage daughter was recruited on a full scholarship to ASU’s pre-med program, the Dahlkamps knew it

“

“We were ready to make a change.”

—Paul Dahlkamp was time to make the move. Because of her age, the Dahlkamps decided it was best for their daughter to live at home.

Paul, who is vice president of purchasing at AV Homes, was able to transfer to the company’s Scottsdale headquarters, while Andrea, who works virtually, has the ability to work from pretty much anywhere. “You could say it was meant to be,” Paul said.

“We were ready to make a change.”

Inspire Scottsdale

Excited to downsize The Dahlkamps were excited to downsize but Paul admits it was challenging to part with their personal belongings which had been accumulating for more than 25 years.

“We decided to keep what we use and get rid of what we don’t use,” Paul said. “It’s freeing to not have the burden of all that stuff.”

The family-of-three will soon happily settle into their new condominium where they’ll be able to enjoy the community’s pool, spa and fitness center. They also plan to use the bike room — a secure area for

residents of Inspire — and they purchased a storage unit on the property to keep golf clubs and other large items. )#53:03$7 45: &-./-,3.34% .39:64%.: Since they’ll be so close to an abundance of nearby amenities, the couple sold one of their vehicles and plans to walk or ride their bikes to eat, drink and socialize.

“When we made this decision, we were really focusing on this type of lifestyle, which was key,” Paul said. “We work hard and we like to enjoy ourselves.”

Davis Architecture via The Enclave at Borgata

Downsizing = simplified lifestyle *+: .""/ 9"8&-8! 4" 1264 ,:3$7 -,.: 4" ."#/ 45: !""8 -$! .:-0:'(

By Meghann Finn Sepulveda

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fter 13 years of living in their spacious 4,400-square-foot North Scottsdale home, Michael and Angela Ellis decided it was time to downsize. The couple wanted to travel more and be able to leave their home on a moment’s notice without worrying about something unexpected happening.

To that end, they recently made the

decision sell their large single-family home and purchase a 1,600-square-foot two-bedroom condominium at The Enclave at Borgata in Scottsdale.

More free time With only one child now at home, the couple felt they were at a point in their life where they could downsize and use their

newly found free time to do more of what they enjoy on a personal level. For example: “We like to travel,” Michael said. “We look forward to just being able to lock the door and leave.”

In addition to free time, the family realized they could consolidate living spaces. Indeed, Michael said they realized that they spend the majority of their

time together in the kitchen and family room. “We were willing to give up the other bedrooms and still maintain those important gathering spaces to ultimately have the lifestyle we want,” he said.

Location and amenities The family is most looking forward to the high energy of Old Town Scottsdale and the walkability to the abundant amenities in their new neighborhood. “The location is what really sold us,” Michael said. “We’re near plenty of restaurants, nightlife and shopping.”

Angela and Michael are excited to start spending more of their free time together on the weekends. “I won’t be outside doing yardwork anymore,” Michael laughed.

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Cachet Homes at The Wigwam

Landmark Homes

Townhomes: The best of both worlds '25."4"4$ ,#& .&4&3,- 2% *24(25"4"+5with the privacy of single-family homes

go through. I’m not going to encounter a stranger.”

Like many condominiums, townhomes will often feature common walls with neighbors. But even that construction can be slightly different. Depending on the community, the common wall might be a pair of walls separated by an air gap, creating a sound barrier and a bit more privacy.

“

“It’s important to remember the community amenities. At The Wigwam, you’re also at a

By Elise Riley

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our new-home choice isn’t limited to either a single-family home or a condominium. Buyers can also explore the option of a townhome.

Somewhat of a hybrid of a single-family home and a condominium, townhomes provide a similar low-maintenance community-based lifestyle as condominiums, but with greater privacy indoors and out.

Floor plans While designs will vary by builder and even by community, there are some typical thematic differences between condominium floor plans and townhome floor plans.

Generally, those differences are related to the amount of privacy.

“One factor that is very key is the privacy factor,” said Ken Johnson, vice president of

strategic marketing for Landmark Homes USA. “It’s afforded by the fact that you have a garage [referring to his company’s townhomes] and when you’re home, you’re home. You’re not getting on an elevator and bumping into your neighbors. The privacy aspect is huge.”

Johnson’s point relates particularly to apartment- or flat-style condominiums where neighbors share parking facilities, stairwells and/or elevators. Johnson said that townhomes, such as Landmark’s Aerium Encore in Scottsdale and Center 8 in downtown Phoenix, feature private entries and garages creating a feeling that’s more like a single-family home.

“It’s also a safety aspect,” Johnson said.

“When I pull in and close the garage door, I’m home. There are no public spaces to

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golf community that’s gated.”

—Matt Cody, Cachet Homes )10*& %2/ !"(2 04( !"3 Pet-owners will find plenty of options and conveniences in townhomes. For example, because townhomes might feature a fenced yard, homeowners have the opportunity to install a pet-door or a small lawn for their pets.

“Pet-owners have a place for their pet to be,” said Matt Cody, owner and president of Cachet Homes. “That can eliminate some of the worry that comes from being away at work for the day.”

Having a yard also means a dog has a little room to stretch his or her legs and can take away some of the burden of daily walking and exercise.

Outdoor spaces In addition, those private fenced backyards mean homeowners can tailor their outdoor space to reflect their lifestyle choices.

Pet-owners can install a lawn or artificial turf, entertainers can explore hardscaping, while gourmets can use their backyard for barbecuing or simply enjoying a meal outdoors with friends.

“Typically our townhomes are going to be about 50-feet-wide so you’ll have a 50-by15-foot-deep backyard generally,” Cody said.

“It’s certainly enough to do something like an expanded patio, a fire-pit or a fountain.

Almost always we see people use hardscape landscaping or they install artificial grass. It might not be the size you’d have in a singlefamily home’s backyard, but there’s room to entertain and live.”

Builders are finding that the freedom to customize private outdoor spaces is one of the biggest selling points of townhomes.

“We are hearing that feedback in droves,” Johnson said. “We designed these townhomes specifically to have a backyard.

Some people don’t want to give up the idea of having a grill outside or giving their pets a place to rest outside. We had a couple who had downsized and moved into another property. They were fine with the downsizing but they missed having a little piece of grass.”

Still low-maintenance While townhomes offer outdoor spaces and a bit of privacy, there’s one feature they share with condominiums: low maintenance.

“It’s an easier lifestyle,” Cody said. “The exterior is maintained for you and you have a petite backyard that doesn’t require the weekend demands.” Townhomes also usually come with a breadth of community amenities for owners to enjoy. Amenities and inclusions vary so check with your builder to find out what’s included in each particular community.

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Giving credit where credit is due Why your FICO score makes all the difference

By Susie Steckner

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ou’ve decided to make the leap and start looking for your dream condo or townhome. Numbers are bouncing around in your head: square-footage, ZIP codes, sale price. But what about a more important number? That would be your FICO credit score.

Sure, you’d rather focus on the fun stuff.

But the smart move is first understanding your FICO score and how it will impact the condo-buying process.

Here are five things you need to know if a new condo is on your horizon:

1

What is a FICO credit score?

A FICO score is a number used to assess a consumer’s credit risk and/or credit worthiness; it is based on a consumer’s credit data history over the past seven to 10 years. Generally, scores range from 350 to 850. “From a creditor’s perspective, the higher the score, the less likely the consumer is to default on their credit obligations,” said Harold Perkins, president of Galaxy Lending Group.

Thinkstock

How is your score calculated?

Three major credit bureaus compile credit scores. Each uses slightly different models and algorithms to calculate scores, so don’t be surprised if your number varies. To determine your score, credit bureaus focus on payment history, amounts owed on accounts, length of credit history, the different types of credit you have and new credit accounts.

2

4

3

5

What matters most?

Three things pack the biggest punch: • Your payment history • The amount you carry on credit cards • The length of your credit history

Your score is lowered if you are chronically late with payments, max out your credit cards or have a shorter credit history. Keep in mind that scores can be recalculated with changes such as paying off a credit card, so your score can differ month to month.

Buying power Your FICO score isn’t the only determining factor related to the terms of your condo loan — but it’s a big one, said Chris Sailus, vice president and Arizona retail division manager at Washington Federal. The higher your credit score, the better the terms on your loan. This translates into lower interest rates and/or lower fees.

Boost your score About a third of your credit score is linked to payment history, so keep accounts current. Lower the balances on credit cards that are max’ed out. Your score will improve when a credit card balance is less than 50 percent of the credit limit and keeps improving as you continue to pay down the balance.

You may not want to close a credit card that you have stopped using because that card helps establish a longer credit history, Sailus said. But the account shouldn’t sit dormant,

so make regular charges and then make timely payments. At the same time, limit applications for new revolving debt which can negatively impact your score, he added.

And !nally…

Finally, consumers should check their credit reports annually. Free copies are available at AnnualCreditReport.com.

“

“Inaccuracies on a credit report can affect your interest rate, loan fees and sometimes even disqualify your application.”

—Harold Perkins, Galaxy Lending Group

Editor PAULA HUBBS COHEN Paula.Cohen@cox.net Contributing Editor JIM WILLIAMS JLWilliams@RepublicMedia.com

A division of The Arizona Republic 200 E. Van Buren St. Phoenix, AZ 85004

Design CARL BEZUIDENHOUT CarlBez@me.com

General Manager CAMI KAISER CKaiser@RepublicMedia.com Creative Development Director ISAAC MOYA IMoya@RepublicMedia.com

ADVERTISING Director, Classified Sales BRETT SONDRUP BSondrup@RepublicMedia.com Real Estate and Rentals Manager LORNA WALKER Lorna.Walker@gannett.com MICHELLE MURRIETTA 602-444-8208 MMurrietta@RepublicMedia.com

Project Manager, Custom Products GENA ZESTRIJAN NICK KOSTENKO 602-803-8653 NKostenko@RepublicMedia.com GZestrijan@RepublicMedia.com For general advertising inquiries, contact Republic Media at 602-444-8000.

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MOJAVE— 2 BED | 2 BATH | 1,046 SQ. FT. 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.

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Equal Housing Opportunity. All home square footages are approximate.

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The Taos Condominiums 11 1and 2-bedroom

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SOUTHEAST

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71st St. and Earll Dr. in Old Town 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 AR-0008601431-01

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IDEAL SECOND HOMES; continued from page CL1

Serenity Fulton Ranch

opportunities. Not surprisingly, the state is a major player in the country’s vacationhome scene.

Nationwide, vacation-home sales hit an estimated 920,000 in 2015 and a peak level of 1.13 million in 2014, according to the National Association of Realtors’ (NAR) 2016 Investment and Vacation-Home Buyers Survey. Baby Boomers at or near retirement are driving the demand for second homes, the NAR said.

“

“We call this concept ‘lock and love!’”

—Andrew Hickey, Serenity Development Buyers looking for a dream second home find condominiums appealing for a range of reasons, said Sandy Esmay, associate broker at Coldwell Banker Residential Brokerage in Scottsdale. They are attracted to the broad price range, variety of floor plans, urban and desert setting options, and sense of community with common areas and activities.

The big bonus: extra time. Buyers quickly find that time once spent mowing a front

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TAKING STOCK; continued from page CL1

yard can be spent doing things like working out in an on-site fitness center or hiking a nearby mountain trail.

When Esmay first began selling condos at The Village at Surrey Hills, she saw plenty of buyers who were clamoring for a relaxing, low-stress lifestyle as a place to call their (second) home. Indeed, half of the buyers in the 79-unit property are purchasing a second or even a third home.

Loving leisure time Village resident Whitmyre figures he visits Arizona five to seven times a year during non-summer months, spending a couple of weeks each time. The Massachusetts business owner can work from his second home and spend leisure time around the community pool and socializing with neighbors.

“It’s nice because I’m some place where I know the people,” he said.

Esmay points to another bonus of condo living: a pre-determined maintenance or homeowners association fee. Costs to maintain a pool or make exterior repairs at a traditional single-family home can vary greatly. What’s more, condo owners can take advantage of in-demand amenities such as a gym without additional costs like a membership fee.

Hickey said that Serenity Fulton Ranch, which already offers a pool, a gym and a large clubhouse, is upping the wow factor with a new outdoor common area that will facilitate community barbecues and gatherings.

The Village at Surrey Hills

The Cays at Downtown Ocotillo

Landmark Homes

Phil Johnson via Meritage Homes

countertops, appliances and paint color — decisions that some buyers find challenging.

But with an inventory condo, most of the time those decisions are made for you. Yet for those who want move-in-ready because of the quicker occupancy but still want to select their finishes, some developments will offer that opportunity.

“Generally with an inventory condo that we have ready to go we don’t permit changes,” Wilkins [of Meritage Homes] said. “However, if we have the power to tweak something that’s important to the buyer while still closing them year-end, we will make it happen.”

“We have something for everyone,” said Allison O’Dea, marketing and closing coordinator for the Statesman Group of Companies, developer of The Cays at Downtown Ocotillo in Chandler and Toscana of Desert Ridge in North Phoenix/Scottsdale. “We have some condos completed with interior finishing for more immediate occupancy, while we have other condos that still provide the buyer the opportunity to customize their new place with their choice of interior finishes.”

Plenty of availability “We have condos that we can get people into before year-end,” Wilkins said about Diamante in Scottsdale. At press time, at The Cays at Downtown Ocotillo, a one-bedroom condo on the main floor with a large patio is available for quick move-in, as is a two-bedroom penthouse/ loft condo on the top floor, O’Dea said, adding that other luxury condos are available for occupancy in 90 days. At Toscana of Desert Ridge “we have many luxury one- and two-bedroom single-level condominiums available for immediate occupancy.”

At Landmark’s Aerium community in Scottsdale, one move-in-ready unit may still be available, Johnson said. In the adjoining Aerium Encore community, six townhomes will be ready by the end of the year. In Phoenix, Landmark’s Center 8 townhome community has four units available for move-in by year’s end.

At Cachet at The Wigwam in Litchfield Park, three townhomes and a condo were available at press time for quick move-in, Cody [of Cachet Homes] said.

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