AZ Real Estate 12-14-14

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CATHERINE REAGOR REAL ESTATE

Payment hike likely for many Valley renters Turn a smallish bedroom into a home office.

Show a closet as a children’s closet and add a low shelf or two.

Create a mudroom by adding retrofited ready-made cabinets and benches, or splurge on custom built-ins.

Stage a bedroom as a craft room by adding a worktable from upcycled rummaged furniture or bought new.

AP

SELLERS, GIVE EVERY ROOM A ROLE

Smart staging can utilize even the most awkward spaces in home KIM COOK ASSOCIATED PRESS

Many of us have one room in the house that doesn’t really have a job. Maybe we set it up with an air bed once in a while for guests, or shove outof-season clothing boxes in there, or use it as a holding zone for stuff we’re not sure what to do

with. But when your house is on the market, every room has a role to play to make the sale. Next to fixing whatever’s broken, staging — decorating rooms in an inviting way to help people imagine living in them — is important. See STAGING, Page R3

Home for the Holidays!

Anyone renewing a lease for a house, condominium or apartment in metro Phoenix likely will be facing a higher monthly payment. Home prices are stable if not down a bit in the Valley, but rents are on the rise. The average rent for a Phoenix-area house or condo is up 5.7 percent from a year ago, according to Arizona State University’s W.P. Carey School of Business. The typical apartment rent is up more than 5 percent, research from RealFacts shows. Valley home prices are down about 2 percent for the year. Demand for rentals is stronger in the Phoenix-area now. Of course, that’s pushed up rents. Fewer people are buying. Some don’t have the credit or down payment to buy. Others want to live in areas where they can’t afford to buy, so renting is their best option. And others don’t want to commit long term to a mortgage or place to live. In November, leases were signed for 2,742 houses across the Valley, according to the Arizona Regional Multiple Listing Service. That’s almost half the pace of homes sales during the month. A similar ratio between sales and rentals has been trending all year. Post housing crash, — during 2012 and 2013 — leases signed for rentals in the Valley were running at about one-third the pace of home sales each month. Apartment developers are taking advantage of the shift toward more renters. Almost 8,000 apartments are under construction or were recently completed in metro Phoenix. More are planned. “It’s much tougher to find a an affordable rental in Phoenix now than a year ago,� said Mike Orr, director of the Center for Real Estate Theory at W. P. Carey School. “Most of the rentals available now are priced above what the typical household can afford.� The average rent on a two-bedroom Valley apartment is about $900. The median monthly lease payment on houses and condos rented during November is $1,152, according to ARMLS. That’s about what a homebuyer would pay for $275,000 house with a 10 percent down payment, 30-year mortgage and 4 percent interest rate. Short-term rental deals signed by people coming to the Valley for Super Bowl XLIX will skew figures during the first few months of 2015. Look to March to see whether more people are deterred by higher rents and choose to buy a house instead.

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POINTE MOUNTAINSIDE GOLF COMMUNITY. Slightly MLS# elevated on a corner hillside lot, this gated estate enjoys spectacular Bedrooms mountain and city views. A magnificent wall of windows span the Bath inviting living and formal dining rooms. Durable Corian counters Pool and contrasting black appliances complete the beautiful island kitchen. Plantation shutters, vaulted ceilings, dual pane windows Sq. Ft. and French exits. Generous king sized master with sitting area, Parking private exit and large walk-in closet. En-suite guest bedroom. Lot Size Very special stained glass window and fireplace in the family ZIP Code room. Lush lawn and covered dining patio out back. Three car garage with built-in cabinetry. Five star community clubhouse. Online Pics – Joseph Callaway Price

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PHOENIX | 5935 North Echo Canyon Lane | Open Today 12–4PM

IDYLLIC HACIENDA-STYLE HOME IN GUARD-GATED, MLS# SECLUDED ECHO CANYON. Snuggled at the base of Bedrooms Camelback Mountain’s Praying Monk, this beautiful home boasts Bath right-there views of Camelback Mountain, Mummy Mountain Pool and a panorama of unlimited views of the Valley below. Peaceful, private getaway for year-round living or lock-and-leave lifestyle. Sq. Ft. Intimate gated courtyard. Living room w/dramatic wood-burning ZIP Code fireplace. Dining room w/built-in buffet cabinetry. Family room w/ Southwestern-style fireplace. Two flower-filled patios for alfresco Online Pics Price relaxation. Close to the amenities of Scottsdale, Camelback Corridor, downtown Phoenix. Community clubhouse, tennis courts, pool. Visit tourfactory.com/1265509. See inside for details, directions.

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