Not only in Downtown Phoenix, but throughout Maricopa County, the sale of foreclosed homes increased dramatically in March. The number of residential homes sold in March of 2009, was the greatest number sold since October 2005. According to statistics compiled and reported by Fletcher Wilcox, V.P. with Grand Canyon Title Agency, there were 6,893 closings in March and 68% of those homes were “lender owned” homes. Another interesting statistic was that 38% of the homes sold for under $100,000. The inventory of available homes in the under $100,000 price range is down to about a 3 month supply. These stats are indicating that the market is in recovery at the bottom of the home sale price range, according to Fletcher’s report.
Jennings Strouss & Salmon PLC signed a lease with RED Development for 54,000 square feet in the first phase of CityScape, a three-block mixed-use project under construction in downtown Phoenix.
The law firm expects to move into the new office in June 2010. It is 20,000 square feet smaller than the space Jennings now occupies at the neighboring Collier Center.
As you can see from the construction photo, crews are starting to add exterior glass walls to the steel framed structure of the 600,000 sq ft Class A, first tower at CityScape. This tower will be home to a couple of Legal Firms, Squire, Sanders & Dempsey as well as Ballard Spahr Andrews & Ingersoll. Additionally, the Anchor tenant, Wachovia/Wells Fargo is still on board. Also, in this tower will be a Gold’s Gym and a steakhouse, operated by Fox Restaurant Concepts. Retail tenants who have committed to go into the CityScape project on the block previously occupied by Patriot’s Square Park include AJ’s Fine Foods, Urban Outfitters and it’s rumored that CVS Pharmacy will commit, which would give Downtown Phoenix it’s first Drug Store. At least 4 other Tenants are expected to be announced in the next 30 days according to a reliable source.
Downtown & Central Phoenix has a wide variety of housing stock, from 1920’s Bungalows to 50’s ranches to modern loft & condo complexes. This weekend, Phoenix area residents will have the opportunity to tour restored mid-century modern homes during the Founding Fathers of Modern Phoenix Home Tour, sponsored by Matthew & Alison King, the founders of modernphoenix.net. The Tour is part of a larger event called Modern Phoenix Week 2009, which includes workshops, lectures & films and runs from Friday, April 3rd thru Sunday, April 5th.
Great news! The Downtown Phoenix Civic Space Park will be officially opened on April 16th. Stop by the Downtown Phoenix Journal often, we’ll be sure to keep you updated on all of the happenings during the Grand Opening Weekend.
Sure, it’s not in Phoenix, but it’s a light rail ride away. Hit up the concert and head on back to Phoenix to avoid the crush of crazy concert goers on Mill Ave.
Things are heating up in the Downtown Phoenix real estate market. This is especially true when it comes to Bank Owned properties. Buyers are coming back into the market to take advantage of the good deals. Actually, so much so, that many properties are attracting “multiple offers”. If you are in a position to buy, don’t wait for the market to hit bottom, because in some segments of the market, I believe we have hit bottom.
Word on the street is that Alta Phoenix is now open and residents are moving in. If you live there, drop us a line and a few pictures – we’d love to see what the inside looks like! Update: Here’s an email we just received- The time has come, we are opening our doors for… Read more
The Encanto-Palmcroft neighborhood, with all of it’s old world charm and palm-tree lined streets, will be putting on their bi-annual Home Tour & Street Festival on Sunday, March 29th from 10 AM to 4 PM. The majority of the estate-like homes in this neighborhood were built in the 1920’s and 30’s, including Spanish Colonial homes and Tudor Revivals alhtough there are also a few classic Red Brick Ranch homes from the 50’s. Past neighbors of note in the Encanto-Palmcroft neighborhood have included US Supreme Court Justice, William Renquist, former Phoenix Suns star Alvan Adams, former Phoenix Mayor John Driggs and many more.
The City of Phoenix is receiving nearly $40 Million from the Federal Government in Neighborhood Stabilization Funds, which it will be using to help Phoenix residents buy “Bank owned” homes within the city limits. Approved applicants will receive $15,000 to go toward their down payment and closing costs. You do not have to be a first-time homebuyer to participate in the program, but the property you buy does have to be your primary residence.