Josh Carlson | We Know Urban Realty | (480) 510-8755 x23 945 E Playa Del Norte Dr Unit 3022, Tempe, AZ 2BR/2BA Condo $1,600/month Bedrooms 2 Bathrooms 2 full, 0 partial Sq Footage 1,287 Parking 2 dedicated Pet Policy No pets Deposit $0 DESCRIPTION 2 pkg spaces. Upgraded third floor condo in lakeside community in Tempe. Super close to ASU, Loop 202, and downtown Tempe. Upgrades include maple cabinets, slab granite, stainless appliances, oversized stone floors, and views of Tempe Town Lake and more. Community amenities include great fitness center, courtyard pool and spa, secure parking (2 spots), club house and BBQ area. True 2 bedroom with 2 closets. Unit to be prof cleaned by Landlord. see additional photos below
RENTAL FEATURES - Air conditioning - Central heat - Fireplace - Walk-in closet - Tile floor - Living room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Stainless steel appliances - Washer - Dryer - Laundry area – inside COMMUNITY FEATURES - Garage parking - Clubhouse - Fitness center - Swimming pool(s) - Lake - Gated property - Secured entry - Elevator - New property (< 5 years) LEASE TERMS 12 month minimum
ADDITIONAL PHOTOS view from balcony kitchen from entry kitchen 2 living/kitchen living from kitchen mstr bed bath 2 bed 2 mstr bath W/D
Contact info: Josh Carlson We Know Urban Realty (480) 510-8755 x23

Equal Opportunity Housing

Posted: Jan 5, 2012, 12:20pm PST

]]> http://www.weknowurban.com/blog/2011/12/tempe-town-lake-22-only-1600/feed/ 0 http://www.weknowurban.com/blog/2010/01/1750/ http://www.weknowurban.com/blog/2010/01/1750/#comments Wed, 06 Jan 2010 16:17:05 +0000 Will Daly http://www.weknowurban.com/blog/?p=1750 I just dug through some more MLS data.  As I’m sure all our readers would expect, the number of high-rise and loft foreclosures and short sales were way up this last year.

From January 1 to December 31, 2008, the total number of “distressed” sales of high-rise condos and lofts was 94.  These 94 properties took an average of 143 days to sell and the average price per square foot for these sales was $222.72.

For the same period in 2009, the total number of high-rise condominiums and lofts which were advertised as being a short sale or foreclosure was 262 units (a 280% increase)!  These 262 properties took an average of 75 days to sell (almost half the time as 2008) and sold for an average of $176.54 per square foot (21% less than in 2008).

Currently there are 104 distressed urban condos on the MLS for sale.  Of these, the average advertised price per square foot is $189.92 and have been on the market for an average of 150 days.  In my opinion, this higher number of ”days on market” is irrelevant since the last three months of the year are typically slow due to the holidays.  I expect to see quite a bit of “market activity”/sales beginning in mid to late January.

So what do all these numbers mean?

Well clearly more people purchased in 2009 than 2008 and the speed by which condos sold is very similar to what we saw BEFORE the boom; meaning that sales velocity is comparable to what we see in a NORMAL market.  Now granted, these sales were of foreclosures but so what?  This simply means that after the crazy appreciation and subsequent bust, that prices now make sense to buyers; to the point that buyers are snapping them up at rates comparable to before the boom.

Oh, and just to clarify something.  I am looking at sales velocity to determine market strength vs total sales numbers because prior to the boom, very few high-rise and loft condos existed.  Think about it, prior to 2004, there were only two modern high-rise buildings (Crystal Point and Esplanade Place), four older high-rise buildings (Executive Towers, Regency House, Embassy and Phoenix Towers Co-Op) and a smattering of lofts.  So, to determine whether sales numbers today are comparable to pre-boom levels is kinda tough.  If any mathematically brilliant people are reading this and have suggestions, I’m opening to hearing them. 

“June 9, 2009 

As you may know, the real estate industry has faced unprecedented economic challenges in the last year.  Crescent Resources is no exception.  In this environment, we have been working over the last several months to strengthen the company’s financial position and improve our ability to continue to provide the high level of services for which we are known.

 As a part of this, Crescent Resources, LLC and certain of its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court in the Western District of Texas, Austin Division. This step will allow us to bring our capital structure in line with the current economic environment and will provide significantly improved resources and financial flexibility going forward.

Importantly, we have secured $110 million in new financing to fund our business activities through this process.

At Crescent, we know that the value of our communities is directly impacted by the quality of the clubs and recreational infrastructure we have created. It is our goal to continue to work to enhance value by maintaining the high level of service that we have established.

We have many very attractive assets, a highly experienced team and strong relationships with industry-leading partners. Our focus remains on doing what we do best – to create, manage and sell first-class developments, communities and real estate.

 Sincerely,

 Andrew Hede

Chief Executive Officer”

Furthermore, the broker for Portland Place has assured us that the bankruptcy will not adversely affect transactions at the midrise condo building other than possibly slowing negotiations and contract acceptance minimally.  He also stated that the bankruptcy will not affected the developers approach to prices.  Will Daly

You’ll notice that we have added two new buttons at the top right portion of the page, one FOR SALE and one FOR RENT.  If you’re looking to rent or buy along the light rail and want to see only high rise and loft condos no further than a short biking distance to the rail then you’ll definitely want to check these out.  The two buttons use actual MLS data feeds and provide the most current and accurate information available.  The feeds are updated nightly.

And since so many people interested in living on the light rail are also interested in gasoline prices we have added two new features along that line as well.  You’ll find a button that show you the current high and low prices for a gallon of gasoline in the Phoenix area as well as a graph showing the average cost of a gallon of gas and a barrel of oil for the last six years.  Neither one of these tools is directly related to real estate but I hope that you find them interesting and relevant nonetheless.

Finally, don’t miss the Google Map that we built showing where all the “light rail condos” are.  Click on one of the colored place markers to see additional info and links on each high rise or loft community.

At WeKnowUrban we are constantly adding what we believe are valuable features that our audience will appreciate.  Please send us your suggestions and maybe we can incorporate them into the site.

Mortgages Ltd sued Grace Communities claiming the developer defaulted on a $32 million loan for another Scottsdale project called Portales Place.  On the other hand Grace claims that Mortgages Ltd did not live up to an agreement to fund it loans on X Wine Lofts and another project.

According to the article 64 prospective buyers at X Wine Lofts have all cancelled their contracts and received a refund of earnest money.

Clearly no one knows how this will all shake out but in the short term it’s probably good for everyone that X Wine Lofts is sitting uncompleted.  Afterall, there is clearly a glut of urban condominiums throughout the Valley and the market certainly doesn’t need another 82 units vying for buyers.  It’s a shame too because X Wine Lofts is a very nice community in a good part of town.

My guess is that once the dust settles prices at X Wine Lofts will be much lower than originally offered.

If you want to join us visit www.WeKnowUrban.com/Tour/ for more information. Be sure to register and pay soon so that your seat is reserve. Hope to see you tomorrow. W

It’s been about four years since prices first began sky rocketing and two and a half years since those prices slowly began floating back down to earth. Many of the urban “boom buildings” that came to market first have busted and great units are now owned by banks and priced where they should be.

BUT be careful. Althoug we like prices in some buildings there are others that are just now starting to adjust downward and we think it is too early to buy there. We like the buildings that APPEAR to have bottomed out. These are buildings that were completed three years or more ago and have had the opportunity to go through the short sale, auction, foreclosure process with MULTIPLE sales of bank owned properties. Don’t be the first person to buy a bank owned property in a high rise or loft building without knowing the history.

If you are looking to buy in a high rise or loft building then check out our resource and then call us. Although we can not guarantee to get you in at the bottom (BTW, don’t believe anyone who says that they can) we follow this market nich (high rise and loft condos) specifically and we can increase your chances of getting a great deal. Call us (480 510-8755) or e-mail us (MoreInfo@WeKnowUrban.com) if you want to learn more.

To learn more about the tour in general go to www.WeKnowUrban.com/Tour/ and for specific information on this tour visit www.WeKnowUrban.com/Tour/Additional-Info.

The best way to rate condominiums in terms of the most expensive are not by the sale price, but rather the price per square foot, which is emphasized here. This being because these condos, if sold, will be the most expensive condominiums in the valley, on a per square foot basis. Across the street at Scottsdale Waterfront, the condominiums are larger on average, but slightly less on a per square foot basis at around $1000/SF. Similar prices can be found at Kierland’s new Plaza Lofts, where they range from $1050 to $1100 per square foot.

Whether these ultra-luxurious condominiums will sell quickly is an uncomfortable question. While every other high-end condo project out there is slightly less expensive than the W Residences, these 18 units come with the world class amenities of the W Hotel. Is it worth the extra money to say you live in the W?

For some it would be a definite yes, where they pleasure themselves on the endless list of room service offerings. Others might want a more relaxed environment than the hustle and bustle of a hotel. These 18 units are for a very specific buyer, whom hopefully Triyar and Starwood have found.

A model of a typical kitchen in the condos can be found at the W Hotel & Residences sales offices at 7373 E. Camelback Rd., a couple hundred feet east of the actual hotel. A full model is planned to open inside the hotel later this fall.

W Hotel Brings Its Hot Product to Scottsdale