Chuck Willman, Arizona Realtor® 480.292.0600

Why is it that new devolpments in the Phoenix metro area appear to cost a billion dollars?

That's the price tag that Gaylord Entertainment wants to spend in building a hotel and convention center in Phoenix's east valley city of Queen Creek.

That's also the price tag that has been floated for a Rock-n-Roll theme park near downtown Phoenix.

The park is said to be considered for a 22 acre section of land around Celebrity Theatre.

If you don't know, Celebrity Theatre, it's a local landmark that is known for its intimate setting. No seat is further than 75 feet from the stage.

It's also "in the round" meaning the stage rotates... so no one is stuck watching the performance from a permanent side or back view.

Details are sketchy so far... Channel 15's site states that this will be a multi-use venue that could include hotels, restaurants and housing and office space.

Also- Phoenix's mayor, Paul Johnson appears to be very willing to make this happen.

So... if anyone makes the statement, "I hear Phoenix knows how to Rock-n-roll" ... they may have a billion reasons to agree.

I'll keep you posted about this one.

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When not blogging about real estate development projects in Arizona, Chuck Willman performs real estate in and around the Phoenix metro area. www.AZvest.com.

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Illustration Credit: "Band Silhouette 8" by Ben Smith.

There was a summer where my mom took up part time employment. She made a deal with me: I'd make five dollars a day if I had the younger kids clean their rooms while I straightened up the other rooms and fed them lunch. After that we'd go to the city pool for a couple hours.

It was a great opportunity. I made a hundred dollars a month and didn't have to beg to go to the pool every day. I also, for the first time, developed a work routine. I found that I could do major cleaning (mopping, bathroom scrubbing, laundry) on alternative days and, by so doing, it made the 'tween day fix-ups much easier.

A major part of the routine was making lunch while listening to Paul Harvey's news and comments. Later, I discovered his "rest of the story" program. In this broadcast he'd tease you with a story told in a way that no one else could duplicate. In the end, you'd find out who he was talking about... and it would almost always be a surprise.

Paul Harvey passed away yesterday at the grand age of 90. He lived across town. Though I never met him, his influence in my life is significant. I can still see the surroundings of the kitchen and feel the pleasure that was mine as he joined me on my daily schedule.

Also, I have read each of his books... they're great, uplifting entertainment... each chapter is brief enough that you can feel enriched in a few moments or... more likely... feel unable to stop yourself until you've finished the book with haste.

Thank you Paul Harvey for bringing us the rest of the story for so very long.

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Microphone Illustration by Peter Suneson

There is a home in Scottsdale that caught my attention.

It would be hard to miss.

It's on Thomas Road, just east of the 101 freeway.

Someone has a yard full of political signs.

These aren't just any signs.

These are signs dedicated to the second place finishers.

Among them is one that explains it all.

It reads, "Monument to the Unelected."

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It reminds me of a book by Pat Conroy.

He's famous for books such as "The Great Santini", "The Prince of Tides" and "The Lords of Discipline".

The lesser known book is "My Losing Season". It's autobiographical.

In it he recalls being on a basketball team at the Citadel. Though they won a few games, they lost even more.

In sports, we all find out, coming in second can be a lonely experience.

Here's a quote from the book:

"Winning makes you think you'll always get the girl, land the job, deposit the million-dollar check, win the promotion, and grow accustomed to a life of answered prayers. Loss is fiercer, a more uncompromising teacher, coldhearted but clear-eyed in its understanding that life is more dilemma than game and more trial than free pass."

I suppose you could look at most industries and say we're finding fewer winning opportunities.

Now is the time to see life with more clarity. It's a gift.

So... I'm glad there's a person out there who is showing the love to those who came close. They didn't reach the summit... but got close. Very often the journey is better than the destination. For each of these, I hope that has proved to be true.

And for the present and future second place finishers I hope, in this age of character building, we're polishing a few diamonds.

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Chuck Willman is an Arizona based real estate agent. www.AZvest.com

Photo courtesy of my camera phone.

There's just nothing quite like baseball.

Wouldn't it be great if you had a wide selection of teams to watch... not just those nearby?

And... wouldn't it be better if it didn't cost so much?

Well... we're spoiled here in Arizona.

We have fourteen teams to choose from.

Same rosters- a whole lot less money.

Plus... the weather is perfect!

This is the time of year that we get to brag about.

It's fun to take the whole family to enjoy a laid-back major league baseball experience.

If you'd like to know more, check out the official site of the Cactus League.

I'm writing this post near Phoenix Arizona and toward the end of February of 2009.

The reason I say this is because sometimes people find a blog post that speaks authoritatively about a topic- providing a helpful rule of thumb that would appear to apply generally.

This post might be one of those- however, I must clarify; the current conditions make this phenomena stand out.

What am I addressing? Simple- the benefit of upgrades... are they worth it?

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Many feel that their home will have more value if they upgrade. In general this is true.

However- we seldom see a case where the cost of the upgrade actually increases the value of a home by more than the money spent on the upgrade.

This is true now more than ever.

I've shown two homes in the area in the past few days that illustrate this point.

One home has a pool, spa, sports court, media room, track, outdoor play room and upgrades throughout. The upgrades cost in the neighborhood (I'm estimating) of $180k. Problem... there are homes in the neighborhood that cost that much (yes... the competing homes cost less than the cost of the upgrades alone.) This is a home that will be of great personal value to whomever buys it... it's just not a home that will appraise for the amount the seller is seeking.

These days, at least in Phoenix, upgrades add very little to the value of a home.

The second home was gutted and remodeled by an expert. The owner's raw costs exceeded $50k. His time/labor costs would have been more than twice that. He's in the business... his materials were discounted and his labor costs were $0. Everything is new and deluxe. There's an outdoor barbecue, outdoor fireplace and pizza oven. There's also a cabana and solid decorative walls with decorative lighting within the masonry. Inside is just as impressive. Everything has been redone. Every inch of the place has a new finish (stone, tile, wood, paper or paint). The refrigerator alone is six feet wide... it cost as much as a good used car. The home is selling (via shortsale) for $175k. That's also the neighborhood comp price. His upgrades are worth, essentially, nothing. I know- it sounds hard to believe... but that's what the bank is saying.

In both cases, these homes will be worth more more sentimentally then they do on paper. The new owners will be landing a "steal" ... but not according to appraisal. Each home has a market value close to any other home in the neighborhood that has just sold... even if the home sold at drastic foreclosure rate.

Welcome to the new retail. Upgrades hold little weight in the appraisal because there are so many other homes in inventory. The best way to know which house is best for you is to tour them. You're bound to find a few that are a much better deal... afterall- you're the one who is going to live there- not the bank... and not the appraiser.

Yes... these are strange times indeed. I wonder what these homes will be worth when the rate of foreclosure diminishes. As inventory returns to normal levels, these upgrades will begin to show more worth on paper.

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Photo Credit: "Money Issues" by Dani Simmonds