Michael Fitzpatrick

Those of you looking for expressive modern/minimal architecture with high-end finishes but couldn't find anything that fit your price range, well look no further than Portland 38's new pricing. Originally priced from 319-399K, these urban modern rowhomes are now priced from 160-259K. Whether it's the Miele appliances, Ceaserstone counter tops, polished concrete floors, rough cut Fur beamed ceilings, oversized commercial grade windows, etc.. this is a true value. Take a look: www.phoenixurbanliving.com/downtownphoenixinfilllofts.html. Cheers, M.

There has been some recent articles highlighting urban projects that have failed and also announcements of receivership, foreclosures and bankruptcy. While these are ugly words and traumatic events to developers, it's a natural progression given our current market. Greedy developers, unrealistic market demand, speculative buyers and poor financing has caused this and it's probably a good thing. Our values did not equate to the product and location. This now will allow new developers to re-concept the product based upon the true fundamentals of the market and it's demand. This will allow these critical projects to survive, thrive and add to the urban community. I applaud those new developers for their ability to see great opportunities and playing a role in the turnaround.

When looking at some of the positive signs of the real estate recovery there are a couple bright spots. One is the fringe where speculation, mass production of track homes and bad financing caused huge drops in property value and huge increases in foreclosures. This has brought back affordability again but at a sacrifice, distance. The second bright spot has been properties located near the core. The old real estate adage 'location, location, location' has really proved it's merit given the current market conditions. Phoenix zip codes have outperformed all others when it comes to values retained, sales of existing homes (very important) and first time buyers (another very important stat). This supports our niche and purpose. Bring or keep people in the core. Less driving, support locally owned business's, appropriately sized homes, connect with your community and neighbors, etc... I hate to say we told you so but we did. However we would love to help you if you haven't made the move yet as we want you here:).

Currently I've see the market 'come back in' in downtown Phoenix. This began in November and continues today. There has been enough pent-up demand for sometime but until late last year the buyers were too cautious to make a move. Now, post-election and multiple stimulus'sthe buyers 'feel' good about their prospects. I will tell you that feeling rides the tides of news which is still disturbing. During the boom, people were emotional and looked at real estate fromthe heard mentality. Not seem to learning from past examples, people are replicating that same behavior which is really too bad. Most people 'think' they know real estate since it's such a common commodity which it isn't and urban is the most complex. There are amazing opportunities out there and for some product, the time for 'steals' has passed while others still have some clouds on the horizon. There is no longer no light at the end of the tunnel. There is light and it's getting brighter.

If your looking for a luxury high-rise in the Biltmore, look no further than 2211. This exquisite building offers a full service of amenities for home owners. Tucked nicely behind Ruth Chris and the adjoining office buildings, 2211 offers many unique floors plans with varying views and light exposure. The roof top pool and lounge area offer a beautiful oasis in the middle of the Biltmore. If you would like to preview, please let me know or view: http://www.phoenixurbanliving.com/biltmorelofts.html. M.