Michael Fitzpatrick

I was showing a client some options in the Biltmore a couple weeks ago and we spent some time viewing the The Fairway Lodge at the Biltmore. These luxury apartment condos are the first part of a two phase development (the other phase is Biltmore Estates). This three story luxury flat condo offers views of the mountains, the Biltmore and golf course. This project is perfect for the retired, second home owner who wants to take advantage of the hotels amenities, local shopping and a lock and leave lifetyle. Carol Gant who is an old friend does a wonderful job of presenting this product and project. For more info: http://www.phoenixurbanliving.com/biltmorelofts.html. M.

I am constantly discussing urban valuations with my friend, business partner and biggest competitor, Will Daly. The urban trend in Phoenix occurred during a phase of heavy real estate speculation and therefore there is an unrealistic expectation on the amount of demand or what people are willing to pay for unique urban housing. However, there is a solution that can help be the barometer. If you look at mature urban cores usually urban housing is anywhere from $200-$350 per ft. Also, if you look at local buildings that were marketed, built and sold prior to the run up, they can give you a baseline. Apply yearly appreciation and there you go! Many practitioners will try and to make us the exception which isn't exactly correct. We do have some exceptions (The Plaza Lofts and Scottsdale Waterfront) due to location, near by amenities and the vacation like buyer. Otherwise for the most part we are overpriced given the demand and what the true values are. For more information, please contact me to discuss valuations at: http://www.phoenixurbanliving.com/buyersrequest.html

I'm currently working with a client who is considering a purchase at Portland Place in downtown Phoenix. The original scope of the project was three mid-rises (6, 10 and 12 stories). Given the current market condition and standing inventory the developer is considering replacing phase 3 (the 12 story mid-rise) with a boutique hotel. This is understandable and I actually think it help bring additional life and businesses to the area. This is obviously a plan that is fluid given the current market conditions but if you would like to know more about what is available at Portland Place. check out: http://www.phoenixurbanliving.com/downtownphoenixmidrise.html. Cheers, M.

I was spending time showing Scottsdale Waterfront this morning to a past client and friend. I was reminded of the old world touches they included in the project. From the reclaimed, distressed plank flooring in the club room to the area rug-like carpeting on each floor. The interiors are nicely done. I was also reminded of the limited views in the building. Basically, if your not on the sixth floor or above, you will have compromised views. For more information on available units, check out: http://www.phoenixurbanliving.com/oldtownhighrise.html. Cheers, M.

Given the current overall economic environment it's not surprising that people are cautious with their money. However, there are plenty of great real estate opportunities that the smart investor is capitalizing on. If you understand the sub-market, you easily identify unique opportunities that are real "steals". Most of the time people are untrustiing of these opportunities or allow their own perception to get in the way of seeing these opportunities. I think most people believe they have a good grasp of real estate since it's such a common commodity and people believe what they want to believe. This undermines most peoples ability to truly see these opportunities. You hire a CPA to get the most for your taxes, you hire a mechanic to repair your car but most think they can 'do' real estate. Most are wrong. Find an agent who has a track record and mentality that fit's your goals and let that person handle guide your search. It could save thousands today and make you tens times that down the road. M.