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February Get Your PHX
We'll Shine Like the Top of the Luhrs Building...
The goal of Get Your PHX is to show up, en masse, to support those who pioneer new restaurants, stores, bars and event spaces. We want to provide them a boost as they put their sweat, tears and wealth on the line to make life great downtown. Plus, we want to provide a chance for you to meet others like you, who want to get the most out of Phoenix. Despite the never-ending downpour and the street-turned Venitian canal on Buchanan, we still had over 60 people attend the Get Your PHX 1st Anniversary at the amenZone. Our host, Amen Iseghohi treated us to organic juice and a great new space. Artist Jason Rudolph Pena brought out his best and even worked on a new piece live.
In January we also had our first event sponsor, Dan Hlavac, of Met Life. Gone are the days of passing around the hat for a few bucks for drinks and food. Thanks, Dan! We have sponsors lined up already for coming months.
And, remember, our sponsors are more like PBS, and less like the Home Shopping Network, so you know that you can enjoy yourself without some heavy push.
The February event will take us to new heights, literally. We will be on the 10th Floor of the newly-renovated Luhrs building with a supreme view of downtown! Luhrs, the city's first two skyscrapers are established on the Phoenix Historic Property Register - the crown jewls of its downtown. Opened in 1924 as the tallest building in Arizona, the Luhrs Building also represents the first major commercial office in Phoenix.
The Luhrs Tower opened a few doors west in 1930 and became the state's tallest high rise and a Phoenix Masterpiece. Our hosts, Hansji Urban will share their plans with us for renovating and developing the Luhrs City Center, creating space for office tenants, restaurateurs, retailers.
Future plans for the block, along with the renovation of the two historic high rises, include an extensive mixed-use with hotels, retail, office and residential space. Come explore how these folks plan to mix the old with the new. Can they do it and still maintain the Luhrs' character?We will also announce a very special wine and food host on Facebook next week!February Get Your PHXThursday, February 18th from 5:30 to 8:0010th Floor of the Luhrs Building11 West Jefferson Phoenix, 85003
Parking available in garage on Madison
Map herePlease RSVP to me via email or through Facebook so I can get an accurate count.
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Higher Interest Rates Negate Price Drops
....in other words, even if prices are going down, interest rates are likely go up later this year and undermine any price drops.
 How does that work? (Thanks for asking.) Here's how.
Prices are going down for now, but interest rates are going up.
This is totally different from last year when prices were still dropping AND interest rates were also dropping.
If you look at this chart you can see that prices were climbing last year, but they are dropping thus far this month. Let's hope it stays that way before people start scrambling for the $8,000 tax credit! However, don't expect it to. Prices went up last fall when people were buying in time for the tax credit.
Look very closely for the emerald green 2010 line at the lower left. It is almost hidden because it is laying right on top of the orange 2009 line.
While it looks like prices are going down, just know that prices usually go down the first couple months of the year until folks start really gearing up their searches.
Further, interest rates are expected to go up by March and interest rates make a huge difference in your monthly payments.
For instance, if you buy a $100,000 house at 5.5% interest, your monthly payment (before taxes and insurance) would be $568. The same house at 6% interest would cost $600 per month.
That extra $32 per month is $384 per year or $11,520 over the life of the loan!
Another way to look at it is that in order to have the same payment every month that you had at 5.5% interest, you could only afford a house that costs $95,000 at 6% interest.
So, what does this mean? It means that you want to consider getting in to the market before interest rates go up.
It also means that you probably want to act before both prices and interest rates go up. That is the worst case scenario!
Give me a call. I'm more than happy to help you navigate the market: 602-561-5881.
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Downtown Venue Review: The Main Ingredient Alehouse and Cafe
Guest Reviewer: Amy Love
2337 N 7th St
Phoenix, AZ 85006
(602) 843-6246
After taking a hiatus from the restaurant scene for the month of January (FYI-weight loss as a New Year's resolution is sooo overrated), we're back this month with some gossip on The Main Ingredient Alehouse and Café which occupies a familiar space at 2337 N. 7th St.
First, let me start off by saying Rest in Peace, Lisa G's. We should all take a moment of silence to recognize the blood, sweat, and tears that Lisa Giungo put into running the place. She not only took a chance on CenPho, but also on adults with autism through her work with the Southwest Autism Research and Resource Center's Vocational and Life Skill Training program.
That being said, I had heard rumors that the mac and cheese at this place was supposed to be incredible. It's always been one of my favorite comfort foods, and as far as I'm concerned that blue cardboard Kraft box symbolizes all that is the luxury of Americana.
Since one of those luxuries is freedom of speech, I feel free to tell you that I wasn't blown away by the dish. It's made with green chiles, which I love, but it was a little oilier than the Exxon Valdez. Our group also tried two of the vegetarian sandwiches with a side salad and chips. The grilled cheese and tomato was my favorite of the two as the roasted veggie sandwich suffered the same fate as so many others that came before it- the eggplant was rubbery making it difficult to bite off neatly. The salad was great, and so was the bottle of wine we ordered, which we chose because it came from a Cochise County winery.
The Good: The new owners didn't reinvent the wheel. You can still get a decent lunch or light dinner without going broke. Kudos to the owners for buying local on the wine!
The Bad: Lighten up a little on the oil a little bit so I can pretend that eating a grilled cheese sandwich is not only okay, but perfectly healthy.
The Ugly: I'm not a fan of flat screen televisions in small, intimate restaurants. If I wanted to eat dinner while my boyfriend watches commercials, I'd stay home and just pull out one of those beautiful blue boxes from my childhood.
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Commuter Rail in Arizona....Someday
I've spent the last couple months writing about commuter rail, passenger rail and even a possible trolley car on Grand Ave.
Well, just a quick update. It looks like the federal government has just completed a list of possible places for commuter rail. While Arizona is not on the top of the list, at least we are on the list! And that is a far-sight better than where we were before!
From friends of Transit:
"As you may have heard, late last week the US Department of Transportation (USDOT) announced $8 billion in federal funding for high-speed rail projects with the goal of developing a nationwide program of high-speed intercity passenger rail service. Funded by the American Recovery and Reinvestment Act (ARRA), this is the largest investment in infrastructure since the Interstate Highway System was created (source: USDOT).
The funding includes major corridor projects across the country.
Friends of Transit has posted the map of the corridors, along with a summary of the funded awards on its website at www.friendsoftransit.org.
Unfortunately, while the Phoenix-Tucson corridor is on the map as part of the long-term vision, there are no projects funded in Arizona in the initial $8 billion. However, this is an exciting development for transit and hopefully the start of a true national passenger rail system."
Check out this story from Friends of Transit.
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In Other Market News...
Interest Rates Going Up Soon
When interest rates go up in March or April any advantage you might have from possible lower costs could be gone. For instance, on a $100,000 home, P&I at 5.5% is $568 per month. At 6% interest, that is $600 per month P&I. So, you could have bought a house for $105,000 at the lower interest rate with the same money by not waiting!
The Good and Bad News You Need to Know for 2010
My number-crunching Realtor-mentor, Leif Swanson did his annual good/bad analysis of the year. This is really interesting, especially in light of dire predictions for 2010.
FHA Raising Insurance Fees
Another reason to get in to the market before fees start going up.
Data is Power
...and how to get some of it...
Have a gander at this house I'm listing in Garfield. There is a certain essence that is derived from having a front porch. This is a beautiful and affordable place to enjoy the morning paper over coffee!
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CenPho Community
Fight the Threat to Historic Preservation
If you have not heard, there is a bill in the legislature to strip
historic properties of their special property tax classification, thus
undermining our positive redevelopment growth.
Look for more recent posts on www.GetYourPHX.com.
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Final Words, Compliance and Other Legal Stuff
As always, I respect your right not to be bothered with annoying spam email. If you would like to be removed from my email list, just let me know. Thanks!
Sincerely,
Ken Clark
  
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Organizations Worth Supporting
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