1st Quarter 2009 Phoenix Urban Newsletter
Dear Friends, February 20, 2009
Washington finalized the stimulus package and maybe that will help the economy and more importantly, individuals like you and me. There is a lot to this stimulus package and I'm sure it will be debated for years to come but in the meantime there are some benefits to home buyers and individuals. I decided to list them here for you. There is more to each one of these items so before you get excited and start counting your new found money, please check with an Accountant or your tax preparer to see how these items affect you.
- The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009. First-time home buyer is anyone who has not had a residential property in their name in the last 3 years.
- The bill includes a one-year provision to protect Middle and Upper Middle income families from having to pay the Alternative Minimum Tax.
- Most individuals will get up to $400 tax credit who make $75,000 or less and couples will get up to $800 who make $150,000 or less. The credit would also be refundable, which means that even very low-income families who don't make enough to owe income tax would be able to claim it.
- The bill introduces the American Opportunity Tax Credit, which would be in effect for 2009 and 2010. It expands the existing Hope Scholarship tax credit and would be worth as much as $2,500 for higher education expenses.
- For retirees, disabled individuals and others who don't work, the bill provides a one-time $250 payment.
- If you buy a new car, light vehicle, recreational vehicle or motorcycle in 2009 deduct state and local sales taxes as well as any excise tax charged in the purchase.
It's no secret that home values have gone down and may still go down, however, in the 4th Quarter of 2008, the number of homes that sold went up in about 5 states and were up 43% in Arizona. The resale price of Valley homes dipped to $136,000 last month, according to data released from Realty Studies Arizona State University's Polytechnic. The price is being pushed down by foreclosure homes taken back by lenders and resold at bargain prices. In January 2008, the Valley's median existing home price was $243,000. There were 3,590 resales, not including trustee sales, last month. In January 2008, 4,205 existing Valley houses changed hand - again not including trustee sales.
We have launched a new website for Phoenix Urban Properties called www.PhoenixAZUrban.com. It’s the same information but the format is different, please check it out and let us know what you think.
Since there has been so much new construction in Urban areas of the valley and so much attention to those properties, I thought it might be nice to spot light 4 of the first high rise condominiums in the Valley. All four are great buildings and have their own unique history. I hope you enjoy the information about them as much as I enjoyed learning about them.
Best Regards,
History of Central Phoenix's 1960's Residential High Rises
Embassy Condominiums
Built in 1964 and located in a historic district just outside the edge of Phoenix's Copper Square, this 11 story building features a pool, spa, doorman, and workout facility. This building was formerly a hotel, then converted to condominiums in 1982. The pool is on the third floor above the drive through entrance and provides a great view of downtown. The association recently remodeled the workout room, laundry room, pool, event room, elevators, and parking lot with more projects on the horizon. You can see more pictures and get more information at Embassy Condominiums HOA website http://embassycondos.org/
Executive Towers
Executive Towers was the tallest skyscraper in Phoenix at the time of its construction in 1962-63. At 22 stories high and designed by the
talented yet formally unschooled Al Beadle at the young age of 33, this multi-family apartment complex is truly one of a kind. The 160-apartment building would later convert to condominiums in 1971. The property's strict angles are periodically softened by curves in the form of cheerful "Beadle Balls" -- a favored lighting form used by the architect. Even during the day, they seem to glow. Standing proud from other mid-rise buildings around it, Executive Towers maintains an unrivaled silhouette looking west. Go to this website for more pictures and history http://www.modernphoenix.net/executivetowers.htm
Regency House
Regency House was built in 1964 and was the last of the early residential high rises to be built. Many high level executives, 
attorneys, and the "movers and shakers" of early Phoenix are said to have moved in and the building sold out quickly. Designed by architect Geo. HS Schonberger, who I understand recently visited the community, He created an address in the 1960's was the address to have on Central Avenue. The common areas were redone in 2005 and many of the individual units have been remodeled by their owners. RooPho Realty currently has one of the totally remodeled units listed for $329,000. You can see pictures and information about our listing at our website www.PhoenixAZUrban.com More information about Regency House is at the HOA website www.regencyoncentral.com
Phoenix Towers
The developer Del Webb built the Phoenix Towers co-op in 1957. At 13 floors it was the first midtown Phoenix residential High 
Rise to be built. Because the Phoenix Towers is a co-op building, any condominium unit purchased must be done in cash. Phoenix Towers features a party room, roof garden, Olympic size heated pool and 24 hour guard. The Phoenix Towers is a great building with Art-Deco charm that has had many condo units remodeled and updated. All condo units in the Phoenix Towers have nice size rooms with storage and even a "servants" entrance into the kitchen for parties.
