Phoenix Development News (3) - Page 356

exit2lef · #**7101** Posted **Apr 6, 2015, 4:07 PM**

Quote:

Originally Posted by westbev93

I don't want to speak for the other poster, but I think the point was more of a grammatical one. Phoenix is the capitol of AZ, not the capital. If anything, it is a fitting tribute to the quality of our education system.

capital = city that serves as a seat of government
capitol = building in which a legislative body meets

As the capital of Arizona, Phoenix is home to the state's capitol building.

biggus diggus · #**7102** Posted **Apr 6, 2015, 4:11 PM**

Quote:

Originally Posted by westbev93

I don't want to speak for the other poster, but I think the point was more of a grammatical one. Phoenix is the capitol of AZ, not the capital. If anything, it is a fitting tribute to the quality of our education system.

Yes, and I was fairly disappointed that no one picked up on it, but didn't want to behave rudely so I ignored it.

Thanks for picking up on it. Perhaps the meaning is lost on us.

biggus diggus · #**7103** Posted **Apr 6, 2015, 4:12 PM**

Quote:

Originally Posted by PHXFlyer11

Not really a fair statement. There is a 1BR for $241K. Which means they'd probably take $220K or so.

I am curious what the HOA dues are...

Sure, a one bedroom for 220k, this is still out of most people's wheelhouse.

Obadno · #**7104** Posted **Apr 6, 2015, 4:20 PM**

Quote:

Originally Posted by biggus diggus

Just looked and they are above my pay grade. It seems like there might be a market for some run-of-the mill average priced apartments/condos downtown, but maybe I'm wrong.

Does everything really need to be $1300 rents and $400,000 purchases?

There is definitely a marked among young Professionals.

I know many people that would like to live along Midtown/Biltmore/downtown/arcadia But its all too expensive or you have to pay average rents for a below average and small unit.

As a result you have a bunch of young people living in Tempe, Scottsdale and Chandler because its more affordable

biggus diggus · #**7105** Posted **Apr 6, 2015, 4:27 PM**

Yes I understand the fluctuations of pricing within different areas of the city; I own a real estate business, so this is not a foreign concept.

Downtown isn't Arcadia. It's not all people with money, and I don't think trying to make it so will ever work. I just don't see why some inexpensive housing isn't built. The current prices of units aren't dictated just by location, there are interior finishes and amenities to consider as well, and none of the buildings downtown are formica counter tops and linoleum tile as far as I'm aware.

soled · #**7106** Posted **Apr 6, 2015, 5:07 PM**

Quote:

Originally Posted by nickw252

Portland Place units are posted for sale on Redfin with pictures and floor plans.

Anyone with a link?

Obadno · #**7107** Posted **Apr 6, 2015, 5:14 PM**

[QUOTE=biggus diggus;6979090]Yes I understand the fluctuations of pricing within different areas of the city; I own a real estate business, so this is not a foreign concept.

Downtown isn't Arcadia. QUOTE]

I don't think it is I mean young people would like to live in the older centrally located neighborhoods but they are priced out of them.

gymratmanaz · #**7108** Posted **Apr 6, 2015, 5:32 PM**

TRYING AGAIN......
Join Date: Aug 2007
Posts: 2,306
So what actually will be done in Hance Park in this phase? The overall plans look amazing, but I am not sure what will get done and when it will be started?

Does anyone know?

Jjs5056 · #**7109** Posted **Apr 6, 2015, 8:38 PM**

Quote:

Originally Posted by gymratmanaz

TRYING AGAIN......
Join Date: Aug 2007
Posts: 2,306
So what actually will be done in Hance Park in this phase? The overall plans look amazing, but I am not sure what will get done and when it will be started?

Does anyone know?

Nothing will be done. It was pretty obvious when the plans were unveiled that it was basically pretty pictures with no real plan, financing, etc.

The purpose of this 'phase' is to actually develop a plan... maybe in 50 years, there might be a park.

mdpx · #**7110** Posted **Apr 6, 2015, 11:17 PM**

Nevermind.

Leo the Dog · #**7111** Posted **Apr 7, 2015, 1:29 AM**

Quote:

Originally Posted by biggus diggus

Just looked and they are above my pay grade. It seems like there might be a market for some run-of-the mill average priced apartments/condos downtown, but maybe I'm wrong.

Does everything really need to be $1300 rents and $400,000 purchases?

You guys don't know how good you have it there. I wish it were that cheap here. $1300 rent got you a one bedroom apartment in the depths of the recession in SD (2010), those same units are now $1600+. Many studios now are $1200+. Even in our ghettos rent is beyond expensive.

DTSD will run $1750-$3000 for 1b/1b.

Phoenix has a market for expensive rents/housing. People will pay the price. Enjoy it while it lasts, I think Metro Phoenx will get expensive in inner locations (Tempe, Old Town, Central Phx).

combusean · #**7112** Posted **Apr 7, 2015, 1:58 AM**

^ Yeah, but California salaries are way high. Median household income is $64k in San Diego, and $47k in Phoenix. Tho, in the end a $47k salary could be no more than $1175/month for rent, and $64k affords $1600/month in rent.

The most desirable neighborhoods in SF are rapidly approaching $4,000/month for a one-bedroom, and $1050/sqft for new construction. Rent in my craphole of an apartment on the outskirts of town is $2,600 a month, altho fortunately due to rent control I don't pay that.

biggus diggus · #**7113** Posted **Apr 7, 2015, 2:09 AM**

Leo I think you maybe missed my point, which is that no one is building low cost housing with entry level finishes. It's still all very bourgeois stuff I'm seeing with the exception of a few subsidized products.

rocksteady · #**7114** Posted **Apr 7, 2015, 2:34 AM**

Quote:

Originally Posted by combusean

^ Yeah, but California salaries are way high. Median household income is $64k in San Diego, and $47k in Phoenix. Tho, in the end a $47k salary could be no more than $1175/month for rent, and $64k affords $1600/month in rent.

The most desirable neighborhoods in SF are rapidly approaching $4,000/month for a one-bedroom, and $1050/sqft for new construction. Rent in my craphole of an apartment on the outskirts of town is $2,600 a month, altho fortunately due to rent control I don't pay that.

I'm above $3,000 for a STUDIO in SF, and it's going up in two months when my lease is up. I could have the penthouse at W6 in Tempe for not much more. haha

soled · #**7115** Posted **Apr 7, 2015, 3:13 AM**

Quote:

Originally Posted by soled

Anyone with a link?

Yes? No? maybe?

biggus diggus · #**7116** Posted **Apr 7, 2015, 3:16 AM**

Go to redfin and put the map over Portland and central, that's all I did and they came right up.

doppelbanger · #**7117** Posted **Apr 7, 2015, 4:08 AM**

Quote:

Originally Posted by biggus diggus

Leo I think you maybe missed my point, which is that no one is building low cost housing with entry level finishes. It's still all very bourgeois stuff I'm seeing with the exception of a few subsidized products.

Higher end finishes such as granite, stainless appliances, wood or nice tile floors etc are easy profit. Builders can spend $5000-10000 on these and easily double that investment when it is sold. They are a business and looking to squeeze out every penny possible.