When you're house hunting, the allure of new construction is undeniable. You get to be the first to live in the pristine home—one untouched by grimy hands or muddy shoes. It's full of brand-new appliances and the finishes and treatments that you picked to fit your aesthetic. And you won't have to worry about making any cosmetic or structural upgrades for years.

If you are interested in buying a new construction, the builder's agent will be ready to help you with the process. But make no mistake: You need your own real estate agent from the get-go. Even if it seems like plug and play to sign up with the builder's on-site agent, you're going to want someone representing your side of the deal.

What is a builder's agent?When you buy a new construction, the home's builder is considered the seller, and the agent representing the builder is called the builder's agent.

"The builder’s agent will always have the builder's best interest in mind,” 

After all, the job of the builder's agent is to get the highest price for the homes the builder is selling so the agent is not going to be as eager to negotiate down.

Why you should hire your own real estate agent

It's a good idea to have your real estate agent accompany you on your first visit to the new construction. Why? Because the builder (aka the seller) will be responsible for paying the commission, and needs to know if you'll have a real estate agent representing you. So bringing your agent to the first visit will make it clear that the builder's agent will be on the hook for paying commission. Some builders might even refuse to pay your agent a commission if you don’t register the agent the first time you visit the home on a new construction site.

“Your real estate agent's job is to help you get the most value for your money, with the least hassle and frustration,” says Patrick Welsh, a real estate agent with Keller Williams, in Houston.

When buying new construction, here’s what your real estate agent will help you with that you might miss out on if you stick with the builder’s agent:

• Negotiating extras: Want upgraded counters or appliances in that new home? Your agent can help you with all those extra perks, amenities, and upgrades. “We can often negotiate with the builder on things like paint color or even the style of garage door, especially if the housing development is in the beginning stages,” Walgrave says.
• Recommending financing: A builder typically will have a “preferred” lender that it will try to steer you to, but your real estate agent can help make sure that you’re getting the mortgage that works best for your situation. Shopping around is always wise, and you don’t want the builder’s agent pressuring you into using their suggested professional unless it’s right for you.
• Overseeing a home inspection: Tempted to forgo a home inspection in new construction? Don’t do it, advises Welsh. “The number and severity of new-home defects often rival resale home problems,” he says.The builder’s agent is unlikely to push for or offer up an inspection, so it's up to you and your real estate agent to make it happen.

How the builder's agent can help youAll that said, the builder's agent can be a valuable resource for learning about your potential new home.

“They are knowledgeable about the construction and available amenities, as well as the housing development and general community vibe,” says Walgrave. You can rely on the builder's agent for background information—just don’t make this individual your sole point of contact on the buying and selling process.
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Everyone wants to walk away from buying a home—whether it be a new construction or not—with peace of mind. Having a real estate agent in your corner will help facilitate that.

​The growing need for affordable housing near Downtown Phoenix is being addressed by three apartment projects that combine affordability with amenities.

Pacific Oak Capital Advisors, a national leader in institutional-quality alternative investments, and Defer Gain, a leading Arizona-based real estate development company specializing in Opportunity Zone investments, have announced the signing of a joint venture arrangement to develop, finance, and operate multi-family, commercial, and industrial income producing properties in Arizona Opportunity Zones.

The Pacific Oak – Defer Gain joint venture is kicking off its union with three multi-family projects in the Downtown Phoenix’s Presidential District, including the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments both situated between 11th and 12th Streets and Van Buren and Jefferson Streets in Phoenix. Both projects are also strategically located next to the 12th Street light rail stops.  The joint venture will also start construction in September 2019 on the work-force housing project known as the Imperial Apartments located near 20th Street & Roosevelt in Phoenix.
The Imperial Apartments breaks ground next month, and will be Arizona’s premier, and much needed, work-force housing project located in the heart of the Edison Eastlake Choice Neighborhoods, which has begun a $150 million redevelopment project.  The 140 unit private project will join the addition of 1,100 new City of Phoenix housing units, propelled by a $30 million federal grant recently awarded to the Choice Neighborhood.

“The Imperial Apartments is located directly across from the soon to be expanded Edison Park, which is a significant amenity in the neighborhood,” said Michael Lafferty, Partner at Defer Gain. “We are excited to bring affordable, high quality, housing solutions to this fantastic neighborhood and be a part of its transformation with the City of Phoenix and Edison Eastlake stakeholders.”

Phoenix Mayor Kate Gallego commented, “Adding quality housing is a top priority for our city.  I am excited to see new housing, including much-needed workforce units, near our key job corridors in the downtown and airport area.”

Defer Gain’s two Presidential District projects, St. Ambrose and Presidential Apartments, will continue co-founders Mr. Lafferty and Scott Tonn’s efforts to provide housing solutions in the area east of 7th Street near the City of Phoenix’s 12th Street Light Rail Station. “Defer Gain is one of the first developers to offer high-amenity efficiency apartment living in Downtown Phoenix,” said Tonn, a Defer Gain Partner and Co-Founder. “As well, we are very excited to implement the benefits of the newly minted Opportunity Zone legislation in conjunction with the local community to make St. Ambrose and Presidential Apartments significant additions for the neighborhood. This collaboration will also provide new residents with access to a dynamic job market in Downtown Phoenix.”

“It’s exciting to see Opportunity Zone developments providing support to a critical component of our state’s economy — the workforce,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We thank Pacific Oak and Defer Gain for advancing these three projects in downtown Phoenix neighborhoods.”

Positioned at the 12th street light rail stops, both the Presidential and St. Ambrose Apartments are just one stop from Downtown Phoenix and three stops to Sky Harbor Airport.  Both properties boast state-of-the-art amenities including luxurious lobbies, mail rooms including secured lockers for packages, grocery delivery cold/ freezer storage, clubhouses, multi-purpose rooms, private conference rooms, exercise facilities, resort style swimming pools, cabanas with private BBQ’s, secured ingress/egress, great walkability & easy access to public transportation.  In addition, the Presidential Apartments offers large format on-site personal locker storage.  While both properties feature street level retail/mixed-use opportunities, the Presidential Apartments will additionally include three open-air areas on Jefferson Street, adjacent to the light rail stop, which will attract local artists, pop-up businesses, food trucks, and events open to the public.

“The collaboration between Pacific Oak Capital Group and Defer Gain will provide us a unique opportunity to penetrate the Arizona Opportunity Zone market,” commented Keith Hall, Co-founder of Pacific Oak. “We are delighted to be in partnership with Defer Gain’s team and look forward to being a dominant force in the Arizona OZ space for years to come.”

Source: AZ BIG MEDIA

The Federal Reserve on Wednesday cut interest rates for the first time since the Great Recession took hold in 2008, though the move is not likely to deliver significant juice to an already favorable borrowing environment for home buyers. The federal funds rate, which is what banks charge one another for short-term borrowing, will now hover between 2% and 2.25%, according to news reports.
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The Fed says its decision to lower interest rates is designed to stave off the threat of an economic downturn. But it's unlikely to translate into additional mortgage savings for many buyers. With the interest rate for a 30-year loan already hovering below 4%, the Fed’s move may be more meaningful for buyers with other types of financing, says Lawrence Yun, chief economist for the National Association of REALTORS®. “Many borrowers will benefit, especially those with adjustable-rate mortgages and commercial real estate loans,” Yun says. “The longer-term 30-year fixed-rate mortgages will see little change in the near future because they had already declined in anticipation of this latest move by the Fed.

“These low interest rates will partly help with housing affordability over the short-term. Both rents and home prices have been consistently outpacing income growth. The only way to mitigate housing-cost challenges as a long-term solution is to bring more supply of both multifamily and single-family homes to the market," adds Yun.

Still, lower borrowing costs are helping buyers manage rising home prices. For example, buyers who spend $1,500 on monthly mortgage payments can afford to purchase a $402,500 home this year compared to $367,500 last year, when mortgage rates averaged 4.57%, according to realtor.com®. “Last year, buyers would have needed an additional $145 a month on top of the $1,500 to afford a $402,500 home,” says Danielle Hale, realtor.com®’s chief economist.

In some locales, buyers’ money can stretch even further. “An extra $35,000 in purchasing power, depending on where you are in the country, can really make a difference to buyers today,” Hale says. “It still counts, even with home prices up 6% nationally. That increase in purchase power is greater than the national price increase.”

Here’s what some have to say:

​Danielle Hale, Chief Economist at realtor.com
“Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so that buyers are able to afford more than last year.”
“Our outlook implies 4% growth for the remaining months of the year, predicated on…more supply than last year, the decline in mortgage rates, moderating home price appreciation and improving affordability.”'

Lawrence Yun, Chief Economist at NAR
“Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”

Doug Duncan, Chief Economist for Fannie Mae
“Moderating home price appreciation and attractive mortgage rates continue to support affordability, particularly as home builders are now paying more attention to the entry-level portion of the housing market.”

Kaycee Miller in a Realtor Magazine article
“At the moment, some observers suggest the housing market is indeed headed for a slowdown. But no need to panic — experts say the financial and economic factors that were in play during the big crash a decade ago don’t exist today.”

Bottom LineThe housing market will be stronger for the rest of 2019. If you’d like to know more about your specific market, contact me to find what’s happening in your area.

According to Wilcox’s report:​

• The median sale price for a single family resale ended at $308,000 in May 2019.  This is now the new monthly record high for the median sale price.  The month with the previous highest median sale price was March 2019 when it was $297,000.  Before this time, the record month was June 2018 at $295,000 and before that time we have to go all the way back to the pre-real estate recession month of June 2006 when it was $287,500. 

• For the second month in a row, the year-over-year slow-down for sales of single-family resales has ended.  Sales of single-family resales in Maricopa County (Greater Phoenix) in May 2019 were 7,562.  This was 430 more or 5.1% higher than May 2018.  Sales were also higher in April 2019 over April 2018.  Previous to April 2019, sales were down year-over-year for eight consecutive months starting in August 2018.  See Table one.  Another highlight for May 2019 is that 7,562 sales is the highest number of sales for a month since June 2011 when there were 7,790 sales.  But in June 2011 the median purchase price for a single family resale was $126,500 compared to $308,000 in May 2019.      

• New monthly listings of single family resales were up year-over-year in both May and April.  They were down year-over-year in February and March.

• When comparing sales of single-family resales in May 2019 to May 2018 we see a substantial decrease in sales under $200,000.  In this price range, there were 350 fewer sales in May 2019.  A reason for this decrease is that since purchase prices keep going up there are just fewer homes for sale in this price range compared to last year at the same time.  In almost every sale price range at $250,000 or above, we see a year-over-year increase in the number of sales.  There were 721 more sales at $250,000 or above this May over last May.  Sales in the $200,000 to $249,999 price range were almost breakeven, there were seven fewer sales this May compared to last May.  ​

Summer is a season best spent outdoors—and preferably by the water. But conventional pools are laden with chlorine, which smells nasty and can irritate eyes and damage hair. Fortunately, there's a growing trend towards natural swimming pools, which are treated with aquatic plants and other biological filters instead of chemicals. These chlorine-free pools offer a serene back-to-nature experience that's hard to beat. Check out the pros & cons of natural pools at the end of the post. ​

The natural pool trend began in Europe several decades ago. Since then, they’ve been slowly gaining popularity in the United States, Australia, and other regions with sunny climates. Unlike a traditionally rectangular, chlorine-filled swimming pool, a natural pool is often designed to imitate pools, ponds, or other bodies of water in the wild—they can have irregular shapes, along with rocks, waterfalls, and boulders. Naturally, not every pool built to look like a natural body of water with realistic rocks and boulders is a natural pool.
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Unlike most sparkling blue swimming pools, natural swimming pools or ponds (NSPs) are filtered organically rather than by chemicals. Another pool called a regeneration zone is built nearby, which is where the water enters either a gravel filter or a constructed wetlands made of plants that clean the water. This resembles the process by which aquatic plants clean ponds in nature and results in a pool no less clean than one with chemically filtered water. The natural pool and its regeneration zone actually build a small ecosystem that changes over time, and animals or insects often are attracted to the zone (but not the pool, thankfully—it doesn’t contain the environment they’re looking for).
These organic ponds are gaining popularity across the U.S., but there are some pros and cons that you should carefully consider before deciding to install a natural rather than a conventional pool:

Pros

• Natural pools are very adaptable. Though their description conjures up an image of a brown pond with mud at the bottom, most are actually filled with concrete and if you wish to make your natural pool look almost precisely like a traditional pool, you can—the gravel filter can be placed underground and hidden. Or you can go the other direction and design a pool that looks just like the type of pond or pool you might find in the woods, complete with rocks and boulders. Generally, these are more flexible in design than a traditional pool.
• They work fine in all ranges of climates—during the cold winter months, they’ll freeze over just like a pond in the wild.
• Natural pools also have the advantage of being green or environmental—the chemicals required for traditional pools, on the other hand, can damage the environment.
• Organic or natural pools require much less maintenance than a conventional pool, and their year-to-year costs are lower after construction is finished. They don’t require chlorine, chemical filtration, pH balancing, or any of the other side costs and numerous daily and weekly chores that go with keeping a normal pool clean. They should still be kept well-skimmed and free from debris, but that’s really the extent of the maintenance you’ll need to do with your pool.

Cons

• The flip side of those low maintenance costs is a higher initial investment. Building a natural pool can get quite expensive—remember, a natural pool requires an entirely discrete pool right by it for filtration. Because they’re more unusual than traditional pools, it may also be difficult to find a good contractor to build one. For an NSP that looks good and will last, hire a pool and pond builder who specializes in this kind of environment and who can show you pools they have designed and built.
• Over the long run, they are cheaper than a traditional pool due to their lower maintenance costs, but if you think selling the property within a few years is a possibility, then you risk spending more on your natural pool than you would have on a traditional one.
• The regeneration zone also means that it requires more land to build a natural pool; the zone should generally be as big as the pool itself. If space is a factor, you may be better off building a traditional pool, like a lap pool, rather than a natural one-half as big.

• The aesthetics of a natural pool can put off some swimmers who are used to perfectly clear, blue, chemically filtered water. Organic water can take on a brownish tint depending on the presence of algae, and it’s impossible to completely remove sediment and some life from the pool. Though the water is perfectly safe to swim in, your natural pool may not look as nice as a Grecian, sparkling blue traditional pool.

True North Studio has purchased the building at 1001 N. Central Ave., Phoenix, now being called "Ten-O-One". 

“This is a marquee building for the Central Avenue corridor and a true gateway into the Roosevelt Row Arts District, the downtown core, historic residential neighborhoods and cultural venues around Hance Park,” stated Jonathon Vento, founder and principal developer of True North Studio.

True North Studio is a commercial real estate development company in the Roosevelt Row Arts District in downtown Phoenix. According to Mr. Vento, by “adaptively reusing this building to include mixed-use, tech and creative office, and incorporating art inside and out, we believe Ten-O-One will set a new bar for downtown Phoenix.”
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Vento has more than 30 years of experience developing over 200 projects across the country, including 44 Monroe, the tallest high rise residential tower in Arizona. True North Studio has several projects underway in downtown Phoenix including the Cambria Hotel at 222 E. Portland. The recently announced entertainment and restaurant venue Punch Bowl Social, that’s based in Denver that will occupy a True North property at 903 N. Second St. Both are set to open later this year.

Check out more at: http://truenorthstudio.com

Are you new to the Phoenix/Scottsdale area? Are you visiting for the winter or planning a trip? Or are you just looking for the perfect course at the right price for the end of this season? Look no further! Scottsdale is home to some of the most popular golf courses in the country. Use this handy chart hand crafted by Andrew to start your search for your ideal golf experience. 

Before you book your trip to Arizona make your reservation to play one of these top rated golf clubs. If you are considering purchasing a golf home, I am the right REALTOR®  for you! Andrew Starkman is an experienced REALTOR® who can help you with any golf properties in Scottsdale. 

Situated at 440 E. Van Buren St., a one-acre parcel within the 16-acre Arizona Center is slated for the construction of a $100 million 31-story residential building, Phoenix's second tallest.  Palm Court Tower is set to feature 350 luxury units, ranging from 500-square-foot studios to 1,300-square-foot three-bedroom apartments on top of a six-story parking garage. This new Will Bruder Architects designed building will join the $25M renovation currently underway at Downtown's Arizona Center.

The downtown location provides immediate access to the some of Phoenix's largest employers, along with sporting venues, upscale bars, restaurants and shopping destinations. The Arizona State University Walter Cronkite School of Journalism, ASU Center for Law and Society,  and University of Arizona College of Medicine are all just blocks from Arizona Center.

Photos: Will Bruder Architects

The new tower will provide housing options for a large group of Arizona's workforce that seek living options closer to Downtown's expanding landscape. As reported by Elon Graves of Downtown Devil:

"Chris Chamberlain, a partner of North American Development Group, said the downtown Phoenix community pushed for the workforce housing units. He said the topic “repeatedly came up as a need in downtown” during discussions with city staff, council members and activists in the neighborhood.

Workforce housing provides affordable housing for households with annual incomes between approximately $39,000 and $59,000, according to Phoenix’s Economic Development Department. Typically, these households earn a combined income that is inadequate considering the cost of living in areas near their place of work.
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In total, 35 of the 350 apartment units in Palm Court Tower will be classified as workforce housing. The price of the units will range from $1,000 to $1,200 and the sizes will vary in respect to income level."

​Construction at Palm Court Tower will also begin later this year and the estimated time of completion is late 2020.