It has been almost a year in the making and there were times when I thought it would NEVER happen but we are finally ready to offer free advertising on WeKnowUrban.com!!!
Our “Classifieds” section allows owners and agents of high rise and loft condo properties to advertise those properties on our web site. You write the ad, you upload up to 7 photos and/or a video clip, and you post the ad. All this takes approximately five minutes per property.
Each month almost 8,000 unique visitors view over 66,000 pages on WeKnowUrban.com making it one of the top high rise and loft condo focused sites in all of Phoenix, Scottdale and Tempe. With these kinds of numbers it certainly makes sense to advertise your high rise or loft condo on our site especially since its FREE.
Yes there is a catch…but a painless one. The free ads display our contact information; meaning that my team and I field the calls and e-mail inquiries for the ads on the site. However, if you really want to field your own calls you can do so for a $100 fee.
For now, all ads placed on the system are free and we’ll even post your contact information if you want at no charge. This offer is an introductory offer only and will expire in 30 days. So, if you like the idea of posting your property on WeKnowUrban for free for 30 days then visit our classifieds page.
Owners and renters at Summit at Copper Square have been dealing with the sometimes nostalgic but at times jolting sound of train horns at 3:00am right outside their bedroom windows now for about six months. Owners have complained that the builder of Summit at Copper Square did not adequately disclose the condition and have threatened (or filed) law suits.
Rumor was that a solution might be coming down the pike and we’re glad to read about it in today’s paper (see http://www.azcentral.com/arizonarepublic/local/articles/0616quietzone0616.html). I for one could sleep through the sound but it definitely deterred at least two prospective renters I had for the building.
I also hear that while some train conductors recognize and comply with the law by “gently” pulling the horn others seem to enjoy laying on it and making a big ol’ racket. In either case this is some to know about if you are considering renting or buying at Summit at Copper Square high rise and/or Stadium Lofts both in downtown Phoenix.
If you have attended one of our WeKnowUrban High Rise and Loft Condo Tour you are encouraged to comment on and/or rate your experience. To do so go to the Urban Tour page (see tab above) and go to the box just below all the photos on the right. Then click on the “Write a review” link and within seconds you can “let us have it” or give us a pat on the back.
Tomorrow is the Downtown Scottsdale high rise and loft tour so NOW is your last chance to register to join us for this great three hour happening. We board a bus at 10am and tour some of the top high rise and loft communities in Old Town Scottsdale such as Third Avenue Lofts, Main Street Plaza, 4020 Lofts and Artesia. Last time we held this tour we sold out and we expect to do the same tomorrow.
To learn more and/or to register visit our condo tour page. Then if you still have questions shoot us an e-mail. We look forward to seeing you.
We have only four seats left for our high rise and loft condo tour this Saturday, June 14th. If you want to join us please visit our tour information page and register and pay. The Scottsdale tour is always very popular and we visit great communities. Remember, we do not guarantee your seat until we receive payment so don’t get bumped, pay now.
There are several large high rise condo buildings about to complete construction and “be delivered” in the next several months in Phoenix and Tempe. These are all gorgeous projects and we’re excited to see them completed. We also believe that they will truly add to the urban experience in the Valley as a whole.
We do have one concern however. How many buyers do these buildings really have and of the existing contracts how many buyers will actually close their purchase. Afterall, we have to believe that many of the contracts were written prior to the beginning of construction, or shortly thereafter, which means that the contract price was established during “the boom.”
IF this is correct then how many buyers will want to close a purchase in 2008 at a price that was established in 2005 (for example)? Certainly the more earnest money the buyer has to lose the higher the likelihood the buyer will close. This is why TYPICALLY high rise developers require earnest money equalling 20% of the purchase price. I have even seen 30%. Unfortunately, some of the buildings coming on line now only required 5 to 10% earnest money.
In your opinions, have prices for high rise condos gone down more than 5 - 10% over the last two to three years and if so, how might this affect the success of these projects?
Our next High Rise and Loft Tour to be held Saturday, June 14th, is almost sold out (approximately eight seats left).
We will be touring downtown Scottsdale and such condo communities as 4020 Lofts (new to tour), Third Avenue Lofts (new to tour), Main Street Plaza, and Artesia (new to tour). We will discuss the pros and cons of each of these developments, the state of the real estate market in general, the state of the “urban” real estate market specifically, and strategies and opinions on what to do now. Our Downtown Scottsdale tour is always very popular so we do expect to sell out.
If you’d like to join us, or if you want to learn more, visit our tour page. Please know that even after “registering” your seat is not guaranteed until you pay. See you the 14th!
Main Street Plaza, 4020 Lofts, Artesia, and Third Avenue Lofts in downtown Scottsdale will be the subject of the next WeKnowUrban.com High Rise and Loft Condo Tour. Join us as we discuss, debate, and tour these and other great urban style buildings. The tour usually lasts a little over three hours and costs only $7.50 per person (more for real estate agents and/or their clients). We have anywhere from 20 to 50 people join us so the conversation is always lively and informative. For more information visit our Urban Tour page.
Biltmore Square, located at 1701 E. Colter Street (just north of Camelback) in Phoenix was one of the very last developments to squeak throug the real estate boom door before it slammed shut hard. It was approximately December 2005 that investors lined up and fought one another for the opportunity to buy at this apartment building turned condominium project. Friends and mothers and daughters and co-workers jumped at the chance to turn a quick profit.
Within days of closing on their new “investment” the anxious investors put their properties back on the market either for rent or for sale or both. Unfortunately, it turns out the hundreds of other investors had the same plan. Needless to say things got ugly fairly quickly.
Today, two years later, things are still bad. The photo above is real and is clear evidence of the challenge that oweners at Biltmore Square face. Out of the 377 units in the community, at least 84 are currently for lease or for sale. That constitutes 22%! And that does not count properties that are already leased out so aren’t advertised on the MLS (actually this also doesn’t count anyone who may be advetising on Craig’s List etc. without using the MLS).
Because of this I think that it is very conservative to say that at least 30-50% of Biltmore Square was bought up by pure speculators (I’d bet the number is closer to 70%).
So, what’s the upside to all of this? if you are looking for cheap rent, check out Biltmore Square. We are showing condos there about twice a week. If you are looking for a place to rent, give us a call at (602) 476-1881. Not only can we help you at Biltmore Square but at other properties walking distance from great amenities and parts of town.
Join WeKnowUrban for our next high rise and loft condo tour on June 14th. The subject of the tour will be downtown Scottsdale and is currently scheduled to cover Main Street Plaza, Third Avenue Lofts, 4020 Lofts and Artesia. To learn more or to register visit our tour page.
