Downtown Tempe Lofts & Condos

There was a great little report / video on Bridgeview and Edgewater at Hayden Ferry Lakeside along Tempe Town Lake on ABC15 last night.  While it isn't very informative, the report does underscore the ideas that Urban Realty has been promoting for years now-- urban life provides a much easier, more convenient lifestyle.

September 17, 2008

ABC15

More Valley residents are moving "up"
Reported by: Steve Irvin

CLICK HERE FOR HAYDEN FERRY LAKESIDE NEWS VIDEO

Just a few months ago, Russ Hickman was living in a five bedroom, 3 bath home in Mesa.
 
He's happier now, he says, with his 1,200 square foot, one bedroom condo.  It's a simple matter of convenience.
 
"Close to the airport, close to restaurants... walking distance," Hickman said.  Just some of the reasons he moved into the Hayden Ferry Lakeside condominiums in March.
 
The trendy complex sits right on the shores of Tempe Town Lake, a stone's throw from the old mill on Mill Avenue.

Its selling point: a lock-and-leave lifestyle with no yard work, no maintenance, and amenities ranging from a swimming pool and gym, to a demonstration kitchen and a movie theater.
 
"Simple things you take for granted. You have a landscaper, pool service... all those things go away here," said Sales Manager Bob Normile.
 
All that convenience comes with a price however.  One-bedroom units start in the $600,000 range.  The 5000 square foot penthouse is on the market for $5 million.  Developers say residents have actually saved money on expenses like transportation and home repairs.
 
Developers maintain sales are strong, even in a tight market.  Elsewhere in the Valley, particularly downtown Phoenix, the picture may not be as good.  Several projects have been put on hold as sales slow, and financing becomes more difficult to acquire.

The East Valley Tribune reported yesterday that the judge in the U.S. bankrupcy court has granted Avenue Communities partial payment of the 4.8M initial funding requested.  The remaining portion will be reviewed for approval at a hearing scheduled for October 16th.  This appears to be good news for the developer, Mortgages Ltd., and the City of Tempe since it theoretically places Centerpoint Condominiums back on track to complete construction of the $200M development.

Read the entire EV Tribune Article Here

It was interesting to see Cramer, from CNBC's "Mad Money", give his prediction for when he believes housing would hit the "bottom".  He actually predicted the day!  309 Days from August 26th or around the third quarter of 2009.

Obviously, no one has a cristal ball, but he is very entertaining to watch and he makes some convincing arguements.

VIEW FULL ARTICLE & VIDEO HERE

Moving around Downtown Tempe is about to get a whole lot easier... and we're not talking about the long awaited light rail project either.  Two new concepts are preparing to open on Mill Avenue and along Tempe Town Lake.

The first, located in the Centerpoint on Mill development along Mill Avenue will be the "Campus Scooter" store.  They have just announced the public hearing, so it will probably be a little while before they are actually open for business.

The second will be "Segway of Tempe" along the shores of Tempe Town Lake.  They plan on providing tours for $75 per tour.

READ ARTICLE about Segway of Tempe in the Arizona Republic Here

Tom Tokoph
Downtown Tempe Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com

Bridgeview at Hayden Ferry Lakeside is currently the premier development in downtown Tempe.  Perched beside Tempe Town Lake, the watery blue glass structure boasts amazing amenties.  Full time concierge service, billards room with a theater, gourmet kitchen and a club room are just a few of the special features Bridgeview residents experience.  These are on top of the amenities one has come to expect like a swimming pool, jacuzzi, work out rooms, spa, etc.

If you are looking to purchase a property in this amazing development, this unit may be just the deal you are looking for!  Urban Realty has just reduced our client's property by $50,000.  This makes the property $100,000 less than the next comparable unit available through the developer.

To see much more information about this property visit:

BRIDGEVIEW AT HAYDEN FERRY LAKESIDE #212

Here you will find a very large Photo Gallery as well as a Video of the property.

If you want more additional information on this or other properties in dowtown Tempe, please visit our website.

Tom Tokoph
Downtown Tempe Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com

August 21, 2008

UPDATE: CVS Pharmacy officially opened their doors this week on the corner of Mill Avenue and University in the very heart of Downtown Tempe.  This is exciting news considering that our long awaited grocery store (Whole Foods) has now been put on hold.  While it may not be a daily shopper for most, this little CVS is surely located in the perfect spot providing the downtown Tempe resident with a walkable spot to pick up milk, eggs, beverages, and many other typical household needs.  While it isn't all we had hoped for (like a Whole Foods), it is definitely the next step in helping make downtown Tempe truly urban!

CVS GRAND OPENING

We think the CVS signage is a bit oversized, but it is obvious everyone made a nice effort to urbanize the store.

(The store was pushed out to the street and the parking lot is hidden in the rear.)

Huge selection of cold beverages

Food and other household needs now available to downtown Tempe residents

Light bulbs - Laundry Needs - Pet Care - all available at CVS on Mill Avenue

August 20, 2008

UPDATE: According to a report in the Phoenix Business Journal, the Centerpoint Condos development may be close to finishing a deal with a lender to fund the remaining $75M to complete the project.  Not all too surprising, the money looks like it will be "funneled" through Mortgages Ltd after all.  Just a little speculation on our part, but our guess is that the new money is coming from an investor or a group of investors who were involved in the original loan of $132M from Mortgages Ltd to the Centerpoint Condos and this will insure that the investors will not be required to take a second position to the new financing.  No facts there, just speculating.

What remains to be seen is how the developer plans to sell these new condos at the same prices as before.  The construction loan may finally give the developer what they need to finish the development, but then what?  With the real estate market slowdown, we estimate that Centerpoint may still need to perform an appropriate downward price adjustment.

FULL STORY HERE

If the Phx Business article is true, this will be very good news for downtown Tempe city council and the residents already living in the area.  With the recent plans to put on "hold" the Whole Foods Market in the Mosaic development, downtown Tempe needs to see the "Aroma Cafe & Market", which is planned for the plaza level of the Centerpoint Condominiums, open up for business.  This would be good for everyone involved!

FEATURED PROPERTY FOR RENT AND FOR SALE: The Lofts at Orchidhouse Live/Work Property

Live & Work at the Orchidhouse Lofts 1 Bedroom, 2 Bedroom and various units available, 11ft Ceilings, loft style exposed ductwork, concrete ceilings, wood floors.  Fantastic urban location in the heart of downtown Tempe close to shopping, restaurants, walk to ASU, Tempe Town Lake and everything else downtown Tempe has to offer! Units currently available for rent for $1,650 through $1,995 per month and units for sale from $355,000 to $479,000.  Call or email for more information.

Urban Realty & Development, provides full service real estate sales, consulting and brokerage services to those who, like us, are looking for their very own home in the modern world. Whether that "home" is a minimalist sanctuary in the penthouse suite, an industrial style office space with exposed ductwork and concrete floors, or a hip new retail shop on "Main Street", Urban Realty & Development is ready to show you that life is in the heart of the city.

Call us at our live/work loft in downtown Tempe. Urban Realty would love an opportunity to share with you what we know about urban living and help you find your own fresh start.

We specialize in downtown Tempe Lofts, Tempe condos, & Tempe Brownstones. Exciting properties like Orchidhouse Lofts, Edgewater at Hayden Ferry Lakeside, Centerpoint Condominiums, The Vale, 525 Town Lake, Brownstones at Tempe, Millstone, Mosaic, Lumina Tempe... and the list goes on!

Tom Tokoph
Urban Living Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com

UPDATE: On Thursday, August 14, 2008 the East Valley Tribune interviewed the developer of the Centerpoint Condominiums, Ken Losch.  This provides the Tempe community with a good update on the current status of this key development in the heart of Downtown Tempe.

CLICK HERE TO SEE VIDEO INTERVIEW WITH KEN LOSCH

CLICK HERE TO READ THE FULL TRIBUNE ARTICLE

As previously discussed on this Blog, the little "found" retail space behind the post office at the corner of Mill Avenue and 5th Street was under construction and ready to accept a new tenant. (Earlier Post)  Now, the space has officially opened it's doors as the "Thirsty Dog 2 Go".  This very unique space is part urban convenience store, part liquor store and part gourmet hot dog stand.  The Mill Avenue or downtown Tempe resident can now find a very convenient place to pick up snacks, assorted beverages, cold beer, wine and while they are at it... enjoy a savory dog!  This is really a great addition to Mill Avenue!

Granted, a hot dog slash convenience store isn't normally something that the typical Mill Avenue hipster would get too excited about.  It isn't a wine bar, it isn't organic, it probably isn't even good for you!  However, when you stumble into the Thirsty Dog for the first time on your way into the post office, here is why you should be excited:  First, it is a locally owned concept (read "Mom & Pop" store).  Although we don't fully agree that national chains have "taken over" Mill Avenue, everyone can agree that we need more unique concepts.  Well, the Thirsty Dog 2 Go fits that mold... it is unique!  Second, the owner, Gil Schmitt (also owner of Cold Stone Creamery on Mill Avenue) understands Mill Avenue.  Gil understands what it takes to succeed in the downtown Tempe district and is ready to adapt his concept wherever necessary.  Actually, he was the one who approached the post office with the idea of re-creating the unused "back alley" space into the Thirsty Dog.  Just for innovating and putting his money where his mouth is-- Gil should earn kudos!  One especially unique addition that Gil created was outside and along 5th Street.  There are now three, bar-height, tables along the brick sidewalk for those who want to stand and enjoy their tasty dog while watching the Mill Avenue scene.  We enjoyed a dog today while leaning against one of these new tables.  What a unique Mill Avenue experience!  We wouldn't suggest this in the middle of August, but we predict these tables will all be full come Fall!

Now, if only we had 10 more "Gils" to create other new experiences along Mill Avenue!

Thirsty Dog 2 Go

Entry to Thirsty Dog