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  #7161  
Old Posted Jun 10, 2012, 4:05 AM
alexico alexico is offline
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Originally Posted by HooverDam View Post
Building Phx is a TV show the City produces on Ch 11. Thus if this info is coming from the city, its likely legit.

any idea if the 14 floors will be rental units or condos?

assume mid 2013 completed?
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  #7162  
Old Posted Jun 10, 2012, 4:39 AM
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HooverDam HooverDam is offline
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Originally Posted by alexico View Post
any idea if the 14 floors will be rental units or condos?

assume mid 2013 completed?
I don't think any of us know any of those answers for sure just yet.

My hope is for higher end rentals built with a quality that could potentially later be converted to condos. The PHX condo market is still light years behind the rest of the housing market which isn't exactly great. I can't imagine it making a comeback any time real soon.

Smart developments will be rentals. You've got to get young, hip, urban pioneers moving in first, which attracts places to eat, shop, etc. THEN the rich condo living yuppies can move in. A lot of places in Phoenix (44 Monroe, Chateux on Central) had it all backwards. Why would someone with the money to buy one of those places want to live where there's no/few places to eat, get groceries, buy clothes, do day to day shopping, etc.
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  #7163  
Old Posted Jun 10, 2012, 2:03 PM
Vicelord John Vicelord John is offline
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Real estate rule - condo market is the first to crash and the first to come back in regards to sales.
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  #7164  
Old Posted Jun 10, 2012, 4:28 PM
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HooverDam HooverDam is offline
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Originally Posted by Vicelord John View Post
Real estate rule - condo market is the first to crash and the first to come back in regards to sales.
That doesn't seem to be the case here. The housing market is already slightly starting to come back and we don't hear anything about condos.
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  #7165  
Old Posted Jun 10, 2012, 4:33 PM
Vicelord John Vicelord John is offline
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That doesn't seem to be the case here. The housing market is already slightly starting to come back and we don't hear anything about condos.
It's the way it has historically worked.
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  #7166  
Old Posted Jun 10, 2012, 5:51 PM
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HooverDam HooverDam is offline
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Originally Posted by Vicelord John View Post
It's the way it has historically worked.
In Phx too though? Honestly I'm not old enough to remember if condos came back first after the downturn of the late 80s. It seems like phx is so single family home dominant that maybe its trends are slightly different than the rest of the country.
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  #7167  
Old Posted Jun 10, 2012, 6:01 PM
Vicelord John Vicelord John is offline
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yes, in Phoenix too. It's too early to say if this upturn will be an anomaly, but generally that's the way it works.
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  #7168  
Old Posted Jun 10, 2012, 6:51 PM
PHXflyer PHXflyer is offline
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I agree John, two units at Orpheum just sold for 20% and 30% higher than the last one bedroom sold which was in April. Way too large of an increase in too short of a time to be considered the norm, but it's a positive. Also a unit in 44 Monroe recently resold for somewhere around $180,000. I don't remember the exact number, but whatever it was, it impressed me for a one bedroom unit in an apartment building.

Sorry for the thread drift, back to CityScape
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  #7169  
Old Posted Jun 10, 2012, 10:02 PM
gymratmanaz gymratmanaz is offline
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2 big roof mounted signs are on top of CVS and the new Lucky Strike club on the NW and SW corners. They look to be possibly 2 big LED signs.

Also, they have added 6 permanent red umbrellas to the fountain area. NICE!

Also, across the street Tom's Tavern has a nice new lit up sign.
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  #7170  
Old Posted Jun 16, 2012, 3:38 AM
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HooverDam HooverDam is offline
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Just went to check out the Palomar with my girlfriend, boy oh boy, just more garbage design from RED. The exterior of the building is like what Soviet Russia would build today if they were still around. Some of the interior design isn't totally awful, but all feels half assed. The pool area is made of completely cheap materials. I leaned along the wall, looking towards Chase Field and worried I was going to break the cheap aluminum siding and wood veneer. Its really disappointing design for a place thats supposed to be a chic, urban boutique hotel. Its clear that RED doesn't 'get it'.
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  #7171  
Old Posted Jun 17, 2012, 3:27 AM
nickw252 nickw252 is offline
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I can't wait for this to be in. It's going to be bad on my finances though.



There was also a sign for Pot Belly on the east side of the building by where Vitamin T used to be.
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  #7172  
Old Posted Jun 17, 2012, 7:48 AM
HX_Guy HX_Guy is offline
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Where is Jos A Bank going in? Where Designer District used to be?
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  #7173  
Old Posted Jun 17, 2012, 1:46 PM
nickw252 nickw252 is offline
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Where is Jos A Bank going in? Where Designer District used to be?
Where ROC used to be.
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  #7174  
Old Posted Jun 17, 2012, 1:59 PM
Vicelord John Vicelord John is offline
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I can't believe either of those clothing stores thought they would survive.
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  #7175  
Old Posted Jun 18, 2012, 4:59 AM
HX_Guy HX_Guy is offline
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Originally Posted by HX_Guy View Post
Where is Jos A Bank going in? Where Designer District used to be?
On Central right by the bus stop? That's awesome, I think that's the best retail spot at Cityscape...actual street facing retails, not some plaza that no longer feels urban.

Edit: Well actually, Urban Outfitters and Charming Charlies are the best...but that spot is good too.
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  #7176  
Old Posted Jun 19, 2012, 10:18 PM
PhxER PhxER is offline
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Here's a video about Hotel Palomar
It's starts at 3:05 and goes to 7:20.
Video Link
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Fall2011 Project pictures
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  #7177  
Old Posted Jun 19, 2012, 10:30 PM
Vicelord John Vicelord John is offline
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Moloznik is such a friggin tool.
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  #7178  
Old Posted Jun 19, 2012, 11:42 PM
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PHX31 PHX31 is offline
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You can "stand up there at night and it's fully shaded"? That's amazing! The guy does seem like a major hyperbole tool.

I don't look at the Palomar as an end game. I'm hoping/thinking it contributes to a thriving downtown which in turn allows for bigger and better things to come.
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  #7179  
Old Posted Jun 20, 2012, 1:22 AM
nickw252 nickw252 is offline
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Quote:
Originally Posted by PhxER View Post
Here's a video about Hotel Palomar
It's starts at 3:05 and goes to 7:20.
"14 Floors of Residential Will be Added" at 6:10
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  #7180  
Old Posted Jun 20, 2012, 1:53 AM
alexico alexico is offline
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Originally Posted by Vicelord John View Post
Real estate rule - condo market is the first to crash and the first to come back in regards to sales.
i agree with the post above yours, the rental market is where it is at. 44 monroe is about booked and the rentals at other high end condos go very fast. (optima biltmore, one lexingtion, west 6th) the rentals go quick.

plus getting financing on a condo is very hard in today's mortgage market. very few condos are FHA approved and same with conv loan process too. a high % of condo complexes are non-warrantable so you will not be taking out a conv fannie/freddie loan due to too many behind on HOA's too many rental units vs owner occupied etc etc (even with 20% down)
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