Tempe tear downs bringing BIG bucks to area

Wowza. There's a few BIG projects happening in South Tempe right now.

Someone recently paid just over $730k for a home on a large lot in a snazzy neighborhood and they plan to tear it down so that they can build a 16,489 square foot home.

This isn't the first big tear down project in the area lately and another monster of a home is being built just a few blocks west of this home.

Yeah, we are seeing a bunch of money entering some of these areas with large lots.

You know what they say about land... "They aren't making any more." Good to see that people with deep pockets have been buying real estate again. :)

Tempe Condos on Ash Avenue

The Ash Avenue Condominiums are found in an area we like a lot. As one of the "oldest existing neighborhoods" around, the Maple Ash neighborhood isn't always thought of when people are looking for Tempe condos. In fact, these charming older homes are one of the biggest reasons the area is so popular with so many people

Other than having some really cool homes, Maple Ash certainly does have a lot to offer by way of its location. Close to ASU, minutes from Mill Avenue, close to freeways, job centers, the airport, the PHX Zoo and so much more.

For some, the "newer" style homes, the tile and stucco look and the low maintenance of these homes is exactly what they want.

See this video or the photos below to get a little better feel for the neighborhood.
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Here's a few more photos of the neighborhood. Please let us know if you would like any information about the Ash Avenue Condominiums or about the homes in Maple Ash and surrounding neighborhoods.

Call Tempe real estate agent Nick Bastian at 602-803-6425 for details.

What Happens in Escrow?

The main purpose of this blog is to provide information to you. In doing that, I have decided to ask people from within my industry to write an occasional "guest post" on topics that will be of interest to anyone wanting to know more about the real estate business or the real estate market in Arizona. 
Below, you will find some information about the escrow process as written by my good friend, Bill Risser from Chicago Title and Trust. I'd like to thank Bill for sharing the information with us!


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Nearly everyone has heard of ChicagoTitle Insurance Company.  But just what does the title and escrow company do in the purchase of your new home? My intent with this post is to explain the escrow side of the transaction.  We'll discuss title insurance in depth in a
future post.

An escrow is an arrangement in which a disinterested third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions. 

People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller's requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out
faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.

An escrow is convenient for the buyer and seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds and many other items, using the escrow holder as the central depositing point. If the instructions from all parties to an escrow are clearly drafted, fully detailed and mutually consistent, the escrow holder can take many actions on their behalf without further consultation. This saves time and facilitates the closing of the transaction.

The escrow process was developed to help facilitate the sale or purchase of your home. The escrow holder accomplishes this by:

• Acting as the impartial "stake-holder," or
  depository of documents and funds
• Processing and coordinating the flow of
  documents and funds
• Keeping all parties informed of progress on the
  escrow
• Responding to the lender's requirements
• Securing a title insurance policy
• Obtaining approvals of reports and documents
  from the parties as required
• Prorating and adjusting insurance, taxes,
  rents, etc.
• Recording the deed and loan documents
• Maintaining security and accountability of
  monies owed and owing.

When my son was much younger, he asked me what "escrow" was. My explanation to a 6 year old was this: One person has keys to the house being sold.  Another person has a bag
full of money to buy the house.  Each takes a hold of  the keys and the money together, but neither will let go. Each is afraid the other will run off with both the keys and the money if they let go first.  That's where escrow comes in.  The keys and the money are given to escrow, and when all the terms of the contract are satisfied, escrow hands over keys to the buyer and the money to the seller!  He immediately understood, and then proceeded to tell me that it sounded boring. 

Gotta love kids!

Nick Bastian Talks Real Estate With Fox 10

Recently, I was invited to the Fox 10 studios to talk about real estate and my business. Interviews are always kind of interesting and it is interesting to see the final, edited version. I had a really good time shooting this and want to thank Fox for the opportunity to talk about real estate with them.

Tempe's Parks and Trails - Western Canal Project

I'm thankful to live in a city that has a lot of cool stuff to do. Today, I read some more about the upcoming "Western Canal Project" in Tempe. I recall hearing about this last year and thinking, "how cool, that's right by our park!" (We often take the kids to near by Stroud Park where my "mad hoop skilz" are coming back in a big way!)
According to the City's web site, "The project will extend for six miles connecting parks, schools, and other destinations in Tempe. The project includes a path with lighting, landscaping and public art." A link to the map is here...
From the 101 Freeway, the path will link to Kiwanis Park, Stroud Park, Redden Park, Ken McDonald Golf Course, the YMCA and end near Arizona Mills Mall and the I-10 Freeway.
Basically, they are going to spruce up the canal banks and make it more pedestrian and bike friendly. I often see people on these canals now so, for ten million, I guess it better be pretty nice. :-)
Truthfully, I like the idea of the improvements and it is nice for South Tempe to get some love instead of the constant attention given to the areas surrounding the campus. Hey, I LOVE downtown Tempe but I choose to live in South Tempe. I/we feel this is a great place to raise our family and it is a rockin' location for my business as I can get to most parts of town pretty easily. :-)
One reason I like this project is because I think it will benefit our community. Another reason is that I could probably use some more exercise and this might help get me off of my rear end to take the kids on some bike rides etc. :-)

Mill Avenue District is "Growing Up."

The many new developments in Tempe are fun to watch. From Mosaic to Centerpointe to the new Monti's projet that we recently wrote about, the Mill Avenue District is really "growing up." Soon, the Valley's Light Rail system will travel right through the community. If you haven't been down there lately, you will be amazed. If you have, you can't help but notice how "alive" the area is. People of all walks of life enjoy this area. From the Arts Center to small coffee shops to million dollar condos with HOA fees in the $1100.00 per month range! :-) The park, the lake and near by hiking at "The Butte" / "A" Mountain are all things that people love as well. I found this cool video that shows some of the many existing and proposed changes in the area.Take a look!

Monti's La Casa Vieja - Times are a changin'

Last night, the latest redevelopment plan for the historic Monti's La Casa Vieja Steakhouse finally got the blessing of Tempe's Historic Preservation Commission . This latest conceptual plan will now go in front of the Development Review Commission and the City Council in the coming weeks. Sounds like Sky Harbor officials (that didn't like the height of the stadium) will also throw in their 2 cents. The location of this place has been called the gateway to Mill Avenue and will serve as kind of a breaking point for the events at Tempe Town Lake and the bustling Mill Avenue District. These two areas are separated by the light rail stop at Third Street and Mill. Once the rail line opens, this area is sure to see even more interest. Several major developments are in the works within a short distance. (I'll be writing about them in the near future)
I am personally glad that the main part of the original building will be left alone as I have enjoyed many trips to Monti's with family, friends etc. It will be interesting to watch and see what the final outcome produces. I'll be sure to let ya know..

Tempe Arts and Urban..

Our friend, Nate Hobley, joined Lori and I at the new Tempe Center for the Arts (TCA)last night for a preview of a new urban development at Mill and Ash called Mosaic. We were very impressed with the new arts center and with the plans for Mosaic which will be built above a Whole Foods Market. Along with previews of the TCA and tons of information about the new project, the evening was filled with good food, drinks, entertainment and a very enthusiastic message from Hugh Hallman .(Tempe's Mayor)

Several other politicians were present and I had the good fortune to run in to my old friend (former High School coach) Ben Arredondo who is a long time member of the Tempe City Council.

There was a lot of excitement, even for a "dreary" real estate market, concerning the future potential for creating an "urban" feel and life style in down town Tempe. This will be an interesting market to watch and to be a part of. We have started watching these properties very closely. If you should ever want or need any information.. "Just Call Nick!"