Archive for November, 2008
Sunnyslope Home Tour This Weekend: Communing With The Soul of Sunnyslope
By: Cathleen CollinsNovember 12th, 2008
Category: All About Phoenix,Architects,Distinctive Homes,Events,Historic Homes,Modern Homes,Neighborhood News
If this were any city other than Phoenix, Sunnyslope would already be our Beverly Hills. Instead, this sleeping beauty — with its gorgeous mountain terrain, its dazzling views of downtown, its proximity to freeways, resorts, and the Central Corridor — has been dogged for decades by a lousy reputation that evolved from its days as the original Tent City, back when it was a lowly convalescent camp where the sick and dying came to soak up the sun.Founded a century ago by an architect who fell for its unique skyline and klieg-lit, hilly terrain, Sunnyslope has been kept in a continuous holding pattern by that crummy rep. It’s maintained its place as a community on the brink of significance, a place of great paradox. Its handsome, hilly landscape — which stretches from 16th Street to 19th Avenue, between Northern and Cactus Roads — has long been populated by drug dealers and hookers, undesirables whose derelict homes rest in the shadow of million-dollar hillside housing. It’s a community that’s often mistaken for a town; one that’s been home to both one of the city’s best-regarded high schools and its highest concentration of crime.
And though developers have been busy building stadiums and relocating college campuses and renovating fallen neighborhoods all over town, the denizens of Sunnyslope have been quietly rebuilding their community, one street at a time. It’s an eccentric, grass-roots effort unlike any other in the Valley, one born of necessity by this overlooked, redheaded stepchild of a borough, and funded by a corporate benefactor — a hospital, no less — that owes its very existence to Sunnyslope.
So wrote Robert Pela last year in Sunnyslopetopia, his New Times article celebrating Sunnyslope.
In the article, he interviews “the mayor of Sunnyslope” Mike Nielsen, interior designer and gallery owner, whose home you can tour this week during the Third Annual Sunnyslope Home Tour.
Here you’ll see a short history of distinguished building in Phoenix: two homes from the 1920′s, including the renovated Bohn Home — an adobe home built as a labor of love during 1928; a Mid-Century Modern ranch; and two modern homes. In addition to Nielsen’s home, the distinctive Young residence will be on display.
Mr. Young, an architect with the Woolsey Studio designed the home for his personal use. He chose Sunnyslope as the site of his home because of its magnificent views right in the city and its tolerance for creative design. No McMansions here!
When? Saturday and Sunday, November 15 & 16
Time? 9 AM to 3:30 PM. Each tour lasts approximately 90 minutes.
Where? Guided tour buses leave every half hour from Sunnyslope Historical Society, 737 E Hatcher Rd
Cost? $35 per person, benefitting the non-profit Sunnyslope Historical Society Museum. Tickets must be purchased in advance by cash or check.
Restoring a bargain-priced lender-owned home is easy – if you have cash – but a HUD 203k rehab loan makes it easy even if you don’t
This is my column for this week from the Arizona Republic (permanent link). How applicable is this idea to historic or architecturally-distinctive homes? Much too much, alas. As with the rest of the real estate market, many remarkable homes have fallen into lenders’ hands. As an example, 718 West Moreland Street, which I wrote about in April, has been repossessed by the bank. What this means is that owner-occupants can do a great deal of restoration on the way into their new trophy homes…
Last week we talked about troubled homes and how they can be restored to livability. That’s fine if you’re an investor with pockets full of cash. But what if you’re an ordinary home-buyer? How can you pick up a bargain-priced home and then refurbish it to its former homey comfort?
If you’re buying with an FHA loan, chances are the home is going to have to be at least partially restored before you can close on it. FHA loans require a more-rigorous appraisal, and any defects rendering the home uninhabitable will have to be corrected before you can proceed.
So if the range is missing from the kitchen, it will have to be replaced. If the water heater is broken, it will have to be repaired. If the pool is green, it will either have to be restored to swimmable condition or drained.
Who is responsible for these repairs? Normally, habitability issues would fall to the seller. But most foreclosure properties are sold “as-is” — take it or leave it. If you have cash, you can pay for the repairs prior to close of escrow and then move in as planned.
But what if you don’t have that kind of money?
One solution is to write your repair issues into your purchase contract. If the seller agrees to restore the pool and replace the range, you’ve dealt with the habitability problem in advance.
Another option is to take advantage of HUD’s 203k rehabilitation program. With a 203k loan the loan underwriter can attach what amounts to a construction loan onto the primary purchase loan. So you could buy a lender-owned home for $100,000 and finance an additional $10,000 to refurbish the kitchen after close of escrow. The appraiser will assess the value the home will have after the improvements have been made.
As you might expect, the fine print is extensive, but for an FHA 203k loan in Phoenix your purchase price plus rehab costs can run as high as $362,000. At 3.5% down, that’s an easy way into a nicely upgraded home.
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