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The home is situated at the back of the complex away from Osborn Road, on a common half-acre, very quiet and private. It has been carefully remodeled with special effort made to preserve the mid-century modern architecture and interior details.
In the kitchen and bathrooms, the original tile, cabinets, bright chrome hardware, ceiling lights & exhaust fans, & deco fluorescent lights have been preserved. The enormous ballroom-size living room, perfect for entertaining, has a monolithic fireplace, huge south-facing clerestory windows, 11-foot ceilings, and large arcadia doors opening to a 400-sf brick patio with two enormous eucalyptus trees. The formal dining room is delineated by original raw steel, structural poles, includes a very large, Asian style, original wall mural, and retains the original built-in, blonde-wood china cabinet. A similar built-in is repeated in the master bedroom.
The home has excellent natural light through its clerestory and transom windows. It has an open & spacious floor plan, with a large kitchen and breakfast bar opening to a roomy den. There are two large bedrooms (master is 15 x 25) with walk-in closets. The home is constructed on a conventional footing and 4-inch slab, which sits on an additional, underlying 6-inch slab, providing above-average stability.
Finish upgrades are substantial:
- all new appliances, filtered water & additional lighting in kitchen
- numerous new light fixtures & Ellington ceiling fans correct to period
- very large wood-burning fireplace sheathed in 1-inch mosaic tile
- architectural grade window screens throughout, 5% light/ 95% privacy
- solid bamboo floors throughout with Sisal Berber carpet in the bedrooms
- 5-inch baseboards throughout the home
- stainless steel electric plates & light switches; new aluminum AC registers
- new front door & fluted glass sidelights; same fluted glass repeated in master bath
- sliding slab door to master bath; new master BR patio cover and landscaping.
Structural/mechanical/electrical upgrades:
- new 25-year, dimensional shingle roof with necessary truss and fascia repairs
- new 200-amp electrical panel and new wiring to sub-panel
- new air conditioning, 7 tons total; all AC ductwork flushed & cleaned
- R30 additional insulation blown into attic
- foundation slab checked & treated, with two-year termite warranty in place.
The property has a desirable midtown location adjacent the Phoenix College Campus and very close to St. Joe's Hospital. There is great neighborhood shopping within � mile. This home offers the best of both worlds: a single-family home on irrigated acreage combined with maintenance-free, lock-and-go, condo convenience. The Nonpareil community is small, friendly, and many of its residents are downtown professionals.
Financial/market analysis:
The renovator of Nonpareil Unit 120, formerly an appraiser for 15 years who has valued over $750 million in commercial and residential real estate, offers the following market analysis:
"The home is unique in the Nonpareil condo project, because it is a 2400-SF, detached single family home situated on a common half-acre, while the other condos in the project average about 1000 SF and are attached. Therefore, the freestanding Unit 120 should be compared to renovated, single-family homes of similar size in the Campus, Willo, and North Encanto districts. Renovated homes in these districts have stabilized at about $250/SF after recent market corrections. This suggests an unadjusted starting point of� 2400 SF x $250 or $600,000 for Unit 120."
"Unit 120 is part of a group of smaller attached condos, which is considered an inferior characteristic compared to single-family homes located in neighborhoods of other detached homes. This puts downward pressure on the market value of Unit 120, supportable at approximately -30%, indicating an adjusted vale of $420,000. However, Unit 120 enjoys essentially private use of over a half-acre of heavily treed, irrigated common grounds at the rear of the complex. This factor is considered superior to comparable single-family homes in the area, which typically sit on no more than a 7000 to 10,000 SF lot, indicating an upward adjustment of approximately 10%. The adjusted value indication is $462,000. This equates to $192.50 per SF, which is supportable in the current, downwardly corrected market."
"A higher value should be realizable as the residential market continues to stabilize over the next two to three years, when the current oversupply of housing and new units under construction is absorbed. This is a reasonable projection, given the excellent condition of the metro-Phoenix job market with no foreseeable recessional factors, combined with the cumulative effect of several positive factors affecting downtown: ASU campus and St. Joe�s Hospital expansion, the Bio-Medical Industry, Metro Light Rail, and the continual influx of approximately 120,000 new residents annually into Metro-Phoenix, creating demand for 50,000 to 60,000 housing units each year. Add to this the urban migration of young professionals and empty-nester baby boomers, and Nonpareil Unit 120 emerges as a significant value for the investor with foresight."
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