Archive for September, 2007

AZ Central – $2.2 million in Paradise Valley

Sept. 25, 2007 05:11 PM

$2.2 million – The Holm Group Represented Mr. Reese w/ this purchase.

Caleb F. Reese purchased a $2.2 million, 4,064-square-foot home with pool originally built in 1983 at Clearwater Hills west of the Paradise Valley Country Club in Paradise Valley. The home was sold by Judith M. Gieszl-Jesman, as trustee of the Judith M. Gieszl Trust. $2.0 million

Jeffrey B. Perlmeter, as trustee of the Jeffrey B. Perlmeter Living Trust, bought a $2 million, 4,292-square-foot home with pool originally built in 1997 south of the Desert Highlands Golf Club in Scottsdale. The home was sold by John and Elizabeth Shaffer.  

$1.93 million

Dennis Raschke, as trustee of the Dennis Raschke Marital Trust, purchased a $1.93 million, 4,638 square-foot home with 450 square-foot pool originally built in 1997 at Scottsdale Mountain in Scottsdale. The home was sold by Vincent M. Coleman, as trustee of the Maurice Enterprises Living Trust.$1.78 million

Robert and Christina Goodman purchased a new $1.78 million home at Mirabel Village in Scottsdale. The home was sold by Montecito at Mirabel Development LLC. $1.77 million

Christopher & Stephanie Wilson bought a new home at Saguaro Estates on the southern edge of Camelback Golf Club in Scottsdale. The home was sold by Toll Brothers Arizona Ltd.  

If you are a looking for a custom home in Arizona click here.

Republic News Source – KB offers ‘Disney’ homes

Republic news source
Sept. 26, 2007 08:50 AM 

KB Home and Disney Consumer Products announced a unique collaboration offering Disney Home product options to KB Home homebuyers. Disney Home products will be offered at KB Home Studios, the retail-like design centers in which KB Home homebuyers select options to personalize their new homes, beginning in 2008.

“We are honored to be teaming up with Disney, an industry leader who shares both our passion for quality and our commitment to families,” said Jeffrey Mezger, president and chief executive officer of KB Home.  “Our built-to-order business model is all about choice, and together with Disney we are offering even more options for the whole family.”Beginning in 2008, homebuyers will be able to create custom Disney rooms in their own new homes by selecting among the many Disney options to be offered at KB Home Studios. Options may include flooring, window coverings, lighting and more. Designs will feature many of the popular Disney characters and franchises.

“This collaboration reinforces Disney’s place in the hearts and homes of our customers, while further positioning Disney Home as a leading lifestyle brand,” said Pamela Lifford, executive vice president, Global Home for Disney Consumer Products.

“We’re excited about the opportunity to showcase Disney Home products in KB Home Studios across the country.”


www.theholmgroupaz.com

AZ Central – PV home sells for $3.1 million

Sept. 25, 2007 05:03 PM

Two attorneys, a luxury home builder, a former president and chief operating officer of Phelps Dodge Corp., and the chief operating officer of PF Chang’s China Bistro are among the buyers and sellers in this week’s priciest home sales.$3,100,000
Bramasole LLC, a Colorado limited liability company whose agent is Matthew T. Gehrke, an attorney and partner with Eagle Custom Builders of Lakewood, Colo., purchased a 4,718-square-foot home with pool originally built in 1970 north of the Phoenician Golf Club in Paradise Valley. The home was sold by Samuel & Emily Fox.

$3,000,000 Arthur H. Ditto of Gig Harbor, Wash., as trustee of the Arthur H. Ditto Trust, purchased a 5,433-square-foot home with pool originally built in 1995 within the Los Caballeros Golf Club in Wickenburg.The home was sold by Reginald R. Badowski, as successor trustee of the Potter survivor’s trust. Reginald Badowski is a CPA in Wickenburg.

$3,000,000 Thomas R. Farino Jr. and his wife, Patricia, paid cash for a 5,902-square-foot home with pool originally built in 1997 near southern end of Troon-North Monument Golf Course in Scottsdale. Thomas Farino is an attorney in Jamesburg, N.J., who specializes in land use and zoning. The home was sold by Leonard R. Judd and Gloria D. Judd of Helena, Mont., as trustees of the Judd Revocable Trust. Leonard Judd served as president, chief operating officer and director of Phelps Dodge Corp.

$2,440,000 Richard K. Tasman bought a 5,074-square-foot home with pool originally built in 2001 at the southwestern edge of the Country Club at DC Ranch in Scottsdale. Rick Tasman is the chief operating officer of PF Chang’s China Bistro. The home was sold by Salvatore Fratantoni and Josephine Fratantoni, as trustees of the Fratantoni Family Trust.

$2,400,000 Edward Boyd Lane and Donna Mary Lane, as trustees of the Lane Living Trust, purchased a 6,724-square-foot home originally built in 1936 on the west edge of the Phoenix Country Club. Edward Lane is the founder of E.B. Lane Advertising and Public Relations in Phoenix. His son, Beau, is the current president and CEO of the company. The home was sold by Christine Burton.

Researched by John McLean and the Information Market.

Some other Arizona communities you might want to check out:

 

Pinnacle Peak Country Club     

Artesia Scottsdale Coming Soon – Call for availability

Artesia’s 480 homes and 22,000 sqft of retail space are going to be available soon.

 

Artesia’s gated residential community will include 329 single-story homes, 52 town homes and 90 brownstones.  Homes will range from 900 sqft to over 3000 sqft in a variety of floor plans.  Prices have yet to be set for this community.  You can be one of the first to get in by calling The Holm Group at 480-206-4265.

 

Community Features Include:

·         A state of the art clubhouse with: theater, evens and game rooms, and a lagoon-style lounge

·         A recreations center to include: cardio and weight machines, yoga – aerobics room, and more

·         Park and garden style landscaping throughout the community

·         10 miles of sidewalks and trail loops

·         A pet spa and boutique

·         Gated vehicle entry

Artesia is going to be a wonderful new community.  If you would like to see or would like additional information on this community call Andrew at 480-206-4265.

 

www.theholmgroupaz.com

East Valley Tribune – McCormick Ranch complex to become condos (Artesia)

John Yantis, TribuneScottsdale’s first high-end master-planned community is undergoing some nips and tucks as it adjusts to those interested urban living.A project to turn an aging office complex in McCormick Ranch into 36 upscale condominiums is one of the first major residential redevelopments in what was once the largest master-planned area on a single piece of property in the United States.

International Capital Partners, a Scottsdale-based real estate investment company, plans to build nine two- and three-story buildings that will be mission-style residential villas next to the Paseo Village shopping center at McCormick Parkway and Hayden Road. It will take the place of an office building where tenants have included dentists and other services.

Called Veritas at McCormick Ranch, the project on Via Paseo Del Norte, is one of a handful being undertaken in the community. Developer Tom Donahue hopes to capitalize on the community’s changing demographics and McCormick Ranch’s central location between downtown and north Scottsdale.

“We looked at it as though there’s significant opportunity to upgrade a portion of that area,” he said. “It’s started to make that transition where it was an older neighborhood . . . and now you have a lot of younger people that are working in Scottsdale or even in downtown Phoenix and they’re finding that McCormick Ranch is really the destination place they want to live. What we’re trying to do is meet that demand both for the younger population, the working generation if you will, but even as well as for what we consider the active adults, those that want to be in close proximity where they can walk to shopping and other services.”

At 30 years of age, it is not unusual to have buildings and sites be redeveloped, said Don Hadder, a longtime city planner.

“We have seen buildings much younger get torn down and replaced,” he wrote in an e-mail. “Market conditions have changed, demographics in the area have changed, and user expectations have changed. Redevelopment is a natural process for cities and is a sign that the community is alive and adapting to changes.”

McCormick Ranch was built in phases during the 1970s. The original master plan for the part of the ranch south of Via De Ventura was approved in 1971.

There are two redevelopment areas in the works in the community, Hadder said. Paseo Village is being redone and the former 44-acre Radisson Hotel site near the corner of Indian Bend and Scottsdale Road is already home to an office building and there is more development planned for the site.

Scottsdale -based Starpointe Communities is planning to start demolition of the hotel soon to make way for Artesia, a project of 480 condominiums and 22,000 square feet of shopping space.

Artesia’s gated residential area will include 329 one–story residences, 52 town homes, and 90 brownstones.

Construction will begin in about three months with some units ready in winter 2007. The entire project will completed in the fall of the 2010.

Starpointe also plans Corriente, a condominium project that will go on the former site of a Holiday Inn resort east of Scottsdale Road on Indian Bend Road. Construction has started and completion is scheduled for fall 2008. The project consists of eight 3-story buildings.

Donahue’s project has been approved by the City Council and the McCormick Ranch Property Owners Association. The investment company will seek design approval from the city’s Development Review Board during the next few weeks and construction will take about a year.

“We think it’s great,” said Garth Saager, association executive director. “It’s in a residential area.”

Unlike some real estate players, Donahue said he’s not worried the market is oversaturated with condos.

“You have a lot of apartment complexes that have been retrofitted to condominium use and we believe there is an over-building situation of that,” he said.

“When you’re looking in core areas, core downtown areas, you still have a large demand for urban living. It gets back to location, location, location.”

McCormick facts

McCormick Ranch was started in 1942 by Merle Chaney and sold to Anne and Fowler McCormick in the mid-1940s. It was the last large ranch located in Scottsdale.

• Fowler McCormick was president and chairman of the board of International Harvester. Anne McCormick was attracted to the area because of the dry climate.

• The original purchase consisted of 160 acres purchased primarily as a winter home for the McCormicks. Anne, whose main interest was raising horses, purchased some palominos and started a breeding program. In order to have more riding area, she started acquiring adjacent land.

• Upon Anne McCormick’s death, the horses and the ranch were sold. Probate was completed in July of 1970 with the sale of 4,236 acres to Kaiser-Aetna for $12.1 million.

• Scottsdale city planner George Fretz was hired by Kaiser-Aetna to produce a master plan for the Ranch. It was the largest single piece of property sold for a planned community within city limits in the United States. Today McCormick Ranch contains 3,116 total acres.

• Kaiser-Aetna sold the remaining undeveloped acreage to Transcontinental Properties in 1980. Transcontinental then sold 1,120 acres to Markland Properties. Today, those 1,120 acres are known as Scottsdale Ranch.   www.theholmgroupaz.com

AZ Repulbic – Desert Ridge reflects city’s emphasis on density, height

Michael Clancy
The Arizona Republic
Sept. 24, 2007 07:47 PM
 NORTHEAST VALLEY –

Phoenix planners have seen the future, and it looks a lot like Desert Ridge. With a new citywide emphasis on density and height to accommodate ongoing growth, the northeast Phoenix master-planned area seems to fit the bill perfectly.

When complete, nearly half of all the residential units in the 5,700-acre area will be what Phoenix considers “multifamily units.”  These include rental apartments, condominiums, townhouses and other buildings that hold housing for more than one family.The units are spread throughout the area, although the biggest are concentrated in the so-called core of the Desert View Village planning area at Tatum Boulevard and Deer Valley Drive.

At that location, four complexes are in the works.

• Shade, a rental apartment complex on the southwestern corner of Deer Valley and Tatum, has 342 units and is 92 percent occupied.

Gray Development Co. owns property on the northeastern corner, where almost 900 units are approved.

Toscana at Desert Ridge, east of the Gray property, will have more than 1,500 units when done.

CityNorth, under construction east of Desert Ridge Marketplace, could have as many as 1,500 units.

Adding in additional apartment blocks along 56th Street and in other parts of Desert Ridge, the Specific Plan for the area counts between 10,000 and 11,000 multifamily units for the area.

Nowhere in Phoenix has a concentration of multifamily housing like Desert Ridge, although the comparisons can sometimes be hard to make.

The units in the northeast Phoenix community are plentiful and upscale, and so far, they appear to be selling well.

Ranging in price from about $250,000 to $500,000, the units are purchased by a variety of people who in many ways reflect the changing demographics of the city and the nation.

There are plenty of them.

24,000 housing units planned

At least 10,000 multifamily units ultimately will be built in Desert Ridge, nearly half of the 24,000 homes that will stand there once development is complete. City planner Alan Stephenson says it is too soon to estimate the number, because developers often are provided flexibility to build different kinds of units.

Terry Feinberg, president of the Arizona Multihousing Association, said Desert Ridge is a special case, where land prices and desirability of the area drive the need for multifamily dwellings.

The basic economics dictate that, he said. If land sells for $1 million per acre, as land in Desert Ridge has, a developer can put up a smaller number of high-priced single-family homes or, if allowed, a larger number of lower-priced condos.

Feinberg, whose organization represents rentals, said most people make a choice to rent or live in a condo. It all has to do with location, amenities and low-maintenance.

Desert Ridge appeals because it is situated along a freeway, Loop 101, and is part of an upscale section of the Valley.

Seasonal visitors, professionals Jay Butler of Arizona State University’s Arizona Real Estate Center said most units of the type being sold at Desert Ridge or nearby Kierland are being picked up by higher-end customers, including seasonal visitors, well-off professionals who do not have children, or empty-nesters, those whose children have grown and left the home. Sometimes the units are part of mixed-use developments, which offer retail and office uses as well as private homes.

“That is the craze nowadays,” Butler said. “There is no evidence people really want that.”

Evidence or not, the units appear to be popular.

Shade, a 342-unit apartment complex across the street from Desert Ridge Marketplace, has rates ranging from $915 to $1,745 a month. It is more than 90 percent occupied.

Toscana, a 1,500-unit complex, is being built as it sells, so its 358 sales represent close to 100 percent occupancy. The units there go for amounts ranging from $250,000 to $375,000.

“Density is an expensive lifestyle,” said Butler, adding that none of this housing is within reach of average working people.

Stephenson, the city planner, said Desert Ridge represents what the city would like to see at all 15 of its village cores.

He said Desert Ridge is hard to compare with other parts of town, which were not master-planned in the same manner.

“This is an area where the city expects the most intensity,” he said, including commercial and residential locations.

He said the city has seen and promoted “a change in development styles” where village cores have taller buildings, more residents and more businesses, including retail, office and hotel properties.

The Bucks, a Canadian couple who spend winters in the area, bought a place at Toscana and love the area.

“There is plenty to do right outside our door,” Bruce Buck said.  

If you are looking for a home in the Desert Ridge area click here..

AZ Republic – Developers pull out all stops to lure Montelucia buyers

Diana Balazs
The Arizona Republic
Sept. 25, 2007 06:31 AM 
 

Only at the Montelucia Resort, Spa & Residences, an InterContinental Resort in Paradise Valley, would visitors be chauffeured in luxury to the project’s construction site in a Mercedes Benz SUV. Developer Robert Flaxman is sparing no expense when it comes to the high-end project rising southeast of Lincoln Drive and Tatum Boulevard.

That includes a comfortable ride to check out the progress of construction.  The $260 million project is a controversial one. It has fueled a continuing debate about resort redevelopment and whether the inclusion of smaller resort residential units is good or bad for a town that cherishes its 1-acre residential zoning.Many residents question Montelucia’s density, from its architectural design to the height and spacing of its buildings, especially the project’s 34 luxury resort villas, which line the Tatum/Lincoln corner.

Montelucia has become the example by which all other town resort projects are now being judged. And that scrutiny has slowed down approval of such projects as the redevelopment of the Mountain Shadows Resort and the proposed construction of a new Ritz-Carlton.

Town leaders are taking their time so as not to avoid the mistakes made with the approval of Montelucia.

Flaxman, president and chief executive officer of Crown Realty & Development Corp., urges residents and town leaders to be patient as Montelucia moves forward, likening its early construction stages to a gawky teenager waiting to blossom.

Rick Carpinelli, Crown’s senior vice president of development, echoes those sentiments and promises a beautiful project.

“We’ve spent hours working with our design consultants so we have the benefit of knowing all the details,” Carpinelli said.Developer: Tour reactions good In April, Crown invited residents to tour the construction site. The reaction was favorable, Carpinelli said.“We’re really getting some very positive feedback on the appearance of the resort. We haven’t had the opportunity to bring many people back into the resort portion of it. We’re going to be doing tours again this fall in November,” he said.

Eight of the 34 villas remain unsold. One of them will open as a model home in late October so potential buyers can see the finished product. The villas are priced in the low $2 millions.The various exterior finishes for the villas are taking shape right down to the colorful hand-painted Spanish tile on the walls.

“The level of finish and detail that the villas have surpasses any of the new construction that is out there available. People will be impressed,” Carpinelli said.Site of former La Posada Resort Montelucia is being built on the site of the former La Posada Resort, 4949 E. Lincoln.Demolition began in January 2006. Construction of the foundation for the resort lodge building started in March 2006, and the first residential villa began taking shape in June 2006.

Vratsinas Construction Co. is the resort contractor, while Rowland Companies is building the guest rooms, and Rowland Luxury Homes is responsible for the resort villas, Carpinelli said.

The project’s completion is set for spring 2008. A grand opening date has not been announced, although Montelucia is already taking bookings.

Trees from Mountain Shadows In addition to the building construction, landscaping is going in along the resort’s perimeter. Some of the larger trees were transplanted from Crown’s other resort property – Mountain Shadows at 56th Street and Lincoln.Carpinelli rattled off some of the plants being used such as olive, ironwood, paloverde, ocotillo, saguaro, and low-lying shrubs. Six hundred fifty trees, including mature palm trees, are being salvaged and transplanted on the site. Another 500 trees on site have been left in place, while hundreds of new trees are being brought in and planted, he said.

Crown also is making offsite improvements, including adding a turning lane from Tatum and a de-acceleration lane on Lincoln to enter the property.

Carpinelli tours the site nearly everyday to check on construction and is amazed at the pace of the work.

“Everyday it changes out here. Everyday, I’m out here and I’m trying to find out how to walk around and how to get somewhere,” he said.  

 If you are looking for a home in Montelucia or in Paradise Valley click here:

PV HOMES FOR SALE

AZ Republic – Phase 1 work begins on 28 acre Scottsdale Quarter

Peter Corbett
The Arizona Republic
Sept. 21, 2007 12:00 AM 
 

It has been called Kierland Uncommon, Scottsdale Crossing and now Scottsdale Quarter. But by any name, the 1.2 million-square-foot mixed-use project directly east of Kierland Commons is under way. George Melara, a principal with Nelsen Partners, one of the project’s architects, said some of the initial work on utilities and excavation will begin this week southeast of Greenway Hayden Loop and Scottsdale Road.

Scottsdale Quarter will include restaurants, shops, offices, condominiums and a hotel. A cinema will feature six 40-seat theaters with reserved, leather seating and a lounge.  The 28-acre project will be similar to Kierland Commons, which Nelsen Partners designed, but with improvements and more diverse architecture, Melara said.Completion of the first phase is targeted for fall 2008, he said.

The Wolff Co. and Vanguard City Home are developing Scottsdale Quarter. Glimcher Realty Trust will lease and operate the retail-and-office component.

Research is still going on at the Dial Innovation Center in Scottsdale and will continue as the first phase of a shopping-and-office complex is built over the next year.

Developers of the Scottsdale Quarter have started boxing trees and preparing the 28-acre Dial site for construction.

“This is about creating a place,” Melara said. “When it gets done, there will be some similarities to Kierland, but the architecture is totally different.”

Scottsdale Quarter is the latest mixed-use project at what is becoming a crowded list of fledgling projects in the northeast Valley, such as:

• CityNorth, a 144-acre development that the Thomas J. Klutznick Co. has started work on northwest of 56th Street and Loop 101. A Nordstrom department store is an anchor tenant.

• Palisene, a 72-acre project that Westcor is planning northwest of Loop 101 and Scottsdale Road. A tract of state land that Westcor wants for the project is up for auction Oct. 29.

Building off success The intent of Scottsdale Quarter is to build off Kierland’s success of creating an urban shopping feel in a suburban setting.

“We’re creating a district that Kierland is a part of,” Melara said.

There will be more variety in the architecture, and the buildings will have a feel of evolving over time, he said.

The Scottsdale Development Review Board approved plans for the project in late August. The first buildings will be constructed around the Dial Innovation Center, which will continue its research until the fourth quarter of 2008.

Dial spokeswoman Natalie Violi said Dial is scheduled to move into its new headquarters by November 2008.

Dial’s research center was one of the Scottsdale Airpark’s first large corporate facilities when it opened in 1976. It will be razed after the researchers move out.

Phase 2 after Dial is gone

That will allow development of the second phase at Scottsdale Quarter. The second phase will include additional shops and restaurants, and an urban park with date palms that will be a focal point of the development. A third phase will include roughly 240 condominiums and a hotel of 120 to 150 rooms.

The buildings will range from 30 to 60 feet in height, with the taller buildings set back from Scottsdale Road.

As planned, Scottsdale Quarter will include about 365,000 square feet of retail and restaurants, 246,000 square feet of offices and 408,000 square feet of condos.

AZ Central – 10,000 multifamily units planned for Desert Ridge area

Michael Clancy
The Arizona Republic
Sept. 19, 2007 06:24 PM 
 

Phoenix planners have seen the future, and it looks a lot like Desert Ridge. With a new citywide emphasis on density and height to accommodate ongoing growth, the northeast Phoenix master planned area seems to fit the bill perfectly.

When complete, close to half of all the residential units in the 5,700-acre area will be what Phoenix considers “multifamily units.”  These include rental apartments, condominiums, town houses and other buildings that hold housing for more than one family.The units are spread throughout the area, although the biggest are concentrated in the so-called “core” of the Desert View Village planning area at Tatum Boulevard and Deer Valley Drive.

At that location, four complexes are in the works.

• Shade, a completed rental apartment complex on the southwest corner of Deer Valley and Tatum, has 342 units, and is more than 90 percent occupied.

• Gray Development Co. owns property on the northeast corner, where almost 900 units currently are approved.

Toscana at Desert Ridge, east of the Gray property, will have, when completed, more than 1,500 units.

CityNorth, currently under construction east of Desert Ridge Marketplace, could have as many as 1,500 units.

Adding in additional apartment block along 56th Street and in other parts of Desert Ridge, the Specific Plan for the area counts between 10,000 and 11,000 multifamily units for the area.

Altogether, the Specific Plan calls for less than 24,000 homes overall.

“Density is a big part of the growth solution,” said Terry Feinberg, president of the Arizona Multihousing Association. Considering land costs and infrastructure demands, “it is the only way to be efficient.”

Changing demographics

Ranging in price from about $250,000 to $500,000, the units are purchased by a variety of people who in many ways reflect the changing demographics of the city and the nation. There are plenty of them.

At least 10,000 multifamily dwelling units ultimately will be built in Desert Ridge, close to half of 24,000 homes that will stand there once development is complete.

City planner Alan Stephenson says it is too soon to estimate the number, however, because developers often are provided flexibility to build different kinds of units.

Feinberg, president of the Arizona Multihousing Association, said Desert Ridge is a special case, where land prices and desirability of the area drive the need for multifamily dwellings.

The basic economics dictate that, he said. If land sells for $1 million per acre, as land in Desert Ridge has, a developer can put up a smaller number of high-priced single-family homes or, if allowed, a larger number of lower-priced condos.

Feinberg, whose organization represents rentals, said most people make a conscious choice to rent or live in a condo. It all has to do with location, amenities and low-maintenance.

Desert Ridge appeals because it is situated along a freeway, Loop 101, and is part of an upscale section of the Valley.

Jay Butler of Arizona State University’s Arizona Real Estate Center, said most units of the type being sold at Desert Ridge or nearby Kierland are being picked up by higher end customers, including seasonal visitors, well-off professionals who do not have children, or empty nesters, those whose children have grown and left the home.

Sometimes the units are part of mixed-use developments, which offer retail and office uses as well as private homes.

“That is the craze nowadays,” Butler said. “There is no evidence people really want that.”

Evidence or not, the units appear to be popular.

Shade, a 342-unit apartment complex across the street from Desert Ridge Marketplace, has rates ranging from $915 to $1,745 a month. It is 92 percentoccupied.

Toscana, a 1,500-unit complex, is being built as it sells, so its 358 sales represent close to 100 percent occupancy. The units there go for amounts ranging from $250,000 to $375,000.

“Density is an expensive lifestyle,” Butler said, adding that none of this housing is within reach of average working people.

Stephenson, the city planner, said Desert Ridge represents what the city would like to see at all 15 of its village cores.

He said Desert Ridge, being built from the ground up, is hard to compare with other parts of town, which were not master planned in the same manner.

“This is an area where the city expects the most intensity,” he said, including commercial and residential locations.

He said the city has seen and promoted “a change in development styles” where village cores have taller buildings, more residents and more businesses, including retail, office, and hotel properties.

The Bucks, a Canadian couple who spend winters in the area, bought a place at Toscana and love the area.

“There is plenty to do right outside our door,” Bruce Buck said.   www.theholmgroupaz.com 

Yahoo Finance – A big payoff in the tiniest room

Friday September 7, 10:25 am ET
By Josh Garskof, Money Magazine contributing writer

Adding a new bathroom will enhance your quality of life – and the value of your property – like few other home improvement projects will. Put in a master bath, and you won’t have to take turns with the kids every morning. Install a powder room, and dinner guests won’t have to traipse through your private terrain.

While you can’t count on recouping the cost of any upgrade right away in today’s weak housing market, over the long term adding a bathroom can boost your home’s value by some 20 percent, says Paul Emrath, an economist at the National Association of Home Builders

.
Of course, there’s also almost no limit to what you can spend on a bathroom. “It’s easy to get to $50,000, $100,000 or beyond for a new master bathroom,” says Todd Polifka, CEO of Vision Remodeling, a contractor in the Twin Cities area. The more you get carried away, the more remote your chance of a big return. So keep these principles in mind.
Make up for your biggest shortfalls
Simply put, you’ll get the biggest bump from adding a new bathroom if you have too few to start with, according to Emrath’s analysis of 2005 Census statistics for 60,000 homes across the country. Another time it pays off is when you have far fewer bathrooms than bedrooms.
A bonus bathroom can also reward you handsomely in a two-story home. Buyers look for a minimum of one bathroom on each floor of a house, says realtor Debra Kandrak of William Raveis Real Estate in Fairfield, Connecticut. “People want at least a powder room on the first floor, no matter how many bathrooms are upstairs,” she says. That bathroom-on-every-floor bias also applies to finished attics and basements.
Don’t get ahead of the neighbors
If you want to recoup your investment, stick with what’s normal in your neighborhood. “On some blocks, master bathrooms are expected. On others, they are nonexistent,” says Omaha appraiser John Bredemeyer. “If you add a third bathroom in an area where homes have 1-1/2, you may not get your money back.”
You don’t have to knock on neighbors’ doors to ask how many bathrooms they have. Troll real estate listings, or try looking up those details in public tax-assessment records at town hall or the county tax office – and quite possibly via a government Web site.
Or you can plug in your address at the house-valuation Web site zillow.com, and then click around on the resulting map to get the public statistics about your neighbors. (Look at plenty, since the stats may not all be up-to-date.)
Use what you’ve got
One of the best ways to keep a lid on the price is to tap your house’s existing space. Building an addition to accommodate a new bathroom means pouring a foundation and constructing a roof, bringing the cost to a minimum of $200 a square foot, according to appraiser Bredemeyer.
But if you can add the bathroom without putting on an addition, you can cut that cost to as little as $100 a square foot. If you avoid building new walls by using a spare room, walk-in closet or under-the-staircase niche, you could save another $3,000 to $5,000. And try to stay close to existing plumbing lines. Otherwise, running four-inch drainpipe through floors and walls can easily increase your budget by $4,000 to $5,000.
Don’t go overboard
The biggest factor in your bathroom’s price tag, of course, will be the materials and fixtures you choose. You can get a perfectly good faucet for $100, or you can install a $3,000 showpiece; simple porcelain tile that’s $5 a square foot or translucent glass tile at $25; a tub-and-shower combo ($1,000 to $3,000) or a separate soaking tub and a walk-in shower ($2,000 to $5,000).
Suit your own tastes, but also remember that when you sell not every buyer will be enamored of an effervescent air-jet tub.
And, once again, let neighborhood standards be your guide, so you don’t overshoot what buyers will be willing to pay someday. “Then again, if you’re going to be enjoying the bathroom for many years before you sell, don’t hold back,” says Bredemeyer. “Do what will make you happy.”

If you are looking for a home in Arizona click here:
http://www.theholmgroupaz.com


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