Tag Archives: ed lewis


Carefree approves $45M luxury downtown condo project

Carefree further strengthened its image as one of Arizona’s emerging residential and commercial development areas with the approval by the Town Council of Easy Street, a $45 million project of luxury condominiums in the downtown Carefree area by developer Ed Lewis.

Mr. Lewis, through his Scottsdale-based Butte Companies, recently developed The Landmark ultra-luxury urban condominiums in Kierland, and has a history for pioneering unique developments that combine high-service luxury with the convenience of a pedestrian friendly location.

The forty-nine new luxury residences along Easy Street will offer a complete lifestyle package along with a variety of spectacular mountain views just steps away from the Carefree Desert Gardens and the Town Center. Residents will be adjacent to the best of Carefree’s numerous amenities.

“We view the Easy Street development to be an outstanding residential option for the residents of Carefree as well as residents from throughout the entire desert foothills area,” said Carefree Mayor Les Peterson. “Our Council, in keeping with the wishes of the town’s residents, has been careful to preserve Carefree’s unique lifestyle and image. The Easy Street development fits in beautifully with the Town and our vision for its future.”

Steve Betts, a development expert contracted by the Town of Carefree, echoed Mayor Peterson’s comments. “The Easy Street development represents a milestone in Carefree’s development,” said Mr. Betts. “Ed Lewis was among the first to identify and capitalize on the attractive Carefree area, joining Toll Brothers and Keystone Homes with residential developments in close proximity to the downtown area. The impact of Mr. Lewis’s development sets the stage for dramatic additional commercial projects such as a complementing boutique hotel, additional restaurants, retails shops and micro-breweries.”

“Easy Street provides a very attractive option for people desiring a quality lifestyle close to the many amenities of a downtown area but still in the desert foothills area,” said Ed Lewis. With the approval received last evening from the Town Council, Mr. Lewis stated that pre-sales for the Easy Street project will commence immediately, with available occupancy planned for the fall of 2017.

real estate - Arizona Business Magazine May/June 2012

Real Estate Trading Trend Is Paying Off

Home builders, sellers and buyers say, ‘I’ll trade you’

An emerging real estate trend is paying off for some Valley companies.

For The Landmark in Scottsdale, real estate trading has accounted for almost 20 percent of its sales the past 12 months. The average list price for the trade homes: $1,100,000.

“We had a buyer prospect who told our sales team, ‘I want this condo and I would buy it in a heartbeat, but I need to sell my home first,’” says Kirsten Brown, vice president of Butte Companies. “We didn’t want to lose that excitement and timing is everything when a buyer is in the heat of the moment. (Butte Companies’ owner, Ed Lewis) asked the location of their home and how much is it was listed for. The dialogue opened and grew from there. That’s where the general concept of trading came from for us.”

The trading concept is especially beneficial for buyers with a singlefamily home, vacation home, or lots they need or want to sell before they make another purchase.

The concept is simple: Buy my house and I’ll buy your house. The exchange takes place on the same date via a simultaneous closing. The sales are contingent upon each other. Since contracts require a closing on the same date for both properties, the bank will not use the monthly payment from the client’s current mortgage as a liability, nor will it use the old mortgage balance in total loan to value ratios. Having fewer liabilities helps the client qualify for the new loan and negotiate better mortgage terms.

Fulton Homes touts its trade-in program with this slogan on its website: “Why stay in an old home when you can trade up to an energy efficient Fulton Home?” It took the trade movement a step further with a Super Bowl ad.

“Fulton Homes saw great response in the heightened level of interest (in the trade-in program),” says Doug Fulton, CEO of Fulton Homes. “It was definitely a touchdown.”

With the local housing market struggling for the past few years, homebuilders have struggled to find innovative ways to find buyers. While trading has been labeled as simply a marketing gimmick by some critics, Brown says it fills a need in the current economic atmosphere.

“Many buyers don’t want to put their home on the market and face the reality of today’s prices or others simply don’t want the hassle of open houses every weekend in their home disrupting their life,” Brown says. “This resolves those concerns and many more. When we make an offer for a trade deal, we don’t focus on the price of our home or the value of their home, we simply discuss the difference in the price between the two. Once that is agreed upon, the rest falls into place.”

If trading is a trend, it doesn’t appear to be one that is going away any time soon.

“The concept is gaining momentum as is exemplified by the ARMLS recent board decision to add a tab in all online MLS listings that allows an agent to list and/or search for ‘trade’ properties in order to pair up your clients willing to trade with those homeowners looking to trade,” Brown says. “This was just implemented in the last nine months by ARMLS, so that to me says they agree it’s not a fad, but a helpful tool agents can use to help their clients sell or buy regardless of the market.”