From the Arizona Republic:
Tempe condo projects soaring -
There are 43 building projects under way in Tempe, with the building boom coming primarily from condo projects. Constellation Group, an Australian-based company, submitted plans to Tempe for a 17- and 20-story condo towers at College Ave. and Veterans Way. The 364-unit complex would also include commercial and retail space. The project is one of eight large scale condo complexes in the works in Tempe's core, and dozens of others popping up on the outskirts of downtown and on the shores of Tempe Town Lake. Some question whether the market can really sustain all this new growth. Those doubts have growing validity as new condo complexes such as the Vale on University Drive have units still empty. Valley-wide, more than 8,000 condo units are planned or under construction. Market watchers say less than a quarter of all the lannedprojects will actually go up and sell anytime soon.
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Thursday, December 21, 2006
Saturday, November 25, 2006
Industry cuts forecast for home sales -
From MSNBC: 6-09-2006
The National Association of Realtors lowered its forecast for U.S. home sales this year and called on the Federal Reserve to stop raising interest rates because parts of the housing market are "vulnerable". Experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability," said David Lereah, the groups chief economist. The NAR is predicting a 6.8 percent decrease in existing home sales for 2006, and a 6.2 percent decrease in new home starts. The article points out that while the housing market is expected to keep fading from its record levels, 2006 is still expected by many economists to be the third best year for housing ever.
http://www.msnbc.msn.com/id/13170491/
The National Association of Realtors lowered its forecast for U.S. home sales this year and called on the Federal Reserve to stop raising interest rates because parts of the housing market are "vulnerable". Experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability," said David Lereah, the groups chief economist. The NAR is predicting a 6.8 percent decrease in existing home sales for 2006, and a 6.2 percent decrease in new home starts. The article points out that while the housing market is expected to keep fading from its record levels, 2006 is still expected by many economists to be the third best year for housing ever.
http://www.msnbc.msn.com/id/13170491/
Cool-down expected; economists differ over degree -
From the Arizona Republic: 6-09-2006
Arizona's economy is expected to cool down during the rest of the year and next, according to Arizona economists. However they disagree as to the level of the slowdown. University of Arizona's Eller College of Management said Wednesday that the state's economy will experience a major slowdown in the second half of 2006 as inflation pressure mounts, interest rates rise and the housing market cools. But Tracy Clark, editor of the Arizona Blue Chip Economic Outlook is more optimistic, saying that the state's economy has "fired on all cylinders" in 2006, buoyed by a 13.5 percent increase in construction jobs. "Our panelists on the forecast aren't convinced the end has come yet," Clark said. "Even with the housing slowdown we still have quite a bit of population growth. As long as that continues, construction is going to stay at a reasonably high level, although at a noticeably lower level than we've been having."
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0608biz-eller0608.html
Arizona's economy is expected to cool down during the rest of the year and next, according to Arizona economists. However they disagree as to the level of the slowdown. University of Arizona's Eller College of Management said Wednesday that the state's economy will experience a major slowdown in the second half of 2006 as inflation pressure mounts, interest rates rise and the housing market cools. But Tracy Clark, editor of the Arizona Blue Chip Economic Outlook is more optimistic, saying that the state's economy has "fired on all cylinders" in 2006, buoyed by a 13.5 percent increase in construction jobs. "Our panelists on the forecast aren't convinced the end has come yet," Clark said. "Even with the housing slowdown we still have quite a bit of population growth. As long as that continues, construction is going to stay at a reasonably high level, although at a noticeably lower level than we've been having."
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Buckeye finds 2 million reasons to plan for future
From the Arizona Republic: 6-07-2006
Buckeye, with 600-plus square miles of planning area, could possibly eclipsePhoenix in size at build-out. Two million people may be living in Buckeyein the near future, according to town officials. Buckeye is creating a newGeneral Plan and Development Code to deal with the coming growth and to moldthe town into the vision that town officials want. "We're not just buildinga community, we're building the next great city in the country," said PeggyFiandaca, president of Partners for Strategic Action, Inc., a consultinggroup hired by Buckeye to help them plan the growth. "Luckily, some of thebest developers in the Valley, as well as the Southwest, have found theirway to Buckeye, which is a good thing," Fiandaca said. "When you approvedevelopments, you're looking at the development in relationship to the nextdevelopment, to the next development, and so on. Hopefully, what this planwill do is to help them understand the connection. How do we weave all thesethings together? How do we provide quality services to support that intothe future?"
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/swvalley/articles/0607swv-buckplan0607Z5.html
Buckeye, with 600-plus square miles of planning area, could possibly eclipsePhoenix in size at build-out. Two million people may be living in Buckeyein the near future, according to town officials. Buckeye is creating a newGeneral Plan and Development Code to deal with the coming growth and to moldthe town into the vision that town officials want. "We're not just buildinga community, we're building the next great city in the country," said PeggyFiandaca, president of Partners for Strategic Action, Inc., a consultinggroup hired by Buckeye to help them plan the growth. "Luckily, some of thebest developers in the Valley, as well as the Southwest, have found theirway to Buckeye, which is a good thing," Fiandaca said. "When you approvedevelopments, you're looking at the development in relationship to the nextdevelopment, to the next development, and so on. Hopefully, what this planwill do is to help them understand the connection. How do we weave all thesethings together? How do we provide quality services to support that intothe future?"
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/swvalley/articles/0607swv-buckplan0607Z5.html
Arizona's growth fastest of '05
From the Arizona Republic: 6-07-2006
Arizona ranked number 1 in the nation in economic growth. Gross state product,which measures the output produced by labor and capital, increased 8.7 percentbetween 2004 and 2005, according to the U.S. Bureau of Economic Analysis.Between 2003 and 2004, Arizona's increase was 4.2 percent. The boost wasfueled by construction, followed by state and local government, health care,retail trade, administrative services, finance/insurance and durable goods.The greatest regional growth in the U.S. came from the West and includedNevada, up 8.2 percent; Idaho, up 7.5 percent; and Oregon, up 6.7 percent.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0607biz-gsp0607.html
Arizona ranked number 1 in the nation in economic growth. Gross state product,which measures the output produced by labor and capital, increased 8.7 percentbetween 2004 and 2005, according to the U.S. Bureau of Economic Analysis.Between 2003 and 2004, Arizona's increase was 4.2 percent. The boost wasfueled by construction, followed by state and local government, health care,retail trade, administrative services, finance/insurance and durable goods.The greatest regional growth in the U.S. came from the West and includedNevada, up 8.2 percent; Idaho, up 7.5 percent; and Oregon, up 6.7 percent.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0607biz-gsp0607.html
High-end condos' low opening bids signal glut -
From the Arizona Republic: 6-04-2006
Two pricey new condo developments have units that are being auctioned off at opening bids that are half of what the homes originally cost. Four condos in the Optima Biltmore Tower at 24th Street and Camelback, with costs of $949,000, are being auctioned off with the opening bid on one starting at $475,000. In Tempe, three condos at the Vale development, 1111 W. University Blvd., will go to the highest bidder this month as well, with units originally costing $429,000 to $699,000. The suggested opening bid starts at $240,000. A growing number of real estate market watchers say there is just too many pricey condos being built and not enough buyers. Almost 8,000 condos and lofts are planned or under construction across the Valley now, more than went up in the Valley over the last 10 years.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0604catherine0604.html
Two pricey new condo developments have units that are being auctioned off at opening bids that are half of what the homes originally cost. Four condos in the Optima Biltmore Tower at 24th Street and Camelback, with costs of $949,000, are being auctioned off with the opening bid on one starting at $475,000. In Tempe, three condos at the Vale development, 1111 W. University Blvd., will go to the highest bidder this month as well, with units originally costing $429,000 to $699,000. The suggested opening bid starts at $240,000. A growing number of real estate market watchers say there is just too many pricey condos being built and not enough buyers. Almost 8,000 condos and lofts are planned or under construction across the Valley now, more than went up in the Valley over the last 10 years.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0604catherine0604.html
Home foreclosure hot spots
From MSNBC: 6-02-06
According to Foreclosure.com, a Florida-based company that tracks the foreclosuremarket, 87,582 American homes were in some phase of the foreclosure process,and in some cities foreclosure filings have jumped by 26 percent and more.Rising mortgage rates and a cooling housing market are cited as reasons forthe increase in foreclosures. The foreclosure rate rose in many cities wherethe appreciation has far outpaced the national average, such as Los Angeles,New York, Miami, Las Vegas, San Diego, Dallas, Houston and Sacramento. Inaddition, hard-up cities such as Cleveland and Detroit, where the economyis terrible, lead the nation in foreclosures. The article does not mentionPhoenix. The article also gives some pointers on how to capitalize on theforeclosure market.http://www.msnbc.msn.com/id/13086712/page/2/
According to Foreclosure.com, a Florida-based company that tracks the foreclosuremarket, 87,582 American homes were in some phase of the foreclosure process,and in some cities foreclosure filings have jumped by 26 percent and more.Rising mortgage rates and a cooling housing market are cited as reasons forthe increase in foreclosures. The foreclosure rate rose in many cities wherethe appreciation has far outpaced the national average, such as Los Angeles,New York, Miami, Las Vegas, San Diego, Dallas, Houston and Sacramento. Inaddition, hard-up cities such as Cleveland and Detroit, where the economyis terrible, lead the nation in foreclosures. The article does not mentionPhoenix. The article also gives some pointers on how to capitalize on theforeclosure market.http://www.msnbc.msn.com/id/13086712/page/2/
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