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."
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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?"
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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?"
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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.
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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.
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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.
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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.
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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/
Realtor's seminar designed to help homeowners avoid 'bubble bath'
From the Arizona Republic Scottsdale: 6-02-06
Robert Long, a Scottsdale real estate broker has created a seminar titled;"Understanding Bubbles and Busts", which talks about how homeowners can avoida bubble bath, meaning losing their house to foreclosure. Long said thatthe Valley housing market has an inventory of about 42,000 re-sale homesin April, nearly five times as many as the previous April. What's worse isthat about a third of these homes are vacant, noting that investors are morelikely to slash their sales price than someone who is living in their homeand does not have to move. RL Brown in his latest Phoenix Housing MarketLetter notes that consumers cancelled contracts for new homes because theycannot sell their present homes in a "faltering resale market". The big questionLong talks about in his seminar is how low will prices go. He also goes overhow to avoid foreclosure. Realty Trac reports that about 6,200 Arizona homeswent into foreclosure in the first quarter of 2006, up 6 percent from thesame period a year ago. Nationally, foreclosures were up 72 percent year-over-yearin the first quarter.
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Robert Long, a Scottsdale real estate broker has created a seminar titled;"Understanding Bubbles and Busts", which talks about how homeowners can avoida bubble bath, meaning losing their house to foreclosure. Long said thatthe Valley housing market has an inventory of about 42,000 re-sale homesin April, nearly five times as many as the previous April. What's worse isthat about a third of these homes are vacant, noting that investors are morelikely to slash their sales price than someone who is living in their homeand does not have to move. RL Brown in his latest Phoenix Housing MarketLetter notes that consumers cancelled contracts for new homes because theycannot sell their present homes in a "faltering resale market". The big questionLong talks about in his seminar is how low will prices go. He also goes overhow to avoid foreclosure. Realty Trac reports that about 6,200 Arizona homeswent into foreclosure in the first quarter of 2006, up 6 percent from thesame period a year ago. Nationally, foreclosures were up 72 percent year-over-yearin the first quarter.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/0602sr-biz0602realestateZ8.html
Carefree Highway study gets under way
From the Arizona Republic: 6-01-06
With the population of north and northeast Valley expected to more than triple during the next 20 years, Maricopa County this week launched a study of Carefree Highway to guide the changes to come. Maricopa County began its study Tuesday evening with the first of three open-house meetings designed to gather community views of the future of the Carefree Highway corridor. The study goal is to create a cohesive plan for the 12-mile stretch of Carefree Highway from Interstate 17 to Scottsdale Road and the development of the corridor one mile north and south of the road. A final report on the study is scheduled for June 2007. Some residents are opposed to future widening of the Carefree Highway. "We don't particularly care for the six lanes of road, especially if they are going to have the Sonoran Parkway just to the south," said Mike Sabol, who lives near the highway. "It seems like there would be enough roadway if people are going east and west," he added.
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With the population of north and northeast Valley expected to more than triple during the next 20 years, Maricopa County this week launched a study of Carefree Highway to guide the changes to come. Maricopa County began its study Tuesday evening with the first of three open-house meetings designed to gather community views of the future of the Carefree Highway corridor. The study goal is to create a cohesive plan for the 12-mile stretch of Carefree Highway from Interstate 17 to Scottsdale Road and the development of the corridor one mile north and south of the road. A final report on the study is scheduled for June 2007. Some residents are opposed to future widening of the Carefree Highway. "We don't particularly care for the six lanes of road, especially if they are going to have the Sonoran Parkway just to the south," said Mike Sabol, who lives near the highway. "It seems like there would be enough roadway if people are going east and west," he added.
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Housing market cooling, but not crashing
From MSNBC.com: 5-16-06
The housing boom has ended (so they say), but in most markets across the country, sales continue at a brisk pace. The housing sales in many markets have slipped from the hot pace of the past few years, which was driven by low mortgage rates, easy credit and investor activity. "This is...evidence that we're experiencing a soft landing," said National Association of Realtors chief economist David Lereah. "We may see some minor slowing in home sales as interest rates rise, but the market is clearly stabilizing. We now see appreciation cooling to single-digit rates of growth-- another sign that the markets are stabilizing," he added. The article mentions Phoenix also, stating that if you're one of the many investors who gambled on real estate in Phoenix, Las Vegas, Florida, or elsewhere, chances are now is not the best of times for you. In some areas where speculators were especially active-- such as in Florida, Phoenix and Las Vegas, investors are now backing out of contracts, leaving money on the table as they flee the market.
http://www.msnbc.msn.com/id/12800144/
This means there is opportunity out there for you! See the next story –
>~~~~~~~~~~~~~~~~~
From the Arizona Republic:
Valley home price gains again rank first in nation
The National Association of Realtors reported on Monday that metro Phoenix led the nation in home price gains in the past year, posting a 34 percent increase between the first quarter 2005 and the first quarter 2006. Nationally, the rate was 10.3 percent. Metro Phoenix's price growth was fueled by record increases during the first half of last year. During the last quarter of 2005 and the first quarter of 2006 combined, Valley home prices climbed less than 1 percent. Valley home prices aren't expected to jump again soon. During the first four months of this year, existing home sales were down 34 percent from last year's record pace, and the number of homes on the market hit a high of 38,000 in April.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0516biz-homeprices0516.html
The housing boom has ended (so they say), but in most markets across the country, sales continue at a brisk pace. The housing sales in many markets have slipped from the hot pace of the past few years, which was driven by low mortgage rates, easy credit and investor activity. "This is...evidence that we're experiencing a soft landing," said National Association of Realtors chief economist David Lereah. "We may see some minor slowing in home sales as interest rates rise, but the market is clearly stabilizing. We now see appreciation cooling to single-digit rates of growth-- another sign that the markets are stabilizing," he added. The article mentions Phoenix also, stating that if you're one of the many investors who gambled on real estate in Phoenix, Las Vegas, Florida, or elsewhere, chances are now is not the best of times for you. In some areas where speculators were especially active-- such as in Florida, Phoenix and Las Vegas, investors are now backing out of contracts, leaving money on the table as they flee the market.
http://www.msnbc.msn.com/id/12800144/
This means there is opportunity out there for you! See the next story –
>~~~~~~~~~~~~~~~~~
From the Arizona Republic:
Valley home price gains again rank first in nation
The National Association of Realtors reported on Monday that metro Phoenix led the nation in home price gains in the past year, posting a 34 percent increase between the first quarter 2005 and the first quarter 2006. Nationally, the rate was 10.3 percent. Metro Phoenix's price growth was fueled by record increases during the first half of last year. During the last quarter of 2005 and the first quarter of 2006 combined, Valley home prices climbed less than 1 percent. Valley home prices aren't expected to jump again soon. During the first four months of this year, existing home sales were down 34 percent from last year's record pace, and the number of homes on the market hit a high of 38,000 in April.
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Condos on Central Ave.
From the Arizona Republic: 5-12-06
Cresleigh Homes has purchased the Holiday Inn at 4321 N. Central in midtownPhoenix and plans to tear it down to build three, five-story condo buildingswith 257 units. Prices have not yet been determined, but the units will runfrom 600-square foot studios to three bedroom, 1,400 square foot units. Cresleighsaid the units will be "affordable". Condo developers along Central Ave.believe the planned light-rail system will be a big selling point and talkup the areas proximity to the city's downtown. Some analysts think thereare too many condo projects in the works, especially the high end condo projects."The easiest thing to do in this town is issue a press release about yourhigh-rise condo," said RL Brown. "There's nowhere near the demand for expensivedowntown condos for the supply that has been proposed," he added.
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Cresleigh Homes has purchased the Holiday Inn at 4321 N. Central in midtownPhoenix and plans to tear it down to build three, five-story condo buildingswith 257 units. Prices have not yet been determined, but the units will runfrom 600-square foot studios to three bedroom, 1,400 square foot units. Cresleighsaid the units will be "affordable". Condo developers along Central Ave.believe the planned light-rail system will be a big selling point and talkup the areas proximity to the city's downtown. Some analysts think thereare too many condo projects in the works, especially the high end condo projects."The easiest thing to do in this town is issue a press release about yourhigh-rise condo," said RL Brown. "There's nowhere near the demand for expensivedowntown condos for the supply that has been proposed," he added.
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Valley residents see urban sprawl as a problem
From the Phoenix Business Journal: 5-12-06
Valley residents see urban sprawl as a problem, but nix nearby solutions-More than 70 percent of Valley residents believe that sprawl is a problem,but when it comes to high density developments that could help reduce sprawl,77 percent oppose such development in their neighborhoods, according to astudy by WestGroup Research, commissioned by Valley Forward. The survey of400 Valley residents showed 41 percent think sprawl is a big problem, 31percent consider it a moderate problem and 13 percent see it as a small problem.But they also said that they do not want to have high density apartmentsand condos, and small lot developments, in their neighborhood. http://phoenix.bizjournals.com/phoenix/stories/2006/05/08/daily38.html?t=printable
Valley residents see urban sprawl as a problem, but nix nearby solutions-More than 70 percent of Valley residents believe that sprawl is a problem,but when it comes to high density developments that could help reduce sprawl,77 percent oppose such development in their neighborhoods, according to astudy by WestGroup Research, commissioned by Valley Forward. The survey of400 Valley residents showed 41 percent think sprawl is a big problem, 31percent consider it a moderate problem and 13 percent see it as a small problem.But they also said that they do not want to have high density apartmentsand condos, and small lot developments, in their neighborhood. http://phoenix.bizjournals.com/phoenix/stories/2006/05/08/daily38.html?t=printable
Valley Real Estate market shows slow April sales
From the Phoenix Business Journal: 5-12-06
Valley resales fell in April to their lowest sales total for that month insix years, according to the Arizona Real Estate Center at ASU. April 2006totaled 5,980 sales, a decrease from the 7,264 sales for March 2006 and wellbelow April 2005 sales of 8,735. It was the weakest April since 2000, whenonly 4,870 resales were recorded. "Historically, April is a slow month asit represents a lull from the end of the holidays and the beginning of summerrecording months," said Jay Butler, director of the Arizona Real Estate Center.So far in 2006, there have been 23,960 recorded sales, down from the 36,060for the same period in 2005. Butler said the Valley resale market is returningto a more normal pace, following several years of unprecedented growth. Resalehome prices continued to rise in most parts of the Valley, with the medianresale price growing to $264,900 in April, up from $263,000 in March. http://phoenix.bizjournals.com/phoenix/stories/2006/05/08/daily36.html?t=printable
Valley resales fell in April to their lowest sales total for that month insix years, according to the Arizona Real Estate Center at ASU. April 2006totaled 5,980 sales, a decrease from the 7,264 sales for March 2006 and wellbelow April 2005 sales of 8,735. It was the weakest April since 2000, whenonly 4,870 resales were recorded. "Historically, April is a slow month asit represents a lull from the end of the holidays and the beginning of summerrecording months," said Jay Butler, director of the Arizona Real Estate Center.So far in 2006, there have been 23,960 recorded sales, down from the 36,060for the same period in 2005. Butler said the Valley resale market is returningto a more normal pace, following several years of unprecedented growth. Resalehome prices continued to rise in most parts of the Valley, with the medianresale price growing to $264,900 in April, up from $263,000 in March. http://phoenix.bizjournals.com/phoenix/stories/2006/05/08/daily36.html?t=printable
Massive CityNorth development slated for northeast Valley
From the Arizona Republic:
Realtors hurting as sales slow,
As our local real estate market has cooled, many new real estate agents are getting out of the business. The number of licensed agents in the state increased from 53,478 in July 2002 to 80,210 at the end of March according to the state Department of Real Estate. Industry sources estimate that as many as 80 percent of new agents quit in their first year and that more than 90 percent quit within three years. Among the reasons given for quitting are long hours, the financial demands of establishing a business and fierce competition. Agents and brokers say some new agents aren't prepared for the demands of selling homes-- the stress, the around the clock hours. Some have never had to deal with anything but a hot market and don't know how to make a house sell when there are now so many for sale. Even with the negatives, the real estate business holds great appeal. People like the idea of working for themselves, and the money is good for those who are successful.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0507washout05070.html
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From the Arizona Republic:
Buckeye land fetches new high,
Land Baron Investments recently closed on a 152-acre parcel of vacant land at the northwestern corner of Thomas Road and the Sun Valley Parkway in Buckeye for roughly $15 million, or about $98,000 per-acre. This deal and several other projects are part of the latest push to develop the 30-mile stretch of the Sun Valley Parkway. "We think this area is poised to explode," said Brent Moser, a senior vice president with Grubb & Ellis, who was involved in the deal. The property will have new homes and retail. "We have seen major developers and home builders get on (Sun Valley Parkway)," said Brian Rosella of Grubb & Ellis. "Land Baron is seeing it as the future of Buckeye and the West Valley as a whole. You will see it be the premier area."
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0508biz-sunvalley08.html
From the Phoenix Business Journal: 5-11-06
The first phase of the massive CityNorth project at Deer Valley Drive and 56th Street is expected to break ground in October. Phase 1 will have more than 2 million square feet of retail, office and luxury residential space. CityNorth plans luxury condos over retail and office- along with several high-end department stores. A five-star, 250-room hotel is also planned on the east end of the project, and a four-star, 300-room business hotel with an 80,000 square foot health club will anchor the west end of the project. The 144-acre site will have about 5 million square feet of retail, office, hotel and residential when completely developed.
http://phoenix.bizjournals.com/phoenix/stories/2006/05/08/story6.html?t=printable
Realtors hurting as sales slow,
As our local real estate market has cooled, many new real estate agents are getting out of the business. The number of licensed agents in the state increased from 53,478 in July 2002 to 80,210 at the end of March according to the state Department of Real Estate. Industry sources estimate that as many as 80 percent of new agents quit in their first year and that more than 90 percent quit within three years. Among the reasons given for quitting are long hours, the financial demands of establishing a business and fierce competition. Agents and brokers say some new agents aren't prepared for the demands of selling homes-- the stress, the around the clock hours. Some have never had to deal with anything but a hot market and don't know how to make a house sell when there are now so many for sale. Even with the negatives, the real estate business holds great appeal. People like the idea of working for themselves, and the money is good for those who are successful.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0507washout05070.html
>~~~~~~~~~~~~~
From the Arizona Republic:
Buckeye land fetches new high,
Land Baron Investments recently closed on a 152-acre parcel of vacant land at the northwestern corner of Thomas Road and the Sun Valley Parkway in Buckeye for roughly $15 million, or about $98,000 per-acre. This deal and several other projects are part of the latest push to develop the 30-mile stretch of the Sun Valley Parkway. "We think this area is poised to explode," said Brent Moser, a senior vice president with Grubb & Ellis, who was involved in the deal. The property will have new homes and retail. "We have seen major developers and home builders get on (Sun Valley Parkway)," said Brian Rosella of Grubb & Ellis. "Land Baron is seeing it as the future of Buckeye and the West Valley as a whole. You will see it be the premier area."
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0508biz-sunvalley08.html
From the Phoenix Business Journal: 5-11-06
The first phase of the massive CityNorth project at Deer Valley Drive and 56th Street is expected to break ground in October. Phase 1 will have more than 2 million square feet of retail, office and luxury residential space. CityNorth plans luxury condos over retail and office- along with several high-end department stores. A five-star, 250-room hotel is also planned on the east end of the project, and a four-star, 300-room business hotel with an 80,000 square foot health club will anchor the west end of the project. The 144-acre site will have about 5 million square feet of retail, office, hotel and residential when completely developed.
http://phoenix.bizjournals.com/phoenix/stories/2006/05/08/story6.html?t=printable
Buckeye land fetches new high
From the Arizona Republic:
Land Baron Investments recently closed on a 152-acre parcel of vacant land at the northwestern corner of Thomas Road and the Sun Valley Parkway in Buckeye for roughly $15 million, or about $98,000 per-acre. This deal and several other projects are part of the latest push to develop the 30-mile stretch of the Sun Valley Parkway. "We think this area is poised to explode," said Brent Moser, a senior vice president with Grubb & Ellis, who was involved in the deal. The property will have new homes and retail. "We have seen major developers and home builders get on (Sun Valley Parkway)," said Brian Rosella of Grubb & Ellis. "Land Baron is seeing it as the future of Buckeye and the West Valley as a whole. You will see it be the premier area."
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Land Baron Investments recently closed on a 152-acre parcel of vacant land at the northwestern corner of Thomas Road and the Sun Valley Parkway in Buckeye for roughly $15 million, or about $98,000 per-acre. This deal and several other projects are part of the latest push to develop the 30-mile stretch of the Sun Valley Parkway. "We think this area is poised to explode," said Brent Moser, a senior vice president with Grubb & Ellis, who was involved in the deal. The property will have new homes and retail. "We have seen major developers and home builders get on (Sun Valley Parkway)," said Brian Rosella of Grubb & Ellis. "Land Baron is seeing it as the future of Buckeye and the West Valley as a whole. You will see it be the premier area."
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0508biz-sunvalley08.html
Realtors hurting as sales slow
From the Arizona Republic:
As our local real estate market has cooled, many new real estate agents are getting out of the business. The number of licensed agents in the state increased from 53,478 in July 2002 to 80,210 at the end of March according to the state Department of Real Estate. Industry sources estimate that as many as 80 percent of new agents quit in their first year and that more than 90 percent quit within three years. Among the reasons given for quitting are long hours, the financial demands of establishing a business and fierce competition. Agents and brokers say some new agents aren't prepared for the demands of selling homes-- the stress, the around the clock hours. Some have never had to deal with anything but a hot market and don't know how to make a house sell when there are now so many for sale. Even with the negatives, the real estate business holds great appeal. People like the idea of working for themselves, and the money is good for those who are successful.
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As our local real estate market has cooled, many new real estate agents are getting out of the business. The number of licensed agents in the state increased from 53,478 in July 2002 to 80,210 at the end of March according to the state Department of Real Estate. Industry sources estimate that as many as 80 percent of new agents quit in their first year and that more than 90 percent quit within three years. Among the reasons given for quitting are long hours, the financial demands of establishing a business and fierce competition. Agents and brokers say some new agents aren't prepared for the demands of selling homes-- the stress, the around the clock hours. Some have never had to deal with anything but a hot market and don't know how to make a house sell when there are now so many for sale. Even with the negatives, the real estate business holds great appeal. People like the idea of working for themselves, and the money is good for those who are successful.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0507washout05070.html
DMB unveils project
From the Arizona Republic Scottsdale:
Well-known Valley developer DMB Associates plans to build up to 1,100 residences and 1.8 million square feet of shops, restaurants, hotels and offices on the northeastern corner of Scottsdale Road and the Loop 101. The project, called One Scottsdale, sits on 120-acres. Construction of One Scottsdale's 60-acre commercial core, which sits on the south end of the development and will include for-sale condos above retail and brownstones on tree-lined streets, will begin next year and finish in fall 2009. DMB will then start working on the second half of the project, a 60-acre piece to the north that will include houses and a resort. The northeast Valley is emerging as a battleground for developers of mega mixed-use projects. Four developers, including DMB, are planning similar hubs that include shops, restaurants, offices and residences.
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Well-known Valley developer DMB Associates plans to build up to 1,100 residences and 1.8 million square feet of shops, restaurants, hotels and offices on the northeastern corner of Scottsdale Road and the Loop 101. The project, called One Scottsdale, sits on 120-acres. Construction of One Scottsdale's 60-acre commercial core, which sits on the south end of the development and will include for-sale condos above retail and brownstones on tree-lined streets, will begin next year and finish in fall 2009. DMB will then start working on the second half of the project, a 60-acre piece to the north that will include houses and a resort. The northeast Valley is emerging as a battleground for developers of mega mixed-use projects. Four developers, including DMB, are planning similar hubs that include shops, restaurants, offices and residences.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/0511biz-onescottsdale0511.html
Hispanics and Asians move up list of nation's home buyers
From the Arizona Republic:
A DataQuick Information Services analysis shows a dramatic rise in the number of Hispanic and Asian home buyers since 2000. Hispanic surnames made up 14.6 percent of all home buyers' names, up from 10.3 percent five years earlier. "The Latino population is really integrating into the middle class- and rapidly," said John Karevoll, an analyst at DataQuick. Asians are also bigger players. Nguyen, a common Vietnamese name, moved from 23rd to 14th. The rate of homeownership among the nations 42.7 million Hispanics hit a record 50 percent in the last quarter of 2005. Hispanics are likely to make up 40 percent of first-time homebuyers over the next 20 years, according to the Harvard Joint Center for Housing studies.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0511biz-homebuyers0511.html
A DataQuick Information Services analysis shows a dramatic rise in the number of Hispanic and Asian home buyers since 2000. Hispanic surnames made up 14.6 percent of all home buyers' names, up from 10.3 percent five years earlier. "The Latino population is really integrating into the middle class- and rapidly," said John Karevoll, an analyst at DataQuick. Asians are also bigger players. Nguyen, a common Vietnamese name, moved from 23rd to 14th. The rate of homeownership among the nations 42.7 million Hispanics hit a record 50 percent in the last quarter of 2005. Hispanics are likely to make up 40 percent of first-time homebuyers over the next 20 years, according to the Harvard Joint Center for Housing studies.
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0511biz-homebuyers0511.html
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