Sunday, December 28, 2014

Phoenix sells historic Barrister Place building downtown

The historic Barrister Place building in downtown Phoenix is a structure with significance, from its 1915 opening as the tallest building in the state to its cameo as a backdrop in the opening of the 1960 horror flick "Psycho."

Now, city leaders say the building will play a key role in the transformation of the city's once-sleepy urban core, bringing new residents and retail space downtown.


Monday, December 22, 2014

Valley renters, get ready for payments to go up

Anyone renewing a lease for a house, condominium or apartment in metro Phoenix likely will be facing a higher monthly payment.

Home prices are stable if not down a bit in the Valley, but rents are on the rise.


Frank Lloyd Wright house plans concern Phoenix neighbors

The empty house on Exeter Boulevard in Arcadia sleeps in the shadow of Camelback Mountain, surrounded by about 5 acres of sprawling land dotted with olive trees and an immaculate lawn.

Designed by Frank Lloyd Wright for his son, the circular David and Gladys Wright House stands like a sculpture, the mountain a still backdrop.


Changes to Gateway Airport loan could cost Mesa $75 million

A proposal to essentially forgive nearly $75 million in Mesa loans to Phoenix-Mesa Gateway Airport is proving a tough sell at the council dais, with some officials arguing the move would be a betrayal of the public's trust.

For years, Mesa mayors and council members have promised constituents the city's investments in Gateway eventually would be paid back. Now, both airport and city staff say a failure to recharacterize decades of loans from the airport authority's six member agencies as contributions would decimate any chance the airport has to thrive on its own.


Wednesday, December 10, 2014

Phoenix's High Street adds 11 more tenants

The High Street mixed-use development is adding 11 new tenants in the first quarter of the new year.

Heading the list is Sprouts Farmers Market's corporate headquarters, which will take up three floors of office space. Among the other new retail, office, restaurant and service tenants are a Sprouts store, a barbershop, a vacation rental company and tea shop.

Tenants are slated to open during the first quarter of 2015  at the development, which is at Loop 101 and Arizona 51 in northeast Phoenix.Formerly called CityCenter of CityNorth, the 628,000-square-foot development struggled during the recession. 

It was purchased in April 2013 by Portland-based real estate merchant banking firm ScanlanKemperBard Companies and Wayzata Investment Partners.


Saturday, December 6, 2014

Site of another Chandler eyesore will see new life

A portion of a blighted north Chandler corner, where a movie theater and grocery store once operated, will see new life with the construction of a new apartment community.

City officials are advancing a zoning change that will allow the construction on a 15-acre parcel at the northeast corner of Warner road and Grace Boulevard, just west of Arizona Avenue. The property once was home to a Food 4 Less store that later became a swap mart. A movie theater once was tucked further back on the site. A self-serve car wash is at the south end of the property.


Houses to replace Greasewood Flat, Pinnacle Peak Patio

Housing developments will replace two iconic Western haunts in north Scottsdale, under changes the City Council approved this week.

The land where Greasewood Flat and Pinnacle Peak Patio operate in north Scottsdale was sold to developers for new home sites. The establishments will remain open for the time being, and owners have said they want to relocate.


Raintree project in Scottsdale Airpark could start in 2016

Construction on a $39 million project to improve traffic flow in the Scottsdale Airpark could begin in 2016, two years later than earlier estimates.

The Raintree Drive extension project will forge a better and more direct connection along Raintree between Scottsdale Road and Loop 101, project officials said.


Tempe council OKs redevelopment of Hayden Flour Mill

Tempe's last council meeting of 2014 set the tone for new beginnings, as residents heralded changes to the city's development controls and two iconic Valley landmarks inched closer to redevelopment.


Friday, November 28, 2014

Borgata condo project plans move ahead

Plans for an upscale condominium project on the old Borgata site in central Scottsdale are moving forward.

New York-based JEN Partners and Antera Development plan to start selling the 90 homes planned for the Enclave at Borgata, near the southwest corner of Scottsdale Road and Lincoln Drive, early next year.

Condos in the gated development will range from 1,500 to 4,100 square feet.

The Enclave is described as a condo project with a "soft design, resortlike amenities, breathtaking views, within walking distance to many convenient amenities."

Prices for the condos could start at $1 million or more, but the developers say price information won't be available until they file a public report with the Arizona Department of Real Estate during the first quarter of 2015.


Thursday, November 27, 2014

Downtown Scottsdale townhouse development under construction

Scottsdale is becoming a hotspot for new condominium and townhouse projects, with three launched in the city since late October. Construction started today on a 27-townhouse development called Aerium in downtown Scottsdale.

Prices for houses in the latest project, at Goldwater Boulevard and 70th Street, will start in the high $300,000s. Buyers can begin reserving lots for the townhouses, ranging in size from 1,414 to 1,830 square feet, on Nov. 15.

Plans call for the Aerium units to have multiple balconies, oak staircases, quartz countertops and Italian Bertazzoni gas ranges available in Ferrari and Lamborghini colors. The exterior of the development will include wood-grain porcelain tile and wire-cut brick.


Sunday, November 23, 2014

Luxury home sales slow in September

More owners of metro Phoenix's high-end houses are trying to sell, but there fewer buyers in the market for a house costing between $500,000 and $3 million.

The Valley's luxury housing market had been bucking the overall slowing trend until recently.

In September, 213 houses priced above $500,000 sold in east Phoenix and the northeast Valley. That's down 10 percent from August and down 7 percent from September 2013, according to the latest Luxury Market Summery published by Walt Danley and Arizona housing analyst Mike Orr's Cromford Report.

The report tracks luxury home sales in Scottsdale, Paradise Valley, Fountain Hills, Rio Verde, Arcadia, Biltmore, Cave Creek and Carefree, where most of metro Phoenix's more expensive neighborhoods are located.


Sunday, November 9, 2014

Phoenix plans to get 'gung ho' on historic preservation

The David and Gladys Wright House and the State Fair Civic Building still stand because Phoenix historic preservationists refused to sit idly by and watch owners demolish history.

While those preservation efforts have prevailed so far, they have done so in a reactionary fashion and despite limited resources, said Michelle Dodds, Phoenix historic-preservation officer.

It is necessary to reposition the city's Historic Preservation Office as a more proactive force, Dodds said. City staff expects the office's first comprehensive plan, PreserveHistoricPHX, to accelerate that process. Dodds said she  wants to take the plan to the Planning Commission for initial approval on Tuesday, Nov. 18, then to the City Council on Jan. 21.

Read more....

Sunday, November 2, 2014

Upscale condos to open in north Scottsdale's Silverleaf

A $350 million luxury condominium project, complete with a robotic valet and private elevators, is under way in what has become Arizona's poshest neighborhood, Silverleaf in north Scottsdale.

Sales will start in November for 213 units priced at $1 million and higher in the Sterling at Silverleaf development. Sterling at Silverleaf is located in DC Ranch at Pima Road and Thompson Peak Parkway. Construction is scheduled to start early next year, so the first residents can move in during 2016.


Sunday, October 5, 2014

Del Webb to build small retirement community in Chandler

Developer Del Webb is opening a retirement community in metro Phoenix, but it won't be called Sun City or look like one of the big active-adult developments that dot the nation.

The homebuilder plans to start construction on a gated community in Chandler called Del Webb at Lone Tree next month. Seventy-two houses are planned for the development near Lindsay and Riggs roads. There are 27,000 houses in the original Sun City located west of Phoenix.


Check out the top 5 home builders in Phoenix - Phoenix Business Journal

National home builder PulteGroup, with subsidiaries such as Del Webb and Centex, captured the top ranking in the Phoenix Business Journal's annual Home Builders list, published today.

The list was ranked by 2013 housing starts and the information was provided by housing market authority RL Brown Reports.

Read more. ..

Saturday, September 20, 2014

RealtyTrac: Mobile Millenial Market Key to Housing Recovery

Housing Magnified Pic

RealtyTrac has analyzed U.S. Census Bureau population data between 2007 and 2013 in more than 1,800 counties nationwide to discover which markets are seeing the biggest shifts in both baby boomer and millennial populations, overlaying that data with information on median prices, price appreciation and rental rates to create a heat map of their migration patterns. The analysis further focused in on the top 10 counties for increases and decreases in both millennials and baby boomers.

Read more...RealtyTrac: Mobile Millenial Market Key to Housing Recovery | Mortgage News | Daily National and State Headlines

Saturday, September 13, 2014

New-home project planned in Tempe north of Town Lake

Joe Risi, longtime owner of the old Bandersnatch Brewpub in Tempe, is developing The Newport at Tempe, a 38-home project on Weber Drive just east of Scottsdale Road. Prices will start in the low $300,000s for the two- and three-story and three- and four-bedroom houses.

Tuesday, September 9, 2014

Cachet homes moving ahead

Enduring one recession early in his career gave Cachet Homes founder and President Matt Cody the perspective he needed to weather the most recent housing downturn even as other builders struggled.

"It was a very stressful and anxious time. We had to settle up with the banks, and we didn't know what position they were going to take," Cody said of the latest downturn. "I honestly believe because we acted early and with integrity, that has guided and protected us through this whole thing."


Sunday, August 10, 2014

Vacant retail plaza in Mesa's Fiesta District to become office hotspot

Mesa residents hoping to see signs of life in the struggling Fiesta District could see sprouts of progress early next year.

Phoenix Rising Investments has acquired the Valley East Plaza Shopping Center. The long-vacant plaza at Southern Avenue and Longmore used to house the Bed Bath & Beyond, Petco and Circuit City stores.


Saturday, August 9, 2014

Condos to be built near Scottsdale Healthcare Osborn

Condominium development finally is coming to a property near Scottsdale Healthcare Osborn Medical Center after a previous project stalled for nearly a decade.

The L-shaped property, at 7300 E. Earll Drive, was rezoned for condominium development in 2005. The property is south of the medical center and Scottsdale Stadium.

The previous property owner, Elliott Glasser, requested the rezoning and planned to build a 99-unit condominium complex. The acreage now houses an older office and warehouse building.


Old resort site to feature multimillion-dollar homes

New homes soon will go up on the former site of the Mountain Shadows resort in Paradise Valley.

Cullum Homes plans to build 40 multimillion-dollar houses on the eastern edge of the 68-acre site at 56th Street and Lincoln Drive. The $100 million development is called the Village at Mountain Shadows.


Zillow and Trulia have become the status quo and are ripe for disruption

There is a lot of doom and gloom out there about Zillow's plans to buy Truila, and some anger, too. As a real estate agent, I find it perplexing that Zillow and Trulia's customers are real estate agents — not homebuyers or sellers.

Real homebuyers and sellers don't care about you or about your website. They just want to buy or sell a home.


Sunday, August 3, 2014

Stagnant Arizona wage growth hurting home sales, renters - Phoenix Business Journal

Existing home sales in the West were off 7.3 percent in June from a year ago and 2.3 percent nationally, according to new figures out today. This comes after other statistics already this month showed Phoenix with the biggest slowdown among major U.S. markets in home asking prices between June 2014 and June 2013.

Laggard wage gains are also not keeping up with rent prices, making it harder on some tenants and putting some downward pressures on multifamily rates.


Sunday, July 27, 2014

Don't Believe Housing Numbers: These Homebuilder Stocks Could Go Higher (DHI, HOV, PHM)

Homebuilders took a hit when the National Association of Homebuilders, or NAHB, reported a surprise drop in new home construction for last month. Housing starts plummeted 9.3% in June and May data was revised lower. This was in contrast to expectations for new construction of 1.02 million on a seasonally adjusted annual rate, or SAAR, slightly above the 1.0 million reported in May.

Read more..

Thursday, July 24, 2014

Housing Market Sending Mixed Signals -Freddie Mac

Freddie Mac said today that its Multi-Indicator Market Index or MiMi for May is sending out mixed signals to the housing market.  While more markets entered their stable range of housing activity, most markets remained stalled, just as they were in April, due primarily to weak mortgage application activity. 


Sunday, July 20, 2014

Rent Prices Inch Up in Second Quarter Nationwide

The median entry-level rent prices for the nation went up by 1.44 percent in the second quarter of 2014, according to Apartment Guide data.

As of April 1, 2014, the nationwide median entry-level rent price was $765; it had increased to $776 by June 30.


Sunday, January 12, 2014

Chandler sees boom in multifamily housing

 Construction workers put in concrete to build San Hacienda II, an apartment complex in Chandler.
For the first time in at least 20 years, more apartment and condominium units than single-family homes are going up in Chandler this year.

It’s a trend that is likely to continue as Chandler moves toward build-out (see graphic at bottom of story), but city leaders recently got together to discuss whether that is consistent with their vision for the city.

“I have been concerned about how many apartments we have coming in,” said Councilman Jeff Weninger, echoing other City Council members. “A lot of them make sense and there’s special circumstances. ... But we have to be careful in the future, especially changing from other uses to the multifamily use, that we have the right balance because we could be affecting things for years to come.”

Read more...Chandler sees boom in multifamily housing

Revenue skyrockets as sales of state land strengthen

Aided by the improving economy and land prices, the Arizona State Land Department has brought in more revenue recently, a trend that is likely to continue as the state auctions off more land, including prime property in Phoenix’s Desert Ridge area.

The trust has seen revenue skyrocket from land sales and leases as the economy and land prices have bounced back. The State Land Department brought in more than $318 million in fiscal 2013, which ended June 30 — a near 60 percent jump from the previous year, which saw revenue of a little more than $200 million, according to a department official.

Read more...Revenue skyrockets as sales of state land strengthen

Saturday, January 11, 2014

Arizona’s lost homeownership

The Phoenix area, Maricopa County and Arizona posted the biggest estimated declines in U.S. homeownership rates in their categories in recent years, confirming that metro Phoenix was in important ways the national epicenter of the housing crash.

Newly released Census Bureau data shows the metro area, the county and the state swung from slightly above-average homeownership from 2007-09 to slightly below-average rates in the 2010-12 period.

Read more...Arizona’s lost homeownership

Phoenix-area foreclosed owners could get thousands

Foreclosures generally don’t have an upside. But more than 1,000 owners who lost their metro Phoenix properties may be eligible to get back thousands of dollars in cash.

Rising home prices mean that houses taken back by lenders are selling for much more — sometimes more than what the borrowers owed. Excess proceeds of sale occur when a foreclosed property goes to auction and sells for more than the amount owed on it.

After the lender is paid off, the remaining money goes to the Maricopa County Treasurer’s Office. It remains there for three years.

Read more...Phoenix-area foreclosed owners could get thousands

Frank Lloyd Wright’s archives net millions, records indicate

How much are the Frank Lloyd Wright archives worth?

“Priceless,” says Frank Lloyd Wright Foundation CEO Sean Malone, when posed with the question.

The exact financial components of a deal that permanently relocated the legendary architect’s vast archives from Scottsdale’s Taliesin West to New York City remain unknown. A non-disclosure agreement related to the September 2012 acquisition effectively silences the parties involved.

Read more...Frank Lloyd Wright’s archives net millions, records indicate

Experts offer tips to prevent ID theft

Anyone worried about falling prey to identity thieves should think like a wildebeest hoping to elude lions on the plains of Africa: You want to stick near the middle of the pack, remain vigilant and make sure you can outrun your neighbors.

Experts meeting at a recent fraud and privacy conference in Phoenix gave a gloomy assessment of ID theft, noting that the number of crimes continues to rise as crooks find more ways to gain access to Social Security numbers, bank accounts and other sensitive personal information, often doing so by penetrating the defenses of banks, utilities, retailers or government agencies.

Read more...Experts offer tips to prevent ID theft

Smaller home developments gain traction in Scottsdale

Scottsdale house
Perhaps it is the wave of the future in Scottsdale — small developments on small lots throughout the city.

A dozen new-home developments, none of them bigger than 66 units, are in the works in the city. A few have kicked off construction, and others are still going through the city’s approval process. All of them are on tight sites, averaging a little over 25 acres.

Read more...Smaller home developments gain traction in Scottsdale

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