Friday, December 30, 2016

Real Estate: These 5 Trends Will Shape the Housing Market in 2017


If the U.S. economy is to hit escape velocity in 2017, you can expect the real estate sector to serve as its rocket fuel.

Saturday, November 19, 2016

Mall developer Rusty Lyon, founder of Westcor, dies

Mall developer Rusty Lyon, founder of Westcor, has died after a battle with Alzheimer's disease, according to The Arizona Republic . He was 86 years old.

Lyon launched Westcor in 1964, and was responsible for many of the Valley's malls, including Scottsdale Fashion Square, Biltmore Fashion Park and Metrocenter.

Read more... http://www.bizjournals.com/phoenix/news/2016/10/31/mall-developer-rusty-lyon-founder-of-westcor-dies.html

Friday, November 11, 2016

Is the mortgage credit box really loosening?

The Federal Reserve sent out a survey to senior loan officers, asking about the status of mortgage credit, if it was loosening and how many consumers are applying for the products.

Read more... http://www.housingwire.com/articles/38468-is-the-mortgage-credit-box-really-loosening

Sunday, October 30, 2016

What Fannie Mae’s new credit reporting means for would-be homebuyers

Fannie Mae just made some major changes to the credit reporting industry. If you're like me, and don't have much of a debt history, it can be difficult to build credit. With the use of trending credit data, that could become much easier.

Read more... http://www.housingwire.com/articles/38195-what-fannie-maes-new-credit-reporting-means-for-would-be-homebuyers

Wednesday, October 19, 2016

26K SF mixed-use development taking over historic Roosevelt Row buildings

More major development is coming to downtown Phoenix's Roosevelt Row.

Desert Viking Development has announced plans for a mixed-use project on 501 E. Roosevelt St., between Fifth and Sixth streets, totaling more than 26,000-square-feet.

Read more... http://www.bizjournals.com/phoenix/news/2016/10/19/26k-sf-mixed-use-development-taking-over-historic.html

Sunday, September 25, 2016

Why my Arizona property tax bill – and probably yours, too – increased this year

If you aren't too happy with what you owe, it's too late to protest.

I just saw my property tax bill, and it's up 8 percent from last year.

You'll be getting your bill again soon, too, if you haven't already. 'Tis the season for metro Phoenix homeowners to find out what we owe for schools, fire and library districts and other county and city services.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/09/25/property-taxes-maricopa-county-arizona/90793542/

Apple reveals 50MW solar plant in Arizona

Apple has unveiled a new 50MW solar plant in Florence, Arizona, in collaboration with local utility Salt River project.

The 121-hectare plant will generate 151 million kWh of power per year, according to Apple, and will provide enough clean energy to power more than 12,000 typical homes.

Read more... http://www.pv-tech.org/news/apple-reveals-50mw-solar-plant-in-arizona

Sunday, September 4, 2016

8 projects to watch in Grand Canyon University's Phoenix expansion

Grand Canyon University will welcome a record 17,500 students to west Phoenix this semester on a campus that's rapidly growing.

Construction projects worth millions of dollars are underway. More dorms, parking garages and a soccer stadium are ready for students at the campus at 33rd Avenue and Camelback Road. Other developments stretch east to Interstate 17, including a renovated hotel and office complex.

Read more... http://www.azcentral.com/story/news/local/phoenix/2016/08/22/8-projects-watch-grand-canyon-university-phoenix-expansion/88964342/

Tartesso sale: $80M Phoenix land purchase could produce 40,000 homes

A California investor has paid $80 million for more than 10,000 acres west of the White Tank Mountains in Buckeye that could sprout nearly 40,000 new homes.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/09/02/west-phoenix-land-sale-40000-homes/89748362/

Metro Phoenix starting to grow up instead of out

Karen Wang is buying a condo in the new 14-story Portland on the Park development in downtown Phoenix.

Her new home is going up on a prime piece of land next to Margaret T. Hance Park that was a dirt parking lot when she moved here from the San Francisco Bay Area for culinary school 12 years ago.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/08/07/metro-phoenix-starting-grow-up-instead-out/87302308/

Metro Phoenix had 4th-highest rise in rental rates in U.S., but 10K new apartments are on the way

It's getting pricier for the convenience of calling your landlord when the AC breaks, the internet is down or the swimming pools needs cleaning.

Rents are on the rise in metro Phoenix, particularly in infill hot spots in Phoenix, Scottsdale and Tempe.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/08/28/metro-phoenix-had-4th-highest-increase-rent-rates-10000-apartments-underway/89300052/

Tempe leaders want mature downtown, not high-rise student housing

As the Tempe skyline continues to grow, there is one type of high-rise that city leaders don't want to see: student housing.

The Tempe City Council recently shot down two proposals for student housing high-rises, saying they didn't fit the vision of downtown Tempe.

Read more... http://www.azcentral.com/story/news/local/tempe/2016/06/30/tempe-leaders-want-mature-downtown-not-high-rise-student-housing/86185758/

Roberts: Get ready, Phoenix. A 20% property tax hike headed your way

Just a few months after raising water and sewer rates and boosting the city's sales tax, the Phoenix City Council on Friday appears poised to hike property taxes by nearly 20 percent.

Expect to fork over an extra $51 a year if you live in an average Phoenix home ($191,000).

Read more... http://www.azcentral.com/story/opinion/op-ed/laurieroberts/2016/06/30/roberts-get-ready-phoenix-20-property-tax-hike-headed-your-way/86561478/

Phoenix golf course eyed for redevelopment as 100-acre Ahwatukee Farms

A shuttered Ahwatukee golf course would be redeveloped with houses, a community farm and a Montessori school, under a new vision for more than 100 acres of contested land in the Phoenix neighborhood.

Developers have begun their pitch for Ahwatukee Farms, a redevelopment of the former Ahwatukee Lakes Golf Club.  The site has been at the center of a land-use battle since the course closed in 2013.

Read more... http://www.azcentral.com/story/news/local/ahwatukee/2016/08/15/phoenix-golf-course-eyed-100-acre-ahwatukee-farms-development/88411720/

Phoenix Frank Lloyd Wright House could be donated to community foundation

A home designed by Frank Lloyd Wright at the center of a years-long controversy in Phoenix's Arcadia neighborhood could be donated to the Arizona Community Foundation, a representative of the organization said Tuesday.

Megan Brownell, chief brand and impact officer for the foundation, said in an email that the owners of the 1952 David and Gladys Wright House "offered the home as a charitable gift." The organization provides funding to various entities and provides leadership on community issues, according to its website.

Read more... http://www.azcentral.com/story/news/local/phoenix/2016/08/17/phoenix-frank-lloyd-wright-house-arizona-community-foundation/88880134/

Solid gold: Inside Michael Phelps' Paradise Valley home

Swimming legend Michael Phelps has a posh Paradise Valley home to relax at after winning his 28th Olympic medal in Rio.

The Santa Barbara-style house in the pricey metro Phoenix enclave was purchased for $2.53 million late last year, according to public records.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/08/22/solid-gold-inside-michael-phelps-paradise-valley-home/89123120/

Sunday, August 7, 2016

On the farm or farm-to-table? Demand for housing near South Mountain could change rural vibe

Subdivisions, hundreds of homes and a farm-to-table restaurant project are slated to transform a part of south Phoenix known for its agrarian history.

The Baseline Road corridor — between roughly Central Avenue and 40th Street — is sparking development interest on sites that once were plant nurseries, gardening companies and groves. Decades ago, people knew the area by its acres of colorful flower gardens near the base of South Mountain that since have disappeared.

Read more... http://www.azcentral.com/story/news/local/phoenix/2016/08/02/phoenix-south-mountain-agrarian-lifestyle-suburban/87539190/

Canadians, investors poised for big profits selling metro Phoenix homes

It could be sell time for two big groups of metro Phoenix homeowners.

Many Canadians and institutional investors bought bargain foreclosure homes in the Valley during the crash. Now, they are poised to make a lot of money on metro Phoenix housing.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/07/24/canadians-investors-poised-big-profits-selling-metro-phoenix-homes/87355636/

Monday, July 18, 2016

Scottsdale pays $4M for desert home, lets seller stay rent-free for life

Scottsdale taxpayers will soon be the owners of a secluded home surrounded by the city's expansive McDowell Sonoran Preserve, but only one resident will have the ability to live there.

The Scottsdale City Council on July 5 unanimously approved a $4 million purchase of the five-acre property — more than $1.4 million above the city's appraised value — including a provision in the contract allowing the seller to remain there for the rest of his life.

Read more... http://www.azcentral.com/story/news/local/scottsdale/2016/07/18/scottsdale-pays-4m-desert-home-lets-seller-stay-rent-free-life/86981714/

Sunday, July 10, 2016

Land, land everywhere in Phoenix but not a lot to build on

Metro Phoenix is running out of land — land ready for new homes, that is.

There are, of course, thousands and thousands of acres of vacant land in metro Phoenix. But as new-home sales continue to rebound in the Valley, the supply of lots prepped and ready for houses is shrinking to the lowest level in many years.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/07/07/land-land-everywhere-phoenix-but-not-lot-build/86773988/

13 empty big-box store buildings in metro Phoenix

For the past three years, new and recovering retailers — and developers willing to take risks on adaptive-reuse projects — have slowly filled some of the Phoenix area's scores of vacant big-box store buildings.

The bad news? Tricky spaces still outnumber willing tenants by far, according to local real-estate firms, and the popularity of online shopping continues to drive physical retailers out of town.

Read more... http://www.azcentral.com/story/news/local/phoenix/2016/06/20/13-empty-big-box-store-buildings-metro-phoenix/85698836/

Monday, July 4, 2016

Brexit could be boon for Arizona homebuyers, owners

Britain's vote to exit from the European Union  hurt U.S. stock markets temporarily, but it could help homebuyers.

Both stock prices and U.S. interest rates started falling June 24, the day after Brexit.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/07/02/brexit-could-boon-arizona-homebuyers-owners/86533062/

Arizona companies capitalize on low-interest-rate wave

Like homeowners seeking to refinance a mortgage, several of Arizona's largest companies have made moves lately to capitalize on attractive interest rates. And with the Brexit vote possibly ushering in a stretch of even lower rates, corporate financial officers could be staying plenty busy.

Read more... http://www.azcentral.com/story/money/business/consumers/2016/06/30/arizona-companies-capitalize-low-interest-rate-wave/86450770/

Saturday, June 4, 2016

Metro Phoenix housing market has best month in a decade

April just might have been the best month for metro Phoenix's housing market in a decade.

A look at key indicators and some national rankings show why the Valley's housing market appears to be stronger than it's been since the boom and crash.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/05/27/metro-phoenix-housing-market-has-best-month-decade/84929882/

HUD funding cuts could hurt homeless Valley veterans, families

A month after the federal Department of Housing and Urban Development abruptly defunded seven Valley transitional-housing agencies, tentative crisis-response plans are emerging.

Read more... http://www.azcentral.com/story/news/local/mesa/2016/05/30/after-big-funding-cuts-valley-transitional-housing-agencies-seek-solutions/84857984/

Friday, May 20, 2016

Downtown Phoenix condo market ready to rocket

Jeweler Joel Starkman is the first resident at Coronado Commons, a complex of 20 townhouse-style homes under construction in central Phoenix.

About a mile away, the Portland on the Park condo project downtown has sold more than half of 149 units well before its opening, expected by the end of the year.

Read more. ..http://www.azcentral.com/story/news/local/phoenix/2016/05/04/phoenix-sale-market-ready-boom-/83625228/

Shipping containers offer welcome homes in Phoenix

PHOENIX (AP) — A stack of shipping containers sitting in a lot in an industrial section of Phoenix has some developers thinking inside the box.

The structures usually used to transport cargo have been transformed into eight apartments. Scuff marks, old serial numbers and shipping company logos remain, but a look inside each unit reveals a 740-square-foot modern home.

Read more... http://bigstory.ap.org/article/13ca87f00b89401690e08fa7f2bea2ab/shipping-containers-offer-welcome-homes-phoenix

Affordable metro Phoenix areas are beginning to recover as buyers look farther out

Home prices in many metro Phoenix neighborhoods could finally fully recover from the crash this year, or at least get very close.

Last year was much better for rising home values in the Valley than 2014, according to Street Scout Home Values, an annual analysis of metro Phoenix's housing market done with The Information Market.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/04/29/affordable-metro-phoenix-areas-beginning-recover-buyers-look-farther-out/83606266/

Millennials, Boomers, retirees, boomerang buyers all boosting metro Phoenix's housing market again

Millennials Billy Day and Jessica Simms saw their rent jump in central Scottsdale last year. The couple decided to look for a home in the area near their favorite restaurants and places to hang out that they could afford to buy.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/04/29/millennials-boomers-retirees-boomerang-buyers-all-boosting-metro-phoenixs-housing-market-again/83401842/

Sunday, April 24, 2016

Looking for luxury? Mansions plentiful in metro Phoenix

A lot of mansions across metro Phoenix are sporting "for sale" signs in their front yards.

But luxury home sales in the Valley picked back up in March after sagging last summer during the stock market jitters.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/04/21/luxury-mansions-metro-phoenix/83295380/

Sneak peek: Check out Mesa's new, gigantic international marketplace

It's like walking into a big-box store, a Walmart or Target. If either carried durian chips, rocoto chile paste and dried mackerel, that is.

AZ International Marketplace, opening on Wednesday, April 20, is a gargantuan new mega store from the owners of Mekong Plaza that's designed to make an oversize impact, both commercial and cultural, on the southeast Valley.

Read more... http://www.azcentral.com/story/entertainment/dining/dominic-armato/2016/04/19/sneak-peek-mesa-gigantic-az-international-marketplace/82940134/

Saturday, April 23, 2016

Section 8 Housing Program Waiting List Opens after 11 Years

The city of Phoenix Housing Department will accept applications for the Section 8/Housing Choice Voucher (HCV) program beginning Monday, May 23 through Friday, May 27, or until 10,000 applications are received. 

The city's HCV program is funded by the U.S. Department of Housing and Urban Development and is available for low-income individuals and families to provide safe and decent affordable housing.  Program participants pay at least 30 percent of their adjusted gross monthly income toward their rent to a private landlord of their choice and the program will pay the landlord the remaining balance of the rent.

Read more... https://www.phoenix.gov/news/housing/1275

Tuesday, April 19, 2016

Apartment plan shows divide in visions for downtown Tempe's future

A proposal that would bring a 13-story apartment building to the edge of downtown Tempe has revealed sharp divisions between business owners, residents and elected officials that go beyond the project itself.

At stake is the question of where the city should literally draw the line between dense, urban construction and traditional neighborhoods west of Farmer Avenue.

Read more... http://www.azcentral.com/story/news/local/tempe/2016/04/11/tempe-13-story-apartment-plan-farmer-avenue/82357954/

Wednesday, April 13, 2016

Downtown Mesa property could see $42 million makeover

A prominent yet long-struggling downtown Mesa property could soon get a $42 million makeover with housing, retail and green space.

The project, on the largely vacant northwestern corner of Country Club Drive and Main Street, would be the first market-rate housing development built downtown in decades, bringing as many as 200 apartments.

Read more... http://www.azcentral.com/story/news/local/mesa/2016/03/30/proposed-market-rate-housing-project-aimed-revitalizing-long-struggling-corner-downtown-mesa/82088846/

Mesa Royale mobile-home park for sale again; tenants could face eviction

Residents of Mesa Royale — the troubled Mesa mobile-home park city officials once deemed "unfit for human habitation" — could face eviction for the second time in less than a year as the property is again poised to change hands.

The low-income, resource-strapped tenants were given marching orders the first time in May, when then-owner Gene Ham opted to put the complex up for sale rather than address scores of pricey safety hazards Mesa building officials discovered at the site.

Rest more... http://www.azcentral.com/story/news/local/mesa/2016/04/11/mesa-royale-mobile-home-park-sale-again-tenants-could-face-eviction/82089160/

Spring training baseball boosts Phoenix housing market

Metro Phoenix draws many visitors seeking sunshine, baseball and homes in February and March.

The Valley's housing market typically gets a boost during these months, when it's a hub for spring training. That sets the pace for the year.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/04/08/baseball-very-good-phoenix-housing-market/82719486/

Thursday, April 7, 2016

Diocese of Phoenix to build $15M Catholic high school west of Phoenix

In an effort to address growth in the West Valley, the Diocese of Phoenix is planning to build a $15 million Catholic high school in Avondale.

The closest Catholic high school to the 25-acre site is Bourgade Catholic High School at 4602 N. 31st Ave. in Phoenix, which is 20 miles away.

Read more... http://www.bizjournals.com/phoenix/news/2016/04/05/15-million-catholic-high-school-coming-to-west.html

Wednesday, March 30, 2016

'Dwell' joins list of spring home tours in metro Phoenix, Arizona

Spring gardens are in bloom, and Valley home tours are in full swing.

For the first time this year, California-based Dwell magazine is hosting a tour of modernist metro Phoenix homes. The upcoming (always sold-out) Modern Phoenix Home Tour explores uptown Phoenix and is hosting more than a dozen free and ticketed events in April for anyone interested in Arizona architecture and architectural history.

Read more... http://www.azcentral.com/story/entertainment/2016/03/28/spring-home-tours-metro-phoenix-arizona/82133758/

Monday, March 28, 2016

Phoenix homeowners could see first city property-tax rate increase in 20 years

After seeing their city property taxes shrink for years — and then slowly start to grow again — Phoenix homeowners could face a more significant tax increase in the coming year, the first possible city rate increase in about two decades.

Read more... http://www.azcentral.com/story/news/local/phoenix/2016/03/15/phoenix-homeowners-could-see-first-property-tax-increase-20-years/81656424/

Phoenix City Council allows Uber, Lyft to pick up at Sky Harbor

PHOENIX — After an ongoing controversy surrounding the presence of ride-sharing companies at Phoenix's Sky Harbor International Airport, the city council voted on Tuesday to allow companies like Uber and Lyft to pick up travelers.

Read more... http://ktar.com/story/942706/phoenix-city-council-allows-uber-lyft-to-pick-up-sky-harbor-passengers/

Sunday, March 13, 2016

Report: Metro Phoenix's home prices hit post-crash high

Metro Phoenix's housing market ended 2015 with a bang. Home prices shot up to a post-crash high in December.

The Valley's median sales price climbed to $234,850 during the last month of 2015, according to Arizona State University's W.P. Carey School. That's up almost $10,000 from November's median and highest median sales price since 2008.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/03/04/report-metro-phoenixs-home-prices-hit-post-crash-high/81221250/

High-rise towers coming to Scottsdale Fashion Square?

Already one of the nation's largest and most-profitable shopping malls, Scottsdale Fashion Square could evolve into an urban center with high-rise apartments, offices and hotels, according to plans recently announced by mall owner Macerich.

Read more... http://www.azcentral.com/story/news/local/scottsdale/2016/02/10/high-rise-towers-coming-scottsdale-fashion-square/78678598/

Renting to tourists? Airbnb wants to collect taxes for you

Legislation introduced Monday aims to make it easier for online home-rental companies to do business in Arizona.

The bill would allow companies such as Airbnb, Homeaway and VBRO to collect state lodging taxes on behalf of property owners while also keeping the properties classified as residential for tax purposes.

Read more... http://www.azcentral.com/story/news/arizona/politics/2016/02/16/home-rental-bill-aimed-tax-collections/80438032/

Small Arizona town copes with Freeport mine closure

Officials in the town closest to the mine, Sahuarita, are hoping to reduce the economic fallout of the closure.
"About a year ago, we as a town developed an economic-development strategic plan that looks at how we diversify our economy," said Sahuarita's economic-development manager, Victor Gonzalez. "So how do we go from a two-legged stool to a four or five?"

Rear more... http://www.azcentral.com/story/money/business/economy/2016/02/17/small-arizona-town-copes-freeport-mine-closure/80466172/

Thursday, February 25, 2016

Million-dollar mansion makeover contest at Chateau on Central in Phoenix

Designers have transformed three urban mansions in midtown Phoenix's high-profile Chateau on Central as part of a yearlong contest.

And on Friday, the winner of the contest to deck out the five-story houses complete with their own elevators will be picked by luxury real-estate experts, including Monica Monson and Luis D. Ortiz of Bravo's "Million Dollar Listing New York."

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/02/24/million-dollar-mansion-makeover-contest-chateau-central-phoenix/80818156/

Thursday, February 18, 2016

Metro Phoenix rents are rising in lots of strange places

Ask just about anyone living in a metro Phoenix apartment, and they will tell you rents are rising.

Almost half of Valley renters saw their monthly payments jump by more than 9 percent in 2015. That's from a new Rentcafe.com survey that breaks rents down by ZIP Code in the region.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/02/12/metro-phoenix-rents-rising-lots-strange-places/80237872/

Wednesday, February 17, 2016

Macerich goes high-rise at Scottsdale Fashion Square

Scottsdale Fashion Square is going big on the site of the former Harkins Camelview 5.

Macerich is seeking the city's approval for a 150-foot height limit for a high-rise residential development.

Read more... http://www.bizjournals.com/phoenix/news/2016/01/07/macerich-planning-high-rises-over-old-camelview.html

Friday, January 29, 2016

2015 was a good year for metro Phoenix housing; 2016 could be even better

Metro Phoenix's housing market recovery has been long and slow. But it's on track.

And this year is poised to be the best year for home sales and prices in the Valley in nearly a decade.

Last year, home prices, sales and new construction rebounded from 2014's disappointing results. Foreclosures continue to shrink.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/01/28/2015-good-metro-phoenix-housing-why-2016-could-better/79456932/

Sunday, January 24, 2016

Growing up: 3 new condo projects set for metro Phoenix

A new development venture is building three infill condominium projects in metro Phoenix, further cementing the trend toward high-density in the Valley.

Liv URBN recently started construction on The Mason, a Frank Lloyd Wright-inspired project with 33 high-end townhomes in north Central Phoenix.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/01/19/new-condo-projects-metro-phoenix/79018344/

New Scottsdale brokerage draws heavy hitters among luxury home agents

A new luxury home brokerage called Launch is drawing some of metro Phoenix's top real estate agents.

Scottsdale-based Launch, started by Valley real estate entrepreneur John Vatistas earlier this month, has already added well-known Valley agents Sandra Baldwin, Ronnie Gilbert, Robert Joffe, Heather Maclean, David Newcombe and Chris Morrison to its roster.

Read more... http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/01/22/launch-new-scottsdale-brokerage-luxury-homes/79130408/

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