Scottsdale shopping center sells for $66.7M

After going through a massive re-leasing effort during the past few years, the Shops at Gainey Village, a large Scottsdale shopping center, has been sold.

According to documents filed with the Maricopa County, the retail center was sold Dec. 16 for $69.7 million by Principal Real Estate Investors LLC to First Washington Realty Inc. Principal purchased the property in 2005 for $73 million, according to county records.

Read more... https://www.bizjournals.com/phoenix/news/2019/12/18/rebooted-scottsdale-shopping-center-sells-for-70.html

Scottsdale city council approves Southbridge development

The city says the high-rise development could bring more vitality to the downtown area, but some are concerned it means losing Old Town's classic charm.

Read more... https://www.12news.com/article/news/local/valley/scottsdale-city-council-to-discuss-southbridge-development/75-7e9529c6-3dea-4410-88e0-415631db9907

See 5 booming metro Phoenix areas that qualify for investor tax breaks

Tourists flock to downtown Scottsdale, where several companies have settled in the past decade. Real-estate investors have responded with multifamily housing and Class A office space.

Read more... https://www.azcentral.com/picture-gallery/news/local/phoenix/2019/10/23/5-booming-metro-phoenix-areas-qualify-investor-tax-breaks/4053474002/

Metro Phoenix renters struggle with rising housing costs. What can help?

Metro Phoenix home prices hit a new record this year.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/11/03/whats-being-done-arizonas-growing-housing-affordability-problem/4110671002/

Love or hate the trains, light rail boosts home values in metro Phoenix

People are willing to pay more to live near light rail in metro Phoenix.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/10/20/light-rail-boosts-home-values-metro-phoenix-realtor-study-says/4000179002/

The 10 most expensive ZIP codes for renters in Arizona

The peak rental season is coming to an end, making October the perfect time to identify and rank the areas that have charged the largest rents this year.

Read more... https://azbigmedia.com/real-estate/multifamily/the-10-most-expensive-zip-codes-for-renters-in-arizona/

3 projects that are shaping the future of Downtown Phoenix

The evolution of Downtown Phoenix continues, and there are three key projects leading the market forward, The Link PHX, Block 23 and two buildings going up at the newly renovated Arizona Center — the AC Hotel by Marriott and Palm Tower, a residential tower. All of these projects are in different stages of development, but the tallest of the new buildings, The Link PHX, will be the first one to be delivered.

Read more... https://azbigmedia.com/real-estate/3-projects-that-are-steering-the-future-of-downtown-phoenix/

Metro Phoenix's housing market looks a lot like 2004. Is a boom and bust coming?

Rising home prices and bidding wars over affordable houses in metro Phoenix are stirring painful memories of the housing boom that led to the area's biggest real estate crash beginning in 2008.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/09/15/metro-phoenixs-housing-market-looks-like-2004-boom-bust-next/2288542001/

For $25, Arizona homebuyers can help solve the state's affordable housing problem

For $25, Arizona homebuyers can help put a roof over the heads of people who can't find a home they can afford.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/09/06/25-arizona-home-buyers-can-help-solve-states-affordable-housing-problem/2211944001/

   

Mesa OKs deal to bring $1B Google site to city

The Mesa City Council has approved a development agreement with Google for a $1 billion data center and accessory office facilities. Google is exploring the acquisition of 187 acres just northwest of Phoenix-Mesa Gateway Airport

Read more... https://azbigmedia.com/business/economic-development/mesa-approves-deal-to-bring-1b-google-site-to-city/

   

Where did home buyers flock? Here are the 5 metro Phoenix areas with the biggest increases in home sales

Phoenix-area homebuyers flocked north in 2018.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/05/01/home-sales-climbed-metro-phoenix-2018-surprise-south-nw-phoenix-rio-verde-desert-ridge-arizona-data/3591732002/

Fewer first-time home buyers likely to qualify for mortgages under tougher FHA standards

Some first-time and low- to middle-income home buyers will likely be edged out of the housing market under tougher standards recently adopted by the Federal Housing Administration, experts say.

Read more... https://www.usatoday.com/story/money/2019/03/25/home-loans-fewer-first-timers-get-mortgages-under-tough-standards/3271050002/

Meet the ASU grad atop the cannabis industry world — he just signed an $850M deal

Steve White remembers telling his parents several years ago his plan to leave a successful business law career to launch a medical marijuana company, which was —and remains — illegal under federal law.

Read more... https://www.azcentral.com/story/money/business/entrepreneurs/2019/03/29/steve-white-ceo-harvest-health-and-recreation-marijuana-arizona-grown/3145577002/

Phoenix homes prices climbed 130 percent in 10 years. What's next?

Home prices hit a new record in metro Phoenix last year, and so did incomes in the Valley.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/03/22/metro-phoenix-home-prices-up-130-percent-decade/3212914002/

D.R. Horton buys Phoenix land for $80 million, plans luxury homes

A homebuilder has paid a record price for approximately 120 acres in northeast Phoenix. Only one home was on the nearly vacant swath of desert.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/03/28/d-r-horton-buys-ne-phoenix-land-80-million-plans-luxury-homes/3302275002/

Metro Phoenix apartment rents climbed faster than anywhere in the U.S.

Apartment rents climbed faster in metro Phoenix than anywhere in the U.S. during the past year.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/03/22/metro-phoenix-apartment-rents-climbed-faster-than-anywhere-u-s/3179293002/

Morrison Ranch commuity nears completion in Gilbert

The 2,000-acre master-planned community will focus on multifamily and commercial development next.

Read more... https://www.bizjournals.com/phoenix/news/2019/02/25/four-homebuilders-under-contract-to-finish-2-000.html

$7,100 rent for a northwest Phoenix condo. It must be spring training time

Anyone still trying to rent a home near a ballpark for spring training could strike out.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/02/17/home-rental-prices-soar-spring-training-nears-metro-phoenix/2858695002/

Want a tax break in downtown Phoenix? You may have to pay for it in affordable housing

Most large cities in the U.S. require developers who erect luxury apartment complexes to put money into a pot for affordable housing. 

Read more... https://www.azcentral.com/story/news/local/phoenix/2019/02/22/want-tax-break-phoenix-require-you-build-affordable-workforce-housing/2884658002/

Construction update: Great Wolf Lodge Arizona, Ritz-Carlton

From ultra-luxury to family-friendly, Phoenix is about to see some striking new hotel options. Here's a look at three new additions on the horizon for the Valley's resort scene. 

Read more... https://www.azcentral.com/story/travel/arizona/2019/01/07/ritz-carlton-great-wolf-lodge-civana-arizona-construction-update/2303987002/

New Caesars hotel to be built at Scottsdale Fashion Square

Caesars Entertainment Corp. said it will build a non-casino hotel on the northern side of Scottsdale Fashion Square, with construction slated to start later this year.

Read more... https://www.azcentral.com/story/money/business/2019/01/28/caesars-republic-scottsdale-non-casino-hotel-planned-scottsdale-fashion-square/2699905002/

If you really like Fendi, the Italian designer is building homes in Scottsdale

Developers, architects and government leaders gathered Wednesday to break ground on the highly anticipated retail and dining portion of the Palmeraie master-planned community, as Fendi Private Residences was announced as the first luxury name associated with the $2 billion project.

Read more... https://www.azcentral.com/story/news/local/scottsdale/2019/02/14/fendi-homes-scottsdale-paradise-valley-palmeraie-five-star-development-ceo-jerry-ayoub/2861593002/

Housing Sentiment May Be Bouncing Back

Respondents to Fannie Mae's January National Housing Survey adopted a new outlook to go along with the new year, primarily in responses about their personal financial situation.  As a result, the Home Purchase Sentiment Index (HPSI) increased 1.2 point to 84.7, taking back some of the 2.3 points it shed in December.

Read more... http://www.mortgagenewsdaily.com/02072019_national_housing_survey.asp

Uber launches electric scooters and bikes in Mesa, Scottsdale

SCOTTSDALE, AZ (3TV/CBS5) -- Uber has launched scooters and dockless electric bikes in Scottsdale and Mesa.

Read more... https://www.azfamily.com/news/uber-launches-electric-scooters-and-bikes-in-mesa-scottsdale/article_e842a870-18d6-11e9-b38b-5b2bb6df3386.html

Mr. Cooper laying off 109 mortgage employees in California

Over the last several months, layoffs have hit companies across the housing industry as the industry works to find solid footing in a shifting mortgage market.

Read more... https://www.housingwire.com/articles/47921-mr-cooper-laying-off-109-mortgage-employees-in-california