Valley Home Market Continues Cooling Off Trend...

Valley home market continues cooling off trend, from the Phoenix Business Journal, reports that new home permits fell 24 percent in March 2006 from March 2005 numbers, according to the April issues of The Phoenix Housing Market Letter from RL Brown. For the first quarter of 2006, there were 12,868 single-family new home permits issues, down 16 percent from the first quarter of 2005. "The metro Phoenix housing market is returning to normal after an extraordinary year that allowed housing prices to rise much more rapidly than at any time in history," said Brown. Resales fell more than 25 percent in March from a year ago, and are down 16 percent for the first quarter compared to the first quarter of 2005. "There's no question that the Phoenix housing market of April 2006 is different from the market of the last year," Brown said. "It was clear that the 2005 pace was not sustainable."



http://phoenix.bizjournals.com/phoenix/stories/2006/04/24/daily43.html?t=printable

Glut Of Homes For Sale Appears...

Glut of homes for sale appears to be market correction, from the Arizona Republic Southeast Valley, reports that the Arizona Regional Multiple Listing Service says the number of homes for sale in the Southeast Valley hit 13,836 in March. A year earlier it was 1,068. The number of homes for sale- a 10 percent jump up from February- could be a record. The market is apparently still correcting itself after last years frenzy. The good news is that the number of homes sold in the Southeast Valley grew from 2,360 in February to 2,920 in March. Detached homes are taking an average of 53 days to sell, and condos are taking 40 days. One interesting note is the number of high-end homes for sale in the Southeast Valley. There were 2,455 homes priced at $500,000 or more in the Southeast Valley in March.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/chandler/articles/0428ev-realestate0428Z6.html

Interstate 10's Freeway Widening...

W. Valley I-10 OK'd for early widening, from the Arizona Republic, reports that the Maricopa Association of Governments Regional Council (MAG) unanimously agreed on Wednesday to accelerate Interstate 10's freeway widening, paving the way for new lanes to be added starting in late 2007. Avondale, Goodyear and Litchfield Park asked MAG to accelerate the freeway widening and will pony up the extra cost to complete the $130 million project early. The southwest Valley project will widen the freeway from the Loop 101 to Sarival Road. Down the road, Buckeye and Goodyear are expected to push for a second widening project: the segment of the freeway from Sarival to State Route 85. Great news for the West Valley!



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0427freeway0427.html

Interest In Arizona Commuter Rail Grows...

Interest in Arizona commuter rail grows, from the Arizona Republic, reports that state and regional transportation agencies are launching new studies this months to see if commuter rail can work in Arizona, and a statewide transit conference this week in Tempe aims to rekindle interest in heavy passenger rail, which is nothing like light rail. Locals envision service linking Phoenix with Tucson and fast growing suburbs in Maricopa and Pinal Counties.The concept is to use existing railroad tracks to set up a commuter rail system. Union Pacific and Burlington Northern control the tracks around the metro Phoenix and Pinal County areas, and the state and county agencies would need to negotiate with them for track usage and expansion. The article cites several Western states success with commuter rail.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0425commuterrail.html

Retail Development On Way To Booming Pinal County...

Retail development on way to booming Pinal County, from the Arizona Republic, reports that with Pinal County's booming population growth expected in the coming years, retail development is in the works to serve this growing area. The Ak-Chin tribe south of Maricopa just announced a 260-acre retail development that will contain big-box stores, restaurants and offices on land around the Ak-Chin casino south of the city of Maricopa. Pederson Group and WDP Partners have a 1 million-square-foot retail center near Casa Grande at Interstate 10 and Florence Blvd. expected to open in late 2007. Coolidge has a future Westcor mall site that will start once Coolidge's population hits 200,000. Queen Creek, another high growth area at the Maricopa and Pinal county border, is moving forward on a 1 million square-foot retail center at Ellsworth and Ocotillo roads.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0425biz-cr-AkChin0425.html

State's Unemployment Rate...

March gains push state to record job total , from the Phoenix Business Journal , reports that Arizona's economy gained another 22,600 jobs in March, pushing down the state's unemployment rate by 0.3 percentage points to 4.1 percent. With these new jobs, Arizona's overall nonfarm job count stands at a record 2.6 million, according to the Department of Economic Security Research Administration. Most of the job growth in March came from the service providing industries, up 18,400 positions. Construction employment reached another record level at 234,800 positions, gaining 1,300 jobs in March. For more, go to www.workforce.az.gov .


http://phoenix.bizjournals.com/phoenix/stories/2006/04/17/daily61.html?t=printable

Largest Employers in Arizona...

Big companies, Big impact , from the Arizona Republic , reports on the largest employers in Arizona in its annual biggest companies report. No. 1 is Wal-Mart, followed by Banner Health, Honeywell International, Wells Fargo & Co, and Intel. The Arizona Republic has been compiling this list for the last 14 years, starting in 1992. The state's population growth also is reflected in the list. In 1992, the 100th company had 550 employees. This year, for the first time, all the companies listed boast more than 1,100 employees. The article contains a link to get to the complete list of the top 100 employers and contains several articles about the top employers.


http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0423biz-rep100blomo0423.html

Census: Americans Leave Big Cities...

Census: Americans leave big cities, from the USA TODAY, reports that among the 25 largest metropolitan areas, 18 had more people move out than move in from 2000 to 2004. One of the exceptions, of course, is the Phoenix metro area, which averaged 48,598 annual migration during that period. But big cities like Chicago, New York and Los Angeles lost residents during that time frame. Arizona, Nevada and Florida were the states with the most growth, while New York, California and Illinois lost the most population. "It's a case of middle class flight, a flight for housing affordability," said William Frey of the Brookings Institute, a Washington think tank. "But it's not just white middle class flight, it's Hispanics and blacks, too." The article cites affordable housing in Phoenix as the main reason it is attracting new residents from other states.



http://www.usatoday.com/news/nation/2006-04-20-urbanflight_x.htm

Mortgage Rates Head Up, Up, Up...

Mortgage rates head up, up, up, from the Arizona Republic, reports that mortgage rates hit their highest point in almost 4 years this week, a move that is expected to slow home sales even more. The average rate on a 30-year fixed rate loan hit 6.53 percent, up from 6.49 percent last week. "Rates are likely to reach 7 percent this year, and that will likely put a brake on real estate in Arizona," said Terry Turk, president of Sun America Mortgage Co. A 50 percent rise in home values in 2005 means many buyers need low rates to afford a home. This weeks rates were the highest since July 2002.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0421mortgage0421.html

Williams Gateway Earning Its Wings...

Williams Gateway earning its wings, from the Arizona Republic, reports that with this month's announcement of Phoenix's partnership with Williams Gateway Airport, the airport's future as a reliever airport to Phoenix Sky Harbor airport became clearer. "It's ultimate destiny is the Valley's major international airport," said Marty Whalen of Mesa, a former senior vice president and general counsel of America West Airlines. "Phoenix Sky Harbor International Airport is landlocked and Williams Gateway now is what O'Hare looked like in the 1950's. Studies suggest that it will take 15 years for the Mesa airport to serve 2 million passengers, numbers associated with major metro-area relievers. Smaller carriers are expected to expand service at Williams Gateway to popular destinations like San Diego and Las Vegas until the Southeast Valley's population compels the majors to come in.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/mesa/articles/0419mr-airportland0419Z11.html

The Northwest Corner of the Loop 101 and 56th Street in North Phoenix

CityNorth gets a head start, from the Arizona Republic, reports that Chicago based Thomas J. Klutznick Co. and Related Urban Development plan to break ground in July on the first phase of the $1.5 billion mixed-use CityNorth project located on 150-acres at the northwest corner of the Loop 101 and 56th Street in North Phoenix. The development will feature 1.1 million square feet of retail space and restaurants including two or three department stores, 2 million square feet of office space, up to 2,000 residential units and two hotels. The focus of the first phase is High Street, a boulevard lined by three or four story buildings with streetscape retail, plus office space and residential units above. Later phases will have luxury stores, some topped with offices. The developers will eventually build large office buildings and high density housing outside of the urbanlike commercial core. "One of the great things for us is the project next door," said Webber Hudson of Related Urban Development, referring to Desert Ridge Marketplace. "It's a great success story. This is going to be much more sophisticated."



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0418biz-citynorth0418.html

Sky Harbor To Get Some Relief...

Sky Harbor to get some relief, from the Arizona Republic, reports that Phoenix is poised to become an operator of Williams Gateway Airport, a significant move that solidifies the airports future role as the primary reliever to Sky Harbor International Airport. This move gives Phoenix a major voice in how and when the fledgling commercial airport would begin to alleviate congestion at Sky Harbor, the nation's seventh busiest in terms of passengers. "The demand for air service in the Valley is growing so rapidly that we are not concerned of a threat to Sky Harbor," said Deborah Ostreicher, an airport spokeswoman. "We're interested in the sustainability in Valley aviation as a whole." Look for this area to be a real estate hot spot for commercial, industrial and retail development.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0415gateway0415.html

Current Slowdown As A Market Correction And Not A...

Housing blip a speed bump, not a slump, from the Phoenix Business Journal, reports that the region's housing market has gone from red hot to lukewarm in just a few quarters, but most housing experts see the current slowdown as a market correction and not a more serious slump. "The current slowdown in the market is a short-term imbalance caused by excessive investor activity, rapid price run-ups in a short period of time and, in some cases, poor market analysis by builders that, collectively, have led to an oversupply of housing in certain price ranges, in certain areas," said Rebecca Burnham, a real estate attorney with the law firm Greenberg Traurig. In December 2004, Phoenix-area resale homes averaged just under eight days on the market and in January 2005, that number dipped to six days. A month later it increased to 35 days, and in January 2006, it rose to 49 days. In February 2006 it rose again to 55 days. Housing industry experts hope the Valley housing markets' slowing is a market correction and that the region can be propelled by continued population and job gains. As the "investor" homes that are now on the market sell, the market should get back to inventory levels that are more normal and sustainable.



http://phoenix.bizjournals.com/phoenix/stories/2006/04/17/story6.html?t=printable

Resale Housing Prices Still Dropping...

Median resale housing prices still dropping, from the Arizona Republic Ahwatukee, reports that median resale housing prices fell in the Southeast Valley in March primarily due to the increased number of homes on the market. The main exception was Ahwatukee Foothills, where prices rose 6 percent from February to March, to $364,250. But that is still below the December 2005 median price of $386,250. Median prices from February to March fell 5 percent in Gilbert, 4 percent in Tempe, 1 percent in Mesa and 1.6 percent in Chandler. Jay Butler, director of the Arizona Real Estate Center at ASU, said most homes sold these days are by investors who flooded the market over the last two years. They tend to buy cheaper and smaller homes and are now selling them back for profits. However, the peak sales season is just getting started. Butler said the May, June and July sales figures should show what is really happening in the market. The article gives the current median prices and sales volume for each of the Southeast Valley cities.





http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/ahwatukee/articles/0414ev-realestate0414Z14.html

2005 A Record Year For Job Growth...

Economists: 2005 a record year for jobs growth in state, from the Phoenix Business Journal, reports that employment growth in Arizona set a record in absolute numbers and, in percentage terms, was the strongest in a decade for the state and for greater Phoenix, according to economist Elliott Pollack in the Arizona Blue Chip Economic Forecast report. State employment growth was revised upward to 5.3 percent from a preliminary estimate of 4.1 percent, as Arizona added more than 125,000 new jobs. "This is a remarkable performance and far exceeds, in absolute terms, any year in history," said Pollack. "The employment boom seems to be broad based and sustainable." And despite a slowdown in the housing market, the economic outlook looks good for this year, according to the report.





http://phoenix.bizjournals.com/phoenix/stories/2006/04/10/daily19.html?t=printable

"Sellers Got Greedy Last Year, Buyers Are Greedy Now..."

Housing resales slow, from the Arizona Republic, reports that Metro Phoenix's resale housing market continued to slow in March, with prices holding steady but the number of sales down from a year ago. There were 7,265 resales in the Valley in March, down from the 10,035 in March of 2005. The information came from the Arizona Real Estate Center at ASU. Jay Butler, director of the center, said the numbers show that the housing market is returning to more normal levels after last year's frenzy. The price for a typical Valley resale home was $263,000 in March, up from $213,000 in March 2005, but down $2,000 from the February 2006 median resale price. Butler noted that the first quarter of 2006 was the weakest since the first quarter of 2003, and that we will get a better indication of where the market is at later this summer. "Prices will start to come down in certain areas," he said. "Some of the older areas will hold prices better. We will see some decline but not significant declines." Now, buyers have the leverage and are making sellers suffer, according to local agents. "Sellers got greedy last year," said Diane Watson of Realty Executives in Scottsdale. "Buyers are greedy now. Buyers need to recognize it is a healthy market. They can't sit on the sideline waiting for it to fall apart. It's not going to happen."



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0412biz-resales0412.html

When Phoenix & Tucson Merge...

When Phoenix, Tucson merge, from the Arizona Republic, reports that Arizona's two largest metro areas are on course to meet and merge within a decade, engulfing several small towns along the way. While Phoenix and Tucson are separated by 120 miles, their suburbs reach much farther up and down Interstate 10. Planned developments stretch 60 miles south of Phoenix, deep into Pinal County. In Tucson, new projects are heading 40 miles north into Pinal County. Urban researchers are calling the corridor a megapolitan, or "super-sized" metropolitan area. "Megapolitans are the future of the country's growth," said Marshall Vest, an economist and director with the Economic and Business Research Center at the University of Arizona. "Phoenix and Tucson are already merging into one," he added. The notion of Phoenix and Tucson merging isn't new, but it is happening faster than most expected due to both cities rapid growth. Arizona is the smallest megapolitan and has the greatest potential for growth," said ASU Professor John Long. The Phoenix-Tucson megapolitan is one of several in the country, including the Los Angeles to San Diego area and the Portland-Seattle area. As a result of this "megapolitan", land is being bought in Pinal County and other fringe areas at a record pace. More than 600 land deals worth at least $1 billion closed on the fringes of metro Phoenix and Pinal County last year, according to local housing analyst RL Brown. Brown says 40 percent of all new Valley homes could be in Pinal County in the near future!

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0409merge0409.html

Massive CityScape Project in Downtown Phoenix...

$900M CityScape development proposal files with city, from the Phoenix Business Journal, reports that RED Development LLC and Barron Collier Co. filed its development plan with the city of Phoenix for the massive CityScape project in downtown Phoenix at Central Ave., between Washington and Jefferson streets. The project is planned for four buildings nearly 40 stories high with 800,000 square feet of office space, 1,200 residential units, 170,000 square feet of retail, and 150 hotel rooms. The project would take five years to complete. The goal of the project is "to create a new, cohesive urban core for the city that provides day and night activities and uses for residents, tourists and conventioneers," said RED Development Principal Michael Ebert. The first phase of the CityScape project could begin later this year.

http://phoenix.bizjournals.com/phoenix/stories/2006/04/03/daily62.html?t=printable

256,000 JOBS Will Be Added To State's Economy Through '06...

More than 256,000 jobs will be added to state's economy through '06, DES reports, from the Arizona Republic, reports that jobs will continue to be in demand in Arizona during the next two years, with a slight cooling in 2007, according to a report released by the Arizona Department of Economic Security. "Each of the 11 major industry groups are forecast to add jobs, and rates of growth are generally expected to improve on the healthy rates of 2005," according to the report. Arizona's economy is expected to add 256,000 non-farm jobs for the 2006-07 period. Arizona is continuing to see job growth due to the influx of new residents. Arizona's unemployment rate of 4.4 percent means that employers are having a hard time finding enough workers. The influx of new residents and jobs will help with the soft landing scenario for our housing market.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0407biz-economy0407.html

Second Homes 40% of Market in 2005...

Second homes 40% of market, from the USA TODAY, reports that four of every 10 sales nationwide last year were second homes, either investments or vacation properties, according to a report released by the National Association of Realtors. Nearly 28% of homes bought last year were investment properties, an an additional 12% were vacation homes. Most of the buyers were baby boomers in their top earning years, looking toward retirement and hoping to build wealth or find a more desirable place to live. Sales of investment properties is expected to decline, but sales of vacation homes are expected to stay strong for years, because the youngest baby boomers are only 42 this year. The typical vacation home buyer last year was 52 years old, earning $83,800 a year, and purchased a property that was about 200 miles from the primary residence. The median vacation home price was $204,100.



http://www.usatoday.com/money/economy/housing/2006-04-04-real-estate-usat_x.htm

Rainbow Valley Ranch...

Land coming together for West Valley development, from the Phoenix Business Journal, reports that Scottsdale based Aread Inc. is assembling 2,347-acres of land in the Rainbow Valley area for a future 7,000 lot residential development called Rainbow Valley Ranch. Aread just closed on 1,365 acres of the land for $34.1 million, or about $25,000 per acre. The remaining property is expected to be assembled by 2007. Rainbow Valley Ranch will be exclusively themed master-planned community, surrounded in part by the backdrop of the Estrella Mountains. A mixture of single-family and multi-family housing, commercial and recreational amenities are planned. Aread plans to annex the property into Goodyear and begin selling lots to homebuilders in 2007. Rainbow Valley Ranch is bisected by Riggs Road and is bounded on the north by Chandler Heights Road, on the south by Hunt Highway, on the east by Sarival Road and on the west by Rainbow Valley Road.



http://phoenix.bizjournals.com/phoenix/stories/2006/04/03/daily40.html?t=printable

Sun City Festival in Buckeye...

Del-Webb's newest active adult community open to buyers, from the Arizona Republic, reports that Sun City Festival in Buckeye, Del Webb's newest active adult community has opened for sales. The 3,100-acre master-planned community is located on the Sun Valley Parkway, west of the city of Surprise. It will have 7,200 homes, two 18-hole golf courses and a 31,000 square foot recreation center with a resort-style pool. Until unit models open in July, buyers can visit a preview center in Sun City Grand to view the floorplans available in the new community. Sun City Festival will take seven years to build out. Del Webb will unveil 23 new active-adult communities around the country by the end of this year in response to the growing baby boomer population who are heading into retirement. In January, Pulte, the parent company of Del Webb, closed on 4,100-acres east of the Sun Valley Parkway in Buckeye for its third all-ages Anthem community. "This area will be a city someday," said Ed Martin of Pulte Del Webb. "All of that land is either spoken for or is being entitled, so we were fortunate to get in early." If you haven't seen what's happening along the Sun Valley Parkway, you should take a drive and see all the explosive activity in this hot spot market area!

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/glendale/articles/0405gl-sun05Z18.html

Kierland Commons Lofts Go On Sale...

Second phase of Kierland Commons lofts goes on sale, from the Arizona Republic, reports that sales for the second phase of the Plaza Lofts at Kierland Commons started last week with prices ranging from $800,000 to $1.85 million. The 54-unit phase will start construction in May with completion slated for fall of 2007. The units will be one and two bedroom plan with 1,100 to 2,800 square feet. Five penthouse units ranging from 3,200 to 3,900 square feet will be offered from $2.8 million to $3.15 million. Woodbine Southwest is the developer. The first phase of the Plaza Lofts (30 units) sold out prior to the start of construction.

http://phoenix.bizjournals.com/phoenix/stories/2006/04/03/daily20.html?t=printable

A Very Attractive Place to Have a Business...

Wash. firm is moving to area, from the Arizona Republic, reports that Scottsdale has snagged the corporate headquarters for one of Washington state's largest private firms. Services Group of America, parent company of the food distributor Food Services of America, will relocate from Seattle to Scottsdale. Forbes magazine ranked the company 108 on its 2005 list of largest privately held U.S. firms. The company had $2.5 billion in sales in 2004 and has 4,000 employees nationwide, according to Forbes. About 90 people from the Seattle headquarters will move to Scottsdale. The move to Arizona was to avoid Washington's estate tax, which ranges from 10 to 19 percent on estates valued at more than $2 million, according to a statement released by the company. The company's founder and CEO has a $5 million home in Paradise Valley. This shows that the Valley is still a very attractive place to have a business when compared to other areas of the country.


http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0404biz-estate0404.html