Pinal Housing Market Cools...

Pinal housing market cools, from the Arizona Republic, reports that sales volume for resale homes fell 22.6 percent in Pinal County from the first quarter 2005 to the first quarter 2006, marking the third consecutive quarterly decline, according to the Arizona Real Estate Center at ASU. The median price for an existing home stood at $211,500, down 3.9 percent from the $220,000 median in the fourth quarter of 2005. According to the Arizona Regional MLS, the number of resale homes on the market stood at 4,342. "The Pinal County resale market is slowing as is the overall housing market," said Jay Butler, director of the ASU center. "The problem is that this market doesn't have a history, so we don't know what's normal. This housing market only came into existence five years ago," he added. Pinal County new-home sales rose 30.2 percent over the first quarter 2005, to 3,640 homes, and the median new home price surged 45.1 percent to $244,835. Housing analyst RL Brown said the Pinal County market is in the midst of finding normalcy after a bustling 2005. Builders are offering more and more incentives to draw buyers to their subdivisions amid the slowdown.





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Growth Corridors In The Metro Phoenix Area...

Valley development corridors show huge potential, from the Phoenix Business Journal, reports that there are numerous growth corridors in the metro Phoenix area that are spurring developers to develop new projects. New opportunities will develop where the Loop 202 is extended in the East Valley, along the Loop 303 in the West Valley, the Grand Avenue corridor in Surprise, the Sun Valley Parkway corridor in Buckeye, the Westgate development corridor along the Loop 101, and along the light rail route in Phoenix, Mesa and Tempe. Michael Chasse, a principal with Arizona Land Advisors stated that 10,000 lots are planned along the northern part of Sun Valley Parkway, making that area "one of the hottest markets to come along, for new homes." North of Grand Ave., north of Surprise, Lennar just announced its plans for Asante, a new 3,600-acre master-planned community, including a 1 million-square-foot shopping center. Colton Commercial Chief Executive Dan Colton stated that commercial and industrial opportunities are predicted in areas near new residential projects in the West Valley, where about 60 percent of the region's residential construction is occurring. "The West Valley is a magnet for east Los Angeles," he said.



http://phoenix.bizjournals.com/phoenix/stories/2006/05/29/focus1.html?t=printable

Another Condo Project At The Northeast Corner of Camelback and Scottsdale Roads...

Big condo project in works, from the Arizona Republic Scottsdale, reports that a Minneapolis development company is floating plans for another condo project in Scottsdale, at the northeast corner of Camelback and Scottsdale Roads. The developers are assembling land along the Arizona Canal for 246 condos on 4.45 acres, and additional land for a possible six-story hotel. The property currently has a mix of old apartments and homes. The condos would average 1,400 square feet and have a market value of nearly $1.04 million each, according to the plan. The developers plan says it will take 12 to 18 months to get necessary city approvals for the project.



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The National Association Of Realtors Says...

Is the housing bubble bursting, from MSNBC, reports that according to ZipRealty, Phoenix has 394 percent more homes on the market now compared to one year ago, and also reports that Phoenix has a 38 percent price cut on homes listed. (Wow- I haven't seen that and do not know where they are getting these numbers!). The National Association of Realtors says that last years double-digit appreciation will be cut in half this year nationally, a sign, experts say, that the market is returning to normal, not that a bubble is bursting. The article states that sellers will still make a hefty profit from selling their homes, but the question is when. In a nutshell, metro Phoenix housing is in a major correction mode and will not break out of it until we burn through the existing high inventory of new and resale homes.

Backlog Of Unsold Homes In U.S...

Backlog of unsold homes in U.S. reaches record high, from the Arizona Republic, reports that the number of unsold homes remaining on the market at the end of April rose to the highest level on record, according to the U.S. Commerce Department, further evidence that the red-hot national housing market is cooling. Sales of single-family homes rose by 4.9 percent in April and the median U.S. home price stood at $238,500, up just 0.9 percent from a year ago, far below the double-digit price gains sellers were enjoying last year at the peak of the housing boom. "Housing is holding up better than we thought given how much mortgage rates have gone up, but we still expect it to weaken as the year goes forward," said David Wyss, chief economist at Standard & Poor's in New York. Wyss said he expects home sales to fall 10 percent this year, while the National Association of Realtors is predicting a 2.5 percent decline.



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Backlog Of Unsold Homes In U.S.

Backlog of unsold homes in U.S. reaches record high, from the Arizona Republic, reports that the number of unsold homes remaining on the market at the end of April rose to the highest level on record, according to the U.S. Commerce Department, further evidence that the red-hot national housing market is cooling. Sales of single-family homes rose by 4.9 percent in April and the median U.S. home price stood at $238,500, up just 0.9 percent from a year ago, far below the double-digit price gains sellers were enjoying last year at the peak of the housing boom. "Housing is holding up better than we thought given how much mortgage rates have gone up, but we still expect it to weaken as the year goes forward," said David Wyss, chief economist at Standard & Poor's in New York. Wyss said he expects home sales to fall 10 percent this year, while the National Association of Realtors is predicting a 2.5 percent decline.



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Great Investment Property Deals In Short Supply...

Great investment property deals in short supply, from Bankrate.com, reports that due to increased prices of homes over the last several years and rising interest rates, it is getting harder to find investment property that will allow the buyer to charge enough rent to cover the mortgage or even fix it up to sell it for a profit. In 2005, more than a quarter of all homes purchased were bought as investments, according to the National Association of Realtors. Last year there were 2.32 million investment-property sales, up nearly 16 percent from 2004 numbers. An NAR survey of investment property buyers found that 55 percent of those who bought a house as an investment did so for the rental income, and 35 percent said they bought to diversify their investments. "Investment home sales are likely to decline this year, in part because of higher interest rates," said David Lereah, NAR's chief economist. "There are fewer incentives to speculate in the market with price appreciation cooling in much of the country, and more oversight is being encouraged in the mortgage market."



http://www.bankrate.com/brm/news/real-estate/20060518a1.asp

A New 3,600-Acre Master-Planned Community...

$1 billion Asante project aims to house 40,000 , from the Arizona Republic, reports that A new 3,600-acre master-planned community, including a 1 million-square-foot shopping center, soon will spring from desert land in the far Northwest Valley. Asante will be built along Grand Avenue in Surprise, just west of the future Loop 303 freeway. It eventually will be home to new schools, fire stations, parks and 14,000 homes with a variety of housing types. When completed, more than 40,000 residents will live at Asante, only one of various new master-planned communities being planned or built in Surprise. The first phase of the project, which will begin in early 2007, calls for a $15 million regional wastewater treatment plant and about 2,500 homes. They will range from 1,100 to 4,000 square feet, and will cost between $200,000 and $800,000.


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Boom Trends...

Boom trends, from the Arizona Republic, reports that the fastest-growing segment of the housing market is made up of people age 50-plus, including empty nesters, pre-retirees, baby boomers and older buyers. People 55 or older bought nearly one-fifth of the 1.1 million new homes sold in the country in 2003, according to the National Association of Realtors. Builders are designing product to fit this growing trend of older buyers, including second home communities, active adult master planned communities, home features and designs to accommodate the elderly, and smaller homes for those looking to downsize. The article gives a good list of all the trends in this niche, which is expected to continue as more boomers come on line.



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Bernanke: Housing Headed For A Safe Landing...

Bernanke: Housing headed for a safe landing, from MSNBC, reports that Fed Chairman Ben Bernanke stated that the nations housing market appears to be headed for a safe landing in a speech he delivered on banking in Chicago yesterday. "Our assessment at this point... is that this looks to be a very orderly and moderate kind of cooling," Bernanke stated. One of the things that Bernanke and his Fed colleagues are keeping close tabs on is the extent to which the cooling housing market will slow overall economic activity, which is expected to slow down in the months ahead. Bernanke did not discuss the future course of interest rates in his speech, but the Fed is leaving its options wide open in terms of future rate decisions. It suggested that another rate increase could be possible if inflation worsens.



http://www.msnbc.msn.com/id/12852744/

Valley Home Price Gains Again Rank First In Nation...

Valley home price gains again rank first in nation, from the Arizona Republic, reports that 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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Housing Market Cooling, But Not Crashing...

Housing market cooling, but not crashing, from MSNBC.com, reports that the housing boom has ended, 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 the flee the market.



http://www.msnbc.msn.com/id/12800144/

Upscale Urban Village Planned...Near The New Cardinals Stadium...

Upscale urban village planned for Zanjero, from the Arizona Republic, reports that a new 20-story hotel, shops, restaurants, office space and residential lofts will be developed on part of the 151-acre Zanjero development located near the new Cardinals stadium at 91st Ave. and Glendale Road. Nevada-based Marathon Commercial Development purchased the land for $30 million earlier this year. Construction is to begin next year, with the first phase expected to be completed before the 2008 Super Bowl. Plans call for about a half-million square feet of retail and restaurant space, 200,000 square feet of office space, two-and three story residential lofts above retail, and three mid-size residential towers. About 1.5 million people now live within a 30-minute drive of Zanjero, while about 300,000 employees work within 10 miles of the area, according to Marathon. Look for this area to continue to be a hot spot for commercial, retail and residential development.



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Resales Taking A Tumble...

Resales taking a tumble, from the Arizona Republic, reports that home sales are plunging in metro Phoenix as record number of people decide to put their homes on the market. Through the first four months of 2006, the number of existing houses sold in the Valley is down 46 percent from last year and 12 percent for the same time frame in 2004. Last month there were 38,206 homes for sale, a record high. In April, houses took nearly two months to sell, on average. Sellers are dropping prices, and many expect this to continue. Neil Brooks, a Century 21 Arizona Foothills agent in the north Valley, expects a 10 to 15 percent price reduction Valley-wide if summer selling doesn't eat up existing inventory. "The next 60 days are crucial for Arizona real estate," he said. Margaret Dixon, a broker and owner of Prudential Arizona Properties, thinks prices could drop 10 to 15 percent in areas hardest hit by speculators. But she sees a soft landing because "the core of the market is very strong."



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Valley Real Estate Market Shows Slow April Sales...

Valley real estate market shows slow April sales, from the Phoenix Business Journal, reports that Valley resales fell in April to their lowest sales total for that month in six years, according to the Arizona Real Estate Center at ASU. April 2006 totaled 5,980 sales, a decrease from the 7,264 sales for March 2006 and well below April 2005 sales of 8,735. It was the weakest April since 2000, when only 4,870 resales were recorded. "Historically, April is a slow month as it represents a lull from the end of the holidays and the beginning of summer recording 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 36,060 for the same period in 2005. Butler said the Valley resale market is returning to a more normal pace, following several years of unprecedented growth. Resale home prices continued to rise in most parts of the Valley, with the median resale 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

Scottsdale Road And The Loop 101...

DMB unveils project, from the Arizona Republic Scottsdale, reports that 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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Hispanics Move Up The List Of Nation's Home Buyers...

Hispanics move up list of nation's home buyers, from the Arizona Republic, reports that 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.



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Gateway Airports Global Future Touted...

Gateway airports global future touted, from the Arizona Republic, reports that Williams Gateway Airport is not only a major player in the region's economy, it will likely acquire a global reputation as an international aerospace center, according to Barry Broome, president of the Greater Phoenix Economic Council (GPEC). Broome made his statements at yesterday's East Valley Partnership meeting. He said the airport and its sprawling campus that is home to ASU Polytechnic and a growing number of businesses is on the radar screen of California investors and markets in Germany, China and Japan. As a reliever for Phoenix Sky Harbor, the number of flights and quality of service will climb as Pinal County grows, Broom said. "And Pinal County's future is probably tied to Williams Gateway more than they think," he added. More than 700,000 Valley residents live closer to Williams Gateway than they do to Phoenix Sky Harbor.



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Need To Keep House Payments Low???

Need to keep house payments low? Try a 50-year mortgage, from the USA TODAY, reports that a handful of lenders have begun offering 50-year adjustable rate loans to buyers who need to keep payments low in the face of record home prices and rising interest rates. Most big banks already offer 40-year loans, which account for about 5% of all home loans. So far, only a few small lenders are offering the 50-year mortgages. The 50-year mortgage also signals that the cooling real estate market is heating up competition among lenders. "Mortgage lenders are getting craftier to get the attention of consumers," says Anthony Hsieh, CEO of LendingTree. Mortgage experts caution that the 50-year mortgage is best suited for those who plan to stay in their home for about five years, while the loans interest rate remains fixed. "If you're going to be there for more than five years, you're gambling," says Marc Savitt of the National Association of Mortgage Brokers. "You don't know what interest rates are going to be. I wouldn't do it."



http://www.usatoday.com/money/perfi/housing/2006-05-09-long-mortgage-usat_x.htm

Condo Tower Proposed For Tempe Town Lake...

Condo tower proposed for Town Lake, from the Arizona Republic, reports that the WestStone Group of Companies is proposing a 22-story condo tower on the north shore of Tempe Town Lake. The development, tentatively called Onyx, would be near Scottsdale Road and the Loop 202. There are two similar projects already underway in that area, including a 137-unit condo development called Northshore. WestStone expects to submit formal plans to the city of Tempe in a few weeks. The project would have about 200 units, including townhomes and condos, and would sell from $400,000 to $500,000. The condo tower would be 220 to 230 feet tall. The Town Lake is a hot commodity, and developers are pursuing more condos, said Chris Anaradian, Tempe development services manager. Suncor Development Co. may also inject more condos into its current complex of office space, condo towers and shops near Mill Ave. and Rio Salado Blvd.



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CityNorth Project at Deer Valley & 56th St...

Massive CityNorth development slated for northeast Valley, from the Phoenix Business Journal, reports that 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

Risky ARM Mortgages Come Due...

Risky ARM mortgages come due, from the Arizona Republic, reports that thousands of people used non-traditional mortgages in the last two years to purchase a home, and now are facing higher mortgage payments as these ARMs begin to have higher interest rates after the initial "teaser" rate period expires. Economist say that nearly 40 percent of all home loans in metro Phoenix are adjustable. Nationally, the figure is about 30 percent. "Record numbers of people lured by low initial teaser rates have taken out adjustable rate mortgages that are putting them in vulnerable positions as interest rates rise," said Jay Luber, a vice president with First Horizon Home Loans in Phoenix. The number of people making late payments on ARMs in Arizona climbed during the second half of 2005. And foreclosures in metro Phoenix are already beginning to climb.



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Maricopa City Growth Triples...

Maricopa city growth triples in 2 1/2 years, from the Arizona Republic, reports that the city of Maricopa more than tripled its population in less than two years, growing from 4,998 in March 2004 to 15,934 as of December 21st, 2005. City officials say that the population now is closer to 21,000. At least 35,000 new homes are in various stages of development, and projections call for the city to push close to 100,000 in about five years. WOW!



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Are Condos Overwhelming The Valley???

Are condos overwhelming Valley?, from the Arizona Business Gazette, reports that condo projects and condo conversions keep coming even though some experts wonder if all of them will be needed. Permits were issued last year to build 4,500 condo units in Maricopa County, the largest number in 10 years, according to Jay Butler, director of the Arizona Real Estate Center at ASU. In January and February of this year, an additional 1,300 units were permitted. And on top of that, at least 10,000 apartment units were converted to condos last year in the county. Developers see a market for them because they are affordable compared to single family homes. Mesa, Chandler and especially Tempe are getting high-rise condos. At least a dozen have been built or will be built in Tempe. Butler said conversions have been slowing recently, perhaps because there are so many. "Many are concerned that they might be overconverting. For some projects they are converting things like old office buildings and shopping centers", he said.



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Arizona Among Top States For Personal Income Growth...

Arizona among top states for personal income growth, from the Phoenix Business Journal, reports that the West accounted for four of the top five states posting the most rapid growth in personal income in 2005, according to the latest issue of the Western Blue Chip Economic Outlook. Nevada and Arizona held the first two positions, followed by Florida, Wyoming and Utah. The monthly Western Blue Chip Economic Forecast published the consensus forecasts of panels of economists in 10 Western states. Panelists are drawn from firms, universities and state agencies. For more, go to www.wpcarey.asu.edu.



http://phoenix.bizjournals.com/phoenix/stories/2006/05/01/daily32.html?t=printable

First Residents of Anthem at Merrill Ranch Will Move In This Summer...

Florence seeing nearby rapid home construction, from the East Valley Tribune, reports that the first residents of Anthem at Merrill Ranch will move in this summer, and that sales and construction are brisk. The 9,100 home community is expected to sell out by 2012, with more than 20,000 people. Florence officials are excited about the new housing and its effect on the demand for new retail, medical and employment areas. Projections show Florence reaching a population of 100,000 within 15 years. Del Webb Pulte spokeswoman Jacque Petroulakis said "people who are buying at Merrill Ranch consider themselves pioneers. One of the main reasons we targeted the East Valley was we had many people saying 'We want to live in a large-scale Del Webb community, but we want to live in the East Valley'". The article notes that increased traffic and lack of roads as some of the problems facing the new residents in this area.



http://www.eastvalleytribune.com/index.php?sty=64659

5,000-acre Goldfield Ranch Northeast of Fountain Hills...

Ellman buying ranch, from the Arizona Republic Scottsdale, reports that The Ellman Cos. is buying the 5,000-acre Goldfield Ranch northeast of Fountain Hills and plans to build as many as 975 high end homes on the site. Zoning allows for one home per 4.4 acres. The project will be called the Preserve. But nearby residents are concerned about where the new development would get water and other necessities. Some are skeptical that the development will ever pan out. The sale of the property is not expected to be final for months.



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The New Dove Valley Interchange Will Be Located...

I-17 interchange plan is moved up 15 years to cope with growth, from the Arizona Republic, reports that Phoenix and the Maricopa Association of Governments (MAG) moved up the Dove Valley Road- Interstate 17 interchange project 15 years from its original date due to the explosive growth that is occurring in the NW Valley. The new Dove Valley interchange will be located about one mile south of Carefree Highway. The construction of this interchange will begin next year with completion in 2009. The idea is to get ahead of the growth curve and have the Dove Valley Road interchange completed before the traffic in that area can get any worse. It will coincide with the expansion of I-17 between Loop 101 and Carefree Highway. MAG projects population in the area bordered by Carefree Highway, Happy Valley Road, 67th Ave. and Cave Creek Road to reach almost 43,000 by 2010, and about 186,000 by 2030.



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Tempe, Chandler Express Interest in Williams...

Tempe, Chandler express interest in Williams, from the East Valley Tribune, reports that if recent activity is any indication, Williams Gateway airport might finally have enough support to fulfill its potential as an alternative to Phoenix Sky Harbor and as a catalyst for commercial growth. Last month, Phoenix jumped on board as a partner in the development of Williams. Since then, Chandler, Tempe and Maricopa County have expressed interest in joining Mesa, Gilbert, Queen Creek and the Gila River Indian Community as airport leaders. Most civic leaders have praised the vision of a reliever airport similar to those in Southern California and a new Southeast Valley economic hub that could be home to more than 100,000 jobs.



http://www.eastvalleytribune.com/index.php?sty=64542

Lofty Goals For Downtown Phoenix...

Lofty goals for downtown Phoenix, from the Arizona Republic, reports on the loft and condo trend in downtown Phoenix and what is drawing residents to this lifestyle. The article states that these new urban pioneers gave up such things as patio homes in north Scottsdale's Troon North, a ranchette in Laveen, golf course views in Gilbert and sailboat living in San Diego to live in an urban setting. The article points out the positives of urban living- the close proximity to work and entertainment, but also point out that other amenities, such as grocery stores and salons, are still lacking. They also point to nighttime noise from bars and train noise as a negative of urban downtown living.



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Small Town Feel With A Unique Mix of Home Styles...

Marley Park provides variety, from the Arizona Republic, reports on Marley Park, a DMB Associates master-planned community in Surprise that offers a small town feel with a unique mix of home styles. Ashton Woods Homes, Element Homes, Engle Homes, Randall Martin Homes and Scott Communities are builders in Marley Park. Bungalow, Spanish Colonial, Craftsman, Territorial, Cottage, Monterey and other styles make up the home styles incorporated into Marley Parks first phase. Prices start in the low $200,000's and go to the upper $500,000's. Each neighborhood has tree-lined blocks and a mix of home styles from up to three builders, adding to the diversity. In addition, garages are set back into the property so as to avoid the typical garage in the front look. DMB is also developing the Verrado community in Buckeye.



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