Condo Density Worries Scottsdale Neighbors...

Condo density worries Scottsdale neighbors, from the East Valley Tribune, reports that residents in downtown Scottsdale are concerned with the increased traffic and noise that a 100-unit condo project called The Reflections on the Canal project will bring to their neighborhood. The development is located at 7445 E. Chaparral Road, in an area of older homes east of Scottsdale Road. It will replace the old Hotel Waterfront Ivey. Susan Bitter Smith, spokeswoman for the property owners, said the area is already zoned for multiple families, and the plans actually aren't as dense as they could be. "It's simply residential--identical to what is surrounding it," she said. Plans are scheduled to go before the Scottsdale Development Review Board on August 24th.



http://www.eastvalleytribune.com/index.php?sty=70527

Mortgage Rates Decline Slightly...

Mortgage rates decline slightly, from MSNBC.com, reports that the average rate on a 30-year fixed-rate mortgage fell slightly to 6.72 percent, from 6.80 percent last week, on Fed Chairman Bernanke's comments to Congress that the Fed believes a slowing economy would help reduce inflation. Those remarks were seen as a signal that the central bank's long string of rate hikes could be drawing to a close. "Mortgage rates drifted lower this week on indications that economic growth is moderating, inflation remains under control and the Fed just may pause raising rates for a while," said Frank Nothaft, chief economist at Freddie Mac. Rates on 15-year, fixed rate mortgages fell to 6.34 percent, and rates on one-year adjustable mortgages dropped to 5.78 percent. A year ago, 30-year mortgages averaged 5.77 percent.



http://www.msnbc.msn.com/id/7148582/

$307 Million To Speed Freeway Projects...

$307 mil to speed freeway projects, from the Arizona Republic, reports that a new $307 mil fund created by the state Legislature, called the Statewide Transportation Acceleration Needs account, or STAN, could push ahead major freeway construction projects by as much as 15 years to cope with the booming growth in the metro Phoenix area and around the state. Valley freeways targeted by lawmakers for accelerated work include Interstate 17 north from Carefree Highway to New River Road; Interstate 10 west from Loop 303 to SR 85; and Interstate 10 south from Loop 202 to Riggs Road. Maricopa Association of Governments (MAG) will ultimately decide where to allocate the funds based on recommendations from their transportation planners. "This is very positive, and we want to make sure we look at all the possibilities", said Eric Anderson, transportation director at MAG. "I think we're going to be looking at certainly I-17 and I-10 because these are gateway corridors." This shows that state and local elected officials see the big picture on transportation and is very positive for our continued growth!



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Home Sales Fall Again; Price Gains Slow To Crawl...

Home sales fall again; price gains slow to crawl, from MSNBC.com, reports that sales of existing homes fell in June for the eight time in the past ten months while home prices edged up at the slowest pace in more than a decade-- more signs that the nation's housing market has slowed dramatically. The National Association of Realtors reported yesterday that sales of existing homes dropped 1.3 percent in June, while the median price was at $231,000, up only 0.9 percent from June 2005, the smallest year-over-year price gain since 1995. The Northeast part of the U.S. showed the biggest drop in sales, followed by the South. The West and Midwest showed no change in sales. The inventory of unsold homes rose to a new record of 3.725 million units, which is almost a 6.8 month supply at the June sales rate. NAR economist David Lereah believes that the decline in housing sales was beginning to level out, but that price weakness will continue as sellers start cutting their asking prices in the face of weaker demand and rising inventories.



http://www.msnbc.msn.com/id/14025216/

Newest Del Webb Caters To Active Adults...

Newest Del Webb caters to active adults, from the Arizona Republic, reports on Del Webb's history of creating retirement communities, from the first Sun City in 1960, to today's new concept in adult living at Sun City Festival in Buckeye and Sun City Anthem at Merrill Ranch. When the original Sun City opened in 1960, more than 100,000 people came to the development in its first weekend, over ten times what was expected, and the Del Webb success story began. Del Webb sold 1,300 homes in Sun City's first year of operation. Capitalizing on the Baby Boomer growth, today's newest Del Webb communities cater to a new buyer who have different amenity wants, such as fitness centers, cyber cafes and a multitude of organized sports. The nation's population of 55- to 75- year olds is estimated to reach 80 million by 2020. This fast growing segment is so influential because of their spending power, and will have a big impact on the Valley's retirement and second home markets.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0726biz-sun0726.html

Newest Del Webb Caters To Active Adults...

Newest Del Webb caters to active adults, from the Arizona Republic, reports on Del Webb's history of creating retirement communities, from the first Sun City in 1960, to today's new concept in adult living at Sun City Festival in Buckeye and Sun City Anthem at Merrill Ranch. When the original Sun City opened in 1960, more than 100,000 people came to the development in its first weekend, over ten times what was expected, and the Del Webb success story began. Del Webb sold 1,300 homes in Sun City's first year of operation. Capitalizing on the Baby Boomer growth, today's newest Del Webb communities cater to a new buyer who have different amenity wants, such as fitness centers, cyber cafes and a multitude of organized sports. The nation's population of 55- to 75- year olds is estimated to reach 80 million by 2020. This fast growing segment is so influential because of their spending power, and will have a big impact on the Valley's retirement and second home markets.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0726biz-sun0726.html

Economic Signs Are Mixed...

Economic signs are mixed, from the Arizona Republic, reports that a greater than expected number of retail jobs were cut this summer in Arizona, and state economist are blaming high gas prices for the slowdown in the retail sector. Although the Valley's unemployment rate is still low at 3.8 percent and some seasonal job losses were anticipated, the drop in retail jobs over the past three months concerns Don Wehbey, a senior economist for the Arizona Dept. of Economic Security. "People don't have as much money as they normally would have because they're paying twice as much for their fuel. We know there's fewer dollars out there in the economy. If there are fewer dollars, we're going to see it... and it tends to show up in retail," he said.



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Cave Creek Is Projected To Have 4,300...

Growth pockets will be in northwest and northeast, from the Sonoran News (Cave Creek), reports that 2005 Census figures show that Cave Creek is about half built-out with 2,228 housing units. Cave Creek is projected to have 4,300 homes somewhere around 2030. According to Town Manager Usama Abujbarah, the areas of town that will experience the most growth in coming years will be the northwest and northeast parts of town. At the Cahava Springs area west of Cave Creek Wash, 230 homes will be built on 1,000 acres over the next 10 years. The area between Fleming Springs and Grapevine Roads is another area that town officials believe could experience rapid growth in the next decade. "Most of the growth will be in the northeast and northwest, on vacant state trust land and along Carefree Highway," said Abujbarah. He also said that the area along Carefree Highway will become crucial to Cave Creek because of potential sales tax revenue, and that it is the economic engine of the town. The town manager also expects building on Black Mountain to double in coming years.

'Money' Confirms, "Hottest City" Honor To Avondale...

'Money' confirms it: Avondale is hot, from the Arizona Republic, reports that Money magazine in its latest issue ranks Avondale third in percentage job growth and second in home price appreciation in the U.S. The magazine even awarded the dubious "hottest city" honor to Avondale, which saw a 54.3 percent jump in jobs from 2000 to 2005. "Everything that we have been working towards has come to fruition," said Avondale mayor Marie Lopez Rogers. "Things are looking up". Mid-decade census numbers also show Avondale has more than doubled its population since 2000, rising from 35,800 residents to 69,300 residents. Shows that the West Valley market is one of the hottest market areas of the Valley.



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Surprise Tops U.S. In Job Growth...

Surprise tops U.S. in job growth, from the Arizona Republic, reports that the current edition of Money magazine at the top of its national job-growth list, citing that surprise increased the number of jobs within the city by 93.1 percent between 2000 to 2005. The ranking comes only weeks after Surprise received a new mid-decade census that placed Surprise's population at more than 88,000, compared with 30,000 residents in 2000. The magazine rating excites Surprise leaders, who have been emphasizing a "live, work, and play in Surprise" philosophy. Look for this trend to continue.



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Buckeye Is Already Larger Than Tucson...

Buckeye's Boom, from the Arizona Republic, reports that the town of Buckeye in the West Valley plans to annex an additional 108 square miles of land, the largest municipal annexation in Arizona's history. At 230 square miles now, Buckeye is already larger than Tucson, Mesa and Seattle. Buckeye's "planning area" is 600 plus square miles. Buckeye, which had a population of 8,000 residents in 2000, has already grown to about 25,000 residents now. Town officials say that by 2025, Buckeye's population could be 1 million. Buckeye has more than 30 master-planned communities either under construction or in the works, including Verrado, Tartesso and Festival Ranch. At build-out, Buckeye could be home to 2 million people. Definitely one of the Valleys current and future hot spots for real estate.



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Foreclosures On The Rise In Arizona...

Foreclosures on rise in Arizona, Valley, from the Phoenix Business Journal, reports that home foreclosures are on the rise in Arizona as the housing market continues to cool down and as interest rates rise. Foreclosures.com, a No. Cal.- based real estate investment advisory firm, reported that more than 8,000 properties went into foreclosure in Arizona during the first six months of the year. Maricopa County accounted for the bulk of the foreclosure activity with 5,215 foreclosure notices during the first six months of this year."Too many people have been using their homes as ATM machines to manage consumer debt. Now that interest rates are coming back up to normal levels, the refinance window is closed to these people and they are being squeezed by rising home payments," said Alexis McGee, Foreclosures.com president. McGee also said homes prices will not crash like they did in the early 1990's. "Back then, overbuilding by developers led to excess inventory and what we call competitive liquidation of unsold new homes. This time, the inventory just isn't there," she said. For more, go to www.foreclosures.com.



http://phoenix.bizjournals.com/phoenix/stories/2006/07/17/daily19.html?t=printable

People now Have To Look At Their House As a Home, Not As An ATM...

Valley homeowners may have to settle into homes, from the Arizona Republic, reports that the 50 percent rise in home prices last year had people buying and selling houses like dot-com stocks, thinking strictly about profits. This year, with the market slowdown, houses are lingering on the market longer and many are selling for less than their asking prices, a return to the days where people bought homes as a place to live. "Buyers have to look at a house now as something that they're going to move into and live for a while instead of something that they will hold for a few months and sell for a $100,000 profit," said Neil Brooks, an agent with Century 21 Arizona-Foothills. "People now have to look at their house as a home, not as an ATM." The fast-money speculators who helped drive up the home prices have taken their money and run. That leaves the pool of Valley buyers dominated by rank and file consumers and long-term investors who will hold the property for its rental income. Buyers are being cautious and holding out for the best deal with all of the inventory on the market.



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Three East Valley Cities Named Top Places To Live...

Three East Valley cities named top places to live, from the East Valley Tribune, reports that Money magazine announced that Mesa ranked third on its list of "Best Big Cities" in the U.S., following number 1 Colorado Springs, CO and number 2 Austin, TX. It was one of several East Valley cities to make the cut in the financial magazine's 2006 list of the top 100 cities in which to live. The magazine ranked Gilbert as the 16th best city of any size, and Scottsdale came in seventh. Although Mesa ranked higher among cities with a population of 300,000 or more, it came in 93rd when all city sizes were considered. Every year, the magazine selects the best places to live based on a number of criteria, including ease of living, crime rates, education, leisure and culture, weather, health and transportation. Mesa was boosted by its relative affordability, Scottsdale by its golf courses and recreational opportunities, and Gilbert by its exceptional job growth. Great article to send to your out-of-state clients looking to buy here.



http://www.eastvalleytribune.com/index.php?sty=69834

258-Unit Luxury Townhouse/Condo @ 99th Ave. And Camelback Road...

258-unit luxury townhouse/condo project planned, from the Arizona Republic, reports that Diversified Real Estate Group, a Las Vegas based development company, plans to build a luxury townhome/condo project at 99th Ave. and Camelback Road called "9920". The community will feature 22 mansion-style buildings, a three-story mid-rise, and a feature packed clubhouse. It will also include more than 20,000 square feet of retail space below the residences. Prices will range from $155,000 to $329,000. It is expected to open in early 2008. Those who register on an interest list will receive information about an exclusive presale in September. This is Diversified's second project in the West Valley. They are also developing Park Place, a 258-unit resort-style condo project in Surprise at Reems and Mountain View.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/surprise/articles/0714gl-style14Z1.html

Nine-Story Building North Of Tommy Bahama's...

Kierland lofts are luring buyers despite price tags, from the Arizona Republic, reports that the Plaza Lofts at Kierland Commons are more than half sold out on their next phase, consisting of 54 lofts, despite starting prices in the $700,000 price range. Daniel "Buzz" Gosnell, Woodbine president and Plaza Lofts dweller, states "I'm real comfortable with where we are in the condo market cycle", adding that fewer investors are in the market now, "which is good". Woodbine has a buy-back provision for the lofts that gives the developer the option of buying back any units for the original sales price if they are sold within the first year of completion. Two additional phases of homes are planned within Kierland Commons over the next few years. The preliminary plan is for another nine-story building north of the Tommy Bahama shop, with 30 condominiums of at least 3,000 square feet. A dozen three-story townhomes will be built in the final phase along the northern edge of Kierland Commons.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/0714sr-biz0714realestateZ8.html

June Was A Cold Month For Resales...

June was a cold month for resales , from the Arizona Republic , also reports on the June resale numbers from the Arizona Real Estate Center at ASU. It quotes Jay Butler as saying "It was a lot weaker than I thought it would be. I see a lot of for-sale signs staying up. I'm seeing homes that are on their third agent. Homes are getting initial drive-by activity from buyers, then nothing." For the year, sales are down 38 percent from 2005's record levels, and down 25 percent from 2004 sales levels. The median sales price in June rose to $267,000. John Foltz, president of Realty Executives, thinks sales prices will fall 10 to 12 percent this year but said that prices rose 40 percent last year. "This is a very healthy adjustment", he said.



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June Resale Home Sales Fall...

June resale home sales fall to near 2000 levels , from the Phoenix Business Journal , reports that June resales fell to a six-year low with 5,460 recorded sales, according to the Arizona Real Estate Center at ASU. June's activity is down from the 6,870 sales recorded n May. So far this year, there have been 36,290 resales, while year to date resale totals last year were at 58,030. However, Arizona Real Estate Center Director Jay Butler noted that the current level of activity is very comparable to year-to-date recorded sales in 2003, which wasn't too bad of a year. The article gives a city-by-city breakdown of the June 2006 resales and prices, compared with June 2005.

PayPal Setting Up Shop In Valley...

PayPal setting up shop in Valley, from the Arizona Republic, reports that San Jose-based PayPal, Inc. is expanding to Scottsdale and will bring over 300 new technology jobs to the Valley. PayPal, a online payment system firm, is owned by eBay. It's new office in Scottsdale will be at 90th Street and Mountain View Road. The move was lauded by both Scottsdale and state officials. The jobs are not low-level openings for a call center, but are higher-paying technology jobs. This article shows that the metro area is still attracting firms to locate here, especially from California, and supports the strength of the local economy.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/0712biz-paypal0712.html

Second Phase Of Kierland Commons...

Ground broken for second phase of Kierland Commons Plaza Lofts, from the Phoenix Business Journal, reports that Woodbine Southwest Corp. broke ground Tuesday on the Phase II tower of the Plaza Lofts at Kierland Commons. Phase II tower is scheduled for completion in the fall of 2007. It will have 54 lofts ranging in size from 1,100 to 2,800 square feet, with five penthouses on the ninth floor ranging from 3,200 to 3,900 square feet. According to Woodbine, sales began in March and the project is already more than 50 percent sold. For more info, go to www.plazaloftskierland.com.

Fourth Pulte Sun City To Open In State...

Nearly 50 years after the first Sun City opened in Arizona, Pulte’s Del Webb brand is about to open the fourth such project, Sun City Festival.
Sun City Festival will have 7,200 homes on 3,300 acres in North Buckeye, along the high-growth Sun Valley Parkway Corridor.
Prices will range from $196,000 to $388,800 for floor plans from 1,300 to 2,800 square feet. Presales began in early March with the first closings slated for October.
Among Sun City Festival's amenities are two championship golf courses, a 31,000-square-foot community center, an outdoor amphitheater, outdoor activities, fitness areas, a state-of-the-art technology center and a large display kitchen to hold demonstrations and classes.
Del Webb says the market is ripe for over-55 housing because the U.S. population of 55- to 75-year-olds is estimated to exceed 80 million by 2020.

Source: The Arizona Republic, Maura J. Halpern (07/06/2006)

Maricopa County Keeps On Growing...

It's official, Maricopa County Keeps on Growing, from the Maricopa Association of Governments, reports on the latest Census population numbers and shows that Maricopa County added more than 600,000 residents over the last five years! That's over 20% growth in just five years. The article gives a link that shows the population for each city and town in Maricopa County. The fastest growing cities were El Mirage, Queen Creek, Buckeye, Goodyear, Surprise and Youngtown. Shows that people are still moving to the Phoenix metro area in great numbers.



http://www.mag.maricopa.gov/detail.cms?item=6189

Condo Conversions Slow Down In City...

Condo conversions slow down in city, from the Arizona Republic Chandler, reports that buying apartment complexes for conversion to condominiums has been a hot trend, but developers have discovered the idea is no longer a ticket to quick riches. Signs of slowing are evident at several Chandler complexes. The most successful one was the Lakeshore at Anderson Springs, which is 82 percent sold out. Elsewhere in Chandler, apartment to condo conversions are in various stages. The former Stonegate Village, 234 units at 2225 W. Frye Road is now called Symphony, and sales will start in about a month. Units will range from 729 to 1,358 square feet, with prices from the $170's to the high $200's. Cambric Court at Ray and Alma School has sold nearly 40 of its 168 units, which range from 723 to 968 square feet and priced from the $130's to the low $180's. The median price of a condo in Chandler sits at $186,500, according to the Arizona Real Estate Center at ASU.

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Surprise Could Become One Of The Largest...

Housing shifts to the west along 2 critical corridors, from the Arizona Republic, reports that over the next few decades, Surprise could become one of the largest cities in the state, spreading over 300 square miles with 400,000 residents. Dozens of massive residential projects are being plotted or built along two important transportation corridors: Grand Avenue and the Sun Valley Parkway. Among them are Asante (14,000 homes) and Daimler Chrysler (21,161 homes) along Grand, and Fox Trail (3,000 homes) and Surprise Farms (2,129 homes) along Sun Valley. Guided by a new vision from city leaders, developers are creating more self-reliant communities, with their own grocery stores, restaurants, job centers, schools and parks. The city is currently annexing more than 200 square miles of land stretching out to the Maricopa county line near Wickenburg.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/westvalley/articles/0707gl-nwvfuture07Z20.html

The Population Of The USA Will Reach 300 Million People...

A nation of 300 million, from the USA TODAY, reports that sometime in October of this year, the population of the USA will reach 300 million people. The nation has added 100 million people since 1967 to become the worlds third most populous nation behind China and India. The biggest driver in this nations growth is immigration-- legal and illegal. About 53% of the 100 million extra Americans are recent immigrants or their descendants, according to the Pew Hispanic Center. The nation is also getting older as the oldest baby boomers turn 60 this year. Since 1970, the share of the population age 65 or older grew from 9.9% to 12.4%, and the median age rose from 28.1 to 36.2 years. The article notes metropolitan Phoenix and the town of Maricopa as areas where population growth has exploded, and notes that "fueled by a sunny climate, plentiful land and cheaper housing, fast and furious growth has been a fact of life around Phoenix for decades."



www.usatoday.com/news/nation/2006-07-04-us-population_x. htm

Home Prices Depend On The Neighborhood...

Home prices depend on the neighborhood, from the Arizona Republic, reports that patches of the Valley, including parts of the West Valley, continued to see rising home prices during the first quarter of 2006 when compared to the last quarter of 2005, while pockets saw dips as much as 12 percent, according to figures from the Arizona Regional Multiple Listing Service. Across the Valley, homes stayed on the market longer and fewer homes overall sold. About one-third of all metro Phoenix neighborhoods experienced drops in price, according to the MLS. The Valley's overall median home price has remained at about $265,000, while the number of resales are down 34 percent for the year. One trend noted was that many neighborhoods close to downtown Phoenix saw price increases, while many on the farthest edges showed little improvement or posted price decreases. "It's possible that home prices will drop 5 to 10 percent overall", said Jay Butler, director of the Arizona Real Estate center at ASU. "There have already been significant declines in some areas of the Valley."



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P.V. Residents Concerned About Loss Of View...

P.V. residents concerned about loss of view, from the East Valley Tribune, reports that Paradise Valley residents are seeing their scenic views of Mummy and Camelback Mountains replaced with rooftops, as an increasing number of older, smaller homes are being torn down and replaced with larger, multi-level ones. Some residents are petitioning for overlay zoning, which would add an additional layer of regulations for the area. Both the Planning Commission and the council would have to approve overlay zoning. But some council members say there are better alternatives. Councilwoman Jini Simpson says that voluntary covenants, which would allow residents to voluntarily create their own restrictions tailored to their specific neighborhood, would be a better way to enforce codes while preserving property rights.


http://www.eastvalleytribune.com/index.php?sty= 68899