IN THE NEWS!

The first article, 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

The second article, Northwest Valley dodging housing downturn, from the Arizona Republic, reports that while most of the Valley is seeing a drop in new home permits, the Northwest Valley is appearing to escape the slide. "There's no slowdown," said Greg Burger of RL Brown Housing Reports. "It's exactly the same as last month, two months before that and the month before that," he added. Valleywide, the permit numbers are much different, with overall permits dropping 17.5 percent year to date. Steven Kraut of Scottsdale, a real estate investment specialist, said the Valley's slowdown can be attributed to higher construction costs, a cooling real estate market spurred by rising interest rates, and existing homeowners wary about diving into the new home market. He remains optimistic though, saying that the Valley's population boom, job growth and retail and commercial expansion suggest it's only a matter of time before the market picks up again.

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IN THE NEWS! HAVE A SAFE MEMORIAL WEEKEND!

The first article, 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.

http://www.msnbc.msn.com/id/12958096/

The second article, 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 third article, Downtown Tempe block may tower, from the East Valley Tribune, reports that three groups of investors are looking to transform an area between Seventh Street and University Drive and Forrest and Myrtle Avenues into a 1.5 million square-foot mixed-use development called University Square. The plan includes a 30-story hotel condo tower with 225 rooms and additional condo units, a 23-story residential tower that would feature an outdoor swimming pool on the top floor, and a round office tower with 12 floors. Retail shops and upscale restaurants would go on the ground floor. An article in the Business Real state Weekly reported that the developer paid just under $24,5 million to assemble the 3.2-acre site. Formal zoning for the project was filed on May 9th and is expected to be approved in late summer. Construction should begin in the first quarter of 2007.

http://www.eastvalleytribune.com/index.php?sty=66414

IN THE NEWS

The article, 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." Great investment property deals in short supplyhttp://www.bankrate.com/brm/news/real-estate/20060518a1.asp

IN THE NEWS!

The first article,$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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The second article, 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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IN THE NEWS!

first article, Residents decry power-line route plan, from the Arizona Republic, reports that residents of the Valley Vista housing community that Meritage Homes is developing at Jomax and 19th Ave. are voicing their concerns over a proposed APS power-line project that could affect their community. APS had originally approved a power-line corridor in 2003 that would take the 230 KV power lines south of Happy Valley Road, but APS is now looking at several alternative routes, one of which would run the lines along Jomax Road from I-17 to 19th Ave, placing the lines in close proximity to the new homes in Valley Vista. A final decision on the power line route isn't expected until next year.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/local/articles/0517powerlines0517.html

The second article, 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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IN THE NEWS!

The first article, 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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The second article, Condo tower is sought for Tempe's lake, from the Arizona Republic, reports that a 22-story condo tower called Onyx is being planned for the north side of Tempe Town Lake near the Loop 202 and Scottsdale Road. WestStone, the developer, expects to submit formal plans to the city of Tempe in a few weeks. The project is expected to have about 200 units and would start in the $400,000's. WestStone is also developing the Northshore condo project on the east side of Scottsdale Road at the Loop 202. Jay Butler, director of the Arizona Real Estate Center at ASU said "Right now, it's a popular area because downtown Tempe is being pushed, but there's a limit to those things." Butler said that he wouldn't be surprised if a fair number of ASU students with wealthy parents end up living in them.

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IN THE NEWS!

The first article, 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 http://www.wpcarey.asu.edu/.

Arizona among top states for personal income growth
http://phoenix.bizjournals.com/phoenix/stories/2006/05/01/daily32.html?t=printable



The second article, 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.

IN THE NEWS!

The first article, 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.

Arizona among top states for personal income growth
http://phoenix.bizjournals.com/phoenix/stories/2006/05/01/daily32.html?t=printable



The second article, 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.

IN THE NEWS

The first article, 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.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/phoenix/articles/0501urban0501.html

The second article, 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

IN THE NEWS!

The first article, 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.

Marley Park provides variety
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The second article, Popularity of office condos continues to soar in Valley , from the Phoenix Business Journal, reports that Phoenix has 73 office-condo projects recently completed, 20 under construction, and 33 planned, and is tabbed the office condo capital of the nation, according to a report by Grubb & Ellis and PNC Real Estate Finance. The report cites Phoenix as the king of the condo market because it has "a ton of entrepreneurs- exactly the type of businesspeople to fill office condos", said Brad Logan, a principal and designated broker for Cavan Commercial. Office condos sell well in markets such as Phoenix where office lease rates are high. Typically, office condo owners are younger entrepreneurs who live near their offices. Combining tax advantages and appreciation, office condos offer the owner lots of benefits compared with leasing space.

Popularity of office condos continues to soar in Valley
http://phoenix.bizjournals.com/phoenix/stories/2006/05/01/focus4.html?t=printable