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.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/scottsdale/articles/0526sr-canalcondos0526Z8.html

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