Daily real estate news

$450M residential resort planned near Camelback and 44th Street, from the East Valley Tribune, reports that Phoenix-based M3 companies plan to redevelop a 17-acre site at the northwest corner of Camelback and 44th Street with a boutique hotel, retail, office and residential uses. The project, called CamelSquare at 44th, would replace the 12-building CamelSquare complex that was built in the 1970's. It will have 950,000 s.f., including three 9-story condominiums. The residential portion will offer a range of luxury housing, from single-family lofts to single-family homes on 14,000 s.f. lots, with prices ranging from $500,000 to $3 million. Developers hope to have city zoning approval in February. The project is expected to take five-years to build out.

http://www.eastvalleytribune.com/index.php?sty=74126


Tiny home lots in demand, from the Arizona Republic, reports that as land cost continue to rise and new homes get more expensive, a new type of urban housing that is more common in California and the East Coast is starting to appear in Chandler and Ahwatukee. The product is a normal sized home on a small lot with virtually no yard and narrow side yards. One example is the two-story, closely spaced homes at Woodside Homes' new Tapestry at Club West development near Liberty and 17th Ave. in Ahwatukee. These new homes on small lots cost less than competing homes on larger lots, and are attractive to people with no children who want less maintenance. In Chandler, the product is being built at Randall Martin Home's Portello at Dobson Crossing, on Queen Creek Road between Arizona Ave. and Alma School Road. "There definitely is a demand for this," said Dennis Herring, vice president of sales and marketing for Randall Martin. "If there wasn't we wouldn't build it. It lets the builder provide a finished home at a lower overall cost." Some of the lots are 32 feet wide by 100 feet deep, and allow for eight to nine homes per-acre.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/community/chandler/articles/0915ar-smalllots0915Z6.html