The first article, Housing vote could change east Mesa, from the Arizona Republic, reports that two large, upscale master-planned communities that could alter the face of north and northeast Mesa are going through the approval process with the Mesa Planning and Zoning Board. Stonebridge Mountain is a 717-acre development at Ellsworth and McKellips that will have 304 acres of open space. The developer, Pinnacle Ridge Holdings, LLC, includes Jeff Blanford who developed Las Sendas. Blanford's application says the community is intended for the development of executive housing, a need in Mesa. Lehi Crossing, south of Thomas Road and west of Val Vista Drive, would convert citrus groves near Mesa's historic and rural Lehi community into a master-planned community with 971 lots on 267-acres. It will also have a school site and 44-acres of open space. Mesa planners support both developments. Once approved by Planning and Zoning, it will go before the Mesa City Council for final approval.
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The second article, Home values easing in slump, from the Arizona Republic, reports that despite slumping sales activity, the West Valley's median price for houses rose during the first eight months of 2006, anywhere from 10 to 30 percent, according to an analysis by the Arizona Republic. But the figures may be deceptive, say several real estate experts. First, they do not capture the slowing pace of sales after August, when for the first time in a decade, median prices for resale homes fell compared with the same time last year. "We've had a major correction," said Lyn Truitt, a real estate broker in Surprise. "The market has slowed considerably. The new-home market is impacting the resale market." New-home builders are loading up on incentives for buyers that artificially maintain the price. While it is taking longer to sell a home, those who have owned at least three years still stand to do well for themselves if they sell, says Margie O'Campo de Castillo, a broker who owns Arizona Dream Realty. "If someone experienced a 40 percent increase in equity last year, and it drops 8 percent this year, you're still doing very well," she said.
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