Arizona top of the nation

The article, Arizona economy expected to topple national numbers, from The Phoenix Business Journal, reports that Arizona will topple the expected U.S. growth rate of 3 percent in 2007 thanks to it's continuing population boom, according to ASU economist Edward Prescott, the keynote speaker at yesterday's Arizona Bank & Trust Economic Summit 2007, "Trends to Bank On". "The Arizona trend dominates," Prescott told the more than 300 who attended. Katie Pushor, chief executive and president of the Greater Phoenix Chamber of Commerce, said the state is the second destination for domestic migration next to Florida and the eight internationally. "People want to move to this state," she said. "There is an overwhelming perception of opportunity here." Unemployment is the lowest in 25 years, hovering under 4 percent, but escalating housing prices are keeping some workers from moving here, Pushor said. "Affordability is really an issue for the work force," she said. Also included is an article on this same speech from the Arizona Republic titled Arizona likely to outpace nation. In it, Edward Prescott is quoted as saying "there's got to be another 20 years of rapid growth, and then health thereafter."

Arizona economy expected to topple national numbers
http://phoenix.bizjournals.com/phoenix/stories/2007/01/22/daily16.html?t=printable

Arizona likely to outpace nation
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Camelback building sells for 75 Million!

The first article, Construction still hot in East Valley, from the East Valley Tribune, reports that millions of square feet of office, industrial and retail development are slated to be developed in the Valley, and many of the hottest development areas to watch in 2007 are in the East Valley, industry observers say. An estimated 4.2 million square feet of office space alone will be under construction this year Valleywide, commercial brokerage Grubb & Ellis reported. Another 6.4 million square feet of industrial space could be under construction by year's end, and overall retail inventory is projected to grow by more than 7 million square feet. Some of the East Valley development areas cited were Scottsdale Airpark, where just under 2 million square feet of office space is planned with a quarter of it scheduled to open in 2007; Williams Gateway with Paragon Properties planned 902-acre industrial and mixed-use development, Chandler Municipal Airport, with hundreds of thousands of square feet of office and industrial uses planned; Riverview at Dobson retail development; Tempe Marketplace and Chandler Fashion Square.

Construction still hot in East Valley
http://www.eastvalleytribune.com/index.php?sty=82527


The second article, Camelback building sells for $75 mil, from the Arizona Republic, reports that the nine-story Camelback Center at 2355 E. Camelback Road sold this week for $75.62 million, or $325 per square foot. The seller, Crown West Realty, purchased the building in November 2004 for $32.35 million. This was the latest in a flurry of sales in the area, one of the most desired office locations in the Valley. Current rents at Camelback Center are about $25 per s.f., but the market is averaging $35 per s.f., and some buildings are getting over $40 per s.f. Shows that our commercial market is strong and is drawing interest from institutional investors.
Camelback building sells for $75 mil
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The third article, December U.S. home construction climbed, from MSNBC.com, reports that the pace of U.S. home construction climbed 4.5 percent in December, the second straight monthly increase that ran contrary to analyst expectations. Economist had forecast December housing starts to be below Novembers pace. For all of 2006 housing starts totaled about 1.8 million, down 12.9 percent from 2005 totals, the biggest decline since 1991. But the good news is that starts climbed for the second straight month, and according to yesterday's NAT NEWS article, Home builders feel they have weathered the storm, index suggests , from the USA TODAY , home builder sentiment improved in January to its strongest since July, as price cuts, lower mortgage rates and incentives fostered demand.
U.S. home construction climbed in December
http://www.msnbc.msn.com/id/16686772/

Home Builders feel they have weathered the storm

Home builders feel they have weathered the storm, index suggests, from the USA TODAY, reports that home builder sentiment improved in January to its strongest since July, as price cuts, lower mortgage rates and incentives fostered demand, the National Association of Home Builders said Wednesday. The NAHB/Wells Fargo Housing Market index rose to 35 in January, up from 33 in December, marking its highest reading since 39 in July. "Builders are starting to see that the worst is behind them and that buying conditions have improved to the point that greater optimism is warranted," said NAHB Chief Economist David Seiders. The upturn in demand reflect lower mortgage rates since mid 2006, energy prices that sank from record highs, solid employment and household income growth, home price reductions and builder incentives, he added.
http://www.usatoday.com/money/economy/housing/2007-01-17-home-builders_x.htm
The second article, Office rents in parts of Phoenix top $40/sq. foot, from the Arizona Republic, reports that some office buildings in Phoenix at Camelback and 24th Street are commanding rents of more than $40 per sq. foot, rivaling rates of better known addresses in Chicago and Newport Beach, Calif. The Phoenix market average for Class A office space was $26.75 per sq. foot in the fourth quarter of 2006, according to Cushman & Wakefield of Arizona. Competitor CB Richard Ellis listed the Valley's Class A space at $29.21 per sq. foot. Across the Valley, the average asking rates for leases climbed between 15 percent and 20 percent in the past year, according to broker reports. Absorption of office space hit a new record, as nearly 3.5 million sq. feet were leased. The demand was based on strong job creation in 2006. Scottsdale Airpark showed the most job creation, followed by midtown Phoenix, according to the Cushman report. Larry Downing of Cushman & Wakefield says "the West Valley will be the submarket to watch in the next two to five years. Recent residential growth in the area and the addition of amenities like the University of Phoenix Stadium have helped position this submarket for future commercial growth."
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The first article, Santan Freeway fuels job market, from the Arizona Republic, reports that the Santan Freeway will deliver big developments and a large number of jobs to Gilbert in 2007. Retail centers from clothes to cars, office towers, and a hospital expansion are all expected to open this year in an area around Val Vista Dr. and the freeway. "We had planned over the years for that to be a center of employment for Gilbert as well as a revenue generator for sales tax," said Kathy Langdon with the Gilbert Chamber of Commerce. Several of the projects coming to Gilbert this year include Santan Motorplex, Mercy Gilbert Medical Center, Rome Towers, San Tan Village and Main Street Commons. Shows that growth follows the freeways!

Santan Freeway fuels job market
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The second article, Home buying, selling made easier with hybrid agents, from the Arizona Republic, reports that some Valley Realtors are getting into a new trend, becoming "hybrid agents"-- professionals who double as Realtors and loan officers. Jim Decker, an associate broker with West USA Realty in Peoria, decided to venture into lending as a way to become more versatile and better inform his clients. "I was tired of some of my clients getting bad deals from mortgage companies", Decker said. "It's a huge step in buying a home, and if I can give then the answers they need, the whole transaction goes smoother." To learn the lending side of the industry, Decker teamed up with JSSmith Mortgage, a Scottsdale-based company that offers a training program to help Realtors like Decker make the transition to a hybrid agent. Out of about 70,000 licensed agents in the state, a few hundred double as loan officers. "This seems like a brand new idea, but in a decade, it will be everyday practice," said Jeffrey Smith, president of JSSmith Mortgage.

Home buying, selling made easier with hybrid agents
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The third article, Old, new in Rancho Ventura, from the Arizona Republic, reports that soaring home values in Arcadia the past five years have sparked interest in nearby neighborhoods that are being rediscovered and redeveloped. That includes the 50-year old Rancho Ventura neighborhood, southwest of 44th Street and Thomas Road, which has large, irrigated lots with a mix of well-kept homes and others that show their age. "it's a sleeper of an area in terms of value," said Katherine Coles, a planner for Phoenix's Camelback East Village area. But bargain properties are starting to disappear as interest in the area rises. Median home prices in Arcadia's ZIP code 85018, increased 145 percent to $490,000 between 2001 and 2006. By comparison, the median home price was $218,500 last year in 85008, up 29.3 percent from 2005 and up 100 percent from 2001. That ZIP code is from Thomas Road to Van Buren Street, between 64th and 24th Streets.

Old, new in Rancho Ventura
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Phoenix property values expected to rise 11% in 2007

The first article, Phoenix property values expected to rise 11 percent in 2007, from the Phoenix Business Journal, reports that property values in Phoenix are expected to rise 11.1 percent in 2007, according to a fourth quarter survey by Arizona Tax Liens.com. Buyers and sellers projected an average increase of 10 percent statewide, citing the large number of people immigrating to Arizona, fueled by high-tech and biotech job growth in Tucson and Phoenix, low housing costs and baby boomers buying retirement homes. Of the 5,000 people surveyed, 59 percent planned to buy real estate in Arizona in 2007 and 32 percent planned to sell.
http://www.bizjournals.com/phoenix/stories/2007/01/01/daily11.html?t=printable


The second article, Tax lien sales likely to drop at '07 auction, from the Arizona Business Gazette, reports that Maricopa County Treasurer David Schweikert says that "we believe we'll have 20,000 liens to offer this year", which is down from past years when as many as 28,000 properties were on the auction block. "We're doing a better job at collections", Schweikert said. "It's the right thing to do, to collect as much as possible, but it does represent a huge change for us." In early December, the Treasurer's office sent out 35,000 final delinquency notices carrying information about all delinquent taxes affecting a specific property. Schweikert's advice to homeowners, "open your mail". Potential bidders can go to the Treasurers web site for more information about the upcoming tax lien auction. Arizona Tax Liens.com provides real estate investors with online access to Arizona tax lien lists. http://treasurer.maricopa.gov/index.htm.

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The first article, Western states see rise in home resales as mortgage rates dip, from the Phoenix Business Journal, reports that existing home sales in the West rose 0.8 percent to an annual pace of 1.32 million in November but were 17.5 percent lower than a year earlier, according to the National Association of Realtor's latest housing report. The median price in the West was $351,000, down 0.8 percent from November 2005. "As the housing market recovers from its correction, existing home sales should be rising gradually during 2007- it looks like we may have reached the low point for the current cycle in September," said David Lereah, NAR's chief economist. "We've entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down," he added. Mortgage rates remain low, with the 30-year mortgage rate sitting at 6.24 percent in November, down from 6.33 percent in November 2005.

http://www.bizjournals.com/phoenix/stories/2006/12/25/daily25.html?t=printable

The second article, 6 developments are moving Surprise growth north, east, from the Arizona Republic, reports that a cluster of six new housing developments comprising more than 20,000 acres will account for Surprise's next growth spurt to the north and east, according to Surprise city planners. The communities are: Desert Oasis with 3,250 units; Austin Ranch with 2,481 units; Asante with 6,703 units; Tierra Verde with 538 units; Asante North with 8,962 units and Burke property, with 741 units. Desert Oasis is already underway, and plans for the Burke property and Asante North are heading to city council. Previously, most of Surprise's growth took place on the city's western area, near Sun City Grand and the Loop 303.

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