Arizona's Economic Confidence on the rise

The first article, $15.4 mil lakeshore hits $93.6 mil, from the Arizona Republic Tempe, reports that land values around Tempe Town Lake are soaring. Private property within the 743-acre district that surrounds the lake went from being worth $15.4 million to $93.6 million in the past nine years. ASU and the Scott family are watching the values closely. The Scotts are the only family to own land on the lakeshore. They own the Papago Riding Stables on the north side of the lake. The Scott family gets nearly constant offers to buy their five acres of prime land. "Business is good, so there is no incentive to sell," said Clay Scott. "But the offers keep coming and they keep adding zeros onto them checks." The lake is the third-most popular tourist attraction in the state, according to the Arizona Office of Tourism.

http://www.azcentral.com/community/tempe/articles/0330tr-lakevalue0330Z10.html

The second article, Economic confidence on the rise among business leaders, from the Business Journal of Phoenix, reports that Arizona business leaders are gaining confidence about the state's economy as the second quarter approaches. The latest Compass Bank Arizona Business Leaders Confidence Index rose 1.1 points to a reading of 53. "Arizona's economy continues to grow at a nation-leading rate." said Marshall Vest, director of economic and business research at Eller College of Management at the U of A. "At this level, the index is consistent with an economy growing near its potential," he added. This is good news for our real estate market as businesses that are confident about the economy will continue to expand and create jobs, which will continue to attract new residents!

http://phoenix.bizjournals.com/phoenix/stories/2007/03/26/daily31.html?t=printable

The third article, Buying homes in foreclosure can be risky, from the USA TODAY, reports that buying a home in foreclosure isn't easy, and it's hardly without risk. You need to do your research before you dive in. "There are some good buying opportunities," said David Lereah, the NAR's chief economist. "But don't repeat the mistakes of the foreclosed borrower," he added. Before you try to buy a home in foreclosure, be sure you have a good credit score and enough cash for a sizable down payment. There are several sources to find foreclosed homes, including the auction, bank REO (real estate owned), and working with owners in the pre-foreclosure stage of the process. There are good opportunities in foreclosure homes, but you have to have vision and patience to live in a little chaos.

http://www.usatoday.com/money/perfi/housing/2007-03-29-mym-foreclosure-options_N.htm

Maricopa County hold the top spot in the nation for population growth

Maricopa County population booming, from the Arizona Republic, reports that Maricopa County holds the nation's top spot for population growth, adding 696,000 residents between 2000 and 2006, according to the U.S. Census Bureau. Maricopa County is now the fourth largest county in the nation with 3.8 million residents. The increase in population can also be tracked through he number of car registrations originating from other states. The state will soon have seven-digit license plates due to the growth. The rapid growth in Maricopa County can be attributed to rapid economic growth in the Valley, continued immigration from Mexico, domestic immigration from other states, and housing affordability, according to Patricia Gober, a geography professor at ASU. Pinal County was also cited as the sixth fastest growing county in the nation from 2000 to 2006.

http://www.azcentral.com/news/articles/0323census0323.html

Maricopa County holds the top in the nation for population growth

Maricopa County population booming, from the Arizona Republic, reports that Maricopa County holds the nation's top spot for population growth, adding 696,000 residents between 2000 and 2006, according to the U.S. Census Bureau. Maricopa County is now the fourth largest county in the nation with 3.8 million residents. The increase in population can also be tracked through he number of car registrations originating from other states. The state will soon have seven-digit license plates due to the growth. The rapid growth in Maricopa County can be attributed to rapid economic growth in the Valley, continued immigration from Mexico, domestic immigration from other states, and housing affordability, according to Patricia Gober, a geography professor at ASU. Pinal County was also cited as the sixth fastest growing county in the nation from 2000 to 2006.

http://www.azcentral.com/news/articles/0323census0323.html

Arizona's economy shows signs of stablility

Experts: Arizona's economy is stable, from the Arizona Republic, reports that according to local experts, the housing market shakiness is only cooling Arizona's economy a bit in 2007. "Is a recession a possibility? Sure. Is a recession a certainty? No," said Dennis Hoffman, an economics professor at Arizona State University. The article cites several areas that show cooling, including the fact that consumers are spending less money, retail jobs are slowing, residential construction jobs are stalling and income growth could taper slightly. Compared with what's happening in other parts of the country, those are not dire developments. Economist argue that Arizona's economy, while still heavily dependent on construction, has diversified recently. Business services, finance and insurance sectors have grown sharply, said Hoffman, adding that a continuing population boom should grow health care and other related services. Austin Litvak, an economist at Moody's Economy.com, said "I would still expect Arizona to remain one of the fastest-growing economies in the nation despite the housing slowdown."

http://www.azcentral.com/arizonarepublic/business/articles/0318biz-economy0318.html

Luxury condos keep on selling - Kierland condo sells for $3.16 Million

Kierland condo sells for $3.16 M, from the Arizona Republic, reports that the Valley's elite condo market continues to stay hot as evidenced by the recent sale of a super-luxury condo at Kierland for $3.16 million, the biggest in state history according to the developer. The condo was on the sixth floor of Tower II of the Landmark at Kierland. This sale follows another recent condo sale of $3 million at the nearby Plaza Lofts at Kierlands Commons. "People are wanting to free up their lives," said Connie Greve, the Centennial Homes agent who listed the condo. "They want a condominium here and where their grandkids live, or where it's cooler. They don't want to be tied down to maintaining a single-family home," she added. The most expensive condo units in the Valley have been selling well despite the housing downturn. "I expect to see the market go up," said local condo developer Keith Mishkin. "It's going to be more and more common to see the best luxury condos in the $2 million plus range. We've seen a lot of closings of late and current escrows in the $2 million to $4 million range," he added.

http://www.azcentral.com/community/scottsdale/articles/0316ON-recordcondo.html

New Condo planned in downtown

Phoenix condo tower planned, from the Arizona Republic, reports that a $100 million condo development called Omega is being planned for downtown Phoenix at Second Ave. and Adams Street, behind the Orpheum Lofts. The 32-story tower would be the third urban high-rise downtown. The developer, W Development (David Wallach), is already developing the Copper Square condominium tower next to Chase Field, which is 85 percent sold out with the first residents planning to move in this summer. Wallach is bullish on the need for residential housing in the heart of the city despite lingering concerns about the health of the Valley's real estate market. "The premise that the housing market is soft in downtown is not the right place to start," said Wallach. "The right product, in the right neighborhood, has a really good chance of succeeding." Wallach hopes to break ground on the Omega project this year and said the tower could open in 2009. It would feature 1, 2 and 3 bedroom units starting at about $400 per square foot.

http://www.azcentral.com/business/articles/0314biz-condos0314.html

What's the trend? Mortgage rates going lower!

Home sales can't forecast trend, from the Arizona Republic Ahwatukee, reports that median prices for existing homes in the Southeast Valley continued to bounce around in February, showing little indication of any trend for the rest of the year. Ahwatukee Foothills had the highest median resale price at $373,000 in February. Jay Butler, director of Realty Studies at ASU, called it a "pitiful month" for forecasting events because it, along with January, is usually one of the slowest months for sales of existing homes. The sales recorded in February reflect purchase decisions made over the holidays, when people weren't in a mood to shop for real estate. In fact, throughout the metro Phoenix area, the number of sales of existing homes was the lowest for any February since 2003. Compared with February 2006, median prices last month rose in Ahwatukee Foothills and Chandler, and fell in Gilbert, Tempe and Mesa, according to Realty Studies numbers. "It's just one of those markets that has no trend," said Jay Butler.

http://www.azcentral.com/community/ahwatukee/articles/0309ar-homesales0309Z14.html

30-year mortgage rates at 6.14%, from MSNBC.com, reports that rates on 30-year, fixed-rate mortgages fell to 6.14% this week, the lowest since mid-December. "Mortgage rates slid further in the past week to the lowest level this year as volatility in overseas stock markets led to questions about implications for the U.S. economy," said Frank Nothaft, chief economist at Freddie Mac. Nothaft said he believed the economy would strengthen as the year moves forward and this would leave 30-year mortgages moving in a narrow range of between 6.3 and 6.4 percent. The Freddie Mac survey showed that other types of mortgage rates hit their lowest points for the year as well.

http://www.msnbc.msn.com/id/7148582/