Arizona Real Estate News Access
All the real estate and mortgage news you need to know in Arizona

May 2007
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New home sales increase as prices decrease
Filed under: General, Real Estate
Posted by: Lillian Wong @ 7:22 pm

Selling more homes in the midst of a housing slump isn’t rocket science. Apparently you just need to cut the price. The U.S. Commerce Department and the U.S. Department of Housing and Urban Development Thursday reported home sales were way up in April, but prices dropped dramatically.  More…

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Maricopa County home sales continue to lag
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:59 pm

Home sales around Maricopa County continue to lag far those of the past few years. Realty Studies at Arizona State University reports about 4,800 home sales in the county in April, down from nearly 6,000 last year and more than 8,700 in April of 2005. So far this year, about 19,000 homes in Maricopa County have sold. In 2005, nearly double that number closed.  More…

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Commercial plan receives backing
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:45 pm

After fighting to maintain their rural community, many residents near the area of Jackrabbit Trail and Indian School Road decided to compromise. The residents agreed to support Montecito Communities’ plan for a commercial development on 29 acres in Buckeye, as long as the company promised not to build multifamily housing. The original plan from developers for the northeastern corner of Jackrabbit and Indian School was to use about nine acres for condos or apartments. That plan didn’t sit well with residents.  More…

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‘Green’ condos rise near downtown
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:43 pm

As the summer heat creeps into Phoenix, one company is building homes with the hope owners can avoid cranking up the air-conditioning and racking up high electric bills. Greenroof Development Co. strives to create homes that are good for the environment and for buyers’ wallets with a focus on moderately priced residential units near downtown Phoenix. The first project, PRD 845, is at Eighth Avenue and Roosevelt Street, and is nearing completion, with 10 of its 12 units sold. The second, Viridian, will break ground this summer just across the street, with completion of its 42 condos expected in fall 2008. Prices will range from about $300,000 to $350,000.  More…

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Hospital boom adds billions to economy
Filed under: General, Business
Posted by: Lillian Wong @ 6:41 pm

Pass through an Arizona hospital, and you’re as likely to see a construction crane as see a stethoscope. Arizona’s hospital industry is undergoing a building boom, with health care networks and private companies planning to build at least nine hospitals and expand or renovate 23 existing hospitals during the next five years. Arizona’s hospital building frenzy in a sense shows how desperate health care providers are to make up for lost time.  More…

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Suspects indicted in loan scheme
Filed under: General, Mortgages
Posted by: Lillian Wong @ 6:39 pm

Twelve people, suspected of being part of a sophisticated white-collar crime ring led by an ex-convict, have been indicted involving a mortgage-loan scam stretching from Arizona to Nevada to California. The defendants, including a real estate agent, college students and family members living in the three states are accused of defrauding lenders out of $8 million. Group members led the high life by using phony incomes, Social Security numbers, bank accounts and assets to get loans for upscale homes and luxury cars, according to the 38-count indictment handed up by a federal grand jury in PhoenixMore…

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Funky, ‘green’ hotel makes Valley debut at FireSky
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:34 pm

Long before the age of inclusion and environmental awareness, there was a funky little hotel chain called Kimpton. The San Francisco-based company recycles coat hangers and awards discounts to people with hybrid cars. It welcomes gay and lesbian travelers with wedding and gay pride parade packages. It donates money to a constellation of progressive causes. And, for the first time, the chain is investing in the Valley.  More…

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Winning bidder readies plans for offices
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:30 pm

The winning bidder for 125 acres of undeveloped state trust land says he looks forward to working with Scottsdale to plan its development. Jeffrey Levine, managing partner of Scottsdale Vistella LLC, on Thursday won a 99-year lease of the property northeast of Loop 101 and Bell Road with a bid of $68.5 million. Levine said he plans Class A offices and flexible business space on the site, southwest of DC Ranch.  More…

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Scottsdale land auctioned for $68.5 million
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:29 pm

SCOTTSDALE - Scottsdale Vistella LLC placed the winning bid of $68.5 million Thursday for 125 acres of undeveloped state trust land northeast of Loop 101 and Bell Road. The developer of offices and assisted living homes in the Valley and New York was the only firm that bid on the land, which also was appraised at $68.5 million, or $549,000 per acre. When the land was first put up for action by the Arizona State Land Department last month there were no bidders.  More…

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Marina Heights is under way
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:22 pm

Development of the biggest - and arguably most visible - piece of Tempe Town Lake land is finally under way. A hearing at Tempe City Hall on Tuesday night marked the first public step in developing the Arizona State University’s lynchpin lakeshore land into a mecca of high-rise condominiums, office and retail space. The 25.6 acres on Town Lake’s south shore are currently a student parking lot. There is plenty of political impatience surrounding the project, and there are also potential problems looming.  More…

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Job, population growth push Valley’s apartment rents up
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:20 pm

Valley apartment dwellers, take note: Rents will likely climb higher in the coming months as supply dwindles and investors look to snatch up properties. Sales of multiunit complexes have been brisk again this year, and the trend shows no sign of slowing now that the condo-conversion craze has come to a halt. In the first four months of the year, there were 48 sales of apartment complexes with 100 or more units, according to Tyler Anderson, vice chairman of CB Richard Ellis’ Phoenix office. That represents sales of $1.25 billion, he said.  More…

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Bidwills plan Glendale’s first skyscraper near stadium
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:16 pm

The Bidwill family helped put Glendale on the world’s sporting stage when it moved the Arizona Cardinals to the West Valley last year. Now, in the Bidwills’ first plunge into a major private development, Arizona’s NFL dynasty plans to build a 4.4 million-square-foot corporate district just south of University of Phoenix Stadium, The Arizona Republic has learned. The development, called cbd101, would bring Glendale its first skyscraper, an iconic tower reaching upward of 40 stories, rivaling Arizona’s tallest buildings.  More…

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