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Eighteen months after being selected to develop 27 acres of city-owned land near Tempe Town Lake, a team of developers finally has the green light to proceed. Plans call for 3.65 million square feet of mixed-use space spread over more than a dozen buildings near the Karsten Golf Course at Rural Road and Rio Salado Parkway. Nearly 1,500 condominium units are anticipated. Tempe City Council members approved plans May 17 for The Pier at Town Lake, formerly known as Pier 202. The council was scheduled to endorse the $42.5 million land sale late May 31.  More…

A Scottsdale consulting firm has launched a Web site to educate consumers on complex and sometimes misleading mortgage contracts. Offerangel.com, named after its parent company, premiered May 17 to help borrowers across the country protect themselves against predatory lending.

A portfolio of 12 multifamily properties in the Phoenix area that had been purchased and renovated over the past three years fetched $428 million in a sale to The Bethany Group LLC of Irvine, Calif. Officials say it is the largest portfolio deal in Arizona history.  More…

California, Nevada, Florida and Arizona led the nation for housing-price jumps a few years ago. Now, home prices are down in all of the states except Arizona. Figures released late last week show during the first quarter of this year housing appreciation fell 0.84 percent in California, 0.34 percent in Florida and 0.52 percent in Nevada. Arizona housing appreciation eked out a hike of 0.13 percent, according to the Office of Federal Housing Enterprise Oversight’s quarterly report based on repeat sales and refinancings on mortgages of $420,000 and less. Nationally, home prices were up about half a percentage point during the first three months of 2007.  More…

A Goodyear-based developer buying up SunCor Development Co. land around the southwest Valley has purchased four commercial properties, bringing the firm’s total acquisitions of SunCor parcels to 14 at a cost of nearly $53 million. Rose Properties Southwest LLC closed on two parcels bought from SunCor on May 18:  More…

A 26-acre parcel in north Phoenix’s Desert Ridge development sold for a record $1.082 million an acre on Thursday. A Newport Beach, Calif.-based partnership called Westfield/Greystone paid $28.5 million for the piece of state-owned land. It’s planning to build 750 apartments on the site. The previous record price per acre for Arizona state land was set last year when Phoenix-based apartment builder Gray Development paid $33.45 million for a 32-acre site in Desert Ridge. Gray plans to build more than 800 high-end apartments and condominiums on that site. That purchase price breaks down to about $1 million an acre.  More…

Moses Smith wanted to expand his Tempe home, put in new windows, renovate the kitchen and add a back patio. He hired a contractor, and crews went to work ripping off the back of his house. Then the worked stopped. That was nearly a year ago. Today, his house still sits exposed to bad weather and transients who have left fast-food containers behind. The condition is so bad, he’s been living in an apartment.  More…

Phoenix is pitching a seductive idea to lure more people to downtown: shady, cooler sidewalks lined with canopies, mini parks, fountains and public art. And, city officials say, several crucial projects will bring those scenes from the drawing boards to the streets. Crews are working on a 2.7-acre, $30 million park that will bring trees and shade near Arizona State University’s downtown campus. The loved-and-loathed red bricks of Patriots Square will be bulldozed in the fall to make way for CityScape, a development that promises green space for large events.  More…

NORTHEAST PHOENIX - Another parcel of land in the Desert Ridge area likely will be sold at auction today, but it could be years before the master-planned community is complete. The sale is for a 26-acre block of land zoned for “high density residential,” and one applicant has come forward. The parcel is at the northeastern corner of 56th Street and Deer Valley Drive. The parcel is tucked in amid land owned by Pulte Development and Toll Brothers, across the road from the Toscana development and cater-corner from the City North property. It is zoned for high-density residential, that is, apartments, condominiums and possibly townhomes. The Arizona State Land Department will auction the land at 10 a.m. Appraised value is $20.5 million, or almost $800,000 an acre.  More…

Derek Martinez, who plays his Xbox regularly, says playing indoor golf resonates with him. “As a gamer, I really like it,” Martinez said Thursday night at CrossWoods Indoor Golf Center in Gilbert. “It’s pretty realistic.” CrossWoods is the first center of its kind in Arizona, said Michael Rus, owner and general manager. The business opened in March, just before the time when Valley golf courses lower their prices as the temperatures rise. It is trying to gain an indoor foothold for a sport that has a 365-day outdoor season in the Valley.  More…

SCOTTSDALE - Stung by an oversupply of new courses and a decline in play, the golf industry is showing signs of stabilizing. Hodges Ward Elliott, a golf course brokerage that represented Scottsdale-based Troon Golf, reports an increase in golf real estate deals in the past two years. But industry observers say that success varies by individual markets and golf courses.  More…

Developers are bullish about future demand for office-condo units, even though there are signs that the Valley’s market is becoming oversaturated in some areas. In fact, they are in the process of increasing the area’s inventory of such space by as much as 65 percent and show no signs of slowing even as units remain on the market longer. Office condos are buildings with individual office units that occupants typically own rather than lease. Service providers such as dentists, doctors, accountants and lawyers view them as an attractive option because they appreciate in value, providing their businesses with additional monetary worth.  More…

A Scottsdale-based real estate development company Tuesday confirmed its purchase of the 123-acre Ritz-Carlton Paradise Valley property from an affiliate of Marriott International. Five Star Development is touting the project as the first Ritz-Carlton mixed-use development of its kind. The project, which will feature residential and retail property, is expected to cost $1.5 billion. Founded in 1978 in Texas by real estate developer Jerry Ayoub, the company focuses on real estate development, construction and property management. Its corporate headquarters is in Scottsdale, and there is a branch office in El Paso.  More…