Executives at DMB Associates have a strong hand in their gamble on West
Another large parcel of Valley farmland is on its way to becoming a multimillion-dollar mixed-use development. Twenty acres in northwest Chandler will become Chandler Echelon, the developer announced June 4. The $200 million project at the southwest corner of
It’s no secret the Valley housing industry has taken a hit over the past year, with homes selling for significantly less and staying on the market longer than during the 2005 housing heyday. While that hit has gone straight to home builders’ bottom lines, many still are seeing increased revenue. Four of the six publicly traded home builders either based in Arizona or with significant operations here reported higher annual revenue and lower annual profit than in 2005. That disparity results from incentives and price cuts builders had to offer to sell excess inventory built during the 2005 housing bubble, analysts say. More…
It’s a heated debate: Is the Valley a percolating laboratory of iconic architecture and visionary urban planning, or is it a long-simmering bastion of design mediocrity? While some industry observers rate the natural landscape much more favorably than the built one, others are seeing progress being made. In fact, a significant number of Valley projects received top honors May 31 at the Gold Nugget Awards, one of the nation’s premier building trade events. More…
Pacific Life Insurance Co. has purchased a Fountain Hills golf course for $12.75 million. The 177-acre Eagle Mountain Golf Club is 11 years old. It was crowned the best public golf course in the state by Arizona Business magazine. The Newport Beach, Calif.-based insurance company bought the course as an investment property. More…
Investors sparked the run-up in home sales and prices during the Valley’s housing boom. Now, they are behind much of the area’s rapid increase in foreclosures. At least one-quarter of all Phoenix-area homes to fall into foreclosure this year are owned by investors, according to an Arizona
A company that manages more than 350 of the state’s largest homeowner and condominium-owner associations recently opened an office in Surprise, where it will cater to hordes of housing developments cropping up across the West
Infill development: meet your old friend, the single family home. Luxury-home builder Zacher Homes, based in the Camelback Corridor, is working on three separate residential infill projects in north-central Phoenix. Each of the projects’ combined 160 units is a self-contained, single-family home. Typically, infill residences are condominiums or townhomes. More…
Cheap land and overzealous development have made Surprise one of the few Valley areas with an excess inventory of office condominiums, commercial real estate brokers report. They add, however, that the oversupply should be absorbed in the long run as Surprise and the West
Consumer Reports has once again christened the Ritz-Carlton as
Arizona’s lagging housing market likely won’t recover until next year and will continue to hinder job growth until it rebounds, state economists said this week. Although houses continue to sell, inflated prices and stockpiled inventory will cramp the industry a while longer. “Most buyers, I think, now realize that housing prices are not declining, they’ve simply leveled off,” said Marshall Vest, director of the Economic and
In terms of things we care about, the ZIP code ranks below the area code and above which day of the week we get our garbage picked up. It matters. But just a little bit. There are 12 new ZIP codes in Arizona, and three others that have been significantly realigned. More…
Shoppers and gawkers filed into Bass Pro Shops on Thursday, its first full day of operation. The outdoor mega-store opened Wednesday night with speeches and personalities, but Thursday was for the more serious-minded. Customers roamed the store taking in the sights, including taxidermy, manikins setting up camp, fish tanks and even a practice shooting range. Some shoppers had just gotten off work while others confessed to being on the clock while they checked out the new local phenomena. More…
Robert Terrell likes to talk about green on a golf course without mentioning fairways, putting surfaces and tee boxes over-seeded with winter rye grass. The real estate broker’s new favorite color is about selling the energy efficiency of basement homes on an upscale golf course development within walking distance to shops and restaurants near McKellips and Recker roads. With prices that can top out at more than $600,000, Tuscany Villas at Painted
Discovery Land Co. executives raised eyebrows in 2001 when they ripped up a Greg Norman-designed golf course in far north
A Casa Grande developer is planning to bring 95,000 square feet of high-end shopping and dining to one of the busiest intersections in the growing
In what is being called the biggest apartment portfolio transaction in Arizona history, an Irvine, Calif.-based real estate and investment firm has paid $427.5 million for 12 complexes around the valley. The Bethany Group LLC, which bought the properties from Scottsdale-based Bascom Arizona Ventures LLC, plans to give the apartment interiors a “full rehab,” including new cabinets, counters, flooring, windows, appliances and others, said CEO Greg Garmon. The properties, which are scattered across the Valley, are primarily C- and B-grade complexes. Altogether they include 5,178 units for an average per-unit price of $82,561. More…
A $200 million, mixed-use, office/hotel project called Chandler Echelon is planned for the southwestern corner of Price Road and the Santan Freeway just south of
Federal officials this week will auction off more than 280 acres southwest of