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August 2007
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08/18/07
Luxury Onyx Tower to add 196 condos to Tempe Town Lake
Filed under: General, Real Estate
Posted by: Lillian Wong @ 7:07 pm

Tempe Town Lake will add 196 luxury condominiums to its 278-unit inventory when Onyx Tower opens in 2009. Developer WestStone Communities began taking reservations Aug. 17 for the 26-story tower. The development — touted as the lake’s tallest building to date — will be built on less than 2 acres on the north shore of the lake, at Playa del Norte Drive and Rural Road, near Loop 202. Groundbreaking is expected by the beginning of next year, and construction is scheduled to be complete by 2009.  More…

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Builders combat housing slump with incentive offers
Filed under: General, Real Estate
Posted by: Lillian Wong @ 7:03 pm

Some Arizona home builders are scrambling to get rid of excess inventory by dropping prices and offering substantial incentive packages in the face of the housing slump — though not all of them. In fact, Shea Homes stopped its free swimming pool campaign at the end of July. Shea Homes Arizona President Buddy Satterfield said builders have used pools as incentives for a long time.  More…

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Office tower to modernize skyline
Filed under: General, Real Estate
Posted by: Lillian Wong @ 7:00 pm

Behind-the-scenes activity is brisk as Mes­i­row Financial Real Estate prepares to break ground within two months on the high-profile One Central Park East office building at 50 E. Van Buren St. This is the Chicago-based financial and real estate firm’s first major foray into the Phoenix market, and it brings what industry observers say will be a whole new level of architectural and environmental design. It also marks the first Class A office tower to be built in downtown Phoenix in six years.  More…

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Medical buildings to rise on tribal land
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:45 pm

SALT RIVER RESERVATION - Cashing in on the northeast Valley’s population boom and need for physicians, a health real-estate investment firm is developing medical buildings at the Pima Center. Tennessee-based Healthcare Realty Trust Inc. is developing Pima Medical Pavilion, which consists of twin two-story Class A medical office buildings totaling 184,000 square feet at 8415 N. Pima Road. The project near Pima Road and Loop 101 is expected to be complete in 2008 and will be within minutes of some of the Valley’s most reputable hospitals: Scottsdale Healthcare Shea and Scottsdale Healthcare Osborn.  More…

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Bold predictions made for Gateway
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:44 pm

This is going to be big. Really, really big. Mesa has long known, and long advertised, that the Williams Gateway area would become one of the Southwest’s premier job and residential centers. But the vision presented Tuesday to more than 200 political and business leaders at the Phoenix Marriott Mesa in downtown Mesa went several steps beyond that.  More…

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Zanjero Falls rises in Glendale sports district
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:42 pm

Business owners looking to locate along Glendale’s sports and entertainment corridor have an opportunity to own their office space. Construction has begun on Zanjero Falls Corporate Oasis, which will offer for-sale and leased office condominiums and 1-acre pads for purchase for businesses such as Realtors, financial-services firms and dental offices. Located near Loop 101 and Glendale Avenue, the corporate center sits within the Zanjero master-planned community, which includes Cabela’s outdoors store, two hotels and the future Districts at Zanjero, an upscale urban-village project.  More…

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Women finding success in commercial-real estate
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:40 pm

Many of the Valley’s most successful women in commercial real estate didn’t start their careers in the field. Still, for one reason or another, they’ve found their niche. The profession offers financial freedom, interesting challenges and power - and yet it’s long been dominated by men. Now more than ever, many of these women are reaching out to encourage others to pursue careers in commercial real estate.  More…

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Fed steps up, trims a key rate
Filed under: General, Mortgages
Posted by: Lillian Wong @ 6:38 pm

WASHINGTON - A dramatic cut in the Federal Reserve’s discount rate sent stocks soaring Friday, but the spreading global credit crisis means the Fed almost certainly will have to do more. A cut in the more important federal funds rate is expected to follow in short order as the central bank battles to keep the economy out of recession. With his surprise announcement before Wall Street opened for trading, Federal Reserve Chairman Ben Bernanke found a clever way to give banks access to badly needed funds by cutting the discount by a half-point, to 5.75 percent. That is the interest rate the Fed charges banks for direct loans.   More…

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PV resort planners rethink density
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:35 pm

Developers proposing the Ritz-Carlton Paradise Valley Resort are back at the drawing board and rethinking the density of some of its residential uses. The 225-room hotel and related development are planned near Scottsdale Road and Lincoln Drive on 123 acres, with 105 acres in Paradise Valley and 18 acres in Scottsdale. The Paradise Valley Planning Commission was to discuss the project last week, but the agenda item was pulled.  More…

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Credit woes push lender to borrow
Filed under: General, Mortgages
Posted by: Lillian Wong @ 6:33 pm

LOS ANGELES - The credit mess forced Countrywide Financial Corp., the nation’s largest mortgage lender, to borrow $11.5 billion on Thursday, shocking financial markets already reeling from the growing credit crunch and threatening to make home loans harder to get. Countrywide, which has major operations in Chandler and Tempe, said it borrowed the cash from a group of 40 banks so it could keep making home loans. The announcement sent its stock tumbling about 11 percent and prompted one credit-rating agency to downgrade its rating to nearly junk-bond status. Countrywide is the largest mortgage lender by volume, accounting for more than 13 percent of the loan-servicing market as of June 30, according to the mortgage-industry publication Inside Mortgage FinanceMore…

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Tighter mortgage market will help continue Valley slowdown
Filed under: General, Mortgages
Posted by: Lillian Wong @ 6:31 pm

Obtaining a home loan is going to get even more difficult. Lending guidelines are tightening almost daily for borrowers as the subprime-loan crisis spreads. Those higher-risk loans have just about disappeared as their default rates soar. Now, financing is getting tougher for all homebuyers. On Thursday, megalender Countrywide Financial Corp. had to take out an emergency loan to keep operating, and Tucson-based First Magnus Financial Corp. stopped taking loan applications. Magnus is one of the nation’s top private lender. Earlier this year, New Century Financial Corp. and American Home Mortgage Investment Corp. filed for bankruptcy. So far, at least 70 mortgage firms have closed or put themselves up for sale since last year.  More…

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Phoenix ranks No. 1 in retail building
Filed under: General, Real Estate
Posted by: Lillian Wong @ 6:27 pm

Metro Phoenix has more retail space under construction than anywhere else in the country, according to a report by a national real-estate information service. The fast growth can be attributed not only to the Valley’s increasing population and low unemployment but perhaps also to residents who love to shop, said Garrett Newland, vice president for development at Westcor, a shopping-center development company. Most of the retail growth is along the new Loop 101 and Loop 202 extensions.  More…

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Subprime standards tighten
Filed under: General
Posted by: Lillian Wong @ 6:25 pm

WASHINGTON - More banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of spreading problems. The Fed said it found that over half of banks responding to a survey reported they had tightened their lending standards for subprime mortgages, loans offered to borrowers with weak credit histories. The Fed survey found that of 16 banks that said they were still in the subprime market, nine of those banks had tightened lending standards in the past three months. The 16 banks are among the nation’s largest and accounted for 57 percent of all residential loans at the end of March, the Fed said.   More…

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