The Federal Reserve’s half-a-percentage point cut in the federal fund rate this week bolstered Wall Street, but experts predict it will have little short-term effect on the housing slump and the rise in bankruptcies in the state. More…
Lauth Property Group, an Indianapolis-based development company, will break ground by the end of the year on a speculative office park close to
The collapse of mortgage companies and related businesses is having an effect on the commercial real estate market, but it’s not all bad. Those companies that closed practically overnight walked away from prime office space, creating higher vacancies and good deals for would-be tenants. More…
Scottsdale’s residential real-estate market is stagnant but commercial development is steady, with plenty of new projects in the pipeline. That includes redevelopment plans for a
Banner Health plans to merge with
It has been called Kierland Uncommon, Scottsdale Crossing and now Scottsdale Quarter. But by any name, the 1.2 million-square-foot mixed-use project directly east of Kierland Commons is under way. George Melara, a principal with Nelsen Partners, one of the project’s architects, said some of the initial work on utilities and excavation will begin this week southeast of Greenway Hayden Loop and Scottsdale Road. More…
Arizona began to see the fallout in the high-risk mortgage industry in August as it lost jobs in financial services, but other industries made up the slack, according to the Department of Economic Security. The state added 37,700 jobs from July to August, with 8,600 gained in the private sector, despite 1,900 cut in financial services. More…
It could take three to five years before the Arizona economy fully recovers from the current housing crunch, Valley economist and real-estate investor Elliott Pollack said Thursday. “How do I define a full recovery?” he asked a packed ballroom at the Arizona Biltmore Resort & Spa. “Supply and demand is back to normal. We’ve absorbed that excess supply (of housing stock).” More…
PARADISE VALLEY - It is back to the drawing board, again, for developers of the Ritz-Carlton Paradise Valley Resort. The Paradise Valley Planning Commission still is unhappy with the latest revisions to the project planned northwest of Lincoln Drive and
Those skyrocketing home values of 2005 and 2006 are coming home to roost in 2007 property-tax statements hitting mailboxes over the next two weeks. Depending on the spending practices of local cities, schools and special districts, the statements could bring shock and worry or sighs of relief. For cash-strapped homeowners with big mortgage payments in an uncertain real-estate market, they couldn’t come at a worse time. More…
JPMorgan Chase & Co. has paid $84.7 million for a luxury apartment complex near the future light-rail line in
This week’s interest-rate cut reduces the likelihood of a recession but doesn’t yet get the economy out of the woods. That’s the assessment of James Glassman, a senior economist at JPMorgan Chase. More…
Anxiety within the national lending market and scrutiny from city planners have led to months of delays for the first major downtown
WASHINGTON - The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure. The bill, which passed the House, 348-72, would allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial “teaser” levels. More…
A proposed $200 million boutique hotel in downtown Phoenix was on life support, but a judge’s Tuesday ruling has effectively killed the existing deal, the developer said. Phoenix Suns majority owner Robert Sarver was poised to build a 39-story W Hotel near US Airways Center. The development would have included an 11-story office and condo tower built on top of a historic 1920s warehouse. More…
NEW YORK -
WASHINGTON - The Internal Revenue Service said Monday it has added a new section to its Web site to answer tax questions for those losing their homes due to foreclosures. The new section on IRS.gov has a worksheet to help homeowners determine whether they are eligible for any foreclosure-related tax relief. More…
A downtown Scottsdale condominium and hotel project is “too massive” for the neighborhood and must be revised. That is the message from
More than a dozen ranchers and homeowners in the unincorporated northwest Valley are questioning why Surprise would allow developers to build thousands of homes there amid a general slump in the housing market. Surprise’s general plan outlines the eventual annexation of roughly 300 square miles spilling into the unincorporated areas of Wittmann,
A California real-estate investment firm has paid $51.3 million for a three-building portfolio in the