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October 2007
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10/14/07
The United States of Subprime
Filed under: General, Mortgages
Posted by: Lillian Wong @ 11:26 am

As America’s mortgage markets began unraveling this year, economists seeking explanations pointed to “subprime” mortgages issued to low-income, minority and urban borrowers. But an analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs.  More…

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Big Banks Push
Filed under: General, Mortgages
Posted by: Lillian Wong @ 11:23 am

In a far-reaching response to the global credit crisis, Citigroup Inc. and other big banks are discussing a plan to pool together and financially back as much as $100 billion in shaky mortgage securities and other investments.  More…

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Real Estate: Weak housing market prompts construction jobs to tumble
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 11:20 am

No surprise here, but construction employment is down dramatically in Arizona, driven in large part by the lagging housing market. According to Ken Simonson, chief economist for the Associated General Contractors of America, construction employment was down 3 percent in Arizona in August, compared with the previous year, while construction employment was up 4.5 percent in Utah, the largest gain among the 50 states.  More…

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The Valley condominium market
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:05 am

Valley condominium prices are more erratic than the rest of the housing market. Some areas in Phoenix and Scottsdale posted double-digit increases in condo prices, while residential neighborhoods near those ZIP codes saw double-digit declines.  More…

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Some homes hold steady while Valley housing overall slows down
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:04 am

Home values in several established Valley neighborhoods have held steady this year despite the housing market’s slowdown. But many areas, particularly far-flung communities, have seen prices tumble. Median home prices have dropped in more than half of all metropolitan Phoenix’s ZIP codes, according to a Republic analysis of new- and used-home sales from the data-research firm Information Market. Hardest hit were newer Valley fringe communities from Pinal County to Peoria and even some closer in, where home builders reduced prices.  More…

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Bright spots in housing slump
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:01 am

Home values in several established Valley neighborhoods have held steady this year despite the housing market’s slowdown. But many areas, particularly far-flung communities, have seen prices tumble. Median home prices have dropped in more than half of all metropolitan Phoenix’s ZIP codes, according to a Republic analysis of new- and used-home sales from the data-research firm Information Market. Hardest hit were newer Valley fringe communities from Pinal County to Peoria and even some closer in, where home builders reduced prices.  More…

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Waveyard creating ballot buzz
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:56 am

Nearly 64,000 Mesa residents have requested early ballots to vote on the Waveyard project, signaling high interest in an election that will decide whether the city will sell Riverview Golf Course and four adult-league softball fields to developers who want to build a water-sports resort. The Maricopa County Recorder’s Office had handled 34,300 of those requests as of late Friday, and the Mesa City Clerk’s Office had handled another 29,169.  More…

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SkySong almost ready for tenants
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 10:53 am

Arizona State University researchers and companies keen to work with them will start moving into Scottsdale’s high-tech project known as SkySong in December, four months later than originally planned.  As workers install steel framing, drywall and other tenant improvements for the first office building of SkySong, the ASU Scottsdale Innovation Center, other crews this month began moving huge steel beams into place for the second, twin office building at McDowell and Scottsdale roads.  More…

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New plan in works for acres in Gilbert
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:50 am

An Ohio developer has purchased Marty De Rito’s Gilbert Esplanade site and additional acreage next to it and plans a retail and office project there. Nationwide Realty Investors, a real-estate investment and development affiliate of Nationwide Insurance, plans to start work at the site in the second half of 2008, said Brian Ellis, the company’s president.  More…

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Energy-efficiency often a tough goal
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 10:48 am

Going green isn’t easy. That’s especially true if you’re a property owner or manager trying to retrofit an existing building. Not only can the process take lots of time and money, it can also be difficult to persuade tenants to buy into the idea. Just ask Diana Rivers, a real-estate manager with commercial-brokerage firm CB Richard Ellis. She oversees Phoenix Plaza, a midtown office complex at 2929 N. Central Ave.  More…

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W Hotel partnership plans to build hip Tempe hotel
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 10:43 am

A California development company that will open the W Hotel in February in downtown Scottsdale on Wednesday announced a $160 million joint venture to buy and develop select-service hotels in the Valley and elsewhere. Triyar Hospitality will start with a $25 million Aloft hotel in Tempe that it plans to break ground on by the end of October, said Michael Mahoney, Triyar chief executive officer.  More…

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Big remodel in works for corner in Phoenix
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:38 am

Plans for a prominent corner in central Phoenix include an entire remodeling and the possibility of a bustling restaurant hub for residents in and near the area. The strip center on the southwestern corner of 16th Street and Bethany Home Road is nearly 80 percent vacant, but that is about to change.  More…

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Avondale going ahead with project for city’s tallest building
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:36 am

Avondale’s tallest building is projected to sit on 160 acres as part of a development boasting hotels, residential towers, a retail and office commerce park, and homes. The City Council last week agreed to rezone land at the southwestern corner of 99th Avenue and Indian School Road for the project, called Entorno.  More…

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Redevelopment spurs condo plans
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:35 am

Downtown redevelopment in Scottsdale is pushing northeast, with the Reflections on the Canal project expected to start this month. The $58 million development will bring 100 new residential units to the area. That includes 68 condominiums in a pair of three-story buildings and 32 townhouses in four 2-story buildings.  More…

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Changes loom for Engle Homes
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:29 am

The parent company of Arizona builder Engle Homes has hired a Wall Street firm for advice and stopped offering earnings guidance in response to worsening market conditions. Florida-based TOUSA Inc. on Monday said it hired Lazard Freres & Co. to conduct a complete review of its capital structure.  More…

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