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New competition is on the rise in the Valley’s luxury-hotel industry, and many existing resorts are undergoing multimillion-dollar makeovers in an attempt to keep up with the times. Scottsdale’s Camelback Inn and Four Seasons Resort are spending millions to revitalize their looks and offer new amenities. Meanwhile, Royal Palms Resort & Spa, FireSky Resort & Spa and Hotel Indigo all completed extensive renovations earlier this year.  More…

Sam Grossman sold his stake in the Arizona Biltmore Resort a decade ago for a fat profit, yet he still can’t stop talking about the place. “To this day, we kind of have seller’s remorse,” the 77-year-old Phoenix real-estate developer said.  More…

Last month’s dramatic drop in building permits for homes across metropolitan Phoenix may look like one more piece of bad news for the already struggling real-estate market. But actually it’s a good sign, as long as new-home sales are holding steady. And they are. There were 1,391 single-family permits issued from Casa Grande to north Peoria in September, while new-home sales or closings were more than double permits for the month at 2,991.  More…

A proposed upscale shopping mall in Gilbert that has been in the works for three years finally may see the light of day with the site now in the hands of new developers. Two real-estate brokers with CB Richard Ellis’ Phoenix office bought 61.5 acres at Val Vista Drive and Pecos Road that included the site of Woodbine Southwest Corp.’s proposed Main Street Commons project.  More…

The SanTan Village regional shopping center is open for business, launching what Mayor Steve Berman called “a new age for Gilbert.” “It finally gives Gilbert the class destination point that we’ve always felt we were entitled to,” Berman said Friday.  More…

LOS ANGELES - Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation’s largest mortgage lender said it expects to be profitable this quarter and next year. It was Countrywide’s first quarterly loss in 25 years.  More…

A 400-acre parcel will go up for auction next week at the Arizona State Land Department, one of the largest parcels the department has put up for sale north of Loop 101. The land in question is north of the Reach 11 Sports Complex and tucked behind two cemeteries, including National Memorial Cemetery of Arizona. It sits just west of the Desert Ridge master-planned area.  More…

Is Arizona’s first Bloomingdale’s in the Big Brown Bag? The upscale department store is expected to announce as early as next week its plans to open at CityNorth, a mixed-use development going up in north Phoenix. Bloomingdale’s, which is owned by Macy’s Inc., won’t say whether it has signed a lease. But industry sources say it’s no secret that the retailer has struck a deal and that an announcement is forthcoming.  More…

CHARLOTTE, N.C. - In addition to scaling back its investment-banking operations, Bank of America Corp. is exiting the wholesale-mortgage business and eliminating about 700 jobs, bank officials said Thursday. The nation’s second-largest bank will stop offering home mortgages through brokers at the end of the year to focus on direct-to-consumer lending through its banking centers and loan officers. The move also eliminates the jobs in the bank’s consumer real-estate unit.  More…

Terry Goddard is worried about mortgage-rescue fraud and wants homeowners to be careful. Arizona’s attorney general is warning troubled homebuyers to steer clear of scam artists who promise to stop foreclosure proceedings, keep owners in their homes and provide a little cash in the process.  More…

Jerry and Jennifer Lembas’ house is famous. Surf the Internet and you’ll find the Lembas’ Ocotillo Lakes property in south Chandler marketed not only on traditional real-estate Web pages but also with videos on Yahoo, YouTube and AOL’s video Web sites.  More…

LOS ANGELES - Countrywide Financial Corp., the nation’s largest mortgage lender, said Tuesday that it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rates are set to adjust by the end of 2008. Its shares fell more than 4 percent. Countrywide has been under fire since early July. It has had difficulties with loan financing, its chief executive has been criticized for selling hundreds of millions of dollars in stock, and it faces pressure from the government to help keep people from losing their homes.  More…

FOUNTAIN HILLS - While plans for the proposed Fountain Hills Town Square project are still in the works, a Web site and petition have cropped up to challenge the project. The $140 million development, the biggest proposal to hit the town in years, has been under wraps while town officials parley with developers Kasnoff Investments and Conrad Properties West.  More…

SanTan Village, an open-air mall with a layout that could help shape future regional shopping, officially opens Friday in the fast-growing southeast Valley. Not only is the town’s first mall seen as a retail breakthrough, but Gilbert officials see the center as a major economic engine.  More…

A $900 million development that promises to bring retail, new residents and 2,500 full-time jobs to the heart of Phoenix broke ground Monday. When it’s complete, CityScape will span from First Avenue to Second Street and from Washington Street to Jefferson Street.  More…

West Valley resident Mike Wyllie estimates his family lost $1 million July 1, the date new rates for connecting rural land to power lines shot up. A small-time land dealer, Wyllie has been buying and selling parcels in the area for years and can recite verbatim the former regulations for getting Arizona Public Service Co. to extend a power line to property.  More…

Elizabeth and Jose Torres were happy with their small Phoenix home. Even when a loan officer approached the couple in 2005 about buying a bigger home for a good price, they weren’t interested, Elizabeth said. Eventually, though, the “persuasive” loan officer sold them on the four-bedroom Queen Creek home, she said.   More…

The rallying cry to help stem the foreclosure fallout from subprime and other bad loans is getting louder. Last week, three of the country’s biggest banks - Citigroup, JPMorgan Chase and Bank of America - announced plans for an investment vehicle that could help prevent problems in mortgage-backed securities from hurting other parts of the credit and stock markets.  More…

Zanjero Falls, cbd 101, Main Street, 91 Glendale. Most are still unfamiliar names to residents in Glendale and the Valley. But, they are some of the projects that aspire to reshape west Glendale from farmland to economic hub. More than a dozen restaurants and hotels race to open by February’s Super Bowl at Glendale’s University of Phoenix Stadium. Others are just being announced such as Hyatt Place and Ruth’s Chris Steak House at the Districts at Zanjero.  More…