This year’s Maricopa County property-tax-lien auction is shaping up to be the biggest ever and potentially more lucrative for investors than others in recent years.
It’s a prime example of how misery so often rubs elbows with opportunity in the Phoenix-area real-estate market.
Rampant home foreclosure and plummeting property values caused a dramatic spike in unpaid property taxes during the 2008 tax year. On Feb. 8, those unpaid taxes will be sold to investors hoping to earn interest on them until the property owners pay up. More…
If you felt like devising a slogan for the coming income-tax season, a good one might be: “Patience required.”
Filing a tax return can be a daunting exercise even in normal years, but Congress has added several new wrinkles that undoubtedly will confuse people. These include everything from new tax breaks for college expenses to those for energy-efficient home improvements and new-vehicle purchases. more…
Development has ground to a standstill across much of metro
Business has never been better for the
The
Although the tribes rely on substantial revenue from gaming operations, economic development officials from both communities say they started diversifying their economic models back in the 1960s, long before they started building casinos on tribal lands.
None of the tribes contacted for this story would disclose specific financial data on casino operations.
“Way before gambling, our tribal leaders were looking at how to generate income, and they started with the
The industrial park — bounded by
Construction and raw materials enterprises represent a significant part of the
“Our economic goals are to be diversified and not have a single reliance on gaming income,” said Quannah Dallas, economic development manager for the
In 1989, Scottsdale Pavilions opened at Indian Bend and Pima roads. The 1.1 million-square-foot power center, built by a nontribal developer on leased land, was a unique deal that caught the attention of real estate and retail interests across the country.
“The community was really being innovative,”
The Pavilions morphed into other land-lease and development agreements, including a Walmart to the south and several business parks, including Riverwalk
Unlike many rural tribes, the Gila River and Salt River communities leverage their proximity to the
Major league debut
More tourists will be visiting the Salt River reservation with the opening of the Talking Stick Resort this year and completion of the 11,000-seat, $23 million stadium that will become the Cactus League home of the
Diamondbacks President and CEO Derrick Hall said the
“We had several attractive options that came as a result of the RFP process, but in the end, the Salt River Pima-Maricopa Indian Community clearly stood out,” he said. “We have been impressed with the progressive nature of the community, and its desire to create an entertainment district around the complex. This, along with the adjacent and existing Scottsdale Pavilions shopping center, will enhance the fan experience, which we anticipate to be second to none.”
The
“We saw this as something that would drive more development in the corridor,” said Levi Long, the tribe’s media relations specialist.
Increased traffic in the area should bring new vitality to the aging Pavilions, which has been hurt by retailers that relocated or went out of business.
Gaining attention
The Salt River and Gila River communities are not the only
Millions of 401(k) accounts have made up lost ground over the past 10 months. Helped by a stock-market surge and continued contributions, the question now is how to keep from backsliding when market momentum slows or reverses.
With the market up significantly since it hit its low in March, the rapid rise in stock prices has many believing that a sharp downturn is likely. The last thing investors can stomach is the market reversing itself and snatching more of their retirement money.
What to do now? more…
An artist’s rendering shows the proposed Gaylord hotel in Mesa.
Mayor Scott Smith is still optimistic about Mesa’s Gaylord hotel despite a gloomy e-mail sent recently by Colin Reed, president of Gaylord Entertainment Co.
The 1,200-room hotel, which would be
Another upscale resort, a championship golf course and classy retail outlets were also to be included. more…
David Kadlubowski/The Arizona
The financially troubled
A trustee’s-sale auction for the InterContinental Montelucia Resort & Spa,
Phoenix Business Journal - by Mike Sunnucks Friday, January 15, 2010
But a new trend is emerging in state tourism, and it’s not based on one of
In foreclosure tourism, out-of-towners take mini-vacations in the Valley to shop for foreclosure and short-sale bargains as investments, second homes and even primary residences.
“They seem to lay in the sun at their resort and make phone calls to attorneys and lenders, trying to see if there is a deal to be had,” said Jordan Rose, managing partner of
Rose said she’s received dozens of calls from foreclosure tourists from
“It seems as if ‘Fodor’s’ is suggesting that one of the things you do on a holiday to Phoenix is buy a foreclosed house — like be sure to try the cactus jelly, see the Grand Canyon and, by the way, don’t dare leave without a cheap house,” Rose said.
“We thought it was an odd submarket niche, as we have been getting calls from out-of-staters who want ultra-fast due diligence and contract review in order to do a quick close on a foreclosure,” she said.
Rose said out-of-state investors and buyers comprise the bulk of her real estate business right now.
“Nearly all the buyers we talk to — dozens over the last two weeks — have at least out-of-town financial backers. Money is trying to flow into
Joseph Maggiore, a Realtor with
“They are structuring their visit around touring a predetermined set of listings, based on weeks or months of searching and refining the available properties,” he said. “The goal that I have seen has really been to get in; take a look; identify the right property, possibly with a backup or two; make a move on it; and then head home after writing the offer.”
Maggiore said he’s seeing buyers from
He said such buyers now make up about one-third of his business.
Most resort and tourism officials contacted for this story weren’t specifically aware of the foreclosure tourism trend. But Kirsten Schaefer, public relations director for the
“We eventually want to create partnerships with local real estate agents for both foreclosure tourists and relocation visitors,” Schaefer said.
But the fallout is not all good, according to ASU economist Jay Butler.
He said foreclosure and other bargain-basement sales drive down home values.
“Investment interest is being driven by the anticipation that home prices will rise again in the next few years. While lower prices can greatly improve affordability, they can adversely impact many owners and potential sellers who are watching their limited equity erode as prices decline to — and even below — existing debt level,” he said.
Get Connected
Rose Law Group: www.roselawgroup.com
Joseph Maggiore: www.joemaggiore.com
InterContinental Montelucia Resort & Spa: www.icmontelucia.com
Most Foreclosures
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