01-03: Cave Creek ready to grow by 8 square miles, an article from The Arizona Republic, reports that this spring, Cave Creek is gearing up to annex 8 square miles of mostly state trust land. Mayor Vincent Francia hopes to firm up a development agreement between Cave Creek and the Arizona State Land Department by next month. The Cave Creek Town Council would need to approve the pact and the actual annexation could be completed this spring.
http://www.azcentral.com/community/nephoenix/articles/0102sr-ccahead0102ON.html
01-03: A Good Time to Home in on the Commercial Market, an article from Realtor Magazine Online, reports that now is a good opportunity for real estate professionals facing a continued slowdown to expand their business into other areas. Jerry Chautin, a business counselor with SCORE, says one good use of available time is to research commercial opportunities that haven't been as hard hit by the slump. One idea to help you get familiar with the market is to join professional organizations. For example, attending meetings of local commercial developer groups can lead to opportunities down the road. Another idea is to volunteer at trade shows and other industry events. And finally, subscribe to trade magazines. Magazines such as "Retail Traffic" report on which developers are doing deals and will also point out the competition.
http://www.realtor.org/rmodaily.nsf/pages/News2008010205
Additional articles that you may find of interest:
Short-sell strategy may fit mortgage crisis
http://www.azcentral.com/community/gilbert/articles/0103ev-shortsale0103.html
Avondale plans to erect buildings 10 stories or taller
http://www.azcentral.com/community/swvalley/articles/0102tallbuildings0102.html
Goodyear tax estimate may drop by $6 million
http://www.azcentral.com/community/swvalley/articles/0103swv-budget0104cover.html
Bush official: More housing help needed
http://www.msnbc.msn.com/id/22471298/
7 states standardize mortgage broker rules
http://www.msnbc.msn.com/id/22475296/
What's In, What's Out with Home Buyers in 2008
http://realtytimes.com/rtpages/20080103_whatsinout.htm
01-07: Livelier downtown Phoenix on horizon, an article from The Arizona Republic, reports that insiders say several downtown projects are expected to wrap up this year and could have huge influence on the heart of the city. Included on the list is light rail, Arizona State University's journalism school, the expanded Phoenix Convention Center, the Sheraton Phoenix Downtown Hotel and 44 Monroe, the tallest residential building in the state. "I see 2008 as the first wave of the perfect storm," said Terry Madeksza, director of operations for the Downtown Phoenix Partnership, a group of downtown merchants and landowners. She added that each project will help lure thousands of visitors and full-time residents. John Chan, the city's downtown-development director, said that this year's projects will also carry momentum into 2009. The first phase of CityScape, a $900 million cluster of shops, offices, high-rise dwelling and hotels, is scheduled to open in 2009. Meanwhile, another high-rise condo project, Omega, will still be in the midst of construction.
http://www.azcentral.com/community/phoenix/articles/0107downtowncover0107.html
Additional articles that you may find of interest:
Real-estate experts split on '08 outlook
http://www.azcentral.com/arizonarepublic/business/articles/0105biz-sr-realestate0105.html
'Dreamy Draw' drama may not be over just yet
http://www.azcentral.com/community/nephoenix/articles/0104phx-mountain0105inside.html
City lends a housing hand
http://www.azcentral.com/community/chandler/articles/0104cr-housing1005.html
Fairmont Scottsdale Princess creating boutique inner resort
http://www.eastvalleytribune.com/story/105900
Big League Dreams are coming true in Gilbert
http://www.eastvalleytribune.com/story/106036
Study: Surprising results in housing, school performance
http://www.bizjournals.com/phoenix/stories/2008/01/07/story13.html?b=1199682000^1571413
Real estate market poised for slowdown in activity
http://www.bizjournals.com/phoenix/stories/2008/01/07/story3.html?b=1199682000^1571263
Prospect when you are happy, it works
http://www.cobizmag.com/articles.asp?id=1968
Is selling home in today's market worthwhile?
http://www.inman.com/inmanstories.aspx?ID=65695
Getting A Handle on 1031 Exchange Rules
http://realtytimes.com/rtpages/20080107_1031exchange.htm
10 Steps To Sell More Quickly In Stalled Markets
http://realtytimes.com/rtpages/20080107_negotiate.htm
01-08: FAA gives go-ahead to CityScape project, an article from The Arizona Republic, reports that on Monday, Federal Aviation Administration officials ruled that the $900 million, 3-square block downtown Phoenix project poses no risk to aircraft that fly in and out of nearby Phoenix Sky Harbor International Airport. Scottsdale-based RED Development, developer for CityScape, scaled back plans for four planned CityScape towers down from 500 feet to around 400 feet. CityScape broke ground in October with demolition and other site work currently underway. The first phase could open as early as 2009. City leaders are touting CityScape as a crucial downtown development and it's supported by more than $120 million in incentives from Phoenix.
http://www.azcentral.com/community/phoenix/articles/0107faa0108.html
01-08: Home Selling Tips For Spring Buyer's Market, an article from RealtyTimes.com, reports that now is a good time to get your home ready if you're planning to put your home on the market in time for spring. One of the first things to do is to boost your curb appeal. According to real estate franchisor Coldwell Banker, a clean house with cosmetic upgrades like painting and planting flowers can help form a great first impression of your home. Another step in preparing your home is to be upfront with disclosures. Get a preliminary inspection yourself, so you can improve the condition of your home before a buyer sees it. Also, be certain to keep receipts of recent improvements and provide estimates on optional upgrades. This could help reinforce your trustworthiness as a seller and help overcome objections from the buyer. Finally, be realistic. Your price should be competitive with nearby comparable homes with similar features and approximate condition that have sold or are on the market within the last three months.
http://realtytimes.com/rtpages/20080108_sellingtips.htm
Additional articles that you may find of interest:
Planned Gilbert office complex seeking to be 'green'
http://www.azcentral.com/community/gilbert/articles/0107gr-glassrock0107-on.html
Area boom in mind, college looks forward
http://www.azcentral.com/community/chandler/articles/0107ev-cgcc0107.html
Laveen Village Center to focus on 'family-friendly' tenants
http://phoenix.bizjournals.com/phoenix/stories/2008/01/07/daily9.html?surround=lfn
De Rito pays $88 million for Scottsdale Pavilions, plans $25 million upgrade
http://phoenix.bizjournals.com/phoenix/stories/2008/01/07/daily6.html?surround=lfn
Paulson defends 'freeze' plan
http://money.cnn.com/2008/01/07/news/economy/paulson_speech_nyc/index.htm?postversion=2008010717
Dirty deeds
http://www.msnbc.msn.com/id/22506609/
Rate-Cut Likely at Fed's Next Meeting
http://www.realtor.org/rmodaily.nsf/pages/News2008010701
01-09: Desert Ridge parcel set for March auction, an article from The Arizona Republic, reports that an auction of a Desert Ridge parcel that had been scheduled for February 28 has been pushed into March. The 205.6 acres is owned by the State Land Department and is one of the last-remaining large parcels in the Desert Ridge area. According to Paul Meka, director of land acquisition for Arizona Village Communities, which has applied for the land, the push back to March 11 took place because the Land Department needed to reconfigure the terms of the sale. The Desert Ridge Specific Plan governs development in the area and allows 1,098 homes to be built in the area to be sold in March.
http://www.azcentral.com/news/articles/0109phxland0109.html
Additional articles that you may find of interest:
Office vacancy rates on a climb
http://www.tribunehomefinder.com/story/106154
State mortgage industry feels business dip
http://www.tribunehomefinder.com/story/106174
Realtors expect market to rise in 2nd half of '08
http://www.azcentral.com/arizonarepublic/business/articles/0109biz-realtor0109.html
Short sale may be best way out for distressed homeowners
http://www.azcentral.com/arizonarepublic/business/articles/0109biz-ev-shortsell0109.html
Foreclosures up 88 percent in 2007, but could soon reach peak
http://phoenix.bizjournals.com/phoenix/stories/2008/01/07/daily24.html?b=1199682000^1573054
Cardinals president buys $4.4M PV home
http://www.azcentral.com/arizonarepublic/business/articles/0108biz-donedeals0109-ON.html
Mortgage applications up last week
http://money.cnn.com/2008/01/09/real_estate/mortgage_applications.ap/index.htm?postversion=2008010907
Existing-Home Sales to Hold Steady in Early 2008
http://www.realtor.org/rmodaily.nsf/pages/News2008010801
Mortgage Insurance Tax Deduction Extended
http://realtytimes.com/rtpages/20080109_taxdeduct.htm
01-10: First SkySong tenants move in, an article from the East Valley Tribune, reports that as the first tenants are moving into the SkySong project this week, developers hope that many more companies will help turn the site into a hub for technological development. Nate Summer, director of SkySong Strategic Partnerships, said a second 4-story office building is scheduled to be completed in May. Summer added, the 37-acre project eventually will include 10 to 12 buildings with 1.2 million square feet of office, retail and hotel space, with build-out expected by 2011 or 2012.
http://www.eastvalleytribune.com/story/106227
01-10: Downtown Phoenix office inventory expected to grow 42 percent by 2011, an article from The Business Journal of Phoenix, reports that office space in downtown Phoenix will grow by 42% through 2011, according to Integra Realty Resources. The company's "IRR Viewpoint 2008" said current inventory sits at 4.94 million square feet, with another 2.05 million feet expected to be built between 2008 and 2011. The report also shows downtown Phoenix vacancies at 8.5%, compared with a national average of 11.1%.
http://phoenix.bizjournals.com/phoenix/stories/2008/01/07/daily39.html?surround=lfn
01-10: High Tech and High Comfort Are In, an article from Realtor Magazine Online, reports that forecasters looking ahead in 2008 are seeing greener homes, high-tech comfort and a still-flat market. David Pratt, a principal in the Lorax Partnership consulting firm and president of the Baltimore chapter of the U.S. Green Building Council said, "Green is in because there is a higher level of awareness now of the issues surrounding the environment and, specifically, global warming." Demand for high-tech amenities is on the upswing. Items such as massaging bubble jets in tubs, mirrors with built-in, vanishing television screens and super-quiet garbage disposals are being added to homes as people stay in their homes longer.
http://www.realtor.org/RMODaily.nsf/pages/News2008010901
Additional articles that you may find of interest:
Homeowners hope to cash in on Super Bowl
http://www.azcentral.com/community/westvalley/articles/0109gl-housing0111-ON.html
Design change pushes back opening of skate park
http://www.azcentral.com/community/westvalley/articles/0110gl-nwvskate0111.html
Developer wants smaller lots OK'd on 5-acre parcel
http://www.azcentral.com/community/phoenix/articles/0109phx-dynamite0111.html
Mortgage Regulatory System Now Operational
http://www.mortgagenewsdaily.com/182008_MNLS.asp
Will More Homeowners Get Help With Rates?
http://www.realestatejournal.com/buysell/mortgages/20080109-phillips.html
Life Expectancy of Home Components
http://realtytimes.com/rtpages/20080110_lifeexpect.htm
Real Estate Outlook: Mixed Messages
http://realtytimes.com/rtpages/20080110_realestateoutlook.htm
The Importance of Appraisals in a Declining Market
http://rismedia.com/wp/2008-01-09/the-importance-of-appraisals-in-a-declining-market/
01-11: Mesa moving ahead with downtown project, MCC site, an article from the East Valley Tribune, reports that Mesa officials selected the Athena Group to do a market study and a preliminary design on a prime, 20-acre parcel of city real estate that has been vacant for years. According to Councilman Scott Somers, the property would be a Mesa development that focused on attracting young urban professionals and older residents looking to live downtown, but wanting to escape the high rents of Tempe and Phoenix. Mesa's town center development director said a preliminary agreement between the city and the Athena Group could come back for review in late April. Also, about 5 acres near the city redevelopment site has been set aside for expansion of Mesa Community College.
http://www.eastvalleytribune.com/story/106369
Additional articles that you may find of interest:
City accepts donation of parcel that had been OK'd for homes
http://www.azcentral.com/community/scottsdale/articles/0110sr-phx-mountain0111-ON.html
Apartments, big box could enhance economy
http://www.azcentral.com/community/swvalley/articles/0111swv-apartments0111.html
Developer cuts back on homes on former trust land
http://www.azcentral.com/community/nephoenix/articles/0110sr-ellman0111-ON.html
Riverview lands Hyatt hotel backer Wolff
http://www.eastvalleytribune.com/story/106308
Dec. Valley home sales plunge nearly 30 percent
http://www.tribunehomefinder.com/story/106295
Tempe gives OK for Monti’s towers
http://www.eastvalleytribune.com/story/106338
Office complex near Metrocenter sold for $14 million
http://phoenix.bizjournals.com/phoenix/stories/2008/01/07/daily52.html?surround=lfn
Mortgage rates drop below six percent
http://www.msnbc.msn.com/id/7148582/
Bank of America to buy Countrywide
http://www.msnbc.msn.com/id/22606833/
Bernanke: Fed ready to cut interest rates again
http://www.msnbc.msn.com/id/22592939/
Investor Report: Short Sales Transactions Hot
http://realtytimes.com/rtpages/20080111_investorreport.htm
ARMs Aren't Always Behind Foreclosures
http://www.businessweek.com/lifestyle/content/jan2008/bw20080110_897815.htm?chan=top+news_top+news+index_businessweek+exclusives
01-14: Projects to add downtown office space, an article from The Arizona Republic, reports that Downtown Phoenix's lack of office space could change dramatically in the next couple of years as builders boost inventory. According to a report by Integra Realty Resource Inc, between 2008 and 2011, they are set to increase supply in the city's "central business district" by 2.1 million square feet, or 58.5% more than current inventory level. The latest market report from commercial brokerage firm CB Richard Ellis showed the vacancy rate for such space in downtown Phoenix during the fourth quarter of 2007 was 5.8% for Class A, or high-end, space. Mindy Korth, an executive vice president in CBRE's Phoenix office, cites the mixed-use CityScape project and One Central Park East tower, both under construction in downtown, as projects that will alleviate current stress. Both developments are scheduled to be completed in late 2009 and are expected to add a combined 1.1 million square feet of high-end office space to the submarket.
http://www.azcentral.com/arizonarepublic/business/articles/0113biz-officespace0114.html
Additional articles that you may find of interest:
Developer's rezoning plan clears first hurdle
http://www.azcentral.com/community/scottsdale/articles/0111sr-phx-dynamite0112-ON.html
Surprise pair to work on economic development projects
http://www.azcentral.com/community/westvalley/articles/0114gl-nwvbizbriefs0112.html
‘Declining’ label ups down payments for some home buyers
http://www.tribunehomefinder.com/story/106537
Median of $232,000 signals market may have corrected
http://www.azcentral.com/arizonarepublic/business/articles/0113biz-catherine0113.html
Deals for Palmaire may add 3 eateries
http://www.azcentral.com/arizonarepublic/business/articles/0112biz-gl-garage0112.html
Why the Countrywide deal makes sense
http://money.cnn.com/2008/01/11/news/companies/tully_countrywide.fortune/index.htm?postversion=2008011112
Foreclosures Offer Opportunities for the Savvy
http://www.realtor.org/RMODaily.nsf/pages/News2008011104
More loan servicers join HOPE NOW program
http://www.inman.com/inmanstories.aspx?ID=65756
01-15: Plans filed for Mesa airport development, an article from the East Valley Tribune, reports that preliminary plans were filed with Mesa by Scottsdale's DMB Associates, outlining a high-quality development that could help jump-start a new urban area near Phoenix-Mesa Gateway Airport. DMB's vision includes a residential community that could fuel job centers in areas of the 3,200-acre development. Company representatives say the first phase of development could begin in 2009, once the GM Proving Ground operation leaves the property. Plans for the first phase include home sites of 3 to 5 per acre and priced around $300,000. One of the features of the DMB proposal is a park and open space area that would run the length of the five-square-mile property, with different communities being built around the green space.
http://www.eastvalleytribune.com/story/106611
01-15: NAR Campaign Talks Up Value of Homeownership, an article from Realtor Online Magazine, reports that the National Association of Realtors is reaching out to consumers with the facts about homeownership and the value of real estate as a long term investment. The new advertising campaign will provide current, relevant housing data to help would-be home owners make informed decisions about buying a home. NAR President Dick Gaylord said, "Nobody buys a home in the national real estate market. All real estate markets are local. ... It’s also advisable to look beyond the immediate horizon — real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.” Existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.7 million in 2008 and 5.91 million in 2009, according to NAR’s most recent forecast. The good news for buyers is existing-home prices are likely to be down 1.9% to a median of $217,600 for all of 2007, prices are expected to hold steady in 2008, and then rise 3.1% in 2009 to $224,400.
http://www.realtor.org/RMODaily.nsf/pages/News2008011401
Additional articles that you may find of interest:
Light-rail could spark Apache Blvd. renewal
http://www.azcentral.com/community/mesa/articles/0111ev-lightrailfuture0112.html
Avondale seeks input on park, trail projects
http://www.azcentral.com/community/swvalley/articles/0115swv-avondalegrants0116.html
Chandler rethinks project grants
http://www.azcentral.com/arizonarepublic/business/articles/0115biz-cr-downtown0116.html
VisitMyLuxuryHome.com now offering video tours
http://phoenix.bizjournals.com/phoenix/stories/2008/01/14/daily21.html?b=1200286800^1576288
GPE Commercial merges medical office group with Prudential CRES
http://phoenix.bizjournals.com/phoenix/stories/2008/01/14/daily12.html?b=1200286800^1576109
Buckeye may demolish or sell the Nels Benson/Raney house
http://www.westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=29557
Mortgage lending forecast to drop
http://money.cnn.com/2008/01/14/real_estate/mortgage_forecast.ap/index.htm?postversion=2008011414
Mortgage Markets Get a Hand from BofA
http://www.realestatejournal.com/buysell/mortgages/20080115-hagerty.html
01-16: Townhomes to go all-solar, an article from The Arizona Republic, reports that Chad Gifford, founder of Catalyst Communities, is willing to bet there are 36 home buyers in central Phoenix that are so frugal with their electricity that he'll pay their utility bills if they buy his solar-powered town houses. Gifford said, "We think this community appeals to like-minded people who are conscious about the environment. We are willing to take that risk." Floor plans for the proposed community will range in price from $800,000 to $1.2 million and Gifford hopes to begin building this spring. With Gifford's plan, Catalyst Communities will give buyers a credit for their electricity bills for the first five years so they won't have any electricity bill. According to Gifford, the rooftop solar arrays will cover about two-thirds of the homes' energy needs, while efficient design, such as insulating window glass, will keep demand low.
http://www.azcentral.com/arizonarepublic/business/articles/0116biz-savingenergy0116home.html
Additional articles that you may find of interest:
Green offices planned in Tolleson
http://www.azcentral.com/arizonarepublic/business/articles/0116biz-swv-tollesoncenter0116.html
Pinal owners fear loss of property rights
http://www.azcentral.com/arizonarepublic/business/articles/0116biz-st-propertyrights0116.html
New breaks could help home buyers with taxes
http://www.azcentral.com/arizonarepublic/business/articles/0116biz-retaxes0116.html
Mortgage meltdown: ARMs on the wane
http://money.cnn.com/2008/01/15/real_estate/arm_survey/index.htm?postversion=2008011513
Foreclosures Push Down Rents
http://www.realtor.org/RMODaily.nsf/pages/News2008011502
The Economy: Five Signposts to Recovery
http://www.businessweek.com/investor/content/jan2008/pi20080115_422962.htm?chan=search
01-17: New housing outlook: 5 years to recover, an article from The Arizona Republic, reports that according to Elliott Pollack, "The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years." He spoke at Wednesday's Urban Land Institute Arizona's Real Estate Trends conference. At the annual conference, considered one of the state's biggest and most influential real-estate events, top economists, analysts, developers, brokers and investors present candid market predictions. Gadi Kaufmann of the national real-estate advisory firm Robert Charles Lesser & Co. said because of foreclosures, metro Phoenix home prices could fall 30% to 35% from 2006's peak and values won't likely return to that high before 2015.
http://www.azcentral.com/community/tempe/articles/0117realestatetrends0117.html
01-17: Tumbling rates boost mortgage demand to four-year high, an article from USA Today, reports that the Mortgage Bankers Association reported on Wednesday its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended January 11 surged 28.4% to 906.4, its highest since the week ended April 2, 2004. Down 0.11 percentage points from the previous week, borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.62%, and its lowest since the week ended July 1, 2005, when they stood at 5.58%. Last year, the interest rates averaged 6.19%. According to Douglas Duncan, chief economis