Arizona Real Estate News - Poll
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Arizona Real Estate News
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Do you enjoy our Arizona Real Estate News section?
(A) Yes - I read the Arizona Real Estate News - Every day
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(E) Yes - I read the Arizona Real Estate News - Sometimes
(F) Arizona Real Estate News - Not really, but I should
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Arizona Real Estate News
Real Estate News Arizona - Interesting Reading
The most up todate Real Estate News is Arizona. This Page of our website is to keep our current, past and potential clients apprised of the real estate market conditions and news in Arizona. Though we will feature real estate news from the entire state of Arizona, special emphasis will be placed on Central Arizona and the cities we specialize in selling homes in: Anthem, Carefree, Cave Creek, Desert Hills, Central Corridor, Glendale, Phoenix, North Phoenix, Paradise Valley, Prescott, Surprise, Scottsdale and Tucson Arizona. - Arizona Real Estate News
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.
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 economist at the MBA, the date offers a glimmer of hope for housing. He said, "When consumers see an opportunity, no matter how pessimistic they might be, they take it. It will improve the underlying state of the industry and the longer rates stay down, the more people will take advantage of the opportunity, so that is a good thing."
http://www.usatoday.com/money/economy/housing/2008-01-16-mortgage-demand_N.htm
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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.
Does Your Inner Circle Grow Your Business? Seven Ways to Know, an article from RISMedia.com, reports that the support of like-minded individuals who are open to sharing and committed to success, growth and learning is very important in surviving today's ever-changing market. The right group can provide the fundamental resources for building your business. Professional groups can be made up from a group of peers in the exact same industry, a group of companies that focus on the same vertical market or market segment, or just a group of business leaders that are ready to help out those just starting out. One thing to look for when searching for the right professional group is that you are able to trust all members of the group. Issues, challenges and needs should be kept confidential within the group. Creating the right team is another factor in finding the right group. The peers in your group will be on the lookout for opportunities to help you and your business grow, and you will be doing the same for them. And finally, a very important key to success is commitment. Endless opportunities are available to those groups with committed members.
http://rismedia.com/wp/2008-01-15/does-your-inner-circle-grow-your-business-seven-ways-to-know/
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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
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
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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
Realty Viewpoint: Video Impacts Online Marketing For Housing, an article from RealtyTimes.com, reports that according to a study by Horowitz Associates, 6 out of 10 high-speed Internet users watch/download online video at least once a week, up 25% from 2006. The significance of those numbers is how quickly user-generated, non-professional content is growing. 30% of survey respondents said they watch user generated content such as YouTube. These numbers are fantastic for agents who wish to use online video to market their homes. With sites like Zillow and Trulia on the rise, there will now be a place to showcase your video. These sites are looking for as much content as they can get and they're willing to post your listings for free.
http://realtytimes.com/rtpages/20080114_videoimpacts.htm
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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
SOLD! Advertising Your Success, an article from RealtyTimes.com, reports that as real estate agents and salespeople, one of the primary roles in the house selling process is to effectively market and advertise a client's home. But just how much effort do you invest in advertising yourself? Bill Barrett hosted the recent Superstar Retreat 2007, where the 50 top-producing agents and team leaders discussed the topic. The group addressed this question: How much money do you spend on advertising SOLD listings versus current listings? Most of the top-producers invest considerably more in advertising their SOLD listings by a ratio of 80% SOLD listings versus 20% current listings. Their reasoning behind this approach is that sellers are not interested in how many homes you have for sale, but how many homes you have successfully sold.
http://realtytimes.com/rtpages/20080111_soldlistings.htm
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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.
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%.
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
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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
8 Quick (and Inexpensive) Ways to Market Yourself Online, an article from RealtyTimes.com, reports that according to the National Association of Realtors, 80% of consumers begin their search for real estate information online. Here are a few easy strategies to increase your visibility online. First, be certain that your email and website addresses are prominently visible on ALL of your marketing materials, including fliers, business cards and postcards. Another tip is to send your entire database a Just Listed or Just Sold e-postcard for every listing or sale. Be sure to include photos showing the properties in their best light. One more strategy is to use multiple photos for online listings. Homes featuring multiple photos were viewed 299% more, according to NAR. Also be certain to provide buyers the address and price. If you don't provide the information, they will go to an agent or a site who will. Finally, remember to always track the responses you receive. This will allow you to monitor for effectiveness and adjust things where necessary.
http://realtytimes.com/rtpages/20080109_marketonline.htm
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
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
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
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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
10 Ways to Give Your Web Site an Edge, an article from Realtor Magazine Online, reports that in today's real estate business, Web sites are a must-have tool. When packed with information that is well integrated and useful, a web site can help a practitioner stand out in the field. One must-have suggested by RISMedia is to have an exhaustive search capability. Allow your customers access to all listings with the ability to search with ZIP code, subdivision name, city, county or any combination of these. Another way to make your web site user friendly is to include interactive mapping. This will allow your customers to draw boundaries so they can define areas close to their place of employment or other important locations. Finally, include information on the community and lifestyle. Answer questions about school, services and local government before buyers even ask.
http://www.realtor.org/rmodaily.nsf/pages/News2008010401
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Luxury apartments get nod from key review board, an article from The Arizona Republic, reports that developers made the first of four presentations to convince planning commissioners, design reviewers and City Council members to allow some development variations and a rezoning for the proposed Hanover mixed-use project. A group of developers has proposed building 232 apartments reaching up five stories to 65 feet. The building would spread over a 6.1-acre triangular site and would include retail shops on the ground level. According to zoning attorney John Berry, Scottsdale has not had new luxury apartments built downtown for at least a decade and would add a vital element to the city's plans for revitalization.
http://www.azcentral.com/community/scottsdale/articles/0104sr-apartments0105-ON.html
Investor Report: College and University Towns, an article from RealtyTimes.com, reports that investors who specialize in buying rental houses and condos in carefully-selected major college and university towns suggest that it is a safe haven for real estate investing. According to Stuart Frazier, an investor and co-founder of College RealEstate.com, buying small-scale rental properties in university communities where the underlying economic fundamentals are solid is "one of the true oasis situations out there" in residential investment. Investors near Gonzaga University who are using Frazier's firm's assistance, are experiencing an average 8.8% annual appreciation rate plus turning positive cash flows due to the unending supply of new rental customers. Frazier cautions that not every college town is a winner. Sometimes universities overbuild student housing, leading to lower rents for competing private investor owners.
http://realtytimes.com/rtpages/20080104_investorreport.htm
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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 | |