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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
Scottsdale Quarter to be more like a Mac than PC, an article from East Valley Tribune, reports that the first phase of Scottsdale Quarter, a $270 million upscale shopping center, will open in early 2009. Located south of the Greenway-Hayden Loop and Scottsdale Road, the 28-acre project is being billed as a "living-shopping-dining-entertainment-office" complex. Scottsdale Quarter includes plans for 75 to 80 shops and restaurants, most of which will open during the first two phases of construction. An Australian movie theater will offer gourmet meals, fine wines and reclining armchairs. The third phase includes plans for condos and a hotel - no completion date is set yet for this phase.
http://www.eastvalleytribune.com/story/128582
Tough Job: Selling REO Properties Is Not Easy, an article from Realtor Magazine Online, reports that selling foreclosed properties isn't easy. It can mean taking responsibility for cleaning the property up, paying past-due utility bills and providing security in certain neighborhoods. Agents have found that it takes considerable volume to make money selling REO properties. For example, two agents from Boston have together sold 85 properties totally $16.2 million. They expect to net less than $100,000 each.
http://www.realtor.org/rmodaily.nsf/pages/News2008102106
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Economy slows retail space, but some growth in Surprise, an article from azcentral.com, reports that CB Richard Ellis released its third-quarter retail real-estate report last week. In the Valley, the retail vacancy rate was 6.9% for the third quarter. Activity in Surprise held the bright spot in the report. In the far Northwest Valley, it is estimated that approximately 1 million square feet of retail space is currently under construction. Part of Westcor's Prasada project along Loop 303 accounts for 800,000 of this figure.
http://www.azcentral.com/community/westvalley/articles/2008/10/20/20081020gl-nwvretail1018.html
Mortgage Market Still Open for Business, an article from Realtor Magazine Online, reports that you don't have to have a credit score above 720 and 20% down to get a loan. Yes, loan terms have become more strict and credit underwriting a challenge. However, there are options out there for borrowers. An FHA-insured mortgage allows borrowers to put only 3% down (3.5% after Jan. 1) and some Fannie Mae and Freddie Mac loan programs with private mortgage insurance are only requiring 5% down. FHA standards are written to help people with less than desirable credit. Fannie Mae and Freddie Mac loans, on the other hand, require credit scores that are at least in the upper 600s.
http://www.realtor.org/rmodaily.nsf/pages/News2008102002
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Vacancies can spell trouble for neighbors, an article from azcentral.com, provides a great chart outlining six projects in the planning phase in and around northeast Phoenix. The chart provides a synopsis of the plan and information about what action has been taken so far for each location. Residents in northeast Phoenix should expect vacant lots to be developed. For those concerned about the prospect of a apartment building looming over their backyard, they should consider participating in the process and talking to their City Council member. It's important to have realistic expectations. "The final project is often very different from the original proposal," says Vice Mayor Peggy Neely.
http://www.azcentral.com/community/phoenix/articles/2008/10/16/20081016phx-vacant1017.html
Burn Bright or Burn Out, an article from Realty Times, examines that factors that lead to burnout and how to avoid them so that you can....burn brightly. Factors that can lead to burnout include: 1) Failure to pace ourselves; 2) Trying to do it all; 3) Accepting the problems of others; 4) Majoring in minor things; 5) Unrealistic expectations; 6) Not making the important things in life a priority; and 7) Poor physical condition. One thing you can do to avoid burnout is to know yourself - your behavioral style, your purpose and your passion. Determining your behavioral style or DISC style involves evaluating four key areas: Dominance, Influencer, Steady and Compliant. Your style affects your communication patterns and how you process information. As Lao Tse, a famous Chinese philosopher once said, "He who knows others in learned. He who know himself is wise."
http://realtytimes.com/rtpages/20081017_burnbright.htm
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Light-rail riders will get 5 free days, an article from East Valley Tribune, reports that officials have upped the number of free days from two to five - until New Year's Day. This will give commuters a few workdays to try it out. The board of directors for Metro also hopes that people will try the light rail on Dec. 31 to get to the Insight Bowl and the annual Block Party. While the free days will cost Metro anywhere from $50,000 to $200,000 in revenue, the promotion will attract people that might never have tried the light rail otherwise. http://www.eastvalleytribune.com/story/128169
Why You Need to Give Your Real Estate Expertise Away - for Free, an article from RISMedia, examines why you should consider giving information away for free in order to establish yourself as an expert. At it's core, real estate is about information. The job of real estate agent is to gather, understand and convey that information. When you give information away, you brand yourself as a trusted source of information. Prospects are interested in the information you possess. By establishing yourself as an expert, you will attract prospects to you. Internet marketers have used this technique for some time - they call it the pink spoon. The idea is to create interest in your product (you) by "developing a giveaway that establishes you as an expert."
http://rismedia.com/wp/2008-10-15/why-you-need-to-give-your-real-estate-expertise-away-for-free/
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Avondale showing off revitalized Western Ave./Fifth Street, an article from azcentral.com, reports that Avondale is showing off the results of its revitalization efforts to the business, real estate and development communities. The city's efforts to revitalize Old Town were showcased at a recent networking meeting. During the meeting, the following features were highlighted: 1) Sterling Plaza West, a 16,064-square-foot business park; 2) The transformation of the intersection north of the library at Western and Fifth; and 3) Sernas Plaza, which was turned into a grassy amphitheater for concerts, festivals and special events. "It's great to see the developers, as well as the economic-development team really partner to bring not only development, but revitalization to the city," said Deanna Rada, sales and marketing director for Peoria-based Bade Cos.
http://www.azcentral.com/community/swvalley/articles/2008/10/14/20081014swv-avonbiz1015.html
How to Automate the Collection of Great Client Testimonials, an article from RISMedia, examines the importance of testimonials. It's been well documented that third-party endorsements are a powerful marketing tool. People are much more likely to believe what someone else says about you, then what you say about yourself. Testimonials should be used in your listing presentation, advertising and on your Web site. Have your clients complete a survey after their transaction closes. Review the surveys and identify the clients that you know will have good things to say about you. Then, call them up and ask them to give you a testimonial. You can offer to draft a letter for their approval based on their returned survey and the conversation that you've had with them. Your goal is to get strong, specific testimonials. See the full article for examples.
http://rismedia.com/wp/2008-10-14/how-to-automate-the-collection-of-great-client-testimonials/
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Investors are flocking to bargain homes, an article from azcentral.com, reports that the Phoenix area hasn't seen a wave of real estate investors like this since 2005. However, these are experienced landlords, unlike the many novices we saw during the boom. Savvy home-buyers, especially first-timers, are scooping up the bargains as well. The lowest-priced homes are getting snapped up. While many of the homes fall under the foreclosure umbrella, buyers are "performing the liquidator function, restoring the value of underperforming assets." Experts are hoping that Phoenix will soon reach that tipping point where the number of sales meets or exceeds the number of newly listed homes.
http://www.azcentral.com/community/glendale/articles/2008/10/10/20081010gl-swann1011-ON.html
Law Makes Housing Affordable for Veterans, an article from Realtor Magazine Online, examines the newly expanded homeownership opportunities for veterans due to the Veterans' Benefits Improvement ACT of 2008. President Bush signed this bill into law last Friday. "This [bill] will go a long way toward helping veterans buy and keep their homes," said Dick Gaylord, NAR president. The law will: 1) Make it easier for veterans to refinance out of risky subprime loans into safer, more affordable homes; 2) Make the VA loan limit increases permanent; and 3) Allow the VA to offer adjustable-rate mortgages to veterans - making homeownership more affordable to veterans that have to move more frequently than their civilian counterparts.
http://www.realtor.org/rmodaily.nsf/pages/News2008101304
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Tempe embraces a vibrant residential core, an article from azcentral.com, explores why some are calling Tempe a model for "the new American city." The Valley is experiencing one of its biggest high-rise and condo building booms in its history. Within a few years, city officials and developers see Tempe evolving into a city with a mixed use core - a place were residents live, work and play. Experts believe that Tempe will become one of the best examples of "New Urbanism". "People want to go to the corner on foot and get a quart of milk. They want to have social life in walking distance of where they live," said John Norquist, president of the Congress for the New Urbanism.
http://www.azcentral.com/arizonarepublic/news/articles/2008/10/13/20081013newtempe10110.html
Greenspan pegs housing recovery to early 2009, an article from MSNBC, reports that Alan Greenspan expects the housing market to begin recovering during the first half of 2009. Greenspan points to the recent slowing of the rate of decline in home prices as the first positive indicator. "More conclusive signs of pending home price stability are likely to become visible in the first half of 2009," Greenspan wrote in a recent article.
http://www.msnbc.msn.com/id/27117499/
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Meeting to look at light-rail extension in Mesa, an article from East Valley Tribune, reports that a choice of plans for extending the light rail in Mesa will be presented to the public on Tuesday. Information regarding the cost, ridership and impact will be outlined. The 20-mile line currently runs from Phoenix through Tempe and a mile into Mesa ending at Main Street and Sycamore. The three options include: 1) Extending the line to Mesa Drive or Horne on Main; 2) Diverting the line either north or south to First Avenue or First Street; and 3) Having a Bus Rapid Transit line run down Main.
http://www.eastvalleytribune.com/story/127748
Investor Report: Investing by December 1st, an article from Realty Times, reports that those planning to buy an investment property in the near future should seriously consider doing so before December 1st. After this date, Fannie Mae plans to add on extra fees across the board. For example, investor applications with 10-15% downpayments, can expect a 3.75 point adverse market fee - an increase of 2.5 points. Freddie Mac's additional fees will take effect even sooner - November 7th. Also, some large private mortgage insurers will stop underwriting investor loans altogether.
http://realtytimes.com/rtpages/20081010_investorreport.htm
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Good news in market gone bad, an article from azcentral.com, reports that across the Valley home sales were up last month. In September, 6,136 homes were sold - reaching the highest monthly volume since August 2006. Realtor Mike Orr attributes the high sales volume to "more homes being resold after lenders foreclose on them and an unexpected rush by some first-timers to buy before down-payment-assistance programs go away." Some real-estate analysts point out that while the real estate market lead the economy into a recession, it's also expected to lead it out.
http://www.azcentral.com/arizonarepublic/business/articles/2008/10/08/20081008biz-catherine1008.html
More Biz in a Tough Market: Standing Out w/a Winning Presentation, an article from Realty Times, examines how to leverage opportunities to speak before a group. First, it's important to dress for success. Second, distributing a package of "top shelf" marketing collateral will help make an impression. Third, make your presentation flawless. Walk your audience through your handouts. Talk about your credentials/certifications, share some recent experiences that you've had with clients and allow some time for questions. Explore opportunities to present at meetings for the following organizations: 1) The Chamber of Commerce; 2) Your local business association; 3) Service clubs like the Kiwanis Club; and 4) Referral groups such as BNI.
http://realtytimes.com/rtpages/20081008_present.htm
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Chandler bright spot in tough Valley office real estate market, an article from East Valley Tribune, reports that Chandler's office market is outperforming all other submarkets across the Valley. "Chandler is the strongest market Phoenix has right now, and it's due to smart product being built along the freeways that offer tenants what they need today," said Jerry Noble, first vice president at CB Richard Ellis. Across the Valley, the office vacancy rate has risen four percentage points over the past year. However during the third quarter of this year, the net occupancy rate rebounded with a positive 65,656 square feet.
http://www.eastvalleytribune.com/story/127535
Employer-Assisted Housing Can Be the Answer, an article from Realtor Magazine Online, explores Employer-Assisted Housing as a means to put homeownership within reach. More than two-thirds of Americans think that it's difficult to find a home that they both like and that they can afford. Employer-assisted housing can offer benefits such as homebuying workshops, financial counseling and loans for down payment. Next week, the first ever conference on employer-assisted housing benefits will be held in Chicago. Presentations will be available for free on the conference Web site.
http://www.realtor.org/rmodaily.nsf/pages/News2008100602
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New growth, new promise for downtown Phoenix, an article from azcentral.com, examines the concept of a "tipping point" for downtown Phoenix - a point where new development will be both "vigorous and self-sustaining." Once downtown reaches this critical mass, investment will shift from public to private. The 1990s and early 2000s marked the opening of the Herberger Theater Center, America West Arena (now US Airways Center), Bank One Ballpark (now Chase Field) and the Dodge Theatre. From August 2008 to November 2009, the number of major projects under construction downtown is "staggering, both in terms of dollars invested and the ultimate physical impact." The projects include the Cronkite School of Journalism, the Sheraton Hotel, the Convention Center expansion, Metro light rail, 44 Monroe and the One Central Park East office tower. The downtown area is also seeing a rapid proliferation of new, small businesses - restaurants, boutiques and galleries. Is downtown Phoenix finally about to reach that tipping point?
http://www.azcentral.com/arizonarepublic/viewpoints/articles/2008/10/05/20081005vip-conlin1005.html
Acquiring Knowledge about Your Marketplace, an article from Realty Times, explores the challenging prospect of gaining market knowledge. The following information can be obtained from your local board: 1) Number of agents working your market; 2) Average production of those agents in terms of units and volume sold; and 3) Experience levels of those agents. From your local MLS, you can obtain the following information: 1) Average days on the market; 2) Listing price to sale price ratios; 3) Listings taken versus listings sold ratios; and 4) Geographically active markets inside your service area. Also, national sources such as the National Association of REALTORS can offer a wealth of knowledge and statistical trends.
http://realtytimes.com/rtpages/20081003_knowledge.htm
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Q.C. council OKs annexing land for housing, an article from the East Valley Tribune, reports that on Wednesday evening, Queen Creek's Town Council voted to annex a parcel of land at Signal Butte and Ocotillo roads that's slated for single-family houses and a commercial center. According to town planner Dave Williams, most of the 885-acre site at the southeast corner of the intersection is slated to be a 1,745-home master planned community called Circle G at the Church Farm. The remaining 45-acre site will be a shopping center.
http://www.eastvalleytribune.com/story/127230
Acquiring Knowledge about Your Marketplace, an article from RealtyTimes.com, reports that real estate is like any other competitive endeavor. If you learn all there is to know about your playing field, you'll acquire a competitive advantage that will distance you from the competition and build the basis of your success. One place to gather important market knowledge is your local Board of Realtors. The facts you can obtain from your local board include the number of agents working in your marketplace. Also, the production of the average agent in terms of units and volume sold is important in comparing to your own performance. Your local Multiple Listing Service, commonly called the MLS, keeps statistics of all the listings and sales in your area that are processed through the MLS. Trends and performance of agents, companies, and subsets of the marketplace can be found through the MLS and used to your advantage.
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Chandler seeks jobs over housing in General Plan revision, an article from The Arizona Republic, reports that Chandler is running out of bare land and wants voter approval to set aside most of what's left for job-generating businesses. According to planner, David DeLa Torre, the push is part of "Build-out and Beyond," a new General Plan on the Nov. 4 ballot and one that officials say is critical to the city's future. The revision hints at taller buildings in the center of the city and a more urban feel. It also encourages "green" building, energy conservation, mass transit, walking and bicycling, while putting the spotlight on neighborhoods, bringing city resources to organize residents so they can plan special activities or learning how to prevent crime and blight. State Sen. Jay Tibshraeny, a Chandler native and former mayor, who also chaired the General Plan Update Committee, said the focus is on preserving key commercial parcels and transportation corridors. The revisions will equip the city "not to give in to pressures when the housing thing turns around."
http://www.azcentral.com/community/chandler/articles/2008/10/01/20081001cr-genplan1001.html
NAR Steps Up Efforts to Get Bill Passed, an article from Realtor Magazine Online, reports that The National Association of Realtors® has joined eight other business organizations to run a full-page ad in the Wednesday edition of Washington Post and USA Today, urging Congress to pass a recovery plan. The ad will run in more publications on Thursday. The ad states, "Our Representatives and Senators in Washington, D.C. cannot stand by as many Americans are finding it more difficult to get home mortgages, secure car loans and borrow money to send their children to college. The financial collapse is threatening ordinary Americans' retirement savings and small businesses across the nation. We must restore confidence in our economy. Congress must pass a recovery plan now." NAR President Dick Gaylord said in an email, "REALTORS® know better than anyone else how important housing is to our local and national economies. Like it or not, the housing market can’t rebound until we resolve the problems in the financial markets. Now is the time to act before they move beyond repair,"
http://www.realtor.org/rmodaily.nsf/pages/News2008100103
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Home prices in Phoenix see 29% drop, an article from The Arizona Republic, reports that according to a housing index released Tuesday, July home prices in Phoenix were down a record 29% from a year earlier. The Standard and Poor's/ Case-Shiller 20-city housing index fell 16.3% in July, with home prices dropping by the sharpest annual rate since the index was created in 2000. Phoenix home values have steadily decreased since the housing market's peak in 2006. A possible silver lining, however, is the pace of monthly declines is slowing.
http://www.azcentral.com/arizonarepublic/business/articles/2008/10/01/20081001biz-homeprices1001.html
The Consumer Bailout That Nobody Knows About, an article from RISMedia.com, reports that according to Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers, as congress considers various bailout proposals for the financial system, there is a little known ‘bailout’ for home owners that has already been enacted into law. Section 1403 of the new housing bill that was signed into law on July 30, 2008 (HR 3221) requires mortgage servicers to modify loans for homeowners and help them avoid foreclosure as long as three requirements are met. First, default on the mortgage either has already happened or is “reasonably foreseeable”. Second, the home owner is living in the property as his or her primary residence. And finally, the lender is likely to recover more through the loan modification or workout than by forcing the home owner into foreclosure. Nicholas said, “The fact is that this law is effective immediately, and most distressed home owners are simply not aware that they have this option.”
http://rismedia.com/wp/2008-09-30/the-consumer-bailout-that-nobody-knows-about/
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