ADOT struggles to sell parcels
2008-03-03 16:29:00
The agency is competing in a saturated real-estate market. There were 56,874 houses and condominiums for sale in January, according to the Arizona Regional Multiple Listing Service. The rental market is loaded with listings, too.Prices for Phoenix residential land have softened as builders dump lots they no longer need. Prices for vacant commercial property, the bulk of ADOT's for-sale land, are also eroding. Pete Wentis, a broker at CB Richard Ellis, said how low prices go depends on the location and the configuration and size of the parcel.
Commercial developers around the Valley
2008-02-25 04:58:00
Other developers playing the wait-and-see game include Phoenix-based retail developer Westcor, which recently announced it was delaying building the mall portion of its Estrella Falls development in Goodyear. It cited the lagging economy as a culprit.Apartment developer Trillium Residential LLC recently announced it was revamping its 2008 strategy. The company recently backed out of buying vacant land in Mesa and Tolleson that had been in escrow. Instead, it plans to focus on developing infill locations this year, principal David Dewar said.
Read more: Commercial
, Valley
VisionsWest of Phoenix to Offer 14 New Homes
2008-02-20 04:14:00
Arizona developer VisionsWest LLC has announced plans to sell properties in two Phoenix
communities through the online real estate auction system of RealtyBid.com, the nation's leader in online home auctions. Competitive bidding for homes in Terrace at Green Gables-Phase II and Devonshire Square, both located in Phoenix's Central Corridor, via RealtyBid.com will begin Wednesday, February 20th and end Saturday, March 1st.
Read more: Offer
, Homes
Bargains abound for rental houses
2008-02-16 11:48:00
John Prescott, an owner of PRS Prescott Property Management in Tempe, said the best deals are far from city centers where commutes to central-city jobs are grueling, roads inadequate and shopping scarce.He oversees more than 800 southeast Valley rental homes. "The average (house) rent is $1,000 to $1,100 in town, but in the newer areas (such as east of Queen Creek) it's $700 to $800 for the same-sized home," Prescott said.
Read more: houses
Phoenix Metro Real Estate Decline Accelerates
2008-02-11 17:18:00
Demonstrating the severity of the housing problem in the Phoenix
metro area, all individual cities and regions have dropped into the negative category in terms of rates of change in house prices."The January report represents a 12-month moving average for the period October 30, 2006 through October 30, 2007," explains Guntermann. "The ASU-RSI data goes back to January 1990 and the –4.6 percent represents the biggest decline in housing prices over a 12-month period since the February 1989 to February 1990 period, when home priced dropped 5.01 percent, during the last real estate recession."
Read more: Estate
, Decline
, Real Estate
Phoenix Mills fixes record date
2008-02-05 18:57:00
Phoenix Mills
also would be amalgamating Ruia Real Estate Development Company (RREDCPL) with itself. Accordingly, RREDCPL shareholders holding six equity shares will be issued 11 equity shares of Rs 10 of the company.Shares of the company gained Rs 84.9, or 4.14%, to trade at Rs 2,135.15. The total volume of shares traded was 794 at the BSE.
Read more: Phoenix
$81.6 Million Acquisition in Phoenix
2008-02-02 03:42:00
Parkway Properties, Inc. announced today the purchase of Desert Ridge Corporate Center (the "Property") on behalf of Parkway Properties Office Fund, L.P. (the "Fund"), for a purchase price of $81.6 million on January 31, 2008. Located on 14.8 acres in the North Central submarket of Phoenix
, Arizona, the Property consists of two four-story Class A office buildings totaling 275,000 square feet and one 18,000 square foot multi-tenant specialty retail building.
Read more: Acquisition
Development firm invades Valley's space
2008-01-28 00:10:00
"The fundamentals of Arizona are better than other parts of the country," said Carder, a former commercial real estate broker who left CB Richard Ellis two years ago to head Lauth's local operations."Historically we've had excellent population and employment growth," he added. "We anticipate this to be a little bit slower in '08, but the longer term fundamentals for Arizona will be good."
Read more: Valley
, Development
Valley has wealth of luxury homes
2008-01-22 03:55:00
Metropolitan Phoenix, long known for its affordable new houses on the fringes, has become a magnet for affluent home buyers.Nearly every suburb of the Valley
, from rural Buckeye in the far southwest Valley to the farm community Queen Creek in the far southeast, posted sales of homes with seven-figure prices.
Arizona real estate outlook bleak
2008-01-18 09:31:00
PHOENIX — The short-term outlook for Arizona
's real estate remains bleak, with experts expecting more price declines and thousands more foreclosures in 2008.Lagging job growth and an expected slowing in population growth are adding to the state's housing woes, local economist Elliott Pollack said.Stricter lending guidelines are also making it more difficult for borrowers, even those with good credit, to qualify for financing.
Arizona Coldwell Banker Named in America’s Top 200 Real Estate Professionals
2008-01-15 01:54:00
The Walt Danley Group of Coldwell Banker
Residential Brokerage in Arizona
was named among America
’s top real estate professionals by The Wall Street Journal, REAL Trends and lore Magazine. They are now members of “The Real Estate
Top 200,” a prestigious national awards ranking sponsored annually by the three respected publications.The Real Estate
Top 200 rankings were announced this month at the National Association of Realtors’ (NAR) Annual Conference & Expo in Las Vegas at a gala awards presentation and dinner.
Hot home sales in cool Valley real estate market
2008-03-11 11:07:00
You see them in every neighborhood, for sale signs and foreclosure notices. Despite this, Nate Martinez, President of the Phoenix Association of Realtors says one segment is really hot right now with homes priced under $200,000. He says a couple of years ago investors pushed up home prices, which meant many people could not afford to buy. Now that prices are dropping families once priced out of the market can jump in.
Read more: Valley
A 10,000-square-foot mansion on 5 prime acres along the slope of Paradise Valley's Mummy Mountain has been snapped up for a record $14 million
2008-03-18 16:05:00
Jeffrey Slopen of Ontario, Canada, paid cash for the contemporary-style home built in 1999 out of block and steel. The home, designed by Phoenix urban architect John Chonka, sold for $7.7 million
in 2005 when Valley
real-estate executive and land broker Phil Deangelis bought it through the partnership Arizona Mohave.The home, which has been renovated since its last sale, wasn't even on the market, said Bob Hassett of Russ Lyon Realty, who negotiated the recent deal for the seller and had the listing back in 2005.
Read more: prime
, along
, Paradise
, Mummy
, Mountain
NorthStar Identity Launches Promotional Marketing E-Tips Course
2008-03-26 06:35:00
Phoenix, AZ (PRWEB) March 25, 2008 -- NorthStar Identity knows the unique challenges real estate agents and other real estate professionals face in a busy world where clients are juggling a dozen priorities and often forget the name of the person that just sold them their dream home or income property. To help professionals stay ahead of the curve and ensure their name and their outstanding service is remembered when it matters most, Jim Gordon, owner of NorthStar Identity, has created a five-part e-tips course that offers his clients the tips they need to stand out among the noise.
Read more: Marketing
Phoenix ranked as one of America's riskiest real estate markets
2008-04-05 17:55:00
According to Forbes magazine, based on high foreclosure rates, too many new homes and several other factors, buying a home in Phoenix
is a risk."There's evidence Phoenix is a risky city," said Arizona State University professor Tony Sanders. "We lead the league in having gone from the height of the housing process to today. A drop of 20 percent."Research done by Sanders contributed to the Forbes report. The magazine used his analysis showing subprime loans scattered throughout the Valley to label Phoenix risky.
Read more: America
Change in Trajectory for Declining Phoenix Real Estate Prices?
2008-04-18 11:30:00
The start of 2008 in the Phoenix
metropolitan area was not much different from the end of 2007, as housing prices continue to decline. The only good news is that the rate of decline in January was slower than the huge drop in prices experienced by the Phoenix metro area in December, reports Karl L. Guntermann, a professor of real estate at the W. P. Carey School of Business.The Arizona State University – Repeat Sales Index (ASU-RSI) for January showed that home prices in January 2008 declined by 8.9 percent compared to January 2007. The index showed a decline from November to December 2007 of 3.6 percent but only a 1.1 percent decline from December 2007 to January.
Read more: Change
, Estate
, Prices
, Real Estate
Real Estate in Phoenix: Ready to Rebound?
2008-05-27 15:50:00
Real estate in Phoenix
has been hurt badly by the housing crisis, and since the turmoil began a dark cloud has loomed over the Valley of the Sun. But is there a silver lining in sight? Although local experts can’t say for certain, it is presumed—if nothing else—that the worst is almost over.“Those who are waiting for the bottom of the market may be surprised to discover that it has already
Read more: Estate
, Rebound
, Real Estate
Struggling Phoenix lender opts for Chapter 11
2008-06-25 17:47:00
Mortgages Ltd. filed for Chapter
11 bankruptcy Monday night, under pressure from a borrower that earlier had filed a petition seeking to liquidate the lender's assets.John Clemency, an attorney for Mortgages Ltd., said that the move seeking a reorganization of its debts could help bring stability to the embattled company, which has an estimated $925 million in loans outstanding and has faced quest
Read more: Phoenix
Strategic Hotels sells Hyatt Regency Phoenix for $96M
2008-07-10 16:23:00
Among the reasons cited for the sale of the hotel, acquired by Strategic
in 1998, was increasing competition in downtown Phoenix
. The Sheraton Downtown Phoenix is scheduled to open in October, hitting more than $50 million in advance convention bookings as of April.The Chicago-based real estate investment trust's board also announced it has authorized a $50 million share repurchase program in conn
Read more: Hotels
, Hyatt
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