Wednesday, February 14, 2007

More Scottsdale Custom Homes Coming Soon

Sereno Canyon, a Crown Community Development project containing 122 estate-sized lots will begin accepting reservations for lot sales this week.

The Sereno Canyon development is located on 330 acres near Alameda Road and the future alignment of 122nd Street. It will have lots averaging 2.5 acres and cost from the $700,000s to $2 million.

"Hundreds of people have shown interest," said Jim Buckley, director of sales for Harvard Realty services. "It's literally the last best piece of undeveloped property in Scottsdale."

The first phase will have 46 lots and take three or four years to build out, Buckley said. The homes will range in size from 3,500 square feet to more than 10,000 square feet, with home costs from about $2.5 million to more than $5 million. More...

Learn more about the process of building Scottsdale custom homes at Peak One Builders' website.

Friday, February 09, 2007

Buckeye Residential Land Sells For $86M

The principals behind Douglas Ranch in Buckeye, the state's largest master-planned community, purchased the 3,000-acre Trillium project on the Sun Valley Parkway in Buckeye. The price was $86 million, and it closed last week, real estate records show.

Together, these two projects represent more than 90,000 homes, Buckeye planners say. Both projects have large commercial and entertainment components.

"This can't be a bedroom community and we all know that," said Tom Hennesy, Douglas Ranch's general manager.

Developers hope that Sun Valley will be one of the Phoenix area's housing and development growth spots for years to come. Several big developments are either planned or are under construction in the area, including Sun City Festival, Tartesso and one of Pulte Homes' Anthem communities. More...

Wednesday, February 07, 2007

Giant Buildings Set To Fill Growing Demand

Developers are building the first of several supersized speculative industrial buildings to answer demand for more industrial space.

In the Valley, developers rarely put up buildings with more than 200,000 square feet of space without a tenant in mind. But now at least four projects with buildings no smaller than 350,000 square feet are under construction. These projects, three in the southwest Valley and one in Casa Grande, account for about 3.6 million of the 8.5 million now under construction, brokers say.

Demand for large industrial spaces has been growing the past few years as Phoenix has become a regional distribution center. Phoenix's industrial boom also is attributed to proximity to California and trucking rules.

Anthony Lyons of Grubb & Ellis said 45 percent of containers come to the U.S. through the ports of Los Angeles and Long Beach, and many companies are looking to Phoenix to store and distribute these products. More...

Friday, February 02, 2007

Phoenix Ranks As Financial Services Giant

Metro Phoenix Arizona has made impressive strides in developing its financial-industry base, emerging in recent years as a key regional player for a growing number of banks, insurers, brokerage firms, independent lenders and others. While corporate headquarters remain scarce, regional hubs are popping up all over.

"We've become a regional choice (for financial firms) in the southwestern United States," said Barry Broome, president and CEO of the Greater Phoenix Economic Council (GPEC).

Many of the same factors that attract other businesses here also lure financial firms, including good weather, good travel through Sky Harbor, and a location in a time zone that's conducive to taking late afternoon and evening calls from customers.

Look for Phoenix to start attracting "corporate headquarter" operations as our economy grows. More...

Wednesday, January 31, 2007

Economy Expected To Topple National Numbers

The Phoenix Business Journal reports that Arizona will topple the expected U.S. growth rate of 3 percent in 2007 thanks to it's continuing population boom, according to ASU economist Edward Prescott, the keynote speaker at yesterday's Arizona Bank & Trust Economic Summit 2007, "Trends to Bank On".

"The Arizona trend dominates," Prescott told the more than 300 who attended. Katie Pushor, chief executive and president of the Greater Phoenix Chamber of Commerce, said the state is the second destination for domestic migration next to Florida and the eight internationally.

"People want to move to this state," she said. "There is an overwhelming perception of opportunity here." Unemployment is the lowest in 25 years, hovering under 4 percent, but escalating housing prices are keeping some workers from moving here, Pushor said. "Affordability is really an issue for the work force," she said. More...

Wednesday, January 24, 2007

Annexation Will Double Goodyear's Size

The Arizona Republic reports that Goodyear is working out the details with Scottsdale-based Montage Holdings to pay for vital city services and infrastructure in the proposed 95 square-mile annexation area referred to as the Sonoran Village Planning Area near Mobile, south of Goodyear.

Montage holds more than 10,000 acres in the area and plans on developing a self-sustaining community that would be considered a village of Goodyear. Plans call for an employment corridor, a town square, a regional mall and more than 30,000 homes. Montage would pay upfront for police and fire services, solid waste and sanitation services, fire and ambulance service, a building for city offices and a road connecting Rainbow Valley Road to Arizona 238.

"It's Goodyear's policy to require that growth pays for growth," said Harvey Krauss, Goodyear's community development director. Once the population in the area fills in and new residents start generating tax revenue, it is likely that Montage would be reimbursed for a large amount of the upfront costs.

Developers hope to have the annexation completed by May. More...

Saturday, January 13, 2007

Housing Planned At Town Lake

The Arizona Republic reports that two housing developments are proposed for near Tempe Town Lake near the new Tempe Center for the Arts.

Town Lake Villas would contain eight multimillion-dollar single-family homes ranging from 4,600 to 5,800 square feet with underground parking with space for at least four vehicles, elevators to the homes second floors and rooftop gardens with Jacuzzis.

Next door, plans for more condos and townhomes are being proposed by Zacher Homes, who wants to build four condominium towers that could reach 25 stories. Preliminary plans show the "Residences at the Arts Park" would be on the northwestern corner of Roosevelt and First Street.

Neither of the project's developers was willing to talk about prices for the homes, but city officials said they expect the Town Lake Villas homes could cost up to $2 million. The developers behind the Residences at the Arts Park units say the condos will cost about $400 per square foot to build. More...

Wednesday, January 10, 2007

Phoenix Property Values Expected To Rise

The Phoenix Business Journal reports that property values in Phoenix are expected to rise 11.1 percent in 2007, according to a fourth quarter survey by Arizona Tax

Buyers and sellers projected an average increase of 10 percent statewide, citing the large number of people immigrating to Arizona, fueled by high-tech and biotech job growth in Tucson and Phoenix, low housing costs and baby boomers buying retirement homes.

Of the 5,000 people surveyed, 59 percent planned to buy real estate in Arizona in 2007 and 32 percent planned to sell. Arizona Tax provides real estate investors with online access to Arizona tax lien lists. More...

Wednesday, January 03, 2007

ASU Making Strides In Real Estate

The Arizona Republic, reports that ASU is now offering an MBA with a real estate concentration and a doctorate in business administration/real estate finance.

ASU has been teaching real estate courses for some time, but not as a major concentration. Community leaders and alumni told them in 2004 that they needed to improve the real estate program at ASU due to the importance of real estate to the Arizona economy.

ASU has also hired a top real estate scholar, Crocker Liu, to become the founding director of the new MBA program. Liu is the most publicized academic in the area of real estate investment finance. With Liu on board, ASU is talking with other experts and hopes to add another faculty member to the team. More...

Friday, September 22, 2006

Arizona Economic Outlook 2007

Elliott Pollack said that the Valley is expected to create 80,000 jobs in 2006, and 60,000 in 2007. As many as 130,000 people will move to metropolitan Phoenix this year.

On housing, the article quotes RL Brown as saying "I thought we would have seen the housing market stabilize by now. Now home builders have a surplus and no lines at their sales offices. Reality set in for them a month ago."

On commercial, it quotes Pete Bolton of CB Richard Ellis as saying "We need more industrial space. Until we get it, the Valley will lose more jobs as companies go where there's space."

More than 8 million square feet of warehouse space is under construction in metro Phoenix. About 3 million square feet of office space will go up in the Valley this year.

On the retail end, Ron Barness of Retail Brokers, Inc. stated that "it wasn't long ago that high-end East Coast retailers weren't interested in Phoenix. The opposite is true now."

The Valley retail vacancy rate is 5 percent, lower than it's ever been. Currently, 6.6 million square feet of retail space is under construction in the Valley. More...

Here's another article on the Economic Outlook 2007 for Arizona.