Home Buyers Feel Crunch As Appraisal Prices Lag

The Arizona Republic reports that housing prices are speeding ahead of appraisals and the gap between sales price and appraised price are causing a growing number of home sales to fall through.

Most lenders will not finance anything above the amount of the homes appraisal, and if buyers can't come up with the extra funds, the deal usually falls apart. As a result of this situation, more sellers are listing homes with "not subject to appraisal" clauses. Buyers must then come up with the cash to close the deal, even if the house isn't appraised at the asking price.

Some appraisers are feeling pressure to make deals work. Appraisers are really caught between a rock and a hard place since if they don't do what lenders want they can be out of a job. In addition, the work load of appraisers has increased dramatically with the increase in the number of resales in the Valley. More...

There are now about 2,400 licensed Arizona appraisers, and 72,000 real estate agents.

National Condo Inventory Rises Sharply

The condo market is showing signs of cooling as the inventory rises sharply, analysts see a flood of supply in pipeline...

MSNBC.com reports that there are early signs that the nation's condo market is beginning to lose its punch. Inventory of condos rose in July to 5.3 months supply, up sharply from 4.1 months supply in June.

The condo market is watched closely as a potential canary in the coal mine of a housing market reaching dangerously overheated levels in the view of some analysts. Condos are vulnerable to any pull-back in part because they traditionally attract strong interest from investors, with 30 percent or more of all units made available as rentals.

Last year builders started construction on 120,000 multi-family housing units intended for sale as condos, up from 87,000 in 2003. In the first half this year the figure was 65,000, up nearly 40 percent from last years pace. More...

With the growing number of condo units being built and planned in the Metro Phoenix area, could this softness show up here also?

Greenspan Sends Up A 'Yellow Flag'

The Arizona Republic reports that Federal Reserve Chairman Alan Greenspan on Friday cautioned Americans against thinking the value of their home and other investments will only go higher, saying "history has not dealt kindly" with such optimism. Greenspan said that people shouldn't count on paper wealth, which can evaporate if economic conditions deteriorate rapidly. Low interest rates have powered the booming housing market, and Greenspan has warned of "froth" and "Speculative fever" in some local housing markets. "Greenspan is giving individuals ample warning that they need to take into account," Allen Sinia, chief economist at Decision Economics, said. "He's throwing out a yellow flag of caution." More...

Short Sale And Conservative Investing In Real Estate

Here is a real estate article that I found interesting and was submitted to me via email from a peer in the industry. I usually do not post on the weekends, but thought you might enjoy this read...


What are your plans for your tax returns or year-end bonus? Many people first enter the world of investing after saving up or hitting a small windfall. In hopes to better themselves financially and build a little nest egg, new investors seek out the safest ways to invest wisely without risking losses in a turbulent stock market. Lots of good real estate investment deals exist; however, you need to know how to find them and then select one that fits your goals.

The "short sale" approach works for someone who isn't afraid to get their nails dirty and encounter risk. New investors find that the short sale approach requires you to stay on your toes and wait for property values to increase. A more conservative investor uses time to his advantage and waits for property values to increase a lot; most of these properties entail rentals and land investments. Whatever way you decide to approach the real estate investment world, you should do so with your eyes wide open and stay realistic. You can't expect to always make big profits. A wise investor is committed to researching property, its pros and cons, and set up a plan on how to make a profit off that property. Once that investor does purchase that property, he is fully aware of the capital needed to maintain that property and the terms of any loans.

Deals that involve "no money down" are in many ways too good to be true. The investor is usually left with so little profit after paying high closing fees later on that his time is almost wasted. Most investors who possess a healthy degree of cunningness and a hard work ethic can find these same deals in other more legitimate ways. One way that many investors choose to find real estate investments is by finding property close to foreclosure, taking over ownership and selling it for a slight profit to a bank. Most properties heading into foreclosure are on public records at any courthouse. A brave investor has no difficulty proposing a win-win scenario for the troubled owner and then negotiating a resale price with an interested bank. This type of approach is often called "short sale" in the real estate investment world.

The more conservative investor probably isn't looking to conduct quick buy ups and sales. Instead, they are looking to purchase real estate with the potential to rent out in units and wait for the real estate value to mature. This approach is very similar to how a mutual fund operates. As the investor waits for equity to build on the property and for the property's value to increase, the investor uses the rental property as an added source of income. A quick way for an investor to keep equity building is to reinvest this rental income back into the mortgage loan. The biggest risk behind purchasing rental property as an investment is picking a property that requires too much maintenance and upkeep.

To invest in real estate, you do not need a real estate license. However, many investors have this license since it helps them understand the market. Still, any investor who has the gumption to hunt for deals and find real estate that provides a good return can find success in this endeavor.

For more information about buying real estate for investment or as a residence, contact a good realtor. Where to start looking? PhoenixHomes.com of course!

Copyright 2004 Babz Lasbanos. All rights reserved. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Babz Lasbanos is the manager for Realty W.Z.. You'll find an easy guide through the Realty maze. Be sure to visit her archive of articles here: http://www.realtywz.com/newsletters/.

Prices Soar As Fewer Scottsdale Homes Are Built

The Scottsdale Arizona Republic reports that with so few new single family homes in Scottsdale being built, any remaining new home developments, like DC Ranch, have seen their prices soar. "There's just not a lot of new to pick from in Scottsdale," said Realtor Mike Susic of Phoenician Properties in Scottsdale. "That has helped sustain the resale market because there is so little new competition."

Last year, Scottsdale issued 1,385 building permits for new homes, down from 3,100 single-family homes permitted in 1999, a decline of 56%. The article lists several of the remaining new home developments in Scottsdale, including Park Homes at DC Ranch by Ashton Woods Homes with prices from $585,990 to $749,990; Desert Haciendas at DC Ranch by Maracay Homes with prices from $893,000 to $1.08 million; and Engle Homes Estates at DC Ranch, with prices from $840,000. More...

If I could move anywhere in the valley, high up on a hill in DC Ranch is where it would be!

Central Arizona's new-home permits drop

This real estate news brought to you by Matthew Pellerin of PhoenixHomes.com & Realty Executives...

The Phoenix Business Journal reports that building permits for new homes issued in July totaled 5,077, down more than 23% from the 6,608 permits issued in July 2004, according to RL Brown's Phoenix Housing Market Letter. New home permits are still 8.3% ahead of last years record pace. In the resale category, 12,720 homes were sold in July, up 19% from 10,685 in July 2004. So far this year, 81,439 resale homes changed hands, up 28% from 63,546 during the same seven-month time period in 2004.

RL Brown does not see a bubble bursting here, and attributes the drop in new home permits to little more than a correction. "We can have another 15-year record busting market if land prices, labor and materials, and housing prices are in proper alignment with the realities of housing prices in other highly desirable markets, and with local wages," Brown said. More...

Hot Housing Market Good News For Landlords

The Arizona Republic reports that the metro Phoenix apartment market is recovering nicely after years of competition from the region's single-family home building business. This is good news for landlords who are seeing rent increases (which adds to the value of the complex) because rents have been stagnant for the past three years.

Further driving the apartment business are a strong economy that is creating jobs, and apartment buildings being converted into condos, removing rental units from the market. The average vacancy rate for Valley apartment complexes fell to 9.6%. With the big increases in home prices, more people are looking at apartment living because they cannot afford a single-family home. More real estate news...

Rising Prices Knock Some Out Of Market

More news about Central Arizona real estate...

The Casa Grande Dispatch reports on the city of Maricopa and how that market area has seen big increases in the prices of new homes. A survey of local home builders shows the average base price of a new home in Maricopa has increased approximately $60,000 since last July to nearly $210,000.

A 1,922 square foot home at Stonegate at The Villages at Rancho El Dorado, an Engle Homes neighborhood, cost $198,990 when the development opened last July. That same home today has a base price of $281,990. Builders are saying that the price increases are because their costs have increased, along with the limited supply of finished lots. More...

Tempe's Centerpoint Could Grow To 30 Stories

The Arizona Republic reports that Scottsdale-based Avenue Communities have revised their Tempe Centerpoint project to increase the size of three of the condo towers from 22-stories to 30-stories. This would increase the number of units from 698 to 788. "I am open to considering more height," said Tempe mayor Hugh Hallman. If the additional stories are approved, Centerpoint would be 340-feet tall, the city's tallest buildings. More...

Casa Grande Arizona Growth Accelerating

The Casa Grande Dispatch reports on the growth in Pinal County's largest city, Casa Grande. The article states that the city is looking to add additional municipal buildings, such as fire and police stations, public works buildings and airport upgrades to accommodate all the new growth. Much of this will be paid for by impact fees, fees that the city charges to developers and homebuilders to pay for infrastructure growth.

In addition, Casa Grande has recently established its boundaries with Coolidge and Maricopa, allowing the city to begin planning the land uses for these new incorporated areas. Serving these new areas with sewer and city services is also a challenge for the city, but they are preparing a master sewer plan for these new areas now to stay ahead of the future growth. More...

Look for Casa Grande and all of Pinal County to continue to be one of the fastest growing areas of our Valley over the next 10 years.

Tempe's High Rises To Create New Views

The Valley's growing cities have nowhere to go but up...

The Arizona Republic reports that over the next five years, Tempe's skyline will get an extreme makeover, with new six, eight, twelve and 22-story high-rise condo projects being build. Tempe is landlocked, so the only way to grow is up. Other cities are watching Tempe to see how the vertical development is accepted.

Chandler is five years out from residential build-out, and Scottsdale is also running out of available land for residential development. Both are either developing or looking to develop high rise residential living for their cities future growth. More...

Pinal County Planning For Growth

The Casa Grande Dispatch reports that Pinal County is processing between 1,000 and 1,500 building permits a month, and that's only in the unincorporated areas. In the unincopporated areas of Pinal County, over 27,000 lots were created in the last year, and Pinal County has 300,000 lots in some stage of the entitlement process.

Pinal County is working hard to plan for all the projected new growth, from updating zoning codes and general plans, planning for future transportation corridors, and implementing impact fees. Pinal County is experiencing a 20% growth rate. In comparison, Phoenix grew at a 2.5% rate.

The county has a new, 15-point plan called the Growth Planning Initiative, which incorporates impact fees, planning fees and open space requirements to support growth. Regional water and wastewater solutions for emerging areas are also a concern, as are floodplain issues and pollution. The goal is to make Pinal County a quality place to live and work by planning the growth now before it occurs. More...

$135M Desert Ridge Land Purchase

The Phoenix Business Journal reports that Pulte and Toll Brothers paid $135 million for a 502-acre state land parcel located in the Desert Ridge master planned community. That works out to $268,924 per acre!

They plan to develop a high-end (luxury homes) community on the site, located near Deer Valley Road and 64th Street. They were the only bidders at the auction. This is the largest remaining parcel that the state will be auctioning off in Desert Ridge. More...

Look for Desert Ridge homes and condos in North Phoenix to explode in growth in the near future!

Scottsdale Condos - Boom Continues

The Scottsdale Arizona Republic reports that the list of downtown Scottsdale condos projects under development or on the drawing board keeps getting longer.

Toll Brothers broke ground Thursday on its Residences on Main project, which will include 84 condos and 62 townhomes at Main and 69th Street.

Another project, Portales Place at 70th Street south of Chaparral, will start sales next month. Prices will range from $675,000 to $4 million.

Within 2 months, Grace Communities is expected to start its X Lofts project at Osborn and Scottsdale Roads. It will have 82 units with prices from $275,000 to $900,000. More...

Phoenix Arizona Foreclosures Down

The Phoenix Business Journal reports that filings of new notices of trustees sales in the Phoenix metro area totaled 2,243 in the second quarter of 2005, down from 3,220 in the first quarter. The information was from Foreclosures.com. But the company predicts that the number of defaults on loans will rise in Phoenix as interest rates rise, primarily due to the number of adjustable rate mortgages. Alexis McGee of Foreclosures.com states that in 2004, more than 38% of home buyers in Maricopa County signed up for interest-only loans. More...

Valley Home Resales Rate Slows, But Not Prices

The Phoenix Business Journal reports that Valley home resales pulled back a bit in July, but not the prices, according to the Arizona Real Estate Center at ASU. There were 10,200 recorded sales in July 2005, down 1,345 from June 2005, but ahead of last July's 8,525 sales. The median sales price continued to climb, rising from $249,900 in June 2005 to $255,000 in July 2005. This was a 45% increase over last year's median sales price of $176,000. So far this year, there have been 68,235 resales, compared to 56,745 resales for the same time period in 2004. The article gives a breakdown of sales and prices for each Valley city. More...

Developer Explains Vision For Estrella

The Arizona Republic reports on Newland Communities chairman and chief executive Robert McLeod's vision for the 20,000 acre Estrella master-planned community and his take on the Phoenix housing market.

McLeod says that there are still 18,000 acres to develop in Estrella and it will take over 20 years to finish the project. He looks for builders that will have a variety of design elevations and new styles so that the development doesn't have that cookie cutter feel. He says that more buyers are homebodies, spending more time in their homes and community.

On the Phoenix housing market, McLeod says that as interest rates rise and we have a natural slowing of the economic cycle, he sees a slight dip before it levels out and begins to climb again. More...

Valley's Resale Home Price Increases Top The U.S.

The Phoenix Business Journal reports on the National Association Of Realtors (NAR) housing study and the fact that metro Phoenix led the nation in median resale price increases. The article also states that the Tucson median price rose 30% and is now at $228,500. The NAR report also states that 67 metro areas showed double-digit percentage price increases in the median resale price of homes. More...

The article states that the shortage of housing inventory is what is driving the price gains.

Housing Prices In Valley Up 47% In Year

The Arizona Republic reports that a new study prepared by the National Association of Realtors (NAR) shows that the median price of an existing Valley home has shot up 47% since last summer, which was the highest increase in the nation. The typical U.S. resale home price climbed by only 13.6%.

The median price of a used Valley home climbed to $255,000 last month, according to the Arizona Real Estate Center at ASU. The big increases in Valley home prices may have already started to slow, with Valley home prices showing its smallest month-to-month increase in July. The bidding wars have started to taper off, the supply of homes for sale has climbed and it's taking longer to sell. Housing experts expect metro Phoenix's home prices to climb at least double the national rate in 2005. More...

Housing Boom Ignores Rising Interest Rates

The Arizona Republic reports that the real estate market continues to boom despite the prime lending rate climbing to nearly a four year high. However, home mortgage rates have remained a relative bargain- meaning home buyers can qualify for larger loans, a major factor why real estate prices have continued to rise nationwide. But many of the adjustable rate mortgages are tied to short-term interest rates, and the average rate on a home equity loan is expected to reach 7.04% by the end of this month, up from 4.68% in June 2004. Many economist are still worrying about a real estate price bubble and its effect on the nations economy should housing prices decline. More...

Urban Living On The Rise

The Arizona Republic reports on the Greater Phoenix condos market and states that from 1995 to 2005, 1,500 housing units, mostly lofts and condos in new and refurbished buildings up to six stories, were built in Phoenix. An additional 1,000 units are in the works, from conception to construction.

In the next four years, the city of Phoenix expects to double the amount built in the past ten years. Housing experts are cautiously optimistic about this market segment because the condo market represents only a small submarket and that doesn't compete with the single-family housing boom occurring throughout the Valley. More...

Condos Springing Up

The Arizona Republic reports that at least 25 residential condo projects are being planned or built across the Valley. With prices running from the hundreds of thousands to $1 million or more, they are chasing an unproven market in an area where new housing is dominated by tract homes on the edges of cities.

The success of the condo craze will depend on the consumers acceptance and will determine if condos are a viable market or just a fad. Buyers targeted for condo projects include young professionals, empty nesters looking to downsize, executives, singles, winter visitors and athletes.

"The jury is still out on how hot the condo market is," said RL Brown. "We have a lot of noise but very little dirt being moved. Some of these will turn into live projects, but they are not here yet." New homes permitted in metro Phoenix numbered 60,872 in 2004, and about 5.9% of that number were for condos. This year to date, 5.1% of permits have been condo's. More...

Toll Brothers And Scottsdale Condos

Toll Brothers to break ground on condos in Scottsdale Arizona...

The Arizona Republic reports that Toll Brothers will break ground next week on its condo/townhome project called Residences on Main. The project, located at 69th Street and Main in downtown Scottsdale, will have 84 condos in a six-story building, and 62 two and three story townhouses.

Underground parking and first level retail space are also featured. Sales are set to begin next month but the prices have not been released. The project will have an on-site sales center and the condos will be released for sale floor by floor. The development is among five major condo projects downtown that will add about 1,300 units to Scottsdale's emerging skyline over the next few years. More...

Big Fissure Exposing Gap In Arizona

The Arizona Republic reports that southern Maricopa County and Central Pinal County, in the area of Queen Creek and the Hunt Highway, are experiencing ground fissures that have opened up since the heavy rains. These fissures form when years of extensive groundwater pumping lowers the water table, leading to settling of sediment underground. The ground begins to sink unevenly opening up surface cracks or fissures. These fissures have been prevalent in the area for some time, but many homeowners are not aware of the situation.

The most recent fissure map from the office of the Arizona Geological Survey shows two enormous fissures running across Hunt Highway near Queen Creek and the Santan area. Hundreds of tiny cracks shoot off from those. The article states that back in 1998, Herb Schumann, a hydrologist consultant, told the Queen Creek Town Council about fissures in detail, and he specifically mentioned fissures along Hunt Highway and in the Santan Mountain foothills, according to Arizona Republic archives. A spokesman for the Arizona Department of Real Estate said that sellers are required to disclose any geological hazards to buyers.

One homeowner in this area, Clint Barnett, said the crack that runs across his front yard is getting worse each day. He is considering getting a real estate attorney to look into whether any disclosure laws were violated. More...

Condo Project Set Near Mesa

The Arizona Republic reports that Great Western Land and Recreation, Inc. is planning a 80-unit condo project at Crimson and Main Street in east Mesa.

The project, called Apache Highlands, will have condos priced from $175,000 and is expected to start construction in about six months. The company believe that these affordable units will be in high demand due to the big increase in the median price of a home in the Valley. More...

Look for the condominium trend to grow and remain strong as less and less land is available in the inner Valley Of The Sun, central Arizona.

Phoenix Shows Low Risk Of Housing Price Decline

The Phoenix Business Journal reports that PMI Group out of California ranks the Valley 34th out of the top 50 U.S. markets as having the risk of housing price declines. The top three markets most likely to experience a housing price decline are Boston, Long Island and San Diego.

"The latest PMI Market Risk Index numbers show that house price risk continues to be concentrated along the coasts, as it has been for some time," said Mark Milner, chief risk officer with the PMI Mortgage Insurance Co. The PMI US Market Risk Index is published quarterly by PMI Mortgage Insurance Co. More...

Home Sales Likely At Or Near Peak In Valley

The Arizona Republic reports that Valley housing analysts say that our local homes sales are near or at a peak, but that any slowing should be less than what is expected nationally. Housing experts are calling for Valley home prices to increase next year by at least 10%, double the rate the NAR forecast for the U.S. housing market.

Metro Phoenix homes sales are currently 25% ahead of last years record pace. "No one says the market is going to crash, only that the housing market's growth rate won't continue at this pace," said Jay Butler, director of the Arizona Real Estate Center at ASU. This year, the median price of a U.S. existing home is expected to climb 10.5%, to reach $204,000. Through June, the median price of an existing Metro Phoenix home had already jumped 32%, to hit a record $250,000. More...

U.S. Home Sales 'Close To Peak'

The Arizona Republic reports that the National Association of Realtors (NAR) is predicting that prices for U.S. homes will rise next year at about half the rate of 2005.

NAR predicts that the median price of an existing home will increase 5.2% to $215,200 next year, the smallest gain since 2000. Sales of existing homes is expected to fall 3.6% and sales of new homes are forecast to drop 4.5% nationwide. NAR also predict that mortgage rates will rise to 6.5% in 2006, up from an average of 5.9% in 2005.

Locally, the article states that Phoenix home sales and price increases are also expected to drop in 2006, but still be at levels above the national average. Some market watchers are expecting the median cost of a Valley house to hit $300,000 next year. More...

Condominiums At The Mall?

Condos and lofts are going up at retail meccas around Valley in housing trend...

The Arizona Republic reports that hundreds of condos and lofts are in the early planning stages for Valley malls, both existing locations and malls still on the drawing boards.

This is all part of the new trend by retail developers across the nation to reinvent the role of the shopping mall. Thirty lofts already exist at Kierland Commons in north Phoenix.

Westcor wants to add condos to Biltmore Fashion Park and Scottsdale Fashion Square. In addition, all of the five new Westcor regional malls planned for the Valley will include apartments and condos. Westcor said incorporating housing into malls could make shopping destinations more sustainable. More...

Arizona Job Growth Is On The Rise

Report forecasts highest percentage jump since 1999...

The Arizona Republic reports that the midyear forecast from the Arizona Blue Chip Economic Forecast states that Arizona is poised to record a 4.1% jump in job growth, the highest percentage jump since 1999. New job announcements appear to be happening more frequently in Arizona, including Intel's recent announcement to hire 1,000 workers between now and 2007 for its new Chandler facility.

Verizon Wireless recently hired 600 workers, and Monstor.com and eTelecare Global Solutions recently opened call centers in the Valley. The Contact (call) center industry employ's about 250,000 Arizonan's.

Lee McPheters of the Blue Chip Forecast said that Arizona's population growth, at three times the national growth, disproportionately creates jobs in retail and service businesses, which tend to be lower paying. However, growth in medical services is leading to higher paying positions. More...

No Shortage of Arizona Realtors

The Arizona Republic reports that roughly one of every 80 Arizonans is a licensed real estate agent. Arizona now has more than 72,000 licensed real estate agents.

But Joe Scarp, owner-broker of Phoenician Properties, says "20 percent of the Realtors do 80 percent of the business". The number of agents in Arizona increased 44% in the past three years , but the median income of a new real estate agent during that time dropped 8 percent, to $38,300, according to figures from NAR, ADRE and the Arizona Real Estate Center. This also points out that nearly 50% of our realtors have less than three years experience, so be careful when choosing your next real estate agent in Phoenix!

The article states that with all that competition, buyers and sellers have plenty of options and programs to choose from, including the emergence of discount brokerage. More...

Mortgage Rate Index

Bankrate.com's weekly Mortgage Rate Index shows what their panel of experts predict for mortgage rates.

For the week of August 4 through August 10th, 66% of Bankrate.com's panel think interest rates will rise over the next 35 to 45 days. The experts all believe that the rise in short-term rates is now starting to have the effect on rising long-term rates. This is a great web site to bookmark and keep track of mortgage rates, as this will be one of the key indicators of whether or not our housing market begins to slow down.

Go to BankRate.com for more information.

Valley Condo Craze

Scottsdale company, Shea Commercial, expands beyond places to work to places to live...

The Arizona Republic reports that local commercial real estate developer Shea Commercial is jumping into the residential condo craze with the purchase of a site on Camelback Road near 24th Street, near the Phoenix Central Corridor. Shea Commercial President Jim Riggs said the company could build perhaps two residential towers there across from the upscale Biltmore Fashion Park to take advantage of growing interest in luxury condos.

The towers would join a growing number of luxury condo developments that have been planned, or completed throughout the Valley, including at least five near the 24th Street and Camelback intersection. Shea doesn't have prices yet and is interviewing residential developers who want to partner on the project.

Shea Commercial is known for its office condo projects throughout the Valley and has about 20 projects under development valley-wide, representing 1.5 million square feet. Shea is also buying existing buildings and converting them into office condos. The company is buying the 15-story building at 3030 N. Central Ave, the Royal Biltmore building at 2929 E. Camelback and the Parks at 4455 E. Camelback with the intent to convert them into office condos. More...

Razing Old Homes In Paradise Valley Arizona

This post has been moved to:
Razing Old Homes In Paradise Valley Arizona

Learn more about the trend of tearing down old homes in Paradise Valley, AZ.

Home Builder Uses New Lottery System

Tempe-based homebuilder uses lottery system to ease stress on home buyers and help them...

The East Valley Tribune reports that Valley builder T.W. Lewis has partnered with software company Inexo to develop an Internet-based system that conducts monthly drawings for home sites at each of its new home developments. The lottery system is in response to more demand for the homes than T.W. Lewis can supply.

The Internet system has created a fair, across-the-board distribution method for its properties. T.W. Lewis says the system is better than the traditional drawings where people would line up on a Saturday morning, many leaving disappointed after not getting a lot in the drawings. T.W. Lewis is sold on the new system because it has improved business and customer relations on almost every level. More...

Desert Ridge In North Phoenix Is Expanding

The Phoenix Business Journal reports that there are several projects underway at the red-hot master-planned development known as Desert Ridge in North Phoenix. Including Toscana at Desert Ridge, a 1,568-unit condo project north of Deer Valley and west of 56th Street. The developer is Statesman Corp. The residences are prices from $190,000 to more than $400,000. Construction has already started on the project.

Additional projects are expected to be announced in the Desert Ridge area including Meritage Homes, who recently purchased 288-acres at a state land auction for $92.2 million. On August 18th, the state land department will auction off 502-acres in Desert Ridge between 56th and 64th Streets, north of the Loop 101. More...

Look for this area to "explode" in value over the next ten years.

Two New Buckeye Communities On-line

Buckeye communities on the way, the two developments will be massive...

The Arizona Republic reports that two new massive housing projects have been announced in the Buckeye area.

Cipriani is a 2,400-acre planned community located south of Interstate 10 and west of Palo Verde Road. It's developer is Millennium Properties & Development out of Las Vegas. Millennium paid about $30 million for the land. Plans call for 7,500 homes with a mix of single-family, multi-family, along with schools, parks, open space and trails. Construction is expected to start in 2007.

The other development, Benessere, is also owned by Millennium, and is expected to have about 3,800 homes on 1,100 acres south of Interstate 10 and west of State Route 85. It is about two years behind Cipriana. More...