Route For Central Arizona Freeway Selected

The western leg of the South Mountain Freeway will connect to Interstate 10 at 55th Avenue, the Arizona Department of Transportation announced Thursday, capping years of debate with a return to a plan first proposed 20 years ago.

ADOT data released earlier this year indicated that the 55th Avenue alignment would lead to more congestion and longer commutes on Interstate 10.

However, an analysis completed only a week ago by the Maricopa Association of Governments said that the Loop 101 connection would increase traffic on I-10 between the Loop 101 and the planned Loop 303 in an area where high growth is projected. More...

Central Arizona Sees More High Paying Jobs

The proportion of high-wage jobs in Arizona is nearly identical to the national average, according to a new analysis of federal employment data.

About 15 percent of all jobs in the U.S. pay high wages, defined as paying at least 50 percent more than the overall average wage, according to The Center for Competitiveness and Prosperity Research, a unit of the W. P. Carey School of Business at Arizona State University.

"Arizona ranked 17th -- in the middle of a group of competitor states, but near the bottom of a group of New Economy states," he said. More...

West Side Surpasses East Valley In Growth

The West Valley clearly has overtaken the eastern part of Maricopa County as the supergrowth region of the Valley, mid-decade census figures show.

Growth in the eastern suburbs of Phoenix was far from anemic, but a greater number of people flocked to west-side communities at a pace that pushed the area's population 50 percent higher in just 5 1/2 years.

East-side communities added nearly 215,000 people since 2000, but in the West Valley, where the total population is only half as large, cities added 218,000.

In Phoenix, 1,475,834 residents were counted, an increase of about 155,000, or nearly 12 percent, from 2000.

On the county level, the growth of more than 628,000 to a total of 3,700,516 was about as expected, Deputy Budget Director Christopher Bradley said. The 20.5 percent growth rate is evidence of a strong economy, Bradley said, but strains the county to provide more services. More...

Real Estate Executives Remain Optimistic

Despite higher interest rates, most real estate professionals still feel good about their industry, according to a Bryan Cave survey of real estate professionals nationwide.

Sixteen percent of respondents expect the housing market to strengthen over the next 12 months, while 47 percent think it will stay the same. However, 35 percent foresee a slowdown and the rest don't know at this point.

Nearly one-third of these real estate executives say they plan to make an investment in the northeast portion of the country, and 15 percent are looking in the Southwest. Most are interested in investing in city office buildings and high-rise residential buildings. More...

202 Freeway Decision Coming Soon

There's less than a week to go before the Arizona Department of Transportation announces its choice for the western route of the proposed South Mountain Freeway, and the phones at the agency are surprisingly quiet.

After more than two decades of delays and money shortfalls, ADOT is pushing ahead with plans to build the South Mountain Freeway, the final piece of Loop 202.

The freeway, which could cost up to $2 billion, would loop around South Mountain Park from I-10 south of Ahwatukee Foothills to I-10 in the West Valley. The original alignment first proposed in 1985 connected the western leg to I-10 around 55th Avenue. More...

Wickenburg Growing Rapidly

In the past six years, Wickenburg's annexation has doubled its population, and town officials are reviewing proposals for 16 residential projects totaling more than 6,200 units.

Construction is underway at Monte Vista Ranch, a 300-acre community one mile from downtown. It will have 150 homes, and offers 50 custom homesites from 2 to 15 acres that range from $395,000 to $1.1 million. Almost half the lots have been sold and two homes have been completed. The community also offers 65 luxury villas with 2,400 to 3,400 square feet with price tags exceeding $1 million.

The largest residential project in the works is Wickenburg Ranch Estates, a 2,160 acre development situated in Yavapia County that will be annexed into the city. It will have 2,324 units ranging from custom lots to multi-family homes. It is expected to break ground this summer. More...

New Paradise Valley Ritz On The Way

This post has been moved to:
New Paradise Valley Ritz-Carlton On The Way

Learn all about Paradise Valley, Arizona 85253 here.

Growth Stretches Areas Of The Sun Belt

2005 city population estimates released by the Census Bureau on Wednesday show that growth is shifting from large central cities that grew rapidly years ago to smaller, outlying communities in California, Texas, Arizona and Florida.

Among the top gainers was Gilbert, which grew 11 percent from 2004 to 2005, ranking it the forth fastest growing city over 100,000 in population in the country. Several other Arizona cities made the list of fastest growing cities, including Chandler, Phoenix, Mesa and Scottsdale.

The article shows the trend that will benefit the Metro Phoenix real estate market- that people are still moving here in large numbers. The article states that Phoenix added the most people, 44,000, from 2004 to 2005, and ranks Phoenix as the sixth largest city in population in the U.S. More...

Home Prices Rise As Number Of Resales Fall

The number of West Valley resale transactions in May were down from the same time frame a year ago, but prices inched upward in West Valley cities, according to numbers posted yesterday by the Arizona Real Estate Center at ASU.

Prices held firm as move-up buyers dominated the market. Some of the West Valley's major cities, including Goodyear, Avondale, El Mirage and Surprise, represent 9 percent of the total resale market.

The article gives the sales numbers and median prices for each West Valley city. More...

Traffic Woes For The New Anthem

The first residents will start moving into Anthem at Merrill Ranch in Florence next month.

Starting in July, about 70 homes a month will begin to be occupied, and by June 2007, at least 1,000 new households are expected in the new Del Webb community. Anthem at Merrill Ranch will have community centers, a golf course, schools and parks.

One of the concerns in the area is transportation, but Hunt Highway is expected to be expanded to five to seven lanes between Anthem at Merrill Ranch and Arizona 79 within the next five to seven years. More...

Pinal County Traffic Woes

Traffic congestion in northern Pinal County has hurt sales at developments like the 2,000-acre Johnson Ranch and other developments along the Hunt Highway.

Last year Johnson Ranch developer Sunbelt Holdings said it exceeded its projections for sales when it sold 1,290 homes. But January and February brought sluggish sales. "We think it's the general slowdown in the housing market, but there are also traffic issues," said Stephanie Wilbanks, Sunbelt spokeswoman.

"There's very limited entrances and exits out of either Johnson or Power Ranch," said Jay Butler, director of the Real Estate Center at ASU. "They're really congested and it can take an inordinate amount of time just to cover the last mile or two miles," he added. More...

Transportation And Growth

Speaker and local economist Elliott Pollack said that accelerating the freeways is vital to meet population demands. "What's real is that growth will continue to be in the periphery," he said. "Light rail and bus will never move a large percentage of the people commuting. Your bang for the buck remains in freeways," he added.

Summit participants agreed that Arizona is behind the curve when it comes to building roads and meeting transportation needs. Today, the state's population is about 5.1 million. That figure is expected to be 7 million by 2010, 9.5 million by 2025 and 13 million by 2050.

Currently, legislatures are expected to approve a state budget that includes $345 million for transportation, but that is just a drop in the bucket as to what is needed to accelerate the freeways. More...

Tempe Condos

There are 43 building projects under way in Tempe, with the building boom coming primarily from condo projects.

Constellation Group, an Australian-based company, submitted plans to Tempe for a 17- and 20-story condo towers at College Ave. and Veterans Way. The 364-unit complex would also include commercial and retail space. The project is one of eight large scale condo complexes in the works in Tempe's core, and dozens of others popping up on the outskirts of downtown and on the shores of Tempe Town Lake.

Some question whether the market can really sustain all this new growth. Those doubts have growing validity as new condo complexes such as the Vale on University Drive have units still empty.

Valley-wide, more than 8,000 condo units are planned or under construction. Market watchers say less than a quarter of all the planned projects will actually go up and sell anytime soon. More...

Phoenix Jobs Market To Have Robust Summer

Hiring by Phoenix-area employers should outpace hiring nationally, according to a Manpower employer survey being released today. It found that 36 percent of local employers expect to add staff in July, august or September, compared to 31 percent nationally.

"We're in a period where we'll probably have slower growth going forward," said Tracy Clark, an economist at ASU. "But given the fact we have continuing population growth, there's no reason to expect it to fall off the cliff."

Construction, durable-goods manufacturing, transportation/public utilities and education were among the industries expecting to add jobs. More...

Is Central Arizona's Sky Falling?

Or are there too many people simply saying so without looking at the facts???

Sales of existing homes in the Valley fell in May to the lowest levels since 2003, but prices held steady.

There were 6,870 resales in the Valley in May, down 34 percent from the 10,425 that were recorded in May 2005.

However last year was a hyper-market and the numbers now reflect a more sustainable market, according to Jay Butler at the ASU Real Estate Center at ASU.

The median resale price stood at $265,000, up only $2,000 from the $263,000 median price in September. Last year's May median price was $235,000. More...

While most are still saying that "the sky is falling"... I remember quite well the year 2003 when everyone was amazed at the record breaking year we had just had.

When will the general public wake up and realize that THIS is going to be a record year? Sure, it won't be the best year ever, but my money is on the notion that 2006 will be one of the top five years for residential real estate in Arizona to date. Please feel free to leave a comment... we would love to hear your input on the current Central Arizona real estate market.

Major Valley Builder Foresees Rebound

Robert Toll, the chief executive for Toll Brothers Inc., believes that a strong economy will spark a housing market rebound after excess inventory from speculators is shaken out, perhaps very soon.

He said that demand will be driven by buyers who are biding their time for better incentives or lower prices. "The next great story is pent-up demand" he said. "Once the natural balance is restored in the market, you're going to see prices go up again. Prices are going to go up quite a bit," he added.

Toll also believes that the second-home market will stay particularly robust as Baby Boomers look to move to Sun Belt states or urban centers with rich culture and entertainment. More...

Cooldown Expected; Economist Differ Over Degree

Arizona's economy is expected to cool down during the rest of the year and next, according to Arizona economists. However they disagree as to the level of the slowdown.

University of Arizona's Eller College of Management said Wednesday that the state's economy will experience a major slowdown in the second half of 2006 as inflation pressures mount, interest rates rise and the housing market cools.

But Tracy Clark, editor of the Arizona Blue Chip Economic Outlook is more optimistic, saying that the state's economy has "fired on all cylinders" in 2006, buoyed by a 13.5 percent increase in construction jobs. "Our panelists on the forecast aren't convinced the end has come yet," Clark said. "Even with the housing slowdown we still have quite a bit of population growth. As long as that continues, construction is going to stay at a reasonably high level, although at a noticeably lower level than we've been having." More...

Arizona Growth Fastest Of 2005

Arizona ranked number 1 in the nation in economic growth!

Gross state product, which measures the output produced by labor and capital, increased 8.7 percent between 2004 and 2005, according to the U.S. Bureau of Economic Analysis. Between 2003 and 2004, Arizona's increase was 4.2 percent.

The boost was fueled by construction, followed by state and local government, health care, retail trade, administrative services, finance/insurance and durable goods.

The greatest regional growth in the U.S. came from the West and included Nevada, up 8.2 percent; Idaho, up 7.5 percent; and Oregon, up 6.7 percent. More...

Buckeye Plans For Its Future

Buckeye, with 600-plus square miles of planning area, could possibly eclipse Phoenix in size at build-out. Two million people may be living in Buckeye in the near future, according to town officials.

Buckeye is creating a new General Plan and Development Code to deal with the coming growth and to mold the town into the vision that town officials want. "We're not just building a community, we're building the next great city in the country," said Peggy Fiandaca, president of Partners for Strategic Action, Inc., a consulting group hired by Buckeye to help them plan the growth.

"Luckily, some of the best developers in the Valley, as well as the Southwest, have found their way to Buckeye, which is a good thing," Fiandaca said. "When you approve developments, you're looking at the development in relationship to the next development, to the next development, and so on. Hopefully, what this plan will do is to help them understand the connection. How do we weave all these things together? How do we provide quality services to support that into the future?" More...

Vegas Housing: Not Too Hot Anymore

A record 20,515 homes and condos are on the market in Las Vegas, up from 10,555 last May and 4,553 in 2004. Sellers are lowering prices as a result of the slowdown. Builders in Las Vegas are also dropping prices to move unsold inventory.

Sound familiar? But as in Phoenix, builders are convinced that the dynamics of Las Vegas will help the market stabilize. Every month, 4,000 to 6,000 people move to Las Vegas. The city's fast growth is what helped spur the construction boom in the first place. As the population grew, real estate prices skyrocketed 45% between 2004 and 2005.

Two years ago, new housing developments sold out six months in advance. Now, signs are up around town for those who need to sell their homes in a hurry to avoid foreclosure.

The article states that Las Vegas, like Phoenix, Miami, San Diego and Washington, have become much friendlier to buyers as the housing supply increases and appreciation levels off to a rate that is at least a little closer to the national average. More...

High-End Condos' With Low Opening Bids

Two pricey new condo developments have units that are being auctioned off at opening bids that are half of what the homes originally cost.

Four condos in the Optima Biltmore Tower at 24th Street and Camelback, with costs of $949,000, are being auctioned off with the opening bid on one starting at $475,000.

In Tempe, three condos at the Vale development, 1111 W. University Blvd., will go to the highest bidder this month as well, with units originally costing $429,000 to $699,000. The suggested opening bid starts at $240,000.

A growing number of real estate market watchers say there is just too many pricey condos being built and not enough buyers. Almost 8,000 condos and lofts are planned or under construction across the Valley now, more than went up in the Valley over the last 10 years. More...

How To Avoid Taking A "Bubble Bath"

The Scottsdale Arizona Republic, reports on Scottsdale real estate broker Robert Long seminar titled "Understanding Bubbles and Busts", which talks about how homeowners can avoid a bubble bath, meaning losing their house to foreclosure.

Long said that the Valley housing market has an inventory of about 42,000 resale homes in April, nearly five times as many as the previous April. What's worse is that about a third of these homes are vacant, noting that investors are more likely to slash their sales price than someone who is living in their home and does not have to move.

RL Brown in his latest Phoenix Housing Market Letter notes that consumers cancelled contracts for new homes because they cannot sell their present homes in a "faltering resale market".

The big question Long talks about in his seminar is how low will prices go. He also goes over how to avoid foreclosure. Realty Trac reports that about 6,200 Arizona homes went into foreclosure in the first quarter of 2006, up 6 percent from the same period a year ago. Nationally, foreclosures were up 72 percent year-over-year in the first quarter. More...

Carefree Highway Study

With the population of north and northeast Valley expected to more than triple during the next 20 years, Maricopa County this week launched a study of Carefree Highway to guide the changes to come.

Maricopa County began its study Tuesday evening with the first of three open-house meetings designed to gather community views of the future of the Carefree Highway corridor. The study goal is to create a cohesive plan for the 12-mile stretch of Carefree Highway from Interstate 17 to Scottsdale Road and the development of the corridor one mile north and south of the road. A final report on the study is scheduled for June 2007.

Some residents are opposed to future widening of the Carefree Highway. "We don't particularly care for the six lanes of road, especially if they are going to have the Sonoran Parkway just to the south," said Mike Sabol, who lives near the highway. "It seems like there would be enough roadway if people are going east and west," he added. More...