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...

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...

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...

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 Liens.com.

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 Liens.com provides real estate investors with online access to Arizona tax lien lists. More...

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...