Developer eyes south Gilbert project, an article from the East Valley Tribune, reports that Scottsdale-based The Aspen Group is betting a new hospital and ongoing development in Gilbert will bring demand for a high-density project, with more than 300 houses and condominiums, to the community.  The developer is planning a 60-acre development that will be a mix of shops and homes.  According to project manager Steffani Meyers, Roosevelt Square will include a more than 70,000-square-foot commercial center designed for neighborhood uses like a coffee shop or bank.  Meyers said The Aspen Group is still in the process of getting approval from the city for the project, but hopes to break ground on the retail portion by early 2009.
http://www.tribunehomefinder.com/story/107437

  PR pros smooth paths for developers, an article from The Arizona Republic, reports that a new type of public-relations expert is helping developers head off neighborhood dissent even before rumors get started.  The purpose of this niche of professionals is to make the details of a proposed project accessible and understandable to neighbors.  They may walk door to door with site plans, make phone calls or develop Web sites in order to make this possible.  Susan Bitter Smith, who runs Technical Solutions with her husband and worked on Grace Communities' proposal for a mixed-use project on the southwestern corner of Camelback Road and 44th Street, said, "An absolute must is truthfulness.  You have to be confident of your facts, up front and as honest as possible." 

http://www.azcentral.com/business/articles/0125biz-abg-developerpr0126-ON.html

  For Your Clients: Easy Weekend Projects, an article from RISMedia.com, reports now that the holidays are over, a great way to spend some of  your spare time is to make improvements to your home.  Here are some fun weekend projects that will not only improve the look of your home, but will also improve the value.  One easy, inexpensive improvement is to replace old knobs and handles on your doors, cabinets and drawers.  Painting is another way to instantly change the look and feel of your home.  Don't limit the painting to just walls, updating furniture, cabinetry and doorways is a great way to liven up a space.  Finally, replace lighting or outdated fixtures with remote ceiling fans.  Not only will it save energy and keep your air circulating, it will add appeal, value and enhance the beauty of any room.
http://rismedia.com/wp/2008-01-24/for-your-clients-easy-weekend-projects/

Leaders craft 3 lending reforms, an article from The Arizona Republic, reports that Governor Janet Napolitano and state agencies such as the Department of Housing and the Department of Financial Institutions have been working on a plan to help "Arizonans stuck in the subprime lending debacle," and, it is hoped, ensure it doesn't happen again.  Napolitano said in her State of the State speech last week, "When an Arizonan sits down to talk about buying a home - usually the biggest investment they'll ever make - the person on the other side of the table should be experienced, educated and ethical."   The most important step being taken is licensing loan officers to crack down on bad loans and appraisals.  The second piece of legislation is the Arizona Home Equity Theft Protection Act, which is designed to license "equity purchasers."  The third lending reform comes in the Homebuyers' Bill of Rights created by the Arizona Department of Real Estate.  
http://www.azcentral.com/arizonarepublic/business/articles/0120biz-catherine0120.html

  Fed slashes rates to 3.5%, an article from CNNMoney.com, reports that following an unscheduled meeting this morning, the Federal Reserve slashed two key interest rates by three-quarters of a percentage point, citing continued concerns about a weakening economy and turmoil in the financial markets.  The federal funds rate, which impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans, from 4.25% to 3.5%.  The discount rate was also lowered by three-quarters of a point to 4%.  In a statement the Fed said, "Broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets."
http://money.cnn.com/2008/01/22/news/economy/fed_rates/index.htm?postversion=2008012209

 Realty Viewpoint: Six Signs It's Time For Home Buyers To Buy, an article from RealtyTimes.com, reports that nobody is going to blow a whistle and say, "It's time to buy!", so it's important to pay attention to these signs in your marketplace.  One important sign to notice is when inventories start to decline.  This usually means that the best buys are leaving the market, and best doesn't necessarily mean cheap.  Another sign is when mortgage applications increase, particularly purchase applications.  This means homes are about to leave the market, so less inventory means firmer prices and sellers will stop dropping their prices.  And finally, pay attention to the reduction in days on the market.  When DOMs are shorter, that could be a sign that a seller's market is coming.  
http://realtytimes.com/rtpages/20080122_sixsigns.htm

Projects to add downtown office space, an article from The Arizona Republic, reports that Downtown Phoenix's lack of office space could change dramatically in the next couple of years as builders boost inventory.  According to a report by Integra Realty Resource Inc, between 2008 and 2011, they are set to increase supply in the city's "central business district" by 2.1 million square feet, or 58.5% more than current inventory level.  The latest market report from commercial brokerage firm CB Richard Ellis showed the vacancy rate for such space in downtown Phoenix during the fourth quarter of 2007 was 5.8% for Class A, or high-end, space.  Mindy Korth, an executive vice president in CBRE's Phoenix office, cites the mixed-use CityScape project and One Central Park East tower, both under construction in downtown, as projects that will alleviate current stress.  Both developments are scheduled to be completed in late 2009 and are expected to add a combined 1.1 million square feet of high-end office space to the submarket.
http://www.azcentral.com/arizonarepublic/business/articles/0113biz-officespace0114.html

First SkySong tenants move in, an article from the East Valley Tribune, reports that as the first tenants are moving into the SkySong project this week, developers hope that many more companies will help turn the site into a hub for technological development.  Nate Summer, director of SkySong Strategic Partnerships, said a second 4-story office building is scheduled to be completed in May.  Summer added, the 37-acre project eventually will include 10 to 12 buildings with 1.2 million square feet of office, retail and hotel space, with build-out expected by 2011 or 2012.

http://www.eastvalleytribune.com/story/106227 

Downtown Phoenix office inventory expected to grow 42 percent by 2011, an article from The Business Journal of Phoenix, reports that office space in downtown Phoenix will grow by 42% through 2011, according to Integra Realty Resources.  The company's "IRR Viewpoint 2008" said current inventory sits at 4.94 million square feet, with another 2.05 million feet expected to be built between 2008 and 2011.  The report also shows downtown Phoenix vacancies at 8.5%, compared with a national average of 11.1%.

http://phoenix.bizjournals.com/phoenix/stories/2008/01/07/daily39.html?surround=lfn   

High Tech and High Comfort Are In, an article from Realtor Magazine Online, reports that forecasters looking ahead in 2008 are seeing greener homes, high-tech comfort and a still-flat market.  David Pratt, a principal in the Lorax Partnership consulting firm and president of the Baltimore chapter of the U.S. Green Building Council said, "Green is in because there is a higher level of awareness now of the issues surrounding the environment and, specifically, global warming."  Demand for high-tech amenities is on the upswing.  Items such as massaging bubble jets in tubs, mirrors with built-in, vanishing television screens and super-quiet garbage disposals are being added to homes as people stay in their homes longer.
http://www.realtor.org/RMODaily.nsf/pages/News2008010901

Desert Ridge parcel set for March auction, an article from The Arizona Republic, reports that an auction of a Desert Ridge parcel that had been scheduled for February 28 has been pushed into March.  The 205.6 acres is owned by the State Land Department and is one of the last-remaining large parcels in the Desert Ridge area.  According to Paul Meka, director of land acquisition for Arizona Village Communities, which has applied for the land, the push back to March 11 took place because the Land Department needed to reconfigure the terms of the sale.  The Desert Ridge Specific Plan governs development in the area and allows 1,098 homes to be built in the area to be sold in March.
http://www.azcentral.com/news/articles/0109phxland0109.html

FAA gives go-ahead to CityScape project, an article from The Arizona Republic, reports that on Monday, Federal Aviation Administration officials ruled that the $900 million, 3-square block downtown Phoenix project poses no risk to aircraft that fly in and out of nearby Phoenix Sky Harbor International Airport.  Scottsdale-based RED Development, developer for CityScape, scaled back plans for four planned CityScape towers down from 500 feet to around 400 feet.  CityScape broke ground in October with demolition and other site work currently underway.  The first phase could open as early as 2009.  City leaders are touting CityScape as a crucial downtown development and it's supported by more than $120 million in incentives from Phoenix.
http://www.azcentral.com/community/phoenix/articles/0107faa0108.html

Livelier downtown Phoenix on horizon, an article from The Arizona Republic, reports that insiders say several downtown projects are expected to wrap up this year and could have huge influence on the heart of the city.  Included on the list is light rail, Arizona State University's journalism school, the expanded Phoenix Convention Center, the Sheraton Phoenix Downtown Hotel and 44 Monroe, the tallest residential building in the state.  "I see 2008 as the first wave of the perfect storm," said Terry Madeksza, director of operations for the Downtown Phoenix Partnership, a group of downtown merchants and landowners.  She added that each project will help lure thousands of visitors and full-time residents.  John Chan, the city's downtown-development director, said that this year's projects will also carry momentum into 2009.  The first phase of CityScape, a $900 million cluster of shops, offices, high-rise dwelling and hotels, is scheduled to open in 2009.  Meanwhile, another high-rise condo project, Omega, will still be in the midst of construction. 
http://www.azcentral.com/community/phoenix/articles/0107downtowncover0107.html

Cave Creek ready to grow by 8 square miles, an article from The Arizona Republic, reports that this spring, Cave Creek is gearing up to annex 8 square miles of mostly state trust land.  Mayor Vincent Francia hopes to firm up a development agreement between Cave Creek and the Arizona State Land Department by next month. The Cave Creek Town Council would need to approve the pact and the actual annexation could be completed this spring.   
http://www.azcentral.com/community/nephoenix/articles/0102sr-ccahead0102ON.html 

A Good Time to Home in on the Commercial Market, an article from Realtor Magazine Online, reports that now is a good opportunity for real estate professionals facing a continued slowdown to expand their business into other areas.  Jerry Chautin, a business counselor with SCORE, says one good use of available time is to research commercial opportunities that haven't been as hard hit by the slump.  One idea to help you get familiar with the market is to join professional organizations.  For example, attending meetings of local commercial developer groups can lead to opportunities down the road.  Another idea is to volunteer at trade shows and other industry events.  And finally, subscribe to trade magazines.  Magazines such as "Retail Traffic" report on which developers are doing deals and will also point out the competition.
http://www.realtor.org/rmodaily.nsf/pages/News2008010205

Luxury apartments get nod from key review board, an article from The Arizona Republic, reports that developers made the first of four presentations to convince planning commissioners, design reviewers and City Council members to allow some development variations and a rezoning for the proposed Hanover mixed-use project.  A group of developers has proposed building 232 apartments reaching up five stories to 65 feet. The building would spread over a 6.1-acre triangular site and would include retail shops on the ground level.  According to zoning attorney John Berry, Scottsdale has not had new luxury apartments built downtown for at least a decade and would add a vital element to the city's plans for revitalization.
http://www.azcentral.com/community/scottsdale/articles/0104sr-apartments0105-ON.html

  Investor Report: College and University Towns, an article from RealtyTimes.com, reports that investors who specialize in buying rental houses and condos in carefully-selected major college and university towns suggest that it is a safe haven for real estate investing.  According to Stuart Frazier, an investor and co-founder of College RealEstate.com, buying small-scale rental properties in university communities where the underlying economic fundamentals are solid is "one of the true oasis situations out there" in residential investment.  Investors near Gonzaga University who are using Frazier's firm's assistance, are experiencing an average 8.8% annual appreciation rate plus turning positive cash flows due to the unending supply of new rental customers.  Frazier cautions that not every college town is a winner.  Sometimes universities overbuild student housing, leading to lower rents for competing private investor owners.
http://realtytimes.com/rtpages/20080104_investorreport.htm

Glendale looks to add 2,000 acres along Loop 303 for commercial use, an article from The Business Journal of Phoenix, reports that the city of Glendale is moving forward with its plan to annex additional land near Luke Air Force Base and Loop 303 in the West Valley.  Land Baron Investments Inc., owner of about 255 acres in the area of Glendale's annexation plan, is poised to either sell its parcels to developers and end-users for a large profit, or develop them in collaboration with other commercial interests.  Land Baron is asking $21 million for a 110-acre parcel, $8.3 million for a 40-acre site and $8 million for a 39-acre property.  Jim May, Glendale's interim planning director, said the city already annexed two parcels totaling 843 acres and is moving forward with five more annexations totaling 2,000 acres, including the Land Baron holdings.  The annexation process will move forward next year with studies of infrastructure needs, public hearings, re­zoning for commercial and industrial uses, and final city approval, according to May.
http://www.bizjournals.com/phoenix/stories/2007/12/24/story1.html?b=1198472400^1566768

  Investor Report: Short Sale Opportunities, an article from RealtyTimes.com, reports that Congress passed long-awaited legislation to prohibit the IRS from demanding income tax payments from home sellers whose lenders write off a portion of the outstanding debt balance owed on the loan.  The legislation should relieve fears among financially-stressed home owners that participating in a short sale will leave them exposed to heavy taxes the following year.  Now that the tax burden is out of the way until at least 2010, investors and Realtors should encounter one less objection by home sellers to participating in a short sale.    

Investors Considering Retirement Opt for Property Investments, an article from RealEstateJournal.com, reports that more investors are looking into purchasing office buildings and retail space, instead of investing in stocks or mutual funds, for retirement.  The reasoning is that commercial real estate delivers regular income, whether from rent checks or dividends from a real-estate investment trust (REIT).  According to experts, investors who want to consider commercial real estate as an investment should find a broker who can analyze regional markets, how the various commercial property types are performing in those markets and the kind of rents these assets can capture at any given time.
http://www.realestatejournal.com/buysell/tactics/20071218-dunham.html

Bidwill project's impact: $2.6 billion a year, 23,000 jobs, an article from The Arizona Republic, reports that according to a new economic-impact report by Valley economist Elliott Pollack, the Bidwill family's planned business park south of University of Phoenix Stadium would generate $2.6 billion a year and create nearly 23,000 direct and indirect jobs.  Pollack said Glendale leaders' proactive efforts to lure the Arizona Cardinals football stadium, concert and hockey arena and the expanding Westgate City Center have helped the city net the Bidwill family's $1.2 billion business-park project.  Plans for cbd101, which stands for "central business district", call for 2.6 million square feet of office space with as many as a dozen large corporate buildings along Loop 101; a 36-story iconic tower with residential, office and hotel space; shops, restaurants and a farmer's market; three stand-alone hotels; more than 900 residential units of different housing types and an organic farm. 
http://www.azcentral.com/community/glendale/articles/1211gl-bidwill1211-ON.html

  3 Places to Find Money for a Down Payment, an article from Realtor Magazine Online, reports that buyers who don't have a 20% down payment are finding it harder to buy a home.  One source of money that is still available is borrowing from a 401(k) if your company allows this.  The maximum available is $50,000 ($100,000 if both spouses have 401(k)s), repayment on the loan is due within five years.  If the loan is not repaid, the loan will be considered a withdrawal and the borrower will be liable for penalties and federal income tax.  Another source is gifted money.  Parents, friends, and relatives can give a gift toward the down payment with a gift letter stating the money doesn't need to be repaid.  One more option is withdrawing up to $10,000 from an IRA for a purchase of a first home.  A potential borrower who hasn't owned a home in the past three years is considered a "first-time buyer" and can make a withdrawal for this specific purpose.
http://www.realtor.org/rmodaily.nsf/pages/News2007121005

A.J. weighing $6.6M retail center payback, an article from the East Valley Tribune, reports that by offering a sales tax rebate of up to $6.6 million for developer-funded road and sewer work, Apache Junction is hoping to lure a major retail center inside its boundaries.  The City Council will vote on a sales tax incentive package for developer US 60 and Idaho LLC.  The developer wants to build a 500,000- to 700,000-square-foot shopping center at the intersection of US 60 and Idaho.  Apache Junction Gateway would cost an estimated $150 million.  City Economic Development Director Steve Filipowicz said the retail center would create 350 to 700 jobs for the area.  The development is expected to contain a major fitness center, a multiplex movie theater and at least two major retail anchor stores 100,000 square feet or larger.
http://www.eastvalleytribune.com/story/103773

  New Valley housing-price index relies on repeat sales, an article from The Arizona Republic, reports that as homes have gotten bigger and skewed price comparisons, tracking the housing market by median home prices has become more controversial.  Researchers at ASU's W.P. Carey School of Business have created a single-family housing price index based on repeat sales.  Professor Karl Guntermann, ASU real-estate professor, says median home prices aren't always reliable because the housing market is different and "heterogeneous."  The new index is called ASU-RSI and receives its data from Mesa-based Ion Data/Data Express.
http://www.azcentral.com/arizonarepublic/business/articles/1209biz-catherine1209.html

  Foreclosure hotline overwhelmed with calls, an article from CNNMoney.com, reports that a national hotline to help borrowers facing foreclosure has been overwhelmed with calls following President Bush's announcement of a plan to ease the foreclosure crisis.  Tracy Morgan, vice president of communications and business development for the Homeownership Preservation Foundation, said borrowers were told to call 888-995-HOPE, a line that has a normal call volume of about 1,500 calls per day.  According to Morgan, she estimates that it was three to four times the call-volume record set earlier in the week when 5,800 people called.  The Homeownership Preservation Foundation contracts with six credit counseling agencies nationwide to answer calls to the hotline. 
http://money.cnn.com/2007/12/07/real_estate/foreclosure_hotline/index.htm?postversion=2007120719

Experts predict gloomy economy for 2008, an article from the East Valley Tribune, reports that according to experts who spoke at the 44th annual Economic Forecast Luncheon, next year is shaping up as a weak one for the Arizona and national economies.  Lee McPheters, senior associate dean of the W.P. Carey School of Business at Arizona State University, predicted that Arizona's economy will continue to grow and avoid recession, but growth is likely to be slower than in the past few years.  Elliott Pollack said the housing market will be characterized next year by declining prices, excess inventories, a continuing slowdown in construction and weak demand.  He said the tightening of credit that began in late summer probably reduced the pool of home buyers in the Valley by 20% and a slowdown in population growth may have reduced it by another 20%.  Pollack said the one bright spot in the real estate market has been commercial construction, which has been booming. 
http://www.eastvalleytribune.com/story/103460 

Glimcher Ventures plans 2008 start for $100M Baseline Marketplace, an article from The Business Journal of Phoenix, reports that on Wednesday, Scottsdale-based Glimcher Ventures Southwest LLC that it will begin construction early next year on a $100 million mixed-use project in Mesa.  Baseline Marketplace will sit on 52 acres at the northwest corner of Loop 202 San Tan Freeway and Baseline Road.  Plans include shops, restaurants, office space and 350 apartment units.  The residential portion will be developed by Trillium Development and completion is expected in 2009.
http://phoenix.bizjournals.com/phoenix/stories/2007/12/03/daily32.html?b=1196658000^1559807

  Treasury to unveil details of mortgage plan, an article from MSNBC.com, reports that on Thursday, President Bush is set to unveil details of a plan to help head off a wave of mortgage foreclosures hitting homeowners whose adjustable-rate loans are resetting to monthly payment they can't afford.  Congressional aides said that under terms of an agreement hammered out between the administration and  lenders, interest rates would be frozen for five years on certain subprime mortgages.  The result of negotiations led by Treasury Secretary Henry Paulson, the White House plan would freeze interest rates at lower "starter" rates on many loans that were popular with lenders and borrowers the tail end of the housing boom.  According to Paulson, the government wanted to freeze rates to give homeowners and lenders more time to refinance or modify terms of existing loans. 
http://www.msnbc.msn.com/id/22116043/

Condos give modern edge to aging neighborhood, an article from The Arizona Republic, reports that new condominiums at 6th and Roosevelt streets in central Tempe take a nostalgic look backward, but the even newer condos across the street take a daring look forward.  The pair of condos are part of the building boom in Tempe's Riverside Sunset neighborhood just west of downtown, which has seen more than 340 housing units added over the past few years.  The Brownstones at Tempe project on the east side of Roosevelt has been open since last year and resemble life in New York, Chicago or Boston a century ago. But Tempe architect Ilan Baldinger's geometric Tempe Urban Living condominiums on the west side of Roosevelt more resemble a modern Europe design.  According to project owner Bob Rosen, the condos are almost finished and now are for sale. Prices start at $370,000 for an 1,100-square-foot one-bedroom unit, move to $530,000 for a 1,464-square-foot two-bedroom dwelling and top out at $1.15 million for a 2,755-square-foot three-bedroom condo.
http://www.azcentral.com/community/tempe/articles/1206tr-condos1207.html
  
Q.C. OKs plan changes for 1,100-acre mixed-use project, an article from the East Valley Tribune, reports that an amendment approved by the Town Council allows Tempe-based Vanderbilt Farms to build Queen Creek Station, a 1,100-acre mixed-use project that includes higher-density residential, commercial areas, offices and warehouses at Queen Creek's northern entrance. The general plan amendment is the largest in the town's history in terms of size and impact on the town's rural heritage. The project may not be started for more than 10 years.
http://www.eastvalleytribune.com/story/103584   

President, critics agree proposal isn't perfect, an article from MSNBC.com, reports that President Bush acknowledges that the plan is "no perfect solution."  The proposal negotiated by the Bush administration to freeze the low introductory rates on subprime loans appears that it may help only some of the homeowners who face large increases in their mortgage payments.  After the freeze, they could be back in the same position again.  According to President Bush, 1.2 million homeowners could be eligible for relief, which includes the rate freeze and helping people refinance into more affordable mortgages. The Center for Responsible Lending, a group that promotes homeownership and works to curb predatory lending, estimates that only 145,000 households will qualify for the rate freeze because the criteria is too strict.  The reasoning behind the administration-negotiated plan is the five-year freeze will buy time for housing sales and prices to increase again. A rebound like this would enable homeowners to refinance their current adjustable rate mortgages into fixed-rate loans with more affordable monthly payments.
http://www.msnbc.msn.com/id/22136965/

Real estate agents rally for revival, an article from the East Valley Tribune, reports that on Friday, hundreds of Valley real estate agents rallied in Scottsdale in hopes of kick-starting the sluggish real estate market by thinking positive and being proactive.  Rosey Koberlein, CEO of Tucson-based The Long Companies, said it's time to stop being passive.  She said, "You know your market.  You know your statistics.  Be confident."  The panelists said Arizona also still has good job and population growth.   
http://www.tribunehomefinder.com/story/103176 

Foreclosure Filings Increase,But Default Notices Drop 9%, an article from RealEstateJournal.com, reports that according to RealtyTrac Inc., foreclosure filings for October rose 2% from September and 94% from last year, but foreclosure activity in general appears to have "leveled off" since peaking in August.  The foreclosure-listing service said default notices have dropped nearly 9% from a year ago.  "Some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact," said RealtyTrac Chief Executive James J. Saccacio.

http://www.realestatejournal.com/buysell/markettrends/20071130-barris.html

Developer bids for Mesa's Pinal land, an article from the East Valley Tribune, reports that Mesa is considering the sale of 1,600 acres of city-owned land in Pinal County to Schuck Colorado Ltd.  The Colorado-based developer approached the city's real estate broker about three months ago to inquire about purchasing the property, according to Doug Tessendorf, Mesa's real estate director.  The sale of the property could bring the city $48.5 million in new revenue.  Tessendorf said the first phase of the sale covering 560 acres would close a year from now at a price of $30,000 per acre.  According to the city's documents, Schuck plans to use the Pinal County land as an industrial subdivision served by the Union Pacific Railroad.  Mesa officials said the industrial development could complement the city's plans to develop industrial job centers near Phoenix-Mesa Gateway Airport.
http://www.eastvalleytribune.com/story/102972 

Economy best in four years, an article from CNNMoney.com, reports that despite a hit from the housing and credit markets, the nation's economy grew at a 4.9% rate in the third quarter, according to the government's latest reading.  That is up from the 3.9% growth rate in the government's initial estimate for the period.  The gross domestic product, the broad measure of the nation's economic activity, matched the consensus forecast of economists surveyed by Briefing.com.  New readings showed stronger exports, spending by individuals and growth of business inventory lead to the large upward revision.  The growth was the best rate since the same period of 2003.
http://money.cnn.com/2007/11/29/news/economy/gdp/index.htm

Survey respondents want PV to maintain low density, an article from The Arizona Republic, reports that based on preliminary results of an annual survey conducted by the Paradise Valley Citizens Forum, preservation of privacy, low density and open space are what Paradise Valley residents want to see.  There were 6,500 surveys delivered to households and to date, 535 completed surveys have been completed.  Some of the topics covered by the survey include why residents live in Paradise Valley, resort development, construction activity and water conservation.  The survey is also a fundraiser for the non-profit group.  In addition to the returned surveys, the forum has received more than $1,000 in donations.  Residents have until December 31 to return their completed questionnaires. 
http://www.azcentral.com/community/nephoenix/articles/1126sr-pvforum1127ON.html 

2 land auctions, 1 hot the other cold, an article from The Arizona Republic, reports that there are two upcoming state land auctions by the Arizona State Land Department.  Both have already been rescheduled once, and it is possible one of them will have to be done yet again.  The "hot" auction features the first sale in an area the state calls Paradise Ridge - 2,200 acres of undeveloped desert between Desert Ridge's eastern border and the Scottsdale line.  The 112-acre site most likely will become a mixed-use development featuring a major shopping center.  The "cold" auction involves 400 acres of what seems like prime residential land just northeast of Loop 101 and Cave Creek Road.  On November 1, the auction failed to draw one single bidder the first time State Land Department officials tried to sell it.  The land will likely be zoned for residential use.
http://www.azcentral.com/community/nephoenix/articles/1128phx-landsaleinside1128.html

Is a reverse mortgage right for you?, an article from MSNBC.com, reports that reverse mortgage loans are an alternative to selling your home or borrowing against your home if you need money.  They allow homeowners to convert their home equity into cash without having to move or assume extra debt, but they are not for everyone.  One tip to follow when considering whether a reverse mortgage is right for you is that age does matter.  For most reverse mortgages, a borrower must be at least 62 and must live in the home as a principal residence.   Another tip is that you should be certain to understand the lender's role.  Typically the lender is a bank and they will provide you with a loan in an amount ranging from 20 percent to 60 percent of your home's equity.  In exchange, the lender will receive a portion of your home's value when you die or sell the home. 
http://www.msnbc.msn.com/id/21998683/

Mesa Proving Ground excites urban designers, an article from the East Valley Tribune, reports that developer DMB Associates recently acquired the East Valley's last remaining blank urban slate of significant size when it purchased 3,200 acres from automobile manufacturer General Motors.  DMB is hoping to submit a plan for the Mesa Proving Ground site to Mesa officials in the spring, followed by a request for annexation of the Maricopa County land into the city.  According to architect A. Jim Tinson, the site will become a new urban center for the East Valley, with a mix of jobs, housing of varied density and a multitude of cultural and recreational opportunities.          
http://www.eastvalleytribune.com/story/102476
     
Look Before You Leap Into REOs, an article from Realtor Magazine Online, reports that inexperienced buyers and real estate practitioners have the wrong impression if they think the flood of foreclosure properties can be bought, quickly fixed up and flipped for large profits, according to foreclosure expert Frank Mears.  He said finding lucrative opportunities in the REO foreclosure market requires patience, diligence and a lot of homework.  "You and your buyers need to inspect these properties, especially because REOs are usually being sold 'as-is'.", Mears said.  After proper legal notices, a courthouse auction is typically held.  If the property doesn't sell at auction, it then joins the inventory owned by the lender.  There are important ways to position yourself if you are serious about taking on REO properties, such as your willingness to do whatever it takes for the lender, including handling evictions, securing the property, handling trash and undertaking any necessary maintenance.       
http://www.realtor.org/RMODaily.nsf/pages/News2007112003

Downtown condo craze cooling off, an article from The Arizona Republic, reports that condo sales in downtown Phoenix have slowed to a trickle, according to developers.  CityScape, a $900 million mixed-use development, has added plans for apartments and pushed back plans for condos.  Other developers are converting some planned condo projects to apartment projects, including Jet and Alta Phoenix.  At the Summit at Copper Square, 30 of 165 condos remain unsold.  Approximately a third of the 196 condos at 44 Monroe have yet to sell.  However, it's important to remember that many serious buyers won't pull the trigger until a condo tower is complete.  Condo sales across the country are down 37% from the market peak.  Many insiders remain upbeat about the long-term prospects of the downtown Phoenix condo market.  For its size, Phoenix has a relatively small number of condos downtown.
http://www.azcentral.com/realestate/articles/1120condos1120.html
 
AC in the winter?  Money saving tips...  An article from CNNMoney.com, reports that not only will installing central air-conditioning automatically raise the value of your home, but you will also get a great deal if installed during the winter.  A slow time for contractors is during the winter months.  Robert Wilkos, general manager of Peaden Air Conditioning said, "In December we're trying to find enough work to keep our crews busy, so our pencils are a lot sharper."  Wilkos typically knocks 10% and sometimes as much as 20% off his wintertime bids, which could be a savings of up to $3,000 in central AC costs.  Appraiser Alan Hummel, a spokesman for the Appraisal Institute, a national standards-setting organization, said central AC instantly increases the value of your house by at least as much as it costs to install, and in warm climates by up to 10% more.    
http://money.cnn.com/2007/11/19/real_estate/tips/central_air.moneymag/index.htm?postversion=2007112005 
 

Gilbert considers money for 1st-time home buyers, an article from the East Valley Tribune, reports that the Gilbert Town Council will consider increasing the amount of money available to assist first-time home buyers.  Maricopa County administers Gilbert's program, which provides financial and counseling assistance to low- and moderate-income people who want to buy their first home in Gilbert.  The program provides a secured, no-interest loan that is repaid when the owners sell the home or refinance.  According to a town staff report, the program has already helped two Gilbert home buyers this fall and is expected to help another recipient with the next few weeks.
http://www.eastvalleytribune.com/story/101894
 
Staying at a real home away from home, an article from USA Today, reports that the vacation rental industry is growing rapidly via the internet.  For little to no money, property owners can now display their vacation properties to a worldwide audience of potential renters.  One sign of the industry boom is the big online travel agencies such as Expedia, Travelocity and Hotels.com are now displaying vacation home rentals as a lodging option.  According to a survey of 129 companies by the Vacation Rental Managers Association, vacation rental management companies expect to manage 12% more rental homes this year than in 2006.  In another survey by the National Association of Realtors, sales of vacation homes rose nearly 5% last year, and 18% of buyers said they bought them to rent to others. 
http://www.usatoday.com/money/industries/travel/2007-11-12-vacation-home-rentals_N.htm