Archive for May, 2007

Scottsdale Ranch – Update June 2007

Scottsdale Ranch – June 2007www.theholmgroupaz.com  

  • Currently there are over 55,000+ homes available through the AZ MLS
  • Average Days on Market for a home in Scottsdale Ranch is roughly 103 days
  • Scottsdale Ranch has a total of 59 homes on the market through the MLS with average  price per square foot of $306 (not including for sale by owner)
  • Average price per square foot for a home being sold is $303 per sqft
  • Average  home size being sold is 2059 sqft
  • Average price for a home in pending status is $848,211
  • 8 homes in Scottsdale Ranch Sold in May 2007

Recent Sales

 ·         10580 E Bella Vista Dr 2000 sqft (Listed for $545k and Sold for $530k)

·         9031 N 107th PL 1780 sqft (Listed for $565k and Sold for $557.5k)

·         10687 E Bella Vista Dr 1800 sqft (Listed for $645k and Sold for $630k)

·         10064 E Turquoise Ave 1780 sqft (Listed for $650k and Sold for $615k)

·         10679 E Fanfol Ln 3260 sqft (Listed for $1,050M and Sold for $980k)

·     11174 E Sorrel LN 3900 sqft (Listed for $955k and Sold for $995k) 

Just a few reasons to work with The Holm Group 

  • I live in the community and care about what value you receive for your home
  • I have a number of top ranking websites that focus on driving traffic specifically to buyers that are looking to move into your community. (www.theholmgroupaz.com)
  • I sold 40% of my own listings in 2005 by representing both the buyer and seller
  • Six of the homes I sold in 05-06 were sold exclusively without ever going onto the MLS.  In turn, saving my clients ten of thousands of dollars 
  • If you are looking at doing any remodeling give me a call as I have established relationships with several area contractors that can help you on virtually any project
  • I offer flexible commission plans and multiple ways to list your property

Representing Buyers and Sellers throughout the Northeast Valley…  

Andrew Holm, ABR Sterling Fine Homes & Land

The Holm Group Office: 480-767-2738  Cell: 480-206-4265

Email: Andrew@theholmgroupaz.com

Kierland Update – June 2007

Kierland – Market Update June 2007

www.kierlandagent.com

  • Currently there are over 55,000+ homes available through the AZ MLS (record inventory)
  • Kierland has a total of 10 UDC homes on the market through the MLS.   Average days on market are 97 and average price per square foot of $267.12 (not including for sale by owner)
  • The largest house in Kierland according to recent MLS data is 3630 sqft
  • Can you believe that a home in Kierland has been off and on the market for the past 1.5 years
  • Average price per square foot for a home being sold is $218 per sqft
  • Pending sales are currently priced at $265 a sqft (these have yet to record)
  • Average sales price in Kierland for the month of May was $613k w/ an avg. sqft of 2806
  • 5 Homes sold in Kierland in the month of May

Recent Sales  ·         6403 E Carolina Dr 1903 sqft (Listed for $550k and Sold for $500k)

·         6501 E Betty Elyse Ln 2630 sqft (Listed for $649k and Sold for $620k)

·         6416 E Marilyn Rd 3630 sqft (Listed for $650k and Sold for $650k)

·         65506 E Gelding Dr 3064 sqft (Listed for $729k and Sold for $685k)

·     6929 E Montreal PL 3517 sqft (Listed for $1,100M and Sold for $950k) 

Just a few reasons to work with The Holm Group 

  • No single agent represented more buyers/sellers in Kierland than I did in 2005-2006!!
  • I have a number of top ranking websites that focus on driving traffic specifically to buyers that are looking to move into the Kierland area. (www.kierlandagent.com and www.kierlandrealtor.com)
  • I sold 40% of my own listings in 2005 by representing both the buyer and seller
  • Six of the homes I sold in Kierland in 05-06 were sold exclusively without ever going onto the MLS.  In turn, saving my clients tens of thousands of dollars 
  • Speak to present and past Kierland home owners for references
  • If you are looking at doing any remodeling give me a call as I have established relationships with several area contractors that can help you on virtually any project
    • I have had several clients in Kierland that have used my contractors and can send you detailed photos of the work they have had done. 

Representing more Buyers and Sellers in Kierland than any other agent in 2005-2006. 

Andrew Holm, ABR Sterling Fine Homes & Land

The Holm Group LLC Office: 480-767-2738  Cell: 480-206-4265

Email: Andrew@theholmgroupaz.com

AZ Republic – Company on a roll with luxury golf communities

Peter Corbett
The Arizona Republic
May. 31, 2007 01:31 PM
 

SCOTTSDALE – Discovery Land Co. executives raised eyebrows in 2001 when they ripped up a Greg Norman-designed golf course in far north Scottsdale before it had opened.

Were they crazy?

Six years later, nobody is questioning the wisdom of the Scottsdale-based company, which has developed 14 luxury golf communities from the Bahamas to Hawaii and sold $2.34 billion of real estate since 2001.



Discovery moved its headquarters to the Scottsdale Airpark, from San Francisco, six months ago.

The company’s projects have included Estancia near Pinnacle Peak, McDowell Mountain Ranch and Mirabel, the golf community south of Desert Mountain that had started out with the Norman course.

The Australian golfer had designed a challenging, daily-fee course called Stonehaven with a limited amount of turf.

Discovery Land Chairman Michael Meldman wanted a course with wider appeal and brought in Tom Fazio to redesign what would become Mirabel. Mirabel sold all its lots The gated community now has about 70 occupied homes and another 125 under construction. Discovery sold the last of its nearly 350 lots at the end of last year.

Real estate broker Chuck O’Malley, who specializes in golf properties, said Mirabel’s early buyers got in for as little as $250,000 per lot but that has nearly doubled on the resale market.

Investors who buy lots early have done quite well with all of Discovery’s communities, he said.

“He does everything right,” O’Malley said of Meldman, Discovery’s chairman. “He knows what he’s buying and everything he does is first class.”

O’Malley, who has a golf membership at Mirabel, said Discovery not only has good courses but they are operated like a Ritz-Carlton hotel with all the employees devoted to first-class service.Great locations are a key Discovery partner Steve Adelson said Discovery has great locations and the right amenities to make each community a place where families want to hang out together.

The communities all feature golf but there are spas and beach clubs at some communities and trout fishing and boating at others, said Adelson, a co-founder of the Raven Golf Clubs in Phoenix and Tucson.

The locations include the Baker’s Bay Golf and Ocean Club in the Bahamas, with 275 custom home sites. Plus, Kukio on Hawaii’s Big Island where the average price for a 1-acre lot is $5 million. 

 

www.theholmgroupaz.com

AZ Republic – Desert Ridge parcel sold for record $28M

Audrie Garrison
The Arizona Republic
May. 31, 2007 11:39 AM
 

A 26-acre Desert Ridge parcel of land sold at a record price Thursday morning will likely be the site for high-end apartments.

Westfield/Greystone Master Partnership, LLC won the Arizona State Land Department auction with a $28 million bid. That price translates into $1.063 million per acre, the highest price per acre in the history of the land department.

The previous record for price per acre was set about a year ago, at about $1 million per acre.



The property, located at the northeast corner of Deer Valley Drive and 56th Street, was appraised as a high-density residential area at $20.5 million, or about $800,000 per acre.

The parcel is tucked in amid land owned by Pulte Development and Toll Brothers, across the road from the Toscana development and kitty-corner from the CityNorth property.

“Even though that market has been challenged, it demonstrated a demand for well-located property, and this is a well-located property,” said Arizona State Land Commissioner Mark Winkleman.

Walter Eeds, chief executive officer of the Greyston Group, said they plan to develop 750 high-end multi-family dwellings on the property. He said the spaces will likely be for rent, not for sale, but that decision is not final.

He expects construction on the apartments to begin within two years.

Eight potential bidders registered for the auction, but only three placed bids: Westfield/Greystone, Pacific Life Insurance Company and Towne Development. The bidding began at the appraised value of $20.5 million and the auction lasted about 30 minutes.

Funds raised through the land auction will benefit Arizona’s public schools.  

 

www.theholmgroupaz.com 


AZ Republic – Desert Ridge parcel to be auctioned Thursday

Michael Clancy
The Arizona Republic
May. 30, 2007 05:43 PM

 NORTHEAST PHOENIX -Another parcel of land in the Desert Ridge area likely will be sold at auction Thursday, but it could be years before the master-planned community is complete.

The sale is for a 26-acre block of land zoned for “high density residential,” and one applicant has come forward. The parcel is at the northeastern corner of 56th Street and Deer Valley Drive.

The Arizona State Land Department will auction the land to the highest bidder at 10 a.m. Appraised value is $20.5 million.

Land north and south of the parcel already has been sold to homebuilders Meritage/Monterey, Pulte and Toll Brothers. Only preliminary work has been done in those areas.

Still in the hands of the Land Department is 202 acres on the outer edges of the area that centers on the J.W. Marriott Desert Ridge Resort. Some of the land runs along 56th Street and some along Pinnacle Peak Road. It is zoned for single-family homes.

The Land Department says it will auction the land this year, but no date and no appraised value have been established yet.

Also to be auctioned is land at the southeast corner of 56th Street and Pinnacle Peak. The 265-acre parcel also is zoned for single-family homes. No date or value have been established.

A third Desert Ridge parcel is south of Loop 101 on the west side of Tatum Boulevard. The 41 acres may not be sold until next year.

The first Desert Ridge land was sold in 1993 – parcels that eventually were home to Desert Ridge Marketplace, the resort and the golf courses that surround the resort. Those places did not open until after Loop 101 was completed in 1999.

In other upcoming sales, the Land Department has listed land for the Sonoran Preserve, large parcels north and south of Pinnacle Peak Road on the east side of Cave Creek Road and land on Phoenix’s eastern border.

One of the Pinnacle Peak-Cave Creek parcels, 600 acres or so at the northeastern corner, would be the first sale in the Azara area, formerly known as Tatum East-West.

Azara runs from Cave Creek Road to Scottsdale Road, and from Pinnacle Peak Road as far north as Dynamite Road.

Also on the “future” schedule is the first parcel to be sold in the Palisene area, 112 acres at the southwest corner of Thompson Peak Parkway and Scottsdale Road.

The land is appraised at $32 million, and several shopping center developers, including Westcor, are believed to be interested.

Palisene, formerly known as Paradise Ridge, runs from 64th Street to Scottsdale Road, and from Loop 101 north to Pinnacle Peak Road.

No dates have been set for those auctions  

www.theholmgroupaz.com 

Kierland Commons Summer Concert Series

KIERLAND COMMONS PRESENTS SIXTH ANNUAL

SUMMER CONCERT SERIES

WHO: Enjoy great sounds all summer long at the Kierland Commons Summer Concert Series.

Attendees will enjoy great musical entertainment from some of the Valley’s best bands featuring a wide range of music from R&B, jazz, classic rock to party band covers. All concerts are free and open to the public.

WHEN: 7 – 10 p.m.

Every Saturday night from June 2 through August 25 (except Fourth of July weekend).

· June 2 : Azz Izz Band

· June 9: Groove Merchants

· June 23: Chuck E Baby & The All Stars

· June 30: No concert

· July 7: Apple

· July 14: Affinity

· July 21: Shining Star

· July 28: Aaron Nelson Project

· Aug. 4: Dennis Rowland & The Jazz Experience

· Aug. 11: Raun Alosi Band

· Aug. 18: Cold Shott & The Hurricane Horns

· Aug. 25 North

WHERE: Northwest corner of Scottsdale Road & Greenway Parkway

 

www.theholmgroupaz.com

 

AZ Republic – Office-condo construction shows no signs of slowing

Andrew Johnson
The Arizona Republic
May. 30, 2007 12:00 AM
 

Developers are bullish about future demand for office-condo units, even though there are signs that the Valley’s market is becoming oversaturated in some areas.

In fact, they are in the process of increasing the area’s inventory of such space by as much as 65 percent and show no signs of slowing even as units remain on the market longer.

Office condos are buildings with individual office units that occupants typically own rather than lease. Service providers such as dentists, doctors, accountants and lawyers view them as an attractive option because they appreciate in value, providing their businesses with additional monetary worth.



The office-condo frenzy hit metropolitan Phoenix in the early 2000s and continued as the Valley’s population grew. Brokerage Grubb & Ellis and PNC Real Estate Finance called Phoenix the “office-condo capital of the nation” in a 2005 report because of its activity.

Now an overabundance of inventory and increased buyer sophistication have caused sales activity to slow. That’s leaving some brokers skeptical about whether there are enough businesses to absorb the units under construction.

Developers are in the process of building 3.02 million square feet of office-condo units in metropolitan Phoenix, with an additional 4.07 million square feet of space planned, according to first-quarter data from CB Richard Ellis.

That is in addition to the Valley’s base of 10.97 million square feet of existing office-condo space.

“We’re seeing a little bit of holdback,” said Blake Hastings, a senior associate in Grubb & Ellis/BRE Commercial LLC’s Phoenix office. “There’s not as much craziness in (office) condos in the tertiary markets.”

That’s especially true for submarkets, including Surprise, midtown Phoenix and the area near the recently completed Mercy Gilbert Medical Center in Gilbert, said Colleen McPherson, a senior associate in CB Richard Ellis’ Phoenix office.

“As you look at these properties under construction, I just don’t see how the doctor pool is going to fill all that space,” McPherson said of developments around Mercy Gilbert.

Developers jumped at the chance to build out the area near the hospital, hoping to attract doctors who wanted offices nearby. The hospital, near Loop 202 and Val Vista Drive, opened last year.

Now, developers who have yet to complete projects may have trouble attracting buyers, she said.

“In my opinion, if you didn’t have it up and under construction and built by a year ago, you missed it,” McPherson said. “I think the frenzy of, you know, ‘You don’t want to be the only guy in the hospital who doesn’t own his own space,’ is over.”

However, McPherson and others note that with interest rates hovering around 6 and 7 percent, it makes sense for many businesses to buy instead of lease.

And developers say they have not experienced any significant shifts in demand for space.

“We’re seeing a lot of activity,” said Arch Ratliff, chief operating officer of Gilbert-based office-condo developer UTAZ Development Corp. The company currently has four office-condo projects under development, including a three-building, 30,000-square-foot complex near Mercy Gilbert Medical Center and a 16-building, 85,000-square-foot complex north of there, he said.

As the Valley continues to spread, Ratliff said, demand for the type of service providers that typically buy office condos should continue.

“The whole purpose is to bring services . . . into areas close to where people live,” he said. “That’s always been the purpose, and so we look for places that have that need for professionals to be close to large areas of residential (developments).”

The increase in inventory has made choosing prime project sites more important, said Steven Beck, a principal in Mesa-based office-condo developer COBE Development.

“We look to locate ourselves near freeways in growth patterns,” said Beck, whose company has projects under construction in Chandler and in Phoenix.

Still, some say it’s time to slow the construction pace down a bit.

“The general overview is there is definitely oversaturation and definitely a slowing of sales,” said Jim Riggs, president of SAXA, formerly Shea Commercial, in Scottsdale. “That doesn’t mean the market’s bad, it just means that there’s too much inventory at one time.”

SAXA currently has seven office-condo developments that include about 450,000 square feet of space under construction across the Valley, Riggs said. About 75 percent of that space is sold.  

Andrew Holmwww.theholmgroupaz.com


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