Archive for October, 2008

AZ Republic – Home Price Trends Per Zip Code

This past weekend the Arizona Republic issued their annual Home Price Trends Zip Code Report which contains valuable information about the real estate market for your knowledge and your client.  All you have to do is click on the link below and type in a zip code.

 

http://www.azcentral.com/realestate/homevalues/homevalues.php

 

You can also view homes for sale in our new state of the art mapping solution:

www.scottsdalerealestatemaponline.com

 

For complete MLS and Featured Community Information go to:

www.theholmgroupaz.com

 

If you have any questions on how to use any of these websites call:

Andrew Holm at 480-206-4265

AZ Republic – Remodel or relocate?

by Peter Corbett – Oct. 25, 2008 12:00 AM
The Arizona Republic

It has been a homeowner’s quandary since move-up cave dwellers first thought of striking out for roomier digs.

Remodel or relocate?

Today, it’s a decision that is complicated by a slowdown in home sales and credit tightening that has limited how much money that homeowners can get from home-equity lines of credit.

Clark Worthley, owner of Case Remodeling Scottsdale, said homeowners have become more cautious in renovating their homes. They are focusing more on the basics rather than some of the frills that were common a few years ago, he said.

“We always counsel people that if you want to stay in your house, you like your neighborhood, we can remodel it to better suit your needs,” Worthley said.

Kitchens and bathrooms are the mainstays of remodeling but some owners choose to redo their entire home.

Terravita makeover

Gerry and Marge Carlson used Case Remodeling to fully renovate their 15-year-old home in Terravita in north Scottsdale. That work was finished earlier this year.

The Carlsons, semiretired accountants from Topeka, Kan., had rented their home for the past decade and wanted to bring it up-to-date before they moved in.

The three-bedroom, two-bath home got new tile and carpeting, and it was repainted inside and out.

New counters, cabinets and appliances were installed in the kitchen, and the master bath got new counters and a walk-in shower.

“It’s a long-term investment,” Gerry Carlson said. “We wouldn’t come out too well if we tried to sell now, but we don’t plan to do that.”

The Carlsons had the advantage of not having to live in the house during the renovation, which, of course, is one of the downsides of remodeling.

Still back in Kansas, they had to oversee the five-month project by phone.

But Case Remodeling did a good job and it worked out well, Carlson said.

“Going this way was a good option for us,” he said.

Green remodeling

Worthley, who bought a Case Remodeling franchise three years ago, said he got into home remodeling because of his interest in green-building practices.

He was a Peace Corps volunteer in Ecuador in the 1980s working on biogas-generating plants and did energy trading for Arizona Public Service Co. Now, he serves on Scottsdale’s Green Building Advisory Committee.

Worthley said he would like to see more people embrace green-building options but the higher costs deter many homeowners.

“It hasn’t taken off with as much vigor as I would have expected,” he said.

However, some homeowners are choosing that option, including Marti Yates and DeeJaye Lockwood.

Yates did a green remodel of an investment townhouse near Eldorado Park in Scottsdale last year.

Now, she has taken what she learned from that to do an affordable green renovation of her Arcadia home.

“I think of myself as an ordinary homeowner . . . who wants to re-create my home in as environmentally friendly manner as possible but on a realistic budget.”

Lockwood is doing a complete green renovation of her home in the historic Town & Country Scottsdale neighborhood.

That includes an energy-efficient heating and cooling system, insulated ductwork, solar panels and an insulated roof with a reflective barrier to reduce heat gain.

Lockwood, a Realtor specializing in green homes, said that green-building materials are comparable in costs to other high-quality materials.

“It means you’re making your home healthier and you’re investing money to save money,” she said.

“Plus, there are so many things you can do that don’t cost a lot, such as adding insulation in the attic,” said Lockwood, who is also on the city’s Green Building Advisory Committee.

Worthley, the remodeler, said many of the Valley’s older tract homes were built when electricity was cheap and the houses are energy-inefficient.

An energy audit to find some of those inefficiencies can be worthwhile, he said, adding that there are lots of easy ways to save home energy costs.

It can be as simple as switching to compact fluorescent light bulbs or fixing leaky air ducts, Worthley said.

A version of this story may have appeared in your community Republic.

www.theholmgroupaz.com

AZ Central – It’s a waiting game for Westcor’s Palisene

Oct. 28, 2008 12:02 PM

If all goes well, Westcor’s Palisene project could be up in running in four or five years. By then, company executives hope, two things will have happened:

1. The economy will be better.

2. More of the area will be developed with homeowners with deep pockets. Westcor announced recently its plans to build a mall anchored by Dillard’s and sporting a retractable roof.

Scott Nelson, a Westcor executive, said that along with the One Scottsdale Development on the east side of Scottsdale Road, “we believe we can be a successful commercial core.”

The public asks a very good question when it comes to the nascent shopping area: How much is enough? With CityNorth going in to the west and Scottsdale Quarter to the south, with Kierland Commons already thriving and numerous other retail choices available in the area, what stores will be left for Palisene? How many shoppers will want to go there?

Here are some pros and cons to the project from two retail experts, John Corritore of the Corritore Co. and Bob Kammrath of Kammrath and Associates.   For the pros and cons of Palisene to go:  http://www.azcentral.com/community/nephoenix/articles/2008/10/28/20081028sr-phx-palisene1029.html.

 

www.theholmgroupaz.com

 

AZ Republic – Scottsdale Quarter will compliment Kierland Commons

by Peter Corbett – Oct. 23, 2008 12:19 PM
The Arizona Republic

At first glimpse, Scottsdale Quarter is not a mirror image of Kierland Commons, its neighbor to the west.

But the new mixed-use outdoor shopping district shares enough similarities – throwback to Main Street shopping – that it will blend well with Kierland when the Scottsdale Quarter’s first phase opens in the spring.

Developer Michael Glimcher, CEO of Glimcher Realty Trust, sees Scottsdale Quarter complementing Kierland with a twist.

Kierland is Normal Rockwell. We’re more Andy Warhol,” Glimcher said. “We’re going for a younger mix, hipper.”

That might be a bit of marketing spin but the $270 million Scottsdale Quarter will arrive with some new-to-the-market retailers and restaurants.

Parc lounge from Los Angeles, Martini Bar, StingRay sushi and H&M, an edgy fashion retailer, should bring some vibrancy. And landing the Oakville Grocery, a Napa Valley fixture, is a good find.

But there are also more staid new players like Bing Crosby’s Restaurant, Williams-Sonoma Home and some restaurants with Midwestern roots, not that there’s anything wrong with that.

Marketplace already crowded

In the short term, the Quarter merchants could struggle in an already crowded Scottsdale Airpark marketplace.

But Glimcher and the retailers are taking a longer view.

“This is a 10-year decision, not a two-quarter decision,” Glimcher said of the merchants, who on average are signing eight-year leases.

The upside of all the new players is that they will bring a few more blocks of shopping, dining and nightlife that will amp things up.

Kierland, with 435,000 square feet of retail, is almost too small for those destination shoppers who want to make an afternoon of window shopping, digging for bargains and lunch at an outdoor cafe.

Cafe, shops and a small cinema

The Quarter will feature about 400,000 square feet of retail, plus 200,000 square feet of offices and a small, reserved-seat theater with reclining leather seats. Gold Class Cinema will offer premium food and wine in the 40-seat movie house.

Glimcher’s development partners, Vanguard City Home and the Wolff Co., will add condominiums and a hotel in the final phase of the project.

Four-story buildings will line narrow streets at the Quarter with a palm-lined plaza and two 1,500-space parking garages.

The 28-acre lifestyle center is replacing the Dial Corp. research center, which will be torn down early next year.

Nelsen Architects designed the Quarter and Kierland Commons.

The Quarter has a broader range of architecture than Kierland, with the intent of making it appear as if it had been built over time.

Quarter made in the shade

“Shade is king” was the design mantra for the Quarter, Glimcher said, with awnings, overhangs and the buildings blocking the sun.

One of the remaining challenges is connecting the Quarter to Kierland so shoppers don’t get run over crossing Scottsdale Road or have to drive and repark.

Glimcher said he would be open to discussing an overpass with Kierland and Scottsdale and Phoenix officials.

Another option would be a quick-loop shuttle linking the Quarter and Kierland

The Quarter’s first phase is expected to open roughly around March or April. Phase two follows a year later.

 

www.theholmgroupaz.com

 

AZ Republic – New shopping district lining up tenants

SCOTTSDALE – Developers of the Scottsdale Quarter, opening in the spring, have lined up restaurants, lounges, fashion and furnishings retailers, plus a gourmet grocery and a reserved-seat movie theater.

Glimcher Realty Trust announced Tuesday that it has signed two home furnishings stores, Williams-Sonoma and West Elm, and the Oakville Grocery, a fixture in California’s Napa Valley for more than a century.

H&M, a trendy Swedish fashion retailer, is also among the shops set to open in the first phase.

The $270 million Scottsdale Quarter is an outdoor shopping district similar to Kierland Commons, its neighbor on the Phoenix side of Scottsdale Road at Greenway Parkway.

Shops and restaurants will line narrow streets with buildings rising to four stories. A plaza studded with palm trees will include a water feature and a sculpture replicating the McDowell Mountains.

Tutta La Casa, the latest Mediterranean food concept from Sam Fox, will have outdoor dining on the plaza.

Parking will be in two 1,500-space garages flanking the restaurants and shops.

“We’re going for an urban, city-type feel,” said Glimcher, adding that it will be more like New York’s Soho neighborhood or Sunset Boulevard in Los Angeles rather than Rodeo Drive luxury.

“We don’t want to be Prada and Gucci and Louis Vuitton,” he said.

Scottsdale Quarter retailers will emphasize “the great denim, purses and sunglasses” that are such a part of the Scottsdale lifestyle, Glimcher said.

A second phase of Scottsdale Quarter, opening in March 2010, will include Gold Class Cinema. It will show films in a theater with 40 reclining leather seats and premium food and wine options, Glimcher said.

“For people who don’t have time for dinner and a movie they can do both,” he added.

Glimcher has also lined up an iconic national retailer that it has not identified.

The Columbus, Ohio-based company is developing the 28-acre Scottsdale Quarter with Vanguard City Home and the Wolff Co.

It will include about 273,000 square feet of retail, 102,000 square feet of restaurants and 200,000 square feet of offices.

A hotel and condominiums are planned on the eastern side of the property, which still has the Dial Corp. research center on it.

That building will be torn down next year after Dial moves to its new headquarters at Loop 101 and Scottsdale Road.

www.theholmgroupaz.com

AZ Republic – Developers use new laws to starve off foreclosure

by Andrew Johnson – Oct. 22, 2008 12:00 AM
The Arizona Republic

As residential and commercial real-estate markets falter, developers are increasingly turning to bankruptcy to stave off foreclosure on their troubled properties.

In the past, developers often filed for bankruptcy for the entire company, tying up all properties owned by their companies.

Changes to tax law and the U.S. Bankruptcy Code in the past decade enable developers to deal with their troubled properties selectively and prevent other properties they own from being affected.

They can file for what is known as a single-asset real-estate bankruptcy.

A property owner or developer sets up separate ownership entities for each project or property it owns, allowing a company to file for bankruptcy on one asset without bringing other assets into the fray.

The changes to the law have drawn more attention as business bankruptcies have risen in Arizona and across the United States.

A business bankruptcy filing typically stops a foreclosure sale from occurring, unless a lender can justify why such a sale should proceed.

There were 691 business filings in Arizona for the 12 months ending June 30, up from 332 for the same time period last year, according to the U.S. Bankruptcy Court.

The court does not break out how many of those filings are single-asset bankruptcies. But local real-estate attorneys say they’ve noticed a major increase in such filings.

Attorney Chad Schexnayder, who focuses on commercial lending and real-estate bankruptcy for Jennings, Haug & Cunningham LLP in Phoenix, said he expects such filings to increase as the economy worsens.

“I definitely think we’ll see more of them in the next 18 months,” he said.

What prompts many of the filings is the threat of foreclosure by a developer’s lender.

Some developers have filed for bankruptcy to hang on to properties that are part of developments they were planning.

In June, Scottsdale-based investment firm International Capital Partners LLC filed for bankruptcy on a 10,000-square-foot office building it bought as part of a mixed-use project it is planning near downtown Scottsdale.

The building was owned by an entity International Capital Partners manages called ICP D600A LLC, which filed to reorganize its debts under Chapter 11 bankruptcy.

The firm’s lender was planning to sell the building at a foreclosure auction July 1.

Earlier this month, Phoenix-based developer Namwest LLC filed for bankruptcy on several single- and multifamily projects it was building or planning to build around the Valley.

Different limited liability companies owned each property. Lenders had scheduled foreclosure sales on some of the properties for November.

Credit crunch

For some developers, bankruptcy is the only way to prevent a bank from taking over their projects.

The credit crunch has made it virtually impossible for developers to obtain take-out financing to pay back commercial mortgages when they mature, so some feel they have no other option, said Thomas Salerno, a bankruptcy attorney in Phoenix with Squire, Sanders & Dempsey LLP.

Salerno represents the developer of Laughlin Ranch, a master-planned housing and golf community in Bullhead City.

The various components of the partially complete project, including a clubhouse, golf course and residential lots, were owned by separate entities.

The developer put several of the entities into bankruptcy last year because of financing troubles.

Stopgap solution?

The strategy can be successful for some developers, but many are prolonging an inevitable loss of the property, attorneys and lenders say.

Changes made to the federal bankruptcy code in 2005 limit the amount of time a single-asset entity, regardless of its size, has to file a reorganization plan to 90 days.

That often isn’t enough time for developers who are facing serious financial troubles, Schexnayder said.

“I think it puts a chill on larger-project single-asset filings except when it’s desperation,” he said.

Douglas Reynolds, chief credit officer with Phoenix-based Western National Bank, said he questions how successful such a move is for a developer that wants to maintain ownership of a property because of turmoil in the financial markets.

“In a downturning environment, I don’t see why someone . . . would spend that kind of money (on a filing) unless they had something in their hand to throw at the table,” he said.

 

www.thehholmgroupaz.com

AZ Republic – Desert Ridge golf resort tops World Travel Awards

The World Travel Awards has named the JW Marriott Desert Ridge Resort & Spa Arizona’s leading golf resort.

A vote by thousands of international travel agents and industry professionals selected the resort as one of the top U.S. operators and golf destinations.

The World Travel Awards is the only global award of its kind, acknowledging and recognizing excellence in the travel and tourism industry.

“To even be nominated, let alone win, in the World Travel Awards is a testament to the dedication and work of the entire staff,” said John Wright, director of golf at Wildfire Golf Club. ” . . . It shows that both Wildfire Golf Club’s Palmer and Faldo courses are must plays for anyone intending to golf in Arizona.”

Wildfire Golf Club offers two 18-hole championship courses: the par-71 Faldo Course, designed by three-time Masters and three-time British Open champion Nick Faldo; and the par-72 Palmer Course, designed by Arnold Palmer.

The resort is at 5350 E. Marriott Drive in Phoenix, just off Loop 101.

If you are looking for a home in the Desert Ridge area click here: http://theholmgroupaz.com/desertRidge.htm

AZ Republic – Montelucia rarin’ to go

PARADISE VALLEY – Robert Flaxman darted through the grounds of the new $325 million InterContinental Montelucia Resort and Spa like a kid in a candy store.

The Southern California developer is opening the Valley’s newest luxury hospitality playground Nov. 4 southeast of Tatum Boulevard and Lincoln Drive in Paradise Valley.

Flaxman, president and CEO of Crown Realty and Development Corp., bought the 30-acre former La Posada Resort in March 2004 for $30.6 million with dreams of opening his first resort.

Prado is the resort’s signature restaurant named after the National Museum of Art in Madrid, Spain.

Flaxman traveled to Europe and returned with doors, olive oil vats, grinding stones, a bride’s wishing well and other antiques to adorn the property.

His stamp of approval is on everything from the custom design of the light fixtures to the way the seating is arranged in the Moroccan-style lounge to encompass a full view of the Prado restaurant.

“In case you’re not in love with the date you’re with, you can check out everybody else in the restaurant,” he said with a laugh.

Flaxman recently gave the Scottsdale Republic a tour and answered questions.

“So many people that I have toured in this place have already said this, you know, this takes you to another place. I mean, this is beyond not only Paradise Valley, but this is beyond what you see typically in America. You have to go to Europe to see something like this,” Flaxman said.

How does it feel to have this almost opened?

It feels wonderful.

Did you pick Election Day for a particular reason?

No, it just worked out that way. We wanted to open on a Tuesday and so that’s the first Tuesday that we could open.

How far are you booked in advance?

We have bookings all the way out through 2010 at this point, but we’re still taking more, that’s for sure.

How about weddings?

We have John Langbein (president of the Ticket Exchange) doing the first wedding here. It will be on Nov. 8. I think it’s 500 people. And then Billy Mayfair, the PGA golfer, is doing his wedding here later in November, I believe.

How many trips did you make to procure things?

We probably went, I don’t know, probably about a half a dozen times. Morocco and Spain and France.

The economy is not hurting business here for the opening, is it?

Of course it is. I mean, we’re booking business, but this is not 2006.

So, what’s left to be done before the opening?

It’s all about punch lists and just moving in all the furniture.

How many employees are going to be here?

I think right now we already have 300 on staff and we should have about 350 to 400 by the time we open. (Eventually, there will be 600.)

What’s your favorite place here? Do you have a favorite spot you like to hang out?

Outdoors? There’s little things that my eye appreciates like on the south end of the property where the ring road passes between the citrus grove. If you stand on the end of the wall and look down there, it looks really like some place from Europe would look across there.

And indoors?

I love the spa rotunda. I love the pre-function space. I think Prado, particularly when all the pieces of Prado come together with the artwork. I love standing in reception and looking back down the promenade. There’s so many of these places that are so unique.

When the guests come here and stay, or visitors come to the resort, what do you hope their experience is going to be?

I think there’s two important elements to that. One is what do you expect as a guest in a luxury property? Great food. Great service. And then the second thing is something unique. Something different. Something that you didn’t anticipate. Something that surprises you. Something that makes you happy about the fact that you made a decision to leave wherever you were to come to some place.

 

If you are looking for a home in the Paradise Valley area click here:

http://theholmgroupaz.com/ParadiseValley.htm

 

 

The Best of Aviano – Desert Ridge



The Best of Aviano – Desert Ridge

3731 E Maffeo Rd.
Phoenix, AZ 85050

Offered at $749,000
MLS #4050758

• 5 Bedrooms • 3.5 Baths • 4,640 sq. ft.

Toll Brothers Terraza Model 5 Bedrooms plus Den and Bonus Room. With Over 4,600 SF, this home is the Best Value in Avian. The Entertainer Resort-Like Setting includes Sparkling Pool & Spa, Custom BBQ/Bar Area and Gas Firepit. Luxurious Master Suite & Bath includes Granite Countertops, Jetted Tub and built-in Closet Organizers. Priced under appraisal (10-13-2008), this is a must-see home!

Features:

• Upgraded Carpeting and tile
• Gas Fireplace in Living Room
• Formal Dining with Accent Columns
• Charming Bay Windows and Soaring Ceilings
• Gourmet Kitchen with Stainless Appliances
• 42″ Cabinets
• Granite Countertops
• Double Oven w/Convection
• 5-Burner Gas Cooktop
• Wet Bar w/Wine Refrig
• Upstairs Bonus Room
• Security System
• 3 Car Garage
• Walk to Community Clubhouse and Park
• North-South exposure

For More Information, Contact:
Andrew Holm
480.767.2737
andrew@theholmgroupaz.com
www.theholmgroupaz.com

Desert Ridge Aviano Home For Sale

 Desert Ridge Aviano Home For Sale

http://www.scottsdalerealestatemaponline.com/mapping/arizona/?keywords=4050758

Click link to see this listing in our 3d Microsoft Earth Mapping Solution.

3731 E Maffeo Rd.
Phoenix, AZ 85050

Offered at $749,000
MLS #4050758

• 5 Bedrooms • 3.5 Baths • 4,640 sq. ft.

Toll Brothers Terraza Model 5 Bedrooms plus Den and Bonus Room. With Over 4,600 SF, this home is the Best Value in Avian. The Entertainer Resort-Like Setting includes Sparkling Pool & Spa, Custom BBQ/Bar Area and Gas Firepit. Luxurious Master Suite & Bath includes Granite Countertops, Jetted Tub and built-in Closet Organizers. Priced under appraisal (10-13-2008), this is a must-see home!

Features:

• Upgraded Carpeting and tile
• Gas Fireplace in Living Room
• Formal Dining with Accent Columns
• Charming Bay Windows and Soaring Ceilings
• Gourmet Kitchen with Stainless Appliances
• 42″ Cabinets
• Granite Countertops
• Double Oven w/Convection
• 5-Burner Gas Cooktop
• Wet Bar w/Wine Refrig
• Upstairs Bonus Room
• Security System
• 3 Car Garage
• Walk to Community Clubhouse and Park
• North-South exposure

For More Information, Contact:
Andrew Holm
480.767.2737
andrew@theholmgroupaz.com
www.theholmgroupaz.com

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