Archive for December 3rd, 2008

AZ Republic – Epicenter hotel project wins council’s approval

Published December 3, 2008 Blogroll , Real Estate Articles , Scottsdale Real Estate Leave a Comment

by Lynh Bui – Dec. 3, 2008 01:25 PM
The Arizona Republic

SCOTTSDALE – Developers got the green light to build two five-story hotels in north Scottsdale by a 4-3 vote from the City Council on Tuesday night.

The council grappled over the height of the hotels and the possible revenue and tourism benefits it could bring the city.

The hotels are part of the Scottsdale Epicenter development planned for the northeastern corner of Bell Road and Loop 101.

Some residents, including members of the Coalition for Pinnacle Peak, opposed the development, fearing the building heights would block mountain views and set a precedent for more tall buildings in the area. Many also wanted to delay the project until a planning study of the Scottsdale Airpark area, currently under way, is complete.

“Height begets height,” said Councilman Tony Nelssen, who voted against the project along with council members Betty Drake and Bob Littlefield. Nelssen said he also voted against the project because he was worried about project’s design quality.

“There is nothing in this agreement that guarantees what is presented is built,” Nelssen said.

John Berry, an attorney representing the developer, said the hotels would boost tourism, especially considering their proximity to WestWorld.

Representatives from many of the major WestWorld events, including the Barrett-Jackson Collector Car Event and the Scottsdale Arabian Horse Show, submitted letters supporting the project.

The city has spent significant taxpayer dollars to support WestWorld, the McDowell Sonoran Preserve and other tourist draws in the area, Berry said. But it defeats the purpose of investing in these amenities if there are no hotels for tourists to stay.

Mayor Mary Manross, council members Wayne Ecton, Ron McCullagh and Mayor-elect Jim Lane voted in favor of the project.

Many worried about keeping the city economically competitive, especially with some of the new developments planned around north Phoenix and the nearby Indian communities.

“It is the time to encourage, not to stop, delay or damage private development,” said Lane, who also felt the hotel heights were consistent with the city’s “low-profile” character.

Also, with prodding from McCullagh, the developer agreed at the last minute to spend $150,000 on a public art project around Bell Road.

If you are looking for a home in the Pinnacle Peak area click here:

www.theholmgroupaz.com

AZ Republic – VIP holiday shopping at Kierland

Published December 3, 2008 Blogroll , Kierland - Scottsdale Quarter , Real Estate Articles Leave a Comment

by Eugene Scott – Dec. 2, 2008 11:47 AM
The Arizona Republic

The VIP holiday shopping experience at Kierland Holiday shopping at Kierland Commons has just gotten easier. The northeast Phoenix shopping center is offering visitors assisted shopping to make their experience as stress-free as possible. The complimentary service is available by calling the Kierland Common’s office.

“It’s an experience when you come to Kierland. You have multiple stores you visit, you sit on the patio. You’re not just hitting one store and leaving,” said Alison Goodman, marketing manager at the shopping center. “And many people don’t realize it’s something we can help them do.”

Goodman talked about how it works:

KIERLAND-STYLE PERSONAL SHOPPING

“It’s not exactly personal shopping in the traditional sense, where we go shop for you. It’s more in terms of if you want to do this we can help accommodate this. Like if someone calls us today and says, ‘I’m coming to shop at Kierland next Monday and I wanted to see what kind of things you have.’”

HOLIDAY DEMANDS

“It’s kind of on a first-come, first-served basis in terms of how much we can handle in terms of the load. . . . We would need at least 48 hours in advance. And we would need to be notified during the weekdays at least.”

STEP ONE

“We’d ask, ‘Do you want to eat? Go shopping?’ And they would tell us what they wanted to do and we could call all of those stores ahead of time so they can have a VIP shopping experience.”

WHAT THE STORES DO

“We call the store manager and say, ‘This customer is coming in on this date and time and these are the sizes and colors.’ The stores can pull some items they want to see. We basically try to make it as easy to shop as possible.”

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

http://theholmgroupaz.com/kierland.htm

AZ Republic – Commission tackles Ritz patio homes

Published December 3, 2008 Blogroll , Paradise Valley , Real Estate Articles Leave a Comment

by Diana Balazs – Dec. 3, 2008 01:20 PM
The Arizona Republic

The Paradise Valley Planning Commission has approved a request to reduce the number of patio homes to be built as part of the Ritz-Carlton, Paradise Valley project.

The commission, in a 5-0 vote Tuesday, reduced the number from 100 to 88. The project will be built on 105 acres northwest of Lincoln Drive and Scottsdale Road.

THE REQUEST

Scottsdale-based Five Star Development Resort Communities LLC asked for a minor amendment change to its special-use permit, which required only commission action.

The commission discussed the request Nov. 18 during a work study session. Commissioners requested more-detailed information and graphics to compare the existing plan with the proposed changes.

THE REASON

Five Star representatives conducted focus groups with potential home buyers who told them they wanted larger villa homes. Five Star requested that six buildings, housing two patio homes per building, be eliminated. That additional space will increase the average size of the homes by 300 square feet.

THE RESULTS

The reduction will drop the patio homes’ total building coverage by approximately 15,000 square feet from 306,020 to 290,665 square feet. It also will reduce the number of two-story villas from 78 to 62 and increase the number of one-story units from 22 to 26.

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

http://theholmgroupaz.com/ParadiseValley.htm

AZ Republic – Valley housing recovery on track

Published December 3, 2008 Blogroll , Real Estate Articles Leave a Comment

by Catherine Reagor – Dec. 2, 2008 05:50 PM
The Arizona Republic

National real-estate analyst Tim Sullivan of the Sullivan Group put together a seven-point test to track a recovery of metropolitan Phoenix’s housing market. Last December, the Valley passed only one of the measures.

Check out the area’s current housing report card on Sullivan’s seven criteria. The market is getting better marks.
• The number of resales on the market falls below a seven-month supply.

The Valley has 55,620 homes for sale, according to the Cromford Report’s analysis of Arizona Regional Multiple Listing Service data. That’s about a 12-month supply, which is better than the market’s 14-month supply of homes for sale a year ago.
• Home sales need to stop slowing.

Resales are up from a year ago, according to realty studies at Arizona State University. Last month, 4,465 existing homes sold Valley-wide. That compares with 3,280 in November 2007.
• New-home permits must fall.

New-home permits dropped to 697 in October, their lowest level in more than 25 years, according to RL Brown’s Phoenix Housing Market Letter.
• Mortgage-purchase applications increase.

Applications from home buyers did increase last week, according to the Mortgage Bankers Association of America.
• Thirty-year mortgage rates drop to 6 percent.

The average 30-year rate is down to almost 5.9 percent this week, according to Freddie Mac.
• Affordability must improve dramatically.

Valley home prices dropped 26 percent through August, according to data released Tuesday from ASU’s Repeat Sales Index. The Valley’s median has dropped to $175,000. That makes many Valley homeowners, including me, cringe. But it means a lot more first-time buyers can afford homes, which will help the market.
• At least one major home builder goes away.

Unfortunately, several builders have gone under.

Score: The Valley’s housing market has six out of the seven indicators, a much better score than last year. Unfortunately, now the financial and credit markets must stabilize and the recession must end before the housing market recovers.

www.theholmgroupaz.com

 

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