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|Lender Owned home with great location. List price approved by the bank. Minutes away from the 101 and I-10 freeways. 5 bedrooms and 3 bathrooms with over 2200 square feet. Perfect home for families and/or roommates. Nice back yard with pool. 2 Car Garage. Great Schools.|
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Archive for April, 2010
|For More Information on the property, Contact Andrew Holm.|
|Lender Owned Property. List Price Has Been Approved by the Lender. Lovely Single Level Patio Home in Popular Villas Valencia Community. Three Bedrooms. Well-Maintained Community. Courtyard Entry, Dining Off Living Room, Eat-In Kitchen, Breakfast Bar, Pantry, Fireplace, Ceiling Fans, Security Door, Extra Garage Storage. Community Pool & Spa. Close to Shopping, 202 Freeway, Restaurants, Churches, Etc. Buyer to Verify All Information.|
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An independently owned and operated member of The Prudential Real Estate Affiliates, Inc. This information, including property price, is deemed reliable but not guaranteed. Square footage, lot size and other stated dimensions are estimated. Information not independently verified by Broker.
by Peter Corbett – Apr. 29, 2010 02:24 PM
The Arizona Republic
A Scottsdale shopping district that has been treading water while the recession swamped retailers’ expansion plans is moving ahead, with new tenants coming next month and this fall.
Scottsdale Quarter, an open-air lifestyle center, will add Primebar, a restaurant and martini bar, on May 17 on its southern edge.
Other retailers expected to join the Quarter this fall include Nike, Armani A/X, Lululemon Athletica, a yoga clothing shop, and a champagne bar called Narcisse.
Scottsdale Quarter is a $250 million project that had a limited opening in March 2009. It is southeast of Scottsdale Road and Greenway-Hayden Loop, and current tenants are Williams-Sonoma Home, West Elm, Brio Tuscan Grill, Apple, H&M and Oakville Grocery.
“With each new opening, we get an influx of shoppers,” said Jenny Bassett, marketing director.
Scottsdale Quarter and other Northeast Valley mixed-use centers such as CityNorth hit the market as the economy spiraled into a recession.
CityNorth at Loop 101 and 56th Street opened its first phase of stores, restaurants, apartments and offices in November 2008. It is in foreclosure on a $290 million debt with a trustee sale set for this summer.
Glimcher Realty Trust, one of the Scottsdale Quarter’s development partners, remains solvent and is moving ahead with leasing the 28-acre property.
On a conference call last week, Michael Glimcher, company chairman, said Scottsdale Quarter has leased 80 percent of the space in the first two development phases.
Phase 2 construction will be completed over the next few months with a wave of shops and restaurants opening in the fall, Bassett said.
Scottsdale Quarter’s office tenants include Cities West Publishing, Superior Home Services, Eddie V’s restaurants and Girlfriend University, a business mentoring enterprise.
The digital marketing firm iCrossing will move in next month and occupy the entire fourth-floor space above H&M, a fashion retailer, Bassett said.
Scottsdale Quarter’s newest player is the 8,300-square-foot Primebar, which wraps around the south parking garage with a streetside patio and a main bar set against an elevated stage.
“We’re taking the best of Mastro’s, Sapporo and Blue Martini and blended it all together in one atmosphere,” said John Polizzi, Primebar’s managing partner.
The bar and its music are targeting 30-year-olds to Baby Boomers.
Happy hour from 4 to 7 p.m. will feature 30 wines by the glass for $5 each, specialty martinis for $6 and 20 craft beers at $4 each.
Appetizers and a full dinner menu will be served until 10 p.m., Polizzi said.
Scottsdale Quarter will add other restaurants in the fall, including True Food Kitchen, from Fox Restaurant Concepts, in the Quarter’s central square, or quad, and Eddie V’s on the street side of the north parking garage.
Narcisse will serve champagne in a second-level bar next to the Gold Class Cinema. The upscale movie theater is slated to open next year.
Nike has started construction of its two-level store east of Apple. Nike will be trying a new concept at Scottsdale Quarter that will be unveiled at two other locations this year, Bassett said.
Scottsdale Quarter’s plan calls for 370,000 square feet for retailers and restaurants, along with more than 200,000 square feet of office space.
A third phase could include a hotel and residential component on the eastern edge of the property. The timing of that development will be market-driven, said Richard Hunt, Scottsdale Quarter’s general manager.
Republic restaurant critic
CityScape, the $900 million showplace project in downtown Phoenix, has just inked a deal with New Orleans restaurateur Jason Doyle and his Doyle Restaurant Group to bring three more restaurants and a lounge to the complex.
Brian Harper, vice president for leasing for CityScape developer RED Development, calls Doyle an “independent, Sam Fox-type guy” with a knack for creating popular concepts. Fox is the brains behind popular Valley eateries Olive & Ivy, True Food, Zinburger and Modern Steak.
Harper says all the places will be “value-centric.”
The three restaurants are scheduled to open in October.
• La Crepe Nanou: The uptown New Orleans location of this restaurant has been around since 1983 and is always crowded. Look for a French café menu of soups, salads, crepes, along with a few meat, fish and poultry entrees.
• BrewPublic Craft House: Craft beers and pub grub are the focus.
• Huey’s 24/7 Diner: The kitchen will never close at this diner, which will feature inexpensive comfort food.
The final piece of the Doyle mini-empire is Rasputin Vodka Bar, which Harper compares to the dark, sexy Merc Bar in Phoenix’s Esplanade office complex. The Web site calls it a “late-night, DJ-inspired ultra lounge.”
Harper is aiming for a summer opening.
Over the past two years, CityScape has put together an impressive restaurant line-up. Among the coming attractions are LGO Public House, a gastro pub from the La Grande Orange group; two Aaron May ethnic restaurants, one Mexican, the other an Asian noodle house; a Sam Fox, Beverly Hills-style chophouse; a pan-Asian/sushi restaurant from Jimmy Carlin called Silk; and new branches of two local favorites, the Breakfast Club and Blu Burger Grille.
CityScape is bordered by First Street and First Avenue, between Washington and Jefferson streets.
by Angelique Soenarie – Apr. 23, 2010 03:34 PM
The Arizona Republic
Early next week the mostly-built Centerpoint condominium towers in downtown Tempe will be listed for sale by CB Richard Ellis.
The condominium project recently failed to sell at a foreclosure auction, which forced Peoria-based lender, ML Manager LLC to take over the property.
A price will not be listed, but offers will be accepted for the property, said Mark Winkleman, ML Manager chief operating officer. Already, he said there has been interest from all over the country.
“Its attracted very prominent and well capitalized buyers in the country,” he said. “We’re approaching 200 inquires and with zero marketing from around the country.”
Five years ago the Centerpoint development, which began near Maple and Sixth streets, was to include 375 condos, an upscale retail plaza, fine dining and a winery. Tempe City Council waived height requirements to approve the 22- and 30-story buildings. But now local stakeholders see the vacant towers an unsightly problem.
Winkleman said the possibility of a buyer tearing down the towers to develop something else is unlikely. He said the development could become high-end rental property, student housing or assisted living.
Winkleman said the inability to sell the condominiums at the recent foreclosure auction “was merely the lender foreclosing. We were expecting the bid to be substantially higher.”
He said the minimum bid started at $8 million and could have gone up to $135 million, which was Mortgages Ltd.’s loan to Tempe Land Co. LLC, the former developer of Centerpoint. Tempe Land is a subsidiary of Tempe-based Avenue Communities LLC.
Winkleman expects the development will sell in the next 45 to 60 days.
“Unfortunately, it won’t recover all of it,” Winkleman said. “No one has suffered worse losses than our investors. It’s a tough situation.”
Reporters Dianna M. Náñez and Catherine Reagor contributed to this report.
It’s a long way from bingo halls to the Casino Arizona at Talking Stick.
The $440 million hotel-casino that opened Thursday on the Salt River Pima-Maricopa Indian Community will combine Scottsdale resort amenities – fine dining, a spa and golf – with gaming and entertainment that is somewhere between Laughlin and Las Vegas.
Los Lobos headlined a private show on Wednesday night. Coming acts in the showroom include Brian Wilson, Clint Black and Big Bad Voodoo Daddy.
“We’re very excited to get in here,” said Russ Burbank, Casino Arizona chief operating officer.
Gamblers flooded into the casino on opening day as Salt River police directed traffic into the unfinished parking lots. Golf-cart shuttle drivers scurried to ferry gamblers through construction areas to the front door.
The casino, along with a few restaurants and lounges, are operating but Casino Arizona at Talking Stick is opening the hotel and other eateries over the next few weeks.
The casino’s poker room was full and seats were scarce at the slot machines. Players punched buttons on the ever-popular Monopoly slot machines, rolled dice on a virtual craps table and helped Carrie Bradshaw pick out a dress on a “Sex and the City” video slot machine.
“It’s beautiful in here – oh, my God!” one gambler said into his cellphone as he made his way across the slots floor.
Bartenders poured drinks at a main floor lounge with floor-to-ceiling windows overlooking Talking Stick’s two golf courses and an unfinished pool deck.
One gambler, who played at the old Casino Arizona at Indian Bend Road and Loop 101, was less than thrilled with her first visit.
“It’s OK,” Katie Adams of Glendale said. “I’ve just got to get used to it. It’s really packed, and we couldn’t get a seat.”
Talking Stick’s 240,000-square-foot casino is twice as large as the one it replaces.
Players can choose from 800 slot machines and 100 tables for blackjack, poker and other card games.
Smoking is allowed in the casino but restricted in the poker room, in a small area of the slot machines and in the hotel.
Views hit the jackpot
Talking Stick Resort includes eight restaurants, 10 lounges and 497 rooms, including 15 suites on the top two floors. An all-day buffet is priced from $12.95 for breakfast to $23.95 for dinner.
The hotel’s “wow” factor will come from its spa on the 14th floor and the 230-seat Orange Sky restaurant on the 15th floor. Both have spacious balconies with stunning views of Camelback Mountain and the McDowell range.
Standard hotel rooms will go for $100 to $300 per night in season. A 2,000-square-foot presidential suite is $3,500, said Burbank, the Casino Arizona executive.
“We’re going for a four-diamond rating (from AAA), and it looks like we’re going to get it,” he said.
Ties to tribes’ heritage
The hotel features a contemporary interior design by Milt Elliott of FFKR Architects with a subtle color palette of gray, black and white.
It incorporates design motifs representing the basketry of the Pimas and the red and black pottery of the Maricopas, Elliott said.
The Salt River community incorporates two tribes, the Pima, or O’odham, and the Maricopa, or Piipash.
Tribal voters approved gaming in 1994, and Salt River opened its first casino four years later.
Talking Stick’s hotel lobby includes a gallery with a large collection of contemporary Native American art.
Business groups will utilize the resort’s 50,000 square feet of meeting space, including a 25,000-square-foot ballroom.
Talking Stick will host the American Hotel Lodging Association in June. Golfers will play the two 18-hole courses that are managed by Scottsdale-based Troon Golf.
And by next spring, Salt River will host the Arizona Diamondbacks and Colorado Rockies at a Cactus League complex about a mile from Talking Stick.
The resort is adding a new entertainment package for the destination, said Rachel Sacco, Scottsdale Convention and Visitors Bureau president.
“We’re lucky it’s here on this side of town,” she said. “It will bolster the tourism market in Scottsdale.”
by Jahna Berry – Apr. 15, 2010 05:08 PM
The Arizona Republic
A Bankruptcy Court dispute delayed Wednesday’s foreclosure auction of 182 unsold downtown Phoenix luxury condos.
Three creditors of the 44 Monroe tower, located near First Avenue and Monroe Street, have filed petitions to force 44 Monroe LLC into Chapter 7 bankruptcy liquidation. They are owed $306,465, court documents say.
The auction was pushed back to April 27, but a judge must OK the auction before it can continue, said Phoenix attorney Brian Spector, who is the trustee.
The 196-unit luxury high-rise was finished in 2008. Its lender collapsed and was taken over by the FDIC, which now owns a 60 percent stake in Corus Construction Venture LLC. 44 Monroe LLC owes Corus $86.8 million.
by By STEPHEN OHLEMACHER – Apr. 15, 2010 12:50 PM
WASHINGTON – Here’s a good way to get audited by the Internal Revenue Service this year: claim the new homebuyer tax credit.
About a fifth of all IRS examinations done by mail in the past six months were for people claiming the credit, National Taxpayer Advocate Nina E. Olson told a congressional committee Thursday – the filing deadline for individual tax returns.
The audits mean big delays in getting refunds – as much as five months – just as Congress and the Obama administration hope that tax refunds will spur economic growth and the homebuyer tax credit will improve the housing market.
“The first-time homebuyer credit is a program that I personally would not have run through the tax code,” Olson, an independent watchdog within the IRS, said in an interview. “The taxpayers need the money at the closing, and by definition, the tax code is a one time a year filing event.
“Most people don’t close on their houses on April 15,” she said.
Congress passed an $8,000 credit for first-time homebuyers early last year to help jump-start housing markets as part of the massive economic recovery package. The program was so popular, Congress extended and expanded the program in November, opening it up to longtime homeowners who buy new homes.
Buyers who have owned their current homes at least five years are eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers – or people who haven’t owned homes in the previous three years – can get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
To help prevent fraud, homebuyers are required to include a settlement statement, also known as a HUD statement, with their tax returns. Longtime homeowners have to provide proof they have owned their current home for five years. That could be done with old property tax bills, said Jackie Perlman, an analyst at the Tax Institute at H&R Block.
“Understand your obligation to provide documentation and provide it, it’s as basic as that,” Perlman said.
The documentation requirements mean that taxpayers applying for the credit cannot file their returns electronically, which also delays refunds.
Refunds take about 10 days for returns filed electronically in which the refund is deposited directly into a bank account. Refunds can take six to eight weeks for last-minute filers who use paper returns and receive checks.
As of April 2, the average refund was $2,950, up about $255 over last year.
The National Association of Realtors estimates that about 2 million first-time homebuyers took advantage of the credit last year, said spokesman Walter Molony. The realtors project that about 900,000 additional first-time homebuyers will qualify for the credit this year, in addition to 1.5 million repeat buyers, he said.
Through March, the IRS had completed more than 650,000 correspondence exams in which taxpayers are required to share additional information by mail. Of those exams, or audits, about 140,000 were for people claiming the homebuyer credit.
Through the end of February, more than 1.8 million taxpayers applied for the credit. Of those returns, 260,000, or little more than 14 percent, were selected for audits, Olson said in written testimony to the Senate Finance Committee.
By comparison, the IRS completed a little more than 1 million correspondence exams last year, out of about 140 million individual returns filed.
Deputy IRS Commissioner Steven Miller said the agency has worked to publicize the requirements of the homebuyer tax credit as well as others that were part of last year’s economic recovery package.
by Peter Corbett – Apr. 14, 2010 09:51 AM
The Arizona Republic
Scottsdale home sales spiked in March to their highest level in nearly five years as short sales, foreclosures and fix-and-flip foreclosed properties boosted the market.
Home sales and foreclosures were up just under 80 percent from a year ago, according to the latest monthly report from Arizona State University Realty Studies.
Scottsdale’s median price of $370,000 was down 1.3 percent from March 2009 but it was one of the smallest declines in years.
The median price flattened out, but foreclosures and short sales brought down the average price per square foot, said Fletcher Wilcox, a Grand Canyon Title Agency vice president who analyzes the local housing market.
“Prices are going to be challenged in the upper end of the market,” Wilcox said, adding that the sale of larger homes pulled up the median price in Scottsdale in March.
Foreclosures accounted for 28 percent of the March home deals in Scottsdale, according to the ASU report. The foreclosure rate is 40 percent Valley-wide.
The Valley’s median price in March for traditional sales was $142,500, up 12 percent.
Scottsdale home sales have not been this high since September 2005 when 660 properties were sold. The median price then was $540,000.
Wilcox and Scottsdale Realtor Gary Holloway of Zip Realty said that a growing segment of the market was from foreclosed homes that investors bought, refurbished and then quickly sold for a modest profit.
“They’re picking them up so cheap . . . and they can make 10 percent to 15 or 20 percent,” Wilcox said.
Holloway said buyers often snap up the fix-and-flip homes after seeing foreclosed homes that have been trashed by delinquent buyers.
“There is kind of a frenzy” for some of the lower-priced fix-and-flip homes with multiple offers above the asking price, he said.
Holloway says there are still a lot of problems with lenders dragging their feet on approving short sales.
Still, deals are getting done. About 15 percent of the single-family homes sold in Scottsdale in March were short sales, Wilcox said.
His analysis of the Multiple Listing Service data also showed that there is less than a four-month supply of Scottsdale homes priced below $400,000. It jumps to more than five months for homes priced from $400,000 to $600,000.
A six-month supply of homes is generally considered a balanced market.
In Scottsdale, there is a 16-month supply of homes costing $700,000 to $800,000 and $1 million to $2 million.
“Larger homes are stuck on the market, and the price is going to come down,” Wilcox said, adding that sellers are discouraged.
Buyers, meanwhile, are nervous and confused by the market, Holloway said.
“They’re afraid,” he said. “They don’t want to be like all the people they read about who got hurt before.”
And on the other side of it, “everybody wants to be able to brag” that they got a great deal, Holloway said.
by ALAN ZIBEL – Apr. 13, 2010 11:13 AM
AP Real Estate Writer
WASHINGTON – Top banking industry executives are skeptical about helping troubled borrowers by forgiving a portion of their debt.
The executives told lawmakers on Tuesday they are reducing the amount that troubled borrowers owe on their home loans only in limited cases. That’s because consumers who are paying their mortgages on time are likely to see such reductions as unfair, the executive said.
David Lowman, chief executive of JPMorgan Chase’s mortgage business, told the House Financial Services Committee that large-scale mortgage principal reduction “could be harmful to consumers, investors and future mortgage market conditions.”
Chase estimates that reducing home loan balances so that no homeowners would owe more than the value of their homes would cost up to $900 billion, with $150 billion of that borne by the government.
Such programs “could raise issues of fairness,” agreed Sanjiv Das, Citigroup’s top mortgage executive. The pair appeared in front of the Senate committee with top executives from Bank of America and Wells Fargo & Co.
The four mortgage companies are the largest in the country and have come under fire for not doing enough to help borrowers as part of the Obama administration’s $75 billion mortgage relief program, which has failed to make a big dent in the problem.
Only 170,000 homeowners have completed loan modifications out of 1.1 million who began the program over the past year.
Democrats blame the industry. But Republicans say the Obama administration should abandon the effort and focus on creating jobs.
“The market needs to find its own footing free of government intervention and manipulation so we can revive our economy and get on with a full housing market recovery,” said Rep. Spencer Bachus of Alabama, the committee’s senior Republican.
Last month, the Obama administration launched a plan to reduce the amount some troubled borrowers owe on their home loans and give jobless homeowners a temporary break. Administration officials cautioned that the plan won’t stop all foreclosures or help all troubled homeowners. Instead, they say it will help the Obama administration meet their original target, announced last year, of helping 3 million to 4 million borrowers avoid foreclosure.
The four big banks at Tuesday’s hearing are also the main holders of second mortgages such as home equity loans. During the housing boom, business boomed for so-called “piggyback” mortgages – second loans that allowed consumers to make a little or no down payment.
These loans may be worth little or nothing, but banks are reluctant to release their claims or reduce the value of those loans on their books. Complicating matters, many borrowers are choosing to pay their second mortgages ahead of their primary ones. So banks have little incentive to modify those loans as long as homeowners are still paying on time.
The Treasury Department has launched a program to modify second mortgages. That program was delayed for months but the four big banks signed on after pressure from the Obama administration and lawmakers.