Archive for February 24th, 2012

AZ Central – Senior housing options expanding in Scottsdale

by Peter Corbett – Feb. 24, 2012 09:18 AM
The Republic | azcentral.com

Senior housing continues to be an active part of the Scottsdale real estate market with the opening this week of an assisted-living center and another senior resort coming this summer.

Belmont Village Scottsdale is a three-story, 100,000-square-foot senior-housing community with 136 units southeast of 100th Street and Frank Lloyd Wright Boulevard. Its first residents moved in this week and a grand opening is set for Saturday.

The contemporary design with bright lighting and colors follows Houston-based Belmont’s concepts developed in its previous 20 communities in seven states.

“We give equal weight to form and function,” said Patricia Will, Belmont chief executive.

Belmont Village Scottsdale includes wider hallways to hasten mobility for residents in wheelchairs or using walkers, smaller-scale chairs with sturdy arms that make it easier to stand up and even large-type computer keyboards and telephones for easier reading.

The new senior community is one of a handful of developments that have emerged in the last two years in the Northeast Valley with more than 1,000 housing units.

Arte and Vi at Silverstone, both in Scottsdale, and Sagewood in Phoenix all opened in 2010.

Sagewood, a resort-style senior community southwest of Tatum and Mayo boulevards, opened its villas this week. The development is a joint venture of Life Care Services of Des Moines, Iowa, and the Westminster Funds.

Sagewood’s units of 1,837 to 1,907 square feet are priced from $802,300 to $860,500 with 80 percent of that buy-in fee refunded to a resident’s estate.

Maravilla plans May opening

Another resort-style community, Maravilla Scottsdale, is scheduled for completion in May just west of the Fairmont Scottsdale Princess resort. Developed by the Senior Resource Group of San Diego, it will have 217 residences, including 36 assisted-living units and 24 memory-care units on a 25-acre site.

Maravilla’s 900-square-foot independent-living residence has an initial buy-in fee of about $240,000 plus a $1,900 monthly fee for meals and other services. Residents can also pay more up front, about $481,000, for that same residence but 90 percent of that buy-in fee is refundable.

Belmont Village, which is on a 4.17-acre site with a courtyard pool and a walking path, has no buy-in fee. Month-to-month fees start at $3,390 and most residents will pay between $4,000 to $5,000 for a studio or one-bedroom unit depending on their services, said Debbie Whipple, Belmont Village Scottsdale executive director.

The community includes 25 units for residents with Alzheimer’s disease or dimentia. Belmont also provides special care and activities for residents with mild-cognitive impairment.

Belmont will have a staff of about 65 workers initially and up to 100 when it’s fully occupied, Whipple said. That includes licensed nurses, who are on duty 24 hours per day to provide medications and monitor insulin treatment.

Social activities emphasized

Belmont offers Josephine’s Kitchen, a restaurant-style dining area for daily meals. and the Bistro, where residents can pick up their mail and gather for snacks, coffee and tea.

The Bistro is designed to encourage residents to get out of their apartment to socialize, said Belmont spokeswoman Julie Walke.

Belmont also offers fitness classes, a wellness center, library, pool tables and a shaded courtyard.

The building was designed by Morris Architects and built by W.E. O’Neil Construction Company of Arizona.

The adjacent 6.7-acre property is zoned for a neighborhood shopping center. Nathan & Associates has a sales listing for the site.

AZ Central – Report: Upbeat findings for Arizona housing market

by Catherine Reagor – Feb. 23, 2012 06:35 PM
The Arizona Republic | azcentral.com

Metro Phoenix home prices are up. Fewer inexpensive homes are for sale, and the number of pending foreclosures is down.

The positive housing-market update comes from Arizona State University’s newest real-estate report.

It’s the first monthly housing analysis from Mike Orr, who was recently named director of the Center for Real Estate Theory and Practice for ASU’s W.P. Carey School of Business.

“Single-family home prices overall in the Phoenix area have been moving up since they reached a low point in September,” Orr said in his debut monthly housing report.

“Also, looking forward, I expect a declining trend in foreclosures.”

Orr also publishes a daily online analysis of Phoenix-area housing indicators called the “Cromford Report.”

The median price of all home sales, including new homes, reached $120,500 in January of this year, Orr reports. That compares with $113,166 a year earlier.

The average price per square foot of Valley houses has climbed 3 percent since last year.

There were approximately 8,000 new and used homes sold in January, up from 7,500 in January 2011.

Orr said investors have snatched up the oversupply of homes for sale under $300,000.

“Many people think there’s a glut of homes the banks are hiding somewhere, and that may be the case in other markets, but not here in the Phoenix area,” he said.

“We’ve gone through so many foreclosures that the system has been working itself out for about five years.”

In January, there were 2,450 single-family foreclosures in both Maricopa and Pinal counties, compared with 4,200 during January 2011, according to the ASU report.

The supply of homes listed for sale in metro Phoenix is down 42 percent from a year earlier.


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