Former University of Phoenix properties get new owners, new life. The new owners and property locations? “West Second Street Associates… purchased 4150 Riverpoint Parkway… [Orsett] bought [the building at] 3125 E. Wood Street.” The “new vision”? Both owners are “looking to modernize” for “[‘large’] corporate [‘back-office’] users.” Phoenix Business Journal also reports that a rep involved in the deal called the “sale prices” a “good value” that “shows the improvement of the overall real estate market.” Details —> http://bit.ly/2ns5s34
Residential and mixed-use development ramps up along south Scottsdale’s McDowell Road. “[S]urging development… [V]acant commercial lots [replaced] with mixed-use properties and multifamily residences…. [N]ew residential subdivisions [‘Aire on McDowell and Phase 2 of Skye’] that together will add 159 townhouses….” Click to AZCentral for details on these and the other developments that one resident says will “bring the area back up, make it less scary.” http://bit.ly/2myHAqd
Rental price leap has developers eyeing Surprise. “[R]apid rental rate growth, available land… and a lack of supply have developers lining up rental property proposals in Surprise.” But not everyone is thrilled about it. YourWestValley reports that a couple of “proposals under concept review have faced significant push back from residents of long established communities nearby.” —> http://bit.ly/2mTvXNk
Council approves Orchard Ranch Park expansion. “The [approval]… changed… 75 acres from Residential; Single Family Rural… to Commercial; General Sales and Services-Planned Area Development… A portion… is for future commercial development and about 63 acres is for [a] development… that will accommodate both mobile homes and RV units…” Prescott ValleyTribune calls the integration “part of a national trend.” (And if this development were somewhere in Oklahoma instead of Dewey, Arizona, Joe Dirt would call it “Tornado Magnet Estates.” Source: Advice from Joe Dirt) http://bit.ly/2nsbCA7
Builder confidence hits 12-year high. “The NAHB/Wells Fargo Housing Market Index… jumped 7 points to 71, giving it the highest reading since June 2005.” What has builders so “buoyed”? NAHB Chairman Granger MacDonald fills us in, and Jann Swanson breaks down the index “across all regions” — at Mortgage News Daily. http://bit.ly/2nsckx4
Fed hikes rates, as expected; mortgage rate movement not anticipated. “The Fed [raised] rates by 0.25 percent on Wednesday.” Says one real estate agent: “We’ve been hearing that… rates are going up for several years… it started to feel like propaganda to encourage buyers to ‘get in while you can’…. Now, it is actually happening.” Meanwhile, Keller Williams shrugs it off: “[W]e anticipate another year of healthy home sales…” MarketWatch. http://bit.ly/2mNAvTr
Cameron’s $5M + deals of the day – http://bit.ly/2nsbukc
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