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10,000 Multifamily Units Planned For Desert Ridge
Posted on 09/20/2007 19:45:45 | Link | Post Comment
10,000 "multifamily" units planned for Desert Ridge
from the Arizona Republic, reports that Phoenix planners have seen the future, and it looks a lot like Desert Ridge. With a new emphasis on density and height to accommodate ongoing growth, close to half of all the residential units in the 5,700-acre master planned community will be what Phoenix considers "multi-family units." Those include apartments, condos, townhomes and other units that hold housing for more than one family. Many are to be located in the so-called "core" of the Desert View Village planning area at Tatum and Deer Valley roads. "Density is a big part of the growth solution," said Terry Feinberg, president of the Arizona Multihousing Association. Considering land costs and infrastructure demands, "it is the only way to be efficient." Jay Butler, director of Realty Studies at ASU, said most units of the type being sold at Desert Ridge or nearby Kierland are being picked up by higher-end customers, including seasonal visitors, well-off professionals who do not have children, or empty nesters, whose children have grown and left the home. The units that are already in the ground are proving popular based on the sales and occupancy.
Housing starts, permits at 12-year low from CNN.com,
reports that housing starts and permits for new homes fell to their lowest level in 12 years in August, as problems in the mortgage and real estate markets caused builders to slam the brakes on new construction. "Builder activity is going to have to continue to come down, given that we have a big supply glut," said Mike Larson, a real estate analyst with research firm Weiss Research. "Even if the Fed cut stimulates sales a little bit, we need to work down this big supply overhang. Until that happens, the builders are not going to shift the bulldozers and backhoes into overdrive." The downturn in housing and construction and turmoil in the credit markets were two of the reasons cited Tuesday by the Federal Reserve when it cut its targeted interest rate for the first time in four years. The slump in housing and homebuilding has been a drag on the economy for more than a year, and there are growing fears that the building slump could push the nation into a recession later this year.
The release this week, tied an all-time low set in 1991 -- the index dates back to January 1985. The index for September was 20 -- a score below 50 indicates that more builders view sales conditions as poor while a score above 50 indicates that more view the conditions as good. The index is based on a survey that asks builders about current market conditions, expectations for the next six months, and the level of traffic by prospective buyers.
Builders aren't too optimistic about the next six months -- the individual index rating for that category was 26 -- the lowest on record.
Meanwhile, the U.S. Census Bureau reported today that housing starts and building permits dropped to the lowest rate since June 1995.
from the Arizona Republic, reports that Phoenix planners have seen the future, and it looks a lot like Desert Ridge. With a new emphasis on density and height to accommodate ongoing growth, close to half of all the residential units in the 5,700-acre master planned community will be what Phoenix considers "multi-family units." Those include apartments, condos, townhomes and other units that hold housing for more than one family. Many are to be located in the so-called "core" of the Desert View Village planning area at Tatum and Deer Valley roads. "Density is a big part of the growth solution," said Terry Feinberg, president of the Arizona Multihousing Association. Considering land costs and infrastructure demands, "it is the only way to be efficient." Jay Butler, director of Realty Studies at ASU, said most units of the type being sold at Desert Ridge or nearby Kierland are being picked up by higher-end customers, including seasonal visitors, well-off professionals who do not have children, or empty nesters, whose children have grown and left the home. The units that are already in the ground are proving popular based on the sales and occupancy.
Housing starts, permits at 12-year low from CNN.com,
reports that housing starts and permits for new homes fell to their lowest level in 12 years in August, as problems in the mortgage and real estate markets caused builders to slam the brakes on new construction. "Builder activity is going to have to continue to come down, given that we have a big supply glut," said Mike Larson, a real estate analyst with research firm Weiss Research. "Even if the Fed cut stimulates sales a little bit, we need to work down this big supply overhang. Until that happens, the builders are not going to shift the bulldozers and backhoes into overdrive." The downturn in housing and construction and turmoil in the credit markets were two of the reasons cited Tuesday by the Federal Reserve when it cut its targeted interest rate for the first time in four years. The slump in housing and homebuilding has been a drag on the economy for more than a year, and there are growing fears that the building slump could push the nation into a recession later this year.
The release this week, tied an all-time low set in 1991 -- the index dates back to January 1985. The index for September was 20 -- a score below 50 indicates that more builders view sales conditions as poor while a score above 50 indicates that more view the conditions as good. The index is based on a survey that asks builders about current market conditions, expectations for the next six months, and the level of traffic by prospective buyers.
Builders aren't too optimistic about the next six months -- the individual index rating for that category was 26 -- the lowest on record.
Meanwhile, the U.S. Census Bureau reported today that housing starts and building permits dropped to the lowest rate since June 1995.
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