2,000 Scottsdale Residences To Open In '07: Sold Out

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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

2,000 Scottsdale Residences To Open In '07: Sold Out

Posted on 01/10/2007 11:15 AM | Link | Post Comment

2,000 Scottsdale residences to open in '07 from the Arizona Republic, reports that about 2,000 new residences are set to open in downtown Scottsdale this year. The city's biggest condo projects, including the 700-unit Optima Camelview Village and the 198-unit Scottsdale Waterfront, are scheduled to open most or all of their residences by fall. About a dozen other projects, including a six-story tower adjacent to the Hotel Valley Ho and the residences at W Hotel, are scheduled to open before the end of 2007. Other projects scheduled for completion this year include the 227-unit Safari Drive development on Scottsdale Road northeast of Camelback Road. Just to the east, the 225-room W Hotel will feature 25 luxury condos. In addition to the residential development, several commercial and retail developments are also planned to open, including the first phase of South Bridge, which features 115,000 square feet of retail, restaurant and office space and is scheduled for an August opening.

Home market will heal slowly from the Arizona Republic,
reports that metropolitan Phoenix's new-home slump still has several months to run, according to experts who spoke yesterday at the Urban Land Institute's Real Estate Trends conference in Phoenix. My take is that it runs much longer. Housing accounts for one of every three dollars in the region's economy, and a prolonged slump would bring pain on several fronts. "What we saw (in the boom) we will never see again in our lifetimes", said Steve Hilton, chief executive of Scottsdale-based Meritage Homes. The consensus from the experts is that the new home market will bottom out this spring or summer. Greg Vogel of the Land Advisors Organization said Valley home building will run at a rate of 35,000 to 40,000 new-home permits a year, down from the 60,000 range during the 2005 market. Pete Bolton of CB Richard Ellis spoke on the Valley's commercial markets, saying they are in good shape. Vacancies have fallen in the office, retail and industrial markets. Keep in mind that as Beezer's CEO observed, about 75% of the home building business is still in private hands. And, that new home builds account for about 15% of the entire housing market.

Housing Bubble and Real Estate Market Tracker
on Jan 10th, 2007 in Market Overview by Judy Weil with stocks: CFC, COF, LFG, LOW, PRAA