Phoenix Metro Apartment Construction Expected to Drop 37%

By Angela Gonzales | Phoenix Business Journal Apartment construction in the Valley has dropped off sharply this year, with the region experiencing one of the biggest declines in projected apartment unit construction among the 20 largest U.S. metros. With 5,665 new apartment units projected to be completed by the end of the year, down 37% …

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Fashion Square Working to Avoid Default On Loan Payments

By Brandon Brown | Phoenix Business Journal Scottsdale Fashion Square, one of the premier shopping malls in the Valley, is behind on its loan payments and working with a special servicer to avoid defaulting. The mall, like most shopping centers in the state and the country, has been under financial stress since the outbreak of …

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Lennar Pivots Product Offerings Amid Work-At-Home Shift

By Angela Gonzales | Phoenix Business Journal Alan Jones, president of the Arizona division for Lennar Corp., always figured the company’s Next Gen flexible suite homes product line was a good idea. Now, amid the coronavirus pandemic, new home buyers are flocking to the company’s multi-faceted design. Originally designed as a multi-generational home, where grandma …

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AZ Health Providers Start $100M Fund for Affordable Housing

By Angela Gonzales | Phoenix Business Journal In an effort to bring more affordable housing units to Arizona, a group of health care CEOs have gotten together to create a $100 million fund to help finance these construction projects. So far, Aetna, Dignity Health and UnitedHealthcare have committed $35 million in below-market debt that can …

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Arizona Launches Rental Property Owner Assistance

On August 3, 2020, the Arizona Governor’s office launched the Rental Property Owner Preservation Fund (RPOPF). This fund provides financial assistance to eligible landlords and property owners who are facing hardships due COVID-19 and struggling with lost rental income due to nonpayment by tenants. RPOPF is the product of advocacy efforts by the Arizona REALTORS®, …

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Demand So High, Valley Homebuilders Consider Lotteries

By Angela Gonzales | Phoenix Business Journal Record low mortgage rates are pushing homebuilder sales office traffic and new home sales higher, as the supply of existing homes remains extremely low in Arizona. This is causing some homebuilders to think about using a lottery or drawing system to sell a limited supply of homes, said …

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National Builder Debuts New Home Office Designs in Phoenix

By Angela Gonzales | Phoenix Business Journal Rod Cullum, president of Scottsdale-based custom homebuilder Cullum Homes, said that he is seeing more wealthy buyers ask for multiple home offices in new builds, as well as other upgrades related to the new norm of working from home. Los Angeles-based KB Home is debuting a home office …

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Demand Pushes Valley Year Over Year Home Price Gains to #1

By Angela Gonzales | Phoenix Business Journal Once again, Phoenix has reported the highest year-over-year gains in home price growth, well ahead of other key U.S. cities. With a 9% year-over-year gain in May among 19 cities measured by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, Phoenix was followed by Seattle, at …

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Judge Upholds Ducey’s Eviction Relief After Landlord Sued

By Rebekah L. Sanders | Arizona Republic A Maricopa County Superior Court judge on (July 22) rejected a challenge to Gov. Doug Ducey’s eviction moratorium, which gives tenants facing hardship from COVID-19 the ability to remain temporarily in their homes if they file certain paperwork. Phoenix landlord Ann Gregory sued the governor and a lower-court …

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No Crash Predicted For Metro Phoenix Housing Market

By Catherine Reagor | Arizona Republic The Phoenix area’s housing market is showing no signs of crashing despite job losses and other economic hits because of COVID-19. The region’s home sales typically dip during the summer, as fewer buyers opt to brave triple-digit temperatures to check out and commit to houses. Now, with masks and …

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