May Sales a Bright Spot for Valley Homebuilders

By Angela Gonzales | Phoenix Business Journal Homebuilders in Maricopa County saw an uptick in sales during May as residents began to venture out with an itch in their pocketbooks. Homebuilders saw a 9% increase during May over April and increased by less than 1% year-over-year from May 2019, said Jim Daniel, president of RL …

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Valley Homebuilders Commit to More Construction

By Angela Gonzales | Phoenix Business Journal Homebuilders are pulling more single-family building permits than they did this time last year, according to new data released by the Home Builders Association of Central Arizona. From January through April, homebuilders pulled 8,680 permits, an 11% increase over the same period during 2019, according to HBACA. Avondale …

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Phoenix Rental Price Growth Drops in April but Still Leads Nation

By Jeff Gifford | Phoenix Business Journal Phoenix remained the national leader in residential rental price growth in April, even though the COVID-19 pandemic tripped up the steady increases found both in the Valley and around the nation, a new analysis shows. The new Zillow Observed Rent Index (ZORI) shows that residential rental prices, including …

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COVID-19 Couldn’t Keep Phoenix Home Price Gains Down

By Angela Gonzales | Phoenix Business Journal Leading the nation once again in home price gains, Phoenix appears to be immune to COVID-19. At 8.2%, Phoenix reported the highest year-over-year gains during March, according to the S&P CoreLogic Case-Shiller Indices, at a time when the national year-over-year gain was 4.4%. Tina Tamboer, who keeps a …

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Massive Mixed-Use Redevelopment Planned in Old Town Scottsdale

By Corina Vanek | Phoenix Business Journal City Center concept courtesy City of Scottsdale Steven and Shawn Yari have major plans for redevelopment in Old Town Scottsdale. The top executives with California developer Stockdale Capital Partners have submitted plans to the city for the Scottsdale Collective project, which aims to “evolve and mature the greater …

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Home Sales Have Already Rebounded in the Valley

By Angela Gonzales | Phoenix Business Journal While home sales volume in metro Phoenix took a hit in April, the existing home sales market already has rebounded. You read that correctly: Already rebounded. Tina Tamboer, senior housing analyst for The Cromford Report, said home sales in the existing resale market were sharply lower in April, …

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SkySong Expands Ground Lease, Increases Buildable Space

By Corina Vanek | Phoenix Business Journal SkySong has expanded its footprint in Scottsdale with a 1.5-acre addition to its ground lease. The parcel is currently used for parking but can now become part of the master plan of the site. Potential uses for the additional land, which can accommodate up to 120,000 square feet, …

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April Not as Painful as Expected for Valley Homebuilders

By Angela Gonzales | Phoenix Business Journal While homebuilders were expecting a strong selling season this spring before COVID-19 hit, the impact of stay-at-home orders wasn’t as painful as expected as they pivoted to offer virtual and appointment-only tours. From entry-level to luxury properties, homebuilders experienced better April sales than they did in March, when …

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Construction on Paradise Valley Resort Continues During Pandemic

By Brandon Brown | Phoenix Business Journal Ritz-Carlton Residences | Five Star Development While the Valley’s tourism industry has been hampered severely by the COVID-19 pandemic, construction is still ongoing on one of the Valley’s most anticipated hospitality projects, the new Ritz-Carlton, Paradise Valley resort. The pandemic has forced the project’s developer, Scottsdale-based Five Star …

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Scottsdale Homebuilder Pulls Back On Spending

By Angela Gonzales | Phoenix Business Journal As COVID-19 has put a damper on what originally was going to be a hot spring selling season for homebuilders, Meritage Homes Corp. has reduced spending and may cancel some land purchases in certain markets nationwide. Steve Hilton, chairman and CEO of the Scottsdale-based homebuilder, told analysts in …

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