Million Dollar Homes Sales In Phoenix Metro Area

Phoenix AZ Area Million Dollar Home Sales

Scottsdale home sells for $5.7M

A Scottsdale land developer, a founder and CEO of an information technology group and two local Realtors, are among the buyers and sellers in this week's done deals.

$5,791,500.

Richard and Kimberly Cabral bought a new 10,645 square-foot home with five bedrooms, seven bathrooms plus two powder rooms, bonus room, kids retreat, game room, library with fireplace, office theatre, gourmet kitchen with two islands, six-car garage, plus detached casita has two bedrooms and living room with fireplace. This Calvis Wyant luxury home on four and a half acres is northeast of the Pinnacle Peak Country Club in Scottsdale.

$4,995,000.

Stuart and Mary Rhea purchased a new 8,400 square-foot home with six bedrooms and seven bathrooms. The master suite has an exercise room with bar and two flat screens. There is a library and office with fireplace and private patios; formal living room, dining room with wine room and butlers pantry; huge gourmet kitchen opening to oversized family room, three en-suite bedrooms, media room, game room; and a separate guest house out by a party gazebo and diving pool, A/C garages and Crestron Smart house. This luxury home at Mummy Mountain is on the southwest side of the Camelback Golf Club in Paradise Valley. Stuart Rhea is the founder and CEO of Tolt Service Group, a nationwide provider of outsourced technology field services. He has spent over 30 years in the information technology field.

$3,170,000.

Kent Bowerbank and Leslie Bowerbank, as Trustees of the Bowerbank Trust, paid cash for a 6,991 square-foot home with 650 square-foot pool originally built in 1999. Kent Bowerbank is a Realtor with Embassy Properties in Phoenix.

$3,125,000.

Michael L. White, as Trustee of the Statice Revocable Trust, purchased new home west of the Camelback Golf Club in the Morton Mesa Subdivision of Paradise Valley.

$3,100,000.

Robert D. MacMillan and Mary Hazel MacMillan, as Trustees of the Robert D. MacMillan Family Trust, paid cash for a 4,565 square-foot home with 704 square-foot pool originally built in 1977 on over two acres on the west side of the Camelback Golf Club in Paradise Valley.

Source: AZ Republic

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Downtown Phoenix High-Profile Projects in Limbo

Downtown Phoenix High-Profile Projects in Limbo
Collapsed lender imperils downtown developments

A celebrity chef was planning the menus, brides were negotiating room rates and 250 staffers were on the payroll.

But four months before Hotel Monroe was scheduled to open, its lender went bankrupt.

Now it could be at least a year before the 150-room luxury hotel is complete, says developer Grace Communities.

It's unclear what the future holds for the hotel and an entertainment district, two high-profile downtown Phoenix projects tangled in Mortgages Ltd.'s web of legal and financial woes. The credit crunch could mean a difficult road for both projects, an expert says.

But backers of both projects are optimistic.

Downtown boosters are watching both ventures closely because they would add much-needed elements to the city: an infusion of hotel rooms and a corridor of shops, nightspots, and restaurants near Phoenix's sports arenas.

The troubles at Mortgages Ltd. won't put the brakes on downtown Phoenix's resurgence, but impact on those two projects may be painful, observers say.

"This one hurt, bad," said Jonathan Vento, a principal at Grace Communities. The developer was renovating a 12-story 1931office building at 15 E. Monroe Street to house Hotel Monroe Construction work essentially stopped last week.

On Thursday, Grace officials were courting a prospective lender, but it's hard to say what will happen next, Vento said. It would take about $50 million to finish the hotel project, he added.

"A boutique hotel is not a construction project by itself. It is an operating business," Vento said. "It lives and breathes."

Grace is also wrapping up construction on 44 Monroe, a 34-story condo tower a block away from the Hotel Monroe. The tower, however doesn't have a Mortgages Ltd. loan, said Joyce Wright, an attorney for Grace Communities.

No easy choices

There may be few easy options for the two downtown developments or for the estimated 70 loans in Mortgages Ltd.'s $925 million loan portfolio.

The economic slump has all but shut off the credit tap for many commercial projects, said Anthony Sanders a professor at Arizona State University's W.P . Carey School of Business.

"A lot of lenders are taking a timeout right now," said Sanders, who teaches real-estate finance.

Nationally, loan defaults are up, sales of finished projects are down, senior loan officers at banks have ratcheted up their lending requirements, and land - which is collateral for the construction loans - is worth less, Sanders said.

"I would love to see downtown Phoenix blossom," the professor said. "Right now, it's not a sure thing that downtown Phoenix will be like downtown Manhattan. These are really, really dicey loans at the moment."

In response, the institutions making loans may have doubled or tripled the interest that they charge compared to rates at the beginning of this year, Sanders said.

Jackson Street

The Jackson Street entertainment district would line a stretch of that street near Chase Field with nightspots, restaurants and residences, developer say.

Mortgages Ltd. provided a "seven-figures plus" loan that helped the project's backers to buy two city blocks of property south of the Summit at Copper Square condo tower, said developer Dale Jensen. He declined to give the exact figure.

Now Jensen is looking for a new lender to take over the debt.

Of the two projects, the proposed Jackson Street entertainment district may have a relatively easier road, said Larry Lazarus, a veteran Valley development attorney working on the Jackson Street project.

Developments that have "end users" are easier to finance than housing, which involves more speculation, the lawyer said.

Lazarus is also an example of how the Mortgages Ltd. debacle has permeated the region's development circle. He invested in the firm, as did his parents, friends and some former clients, the lawyer says.

"It's hard to be in the industry here and not know every side of this deal," Lazarus said.

Loan crisis

Mortgages Ltd. was a key player in Arizona's building world.

It bankrolled land acquisition, development and construction for commercial real estate.

Mortgages Ltd. came under scrutiny shortly after CEO Scott Coles' son found him lying unconscious in bed on June 2. Police suspect it was suicide.

Two borrowers, including Grace Communities, have sued Mortgages Ltd., claiming that the lender defaulted on loan obligations.

Some of Mortgages Ltd.'s investors, who helped fund the loans, have filed suit to gain access to the lender's books.

Grace Communities' attorney says Mortgages Ltd. provided only a third of the $75.6 million loan. Mortgages Ltd. has argued that Grace and other borrowers have filed lawsuits because they are in default and they need to buy time.

Vento insists Grace hasn't defaulted on any loan payments.

The bankruptcy case heads back the U.S. Bankruptcy Court for the District of Arizona on Tuesday.
Source: The Arizona Republic

Ready to find a home at a great price in the Phoenix Metro Area. Speak To A Professional RE/MAX Phoenix Realtor NOW....Call : 602-618-3053. We can show you foreclosures, Short Sales, REO, as well as any and all homes for sale in the Maricopa area. Search the complete Phoenix AZ MLS for free at http://www.liveinphoenixtoday.com/

Liquid Phoenix Urban-living Style a Contender

Liquid urban-living style a contender

Waterfront property in the Valley used to be a punch line - the thing we were all going to get when The Big One struck and California fell into the sea.

But with the advent of the urban-living trend, real-estate buyers with the desire and the cash can make the punch line a reality and live the luxe life on the water.

On the banks of the canal

The star of the waterfront living trend, the Scottsdale waterfront project, barely has any waterfront to speak of - but customers still can't resist. Situated on the southwest corner of Scottsdale and Camelback roads, this two-building condominium complex will overlook the canal that runs past the intersection. Part of the construction plans includes beautifying the canal banks for Scottsdale waterfront residents and the general public.

"We consider the canal bank an amenity - a great amenity that's never been used," says Geoffrey Edmunds, president of Geoffrey Edmunds and Associates, a joint-venture partner in the project with Opus West. "The entire canal bank will be landscaped, and it will provide open space and walking areas for the residents and people who live in the city of Scottsdale."

When complete (sometime in 2007), the Scottsdale waterfront will comprise 198 condominiums ranging in price from approximately $500,000 to $3.5 million. Square footage starts around 1,200 square feet for condos on the lower floors, while the 13th floor penthouses occupy almost 5,000 square feet each. More than 90 percent of the properties sold in the first eight months they were on the market.

One couple already waiting to move into their Scottsdale waterfront condo is Harvey and Fran Friedman of Phoenix. The Friedmans moved here from Cleveland more than 25 years ago and have owned homes in Scottsdale and Paradise Valley. Three years ago, they moved into Esplanade Place, the granddaddy of Valley urban-living projects, located at Camelback Road and 24th Street in Phoenix. Esplanade Place is also an Edmunds project, and through the grapevine, the couple heard about the new development long befroe construction started.

"We got involved with (the Scottsdale waterfront) when it was still in the early stages," explains Harvey Friedman. "There had been a lot of discussion about it for years and years, and it piqued our interest.
"
More than the waterfront aspect, the Friedmans were attracted to the location of the project, which is right near Scottsdale Fashion Square and the Fifth Avenue and Old Town areas.

"The location is excellent," Harvey Friedman says. "You've got all you need to do, and a lot of it's within walking distance, which is what we really enjoy." The Friedmans expect to move in around April 2007.

Lakeside living

Buyers who want a little more water in their waterfront are snapping up space in urban-living projects on Tempe Town Lake in north Tempe. The perimeter of the manmade body of water is filling up fast with condos, the first of which was Edgewater at Hayden Ferry Lakeside, created by SunCor Development Co.

Buyers will soon start moving into Edgewater's 40 units, which sell for $390,000 to $2.15 million and range in size from approximately 1,100 to 3,100 square feet. SunCor broke ground last month on Bridgeview, the second of the four planned Hayden Ferry Lakeside condo towers. Bridge-view has a large percentage of its 104 units still available. Prices start in the low $400,000 range and run up to around $5.5 million; square footage ranges from 1,100 to 5,000 square feet.

On the other side of the lake and closer to Rural Road is Northshore Condominiums, a WestStone Communities urban-living project that broke ground in December 2005.

The 134 units are 95 percent sold out, which doesn't surprise Marilyn Pfaff, WestStone marketing director. She says that the lakefront location was a factor in "100 percent" of sales.

"So many people are attracted by what's going on around the lake," she says. "They don't want to be one of those people who drive by in five years and wish they would have bought. They got in now, and they're smart."

Northshore, when complete, will be built in a U-shape around a central courtyard with pools and fountains. The "U" will face the lake, allowing for the maximum number of lakefront views. Other units will overlook Arizona State University's Karsten Golf Course across Rural Road. All but two units are equipped with outdoor fireplaces on the balconies, "so you can sit out on your balcony with a glass of wine and look out over the lake," Pfaff says.

Other upcoming Tempe Town Lake urban-living projects include the Regatta Pointe Condominiums on Rio Salado Parkway, one section of which will offer lake views, and the Mondrian @ Tempe Town Lake apartments.

WestStone is also planning another condo tower next to Northshore, a high-rise with 190 units and a sky lounge, which should break ground in the fourth quarter of 2006.

"It's all about the location," Pfaff says of the lakefront building boom. "It's all about trying to be close to whatever lake we have in the desert. So much is happening around that lake, and I know that all of the great property seems to be spoken for. There's big plans for it all."

Buyers and sellers

Water or no water, the people buying into lakefront urban living are generally the same customers purchasing in similar landlocked projects.

"One is the investor, two is the empty-nester and three is a bachelor or a young executive," says Evan Katz, a member of the Katz Group of Realty Executives.

Edmunds says, "The most important single ingredient is the change in lifestyle for people." The bulk of future Scottsdale waterfront residents are "people between the ages of 50 and 70 who are looking for a new lifestyle that allows them to lock and leave, and not have to maintain a large single-family home on a large lot. So we get a lot of buyers from North Scottsdale and Paradise Valley who are moving out of their single-family home and moving into the urban lifestyle."

That description fits the Friedmans perfectly. "We bought a condo in Califronia a few years ago, and we decided we liked that kind of living," Fran Friedman says. "It was easy because we travel a lot; we just lock the door and go."

In other urban-living communities such as Northshore, the main buyer is the young professional, a fact that may partially be attributed to the lower price points.

The young professionals "really love Tempe and the lake and the lifestyle," Pfaff says. "It's a great mix - you've got what's going on in Tempe, and you're close to Scottsdale."

The best news for waterfront property owners may come when it's time to sell, Katz says.

"I think the waterfront environment - that feeling of being on the water - is a very unique thing here in the Valley. I think in the long term the waterfront properties, the ones facing the water, will probably resell better than others. You can compare it to a golf-course lot; anything that is unique always will deliver a premium, especially on resale."

That may be, but the Friedmans aren't looking to sell their waterfront property any time soon.

"We're a good year, 14 months away from moving in, and the excitement and anticipation starts to grow as it gets closer and closer," Harvey Friedman says. And after moving day finally arrives, "We're going to be there for a while."

for her part, Fran is looking forward to decorating the new place.

"That's the best part," she says.
Source: Jewish News

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Phoenix Area Horse Property. Phoenix Horse Proety Realtor

Phoenix Area Horse Property. Phoenix Horse Proety Realtor

When you are looking for Scottsdale, Fountain Hills, West Phoenix, Carefree, Cave Creek, Phoenix Metro Arizona horse real estate there is no better place to start than with a Horse Property Realtor. Horse Property Realtors are experts in the field of Scottsdale, Phoenix Metro Arizona horse real estate and have multiple listings to suit every buyer need. Specializing in horse farms and horse properties, brokers are knowledgeable about all the many factors that must be taken into consideration when purchasing real estate to be used for horse raising and grazing.

There is a variety of horses that are raised in Scottsdale, Fountain Hills, West Phoenix, Carefree, Cave Creek Phoenix Metro Arizona. As most people know, Scottsdale, Phoenix Metro Arizona is the state known for its Arabian horses. Some of the finest and most successful horses in the world are maintained on Scottsdale, Phoenix Metro Arizona horse real estate. There are not only Arabian , but also saddle breeds, exotic horse breeds, jumpers, and standard breeds foaled on horse real estate. But Scottsdale, Phoenix Metro Arizona horse real estate is used for much more than just grazing horses. It is the land on which horses are groomed, trained and stabled. Purity of breed lines are maintained and new lineage developed in the pursuit of developing the perfect horse.

Of course, Scottsdale, Fountain Hills, West Phoenix, Carefree, Cave Creek, Phoenix Metro Arizona horse real estate is also great for the horse recreational riders. Real estate can be purchased in various amounts of acreage designed to satisfy every horse farmer or horse owner’s needs. There are enormous and complex operational farms for sale and mom-and-pop Scottsdale, Phoenix Metro Arizona horse real estate designed for riding and stabling the family horses only.

Scottsdale, Fountain Hills, West Phoenix, Carefree, Cave Creek Phoenix Metro Arizona horse real estate advantages can include the following:

Level pasture
Close to horse parks
Area for home building or existing home on land
Easy interstate access for horse transport to shows
Stables or Paddocks with tack rooms and wash bay Fencing
Automatic water troughs
Training track or ring

In many cases, Scottsdale, Fountain Hills, West Phoenix, Carefree, Cave Creek, Phoenix Metro Arizona horse farm real estate is sold as a complete package including the land, house, outbuildings, horse stock, and even the horse tack. In other cases, the real estate is simply land suitable for horses and the buyer will have to develop the farm operation.

You can find lots of professional assistance online to guide you through buying Scottsdale, Fountain Hills, West Phoenix, Carefree, Cave Creek, Phoenix Metro Arizona horse real estate. Not only will you find many listings sorted by selling price and location, Heather can answer any questions and provide information based on your real estate needs. If you want to expand current operations, location will be key for efficiency. Scottsdale, Phoenix Metro Arizona horse real estate can be found in all Scottsdale, Phoenix Metro Arizona areas.

Living on a horse farm is a dream for some people and a passionate business for others. Phoenix Metro Arizona horse real estate is some of the most prime land in the United States. With wide open pastures and plenty of grazing grass, Scottsdale, Phoenix Metro Arizona horses have a reputation for being beautiful and healthy. Trisha is a Phoenix Metro Arizona horse real estate agent that can turn your dream into reality, or add passion to your existing horse farm through land expansion. Despite world recognition as champion horse breeders, Scottsdale, Phoenix Metro Arizona horse real estate remains affordable.

Now is the time to check the Phoenix MLS listings and find the horse real estate you need to implement your plans. Don’t wait - prices will only go up – not down. Features Full and FREE access to ALL Phoenix MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, Peoria, Glendale, Westgate, Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona.

City Boasts 3 New Pride Points

City boasts 3 new pride points.Jewish center, library, ASU West all honored as sites to brag about!

Phoenix is getting three new Points of Pride - two more than usual in a city contest held only once every four years.

The Cutler-Plotkin Jewish Heritage Center, Arizona State University West and the Burton Barr Central Library were close enough in votes that members of the Phoenix Pride Commission decided Wednesday all three should receive the honor.

The sites were among 10 finalists in the contest that ended March 20. The three sites will be added to the current list of 30 Point of Pride sites. The designation is given to a landmark or attraction unique to and located within Phoenix that evokes a sense of pride among area residents. The registry began in 1992.

A total of 12,476 votes were cast. The Cutler-Plotkin center received the most votes, with 20 percent. ASU West was second, with 17 percent, and the Burton Barr library had 15 percent. The other finalists were: North Mountain Visitor Center (9 percent), Chase Field (8 percent), Royal Palms Resort and Spa (8 percent), George Washington Carver Museum and Cultural Center (7 percent), Cesar Chavez Park (7 percent), Pioneer Living History Museum (7 percent), and Murphy Bridle Path (6 percent).

“This is very rewarding,” said Steve Des Georges, director of public relations and marketing for the ASU West campus, located at 4701 W. Thunderbird Road. “We’ve always known that this is a special place.”

Des Georges said the campus created a four-color postcard to shore up votes. The card already had the campus checked off. ASU West staff members carried them the past few weeks, asking people to consider giving them a vote.

The contest allows anyone to cast a vote, not just Phoenix residents.

Past winners, like the Ben Avery Shooting Facility in far-north Phoenix, sought votes worldwide. Its supporters helped boost votes in the 2004 contest to more than 20,000.

Ballot boxes were placed around the Burton Barr library, 1221 N. Central Ave., to help would-be voters. Signs also went up at area branch libraries. And e-mail blitzes ensued, said library spokeswoman Victoria Welch.

Phoenix City Librarian Toni Garveyis thankful for the support. “We are delighted that the community recognizes the value and beauty of Burton Barr Central Library.”

Having the Cutler-Plotkin Jewish Heritage Center come in with the most votes is quite an honor, said Larry Bell, executive director of the Arizona Jewish Historical Society, which is renovating the site as a museum and gallery at First and Culver streets.

“Given the quality of the pool of finalists, it’s exciting,” he said.

“It shows people value history. They say that the city of Phoenix has no history because it’s young, but that’s not true. It’s all around us.”

Source: Connie Cone Sexton The Arizona Republic Mar. 27, 2008 12:00 AM

Contact Trisha Brooks, GRI RE/MAX for all your real estate needs. Search the complete Phoenix metro MLS homes listings at http://www.liveinphoenixtoday.com/

Phoenix Downtown 2008 Projects

Phoenix Downtown 2008 Projects

Downtown Phoenix
The downtown area of Phoenix has been undergoing a major facelift since the building of the US Airways Center (formerly America West Arena) and Chase Field. Coffeehouses, restaurants, nightclubs and shopping in the Arizona Center continue to draw people downtown for the hopping nightlife. Many new restaurants have blossomed, including A League Of Our Own. Incorporating the themes of Phoenix's early history with culture and local events, Copper Square is a full square-mile hotspot for activities and action. Downtown attractions include a walk in the park at Patriots Square or delve into the new Arizona Science Center, Phoenix Museum of History or the Phoenix Art Museum.

Here's a rundown of the 2008 Central Phoenix projects:

Light rail
Completion date: December.
Significance: The 20-mile light rail line is expected to be a crucial resource for downtown commuters and tourists. It links key downtown Phoenix spots - sports venues, hotels, restaurants, employers and ASU's downtown campus - to Mesa and Tempe.
Cost: $1.4 billion.

W HOTEL TO BE CENTERPIECE OF RETAIL-ENTERTAINMENT-HOSPITALITY-RESIDENTIAL PROJECT

Scottsdale – The developer of the W Scottsdale hotel is planning a retail, residential, entertainment and hospitality district in old town Scottsdale that is expected to cost $500+ million when completed. The 1.1 million-square-foot mixed-use project will be built on a 10+ acre site located just east of Scottsdale Road and south of Camelback Road. A company formed by TriYar Capital in Phoenix (Steven Yari, Shawn Yari, Bob Agahi, principals), also the developer of the W Scottsdale, assembled the property for the proposed project over the past two years. The 224-room W Scottsdale, scheduled to open next spring, will be the centerpiece of the upscale development.

Walter Cronkite School, Taylor Place dorms
Completion date: August.
Significance: The ASU downtown campus opened in 2006, but these two projects will expand it. ASU's new journalism school building is expected to bring 1,000 additional undergraduates to the campus and the first Taylor Place tower can house 750 students. The second tower, which opens in 2009, can house 550 students. By 2015, 15,000 students will take classes that are taught by downtown faculty.
Cost: Journalism building $71 million; dorms $150 million.
Completion date: December.

Phoenix Convention Center expansion
Significance: The North Building - w hich is three times the size of the West Building that opened in 2006 - will welcome its first visitors in January 2009. The project will help elevate Phoenix's status among rival convention destinations, the city says. The expansion gives the convention center 900,000 square feet of meeting and exhibition space and is expected to bring $500 million in annually direct spending by convention visitors.
Cost: $600 million. (West Building, North Building and South Building upgrades)
Completion date: June.

44 Monroe
Significance: This June, Scottsdale developer Grace Communities expects to finish the first dozen floors of its 34-story high-rise - the tallest residential building in the state. By August, the rest of the building interior will be completed. The 196-unit condo tower will bring more full-time residents to downtown, a key component of long-term plans to bring vitality and foot traffic to the neighborhood.
Cost: $160 million.
Completion date: October.

Sheraton Phoenix Downtown Hotel
Significance: The 31-story Sheraton project will be the largest hotel in the state and will have 1,000 rooms. The hotel will help fill the need for more rooms in downtown Phoenix and will help satisfy increased hotel demand that's expected when the expanded convention center welcomes its first visitors in January.
Cost: $350 million.

Phoenix Cactus League Baseball Spring Training

Cactus League Baseball Spring Training

2008 Cactus League Schedule - Spring Training in Arizona

The Arizona Cactus League is quickly becoming one of the biggest events in Arizona. Fans get a chance to get up close and personal to some of the biggest names in baseball. Lowe, Soriano, Webb and Ichiro are just a few of the players that fans will get a chance to see in 2008. To help you get the most out of you Cactus League experience here are some helpful tools:

Cactus League Master Schedule
Your all-in-one schedule to the Cactus League at a glance. All games are organized by day.

Cactus League Stadiums Map
Map of the Cactus League stadiums with information about each stadium..

SCHEDULE
• Mariners Schedule
• Padres Schedule
• Sports Complex

TICKETS/SEATING
• Seating Chart/Prices
• Purchase Tickets
• Rainout/Refund

INFORMATION
• Box Office
• Group Sales
• Fan Fest/Charity
• Events/Promos
• Food/Beverage
• Diamond Club
• Directions
• Stadium Policies
• Sponsorship
• Padres
• Mariners

RELATED LINKS
• Sports Complex
• Peoria Website
• Rio Vista Rec Center
• Cactus League

Love baseball and want to live near the stadiums...contact Trisha Brooks GRI RE/MAX Realtor for your home buying, or selling needs. 602-618-3053