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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Jan 17, 1976
Page
4
Housing leaders predict a brighter 1976 for buyers with easier financing and more new homes. Rent hikes loom for tenants as apartment supply tightens and construction costs rise. Experts expect 1.3 to 1.6 million starts, roughly 26 percent higher than 1975, but multifamily building remains scarce.
The Village Tennis Club, a member owned group, opened last week at 4444 E Camelback Rd. About 100 families bought equity memberships at 1750 dollars plus a 40 dollar monthly family fee to share in facilities and future profits as land and club values rise. The 15 court facility sits on 7.7 acres with 400 additional memberships available to tennis fans.
Real estate and home improvement show strong growth as buyers pursue basic designs and DIY projects. Experts cite 1974 remodeling expenditures at 21.1 billion with major additions leading at 30.4 percent, urging homeowners to weighing costs and value before costly projects.
The column warns homeowners not to expect dollar for dollar returns on home improvements. If costs exceed two thirds of a new home and sale time arrives, you may realize no monetary gain. Land value neighborhood ties and area desirability affect the decision to invest.
More than 400 real estate finance lenders from across the nation will meet February 5 6 for a national mortgage banking conference at the Towne House in Phoenix. The MBA of America leads the event with speakers including Lewis H Goldfarb and Jerome L Howard. American Era Realtors of Scottsdale announced as ERA service broker expanding access to ERA services and a nationwide listing system. Puerta Vieja a 34 acre Moon Valley project by Buttrum Construction will be developed in two phases, 87 homes priced 35000 to 45000, completion expected in 1978 with a total cost around 3645000.
The Mogollon Rim Final Environmental Statement covers 796000 acres across Coconino Tonto and Apache Sitgreaves National Forests with land use emphasis and management for 30 units. It is available for review at the U S Forest Service in Flagstaff Phoenix and Springerville and copies may be obtained at the Scottsdale Library.
City building permits in 1975 totaled 39.5 million dollars down 27.8 million from 1974. Residential activity declined with 320 single family permits valued at just over 9 million, vs 782 permits and about 15.7 million in 1974. Commercial permits held steady with 20 office and mercantile buildings valued at about 14.3 million.
Arizona Real Estate Commissioner William Penn tells a Senate committee that a bonding requirement for subdivisions may not stop fraud before it happens. He notes defunct land companies avoid liability and bonding firms defend fraud claims. He cites bonds up to 100000 for some remote subdivisions as insufficient for large schemes.
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