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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Jun 02, 1973
Page
6
Housing experts see a growing trend to lease the land under individually owned homes. Leasing land lowers upfront costs by 5 to 10 percent and reduces down payments, though long term leases add monthly land payments. The practice, common in Hawaii, Canada and Mexico, could expand in the United States as land prices rise and make ownership more attainable.
A low density desert development along Pinnacle Peak Road north of Scottsdale is taking shape. Pinnacle Paradise Inc led by Jerry Nelson plans 1,500 acres with 800 homesites across three subdivisions: Pinnacle Paradise Estates, Pinnacle Peak Estates and a large east of Pima Road section. Lots range from one to 40 acres with homesites priced from 50 000 to 350 000. The project includes paved roads water power and phone lines with a golf course recreation area and tennis courts under construction.
The National Association of Home Builders approves moving forward with drafting a practical insured home warranty program. Four subcommittees will develop details for a comprehensive proposal to be reviewed at the September board meeting, following a feasibility study by Eugene Gulledge.
Fountain Hills prepares its Sanitary District project to reclaim wastewater for irrigation. Robb Contracting Co. builds a plant that will process 125000 gallons daily, store treated effluent in a reservoir, and water nearly 900 acres of green belt with high nutrient water reducing fertilizer needs. The system uses mechanical aeration for efficiency.
American Continental Homes Inc unveils a master plan for 2300 acres at the Dobson Ranch in Mesa to create a 18 hole golf course, tennis courts, five churches, multiple schools, a shopping village, medical center, and over 9,000 housing units. The redesign preserves the original 1948 Dobson home and adds patios, landscaping, and a clubhouse with pro shop and lounges.
Oakley Hunter, FNMA chair, told Arizona bankers and builders that housing starts will top 2 million this year, not 2.4 million in 1972. He noted a market shift from FHA VA to privately insured conventional loans, boosting private mortgage insurance and the mortgage banking sector.
A HUD study shows the national average home price at 27400 dollars, up 2200 in the last year, with the median price at the start of the year 27160. Lumber and plywood costs drive about 1400 dollars of annual price increases, while land values and labor rise further amid continuing inflation and postwar effects.
Guidance on closing costs and practices before signing. It explains the closing as the moment you receive title and sign final mortgage papers, with steps to consult local experts, and describes the roles of professionals and the settlement sheet items involved.
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