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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Nov 13, 1976
Page
5
The article notes that $100,000 homes are no longer rare and are increasingly advertised. Builders target buyers of various ages with solid finances. Estimated monthly cost with 20 percent down and a 9.25 percent loan runs about $1,000 including taxes and insurance.
The National Association of Realtors reports an 8.5 percent September increase in existing single family home sales, with an annual rate of 3.3 million. Kenneth J. Kerin notes the rise is the second highest in a decade, as every region posts new monthly records including a 15.3 percent surge in the West and double digit gains in the Northeast.
Cavan Associates Ltd. plans a $650000 racquetball facility on a 50000 square foot site near the Plaza 777 shopping center. Aspen Courts Racquetball Center will include 15 courts, locker rooms, saunas, a gym, a jacuzzi, a pro shop, and a 200 seat spectator area.
Economists foresee major changes in home finance as traditional 40 year mortgages are replaced by options like graduated payment loans and reverse annuities. Experts say inflation and rising house prices outpace income, pricing many families out of ownership.
The 1976 Income Expense Analyses from IREM reports suburban office buildings average 51 cents per square foot in vacancies and delinquencies, 7.8 percent of gross collections, based on data from 163 buildings in over 50 cities. The Pacific Southwest shows the highest vacancy and delinquency at 13.2 percent, while rents average 6.65 dollars per square foot there and 4.52 dollars per square foot in Canada.
Real estate briefs note Tom Fannin and Associates will discuss advertising in the Realtors National Marketing Institute session at the NAR convention in Houston. Fannin is a former president of several Phoenix and Arizona real estate organizations and runs multiple offices.
October permits in Scottsdale totaled 199 issued by the building and inspection section with a value of 2,122,819 dollars, up from October 1975. Residential permits reached 39, up seven from last year, valuing 1,243,284 dollars. One demolition permit was issued, plus several nonresidential permits including a 200,000 dollar store/building permit and a 118,620 dollar professional building permit.
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