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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Sep 10, 1977
Page
4
Legislative action on local and federal levels is shaping property values through down zoning loan embargos and land reserves. Government triggered actions influence real estate use and drive value changes.
Local officials push down zoning to limit new housing units while mortgage funds tighten. Flood map limits may deny financing in some communities, upsetting buyers and boosting nearby property prices amid market stress.
Grubb and Ellis reports Scottsdale first half 1977 absorption more than double 1976 total with 115 800 sq ft leased. Camelback Executive Park accounts for nearly half. city vacancy at 47 percent and over 265 000 sq ft vacant. Valley wide 1977 leasing totals reach 625 750 sq ft versus 516 300 in 1976. East Phoenix shows 135 700 sq ft leased first half with 13 percent vacancy.
The National Association of Realtors reports its 1977 forecast, pegged last December, is on track based on the first half of 1977 data. Projected results include a record 3.4 million existing home sales, about 1.3 million single family starts, potentially 1.4 million, and near 500 000 multifamily starts.
Joan Mondale urged government funding for the arts during the Minnesota Orchestra’s 75th season opening in Minneapolis. Speaking to about 2,000 attendees, she argued arts support is a governmental duty and cited US funding levels versus Britain.
The Urban Farm Directions Committee of the Phoenix Planning Commission begins a three month study Monday to analyze three land use alternatives and transportation plans from Phase II. Larry Lazarus will chair the Civic Plaza meeting at 3 30 p m. Four analysis groups will assess how well the options meet Phase II development goals.
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