Gilbert real estate ‘mini-boom’ is dubious
Today, The Arizona Republic is reporting that Gilbert real estate is experiencing a “mini boom” because the town – once the fastest growing municipality in the nation – has issued nearly 1,000 building permits for new homes so far this year.
The story goes on to cite more evidence from September, when Gilbert issued 116 new-home permits – more than any other Valley city except Phoenix, which logged 109.
That’s a difference of seven permits – hardly a “mini boom,” but then again, any kind of movement in this economy is a boom of some sort.
Still, we prefer to stand by our scoop this month about the influence the East Valley’s new Mormon temple has had on Gilbert real estate. The story by Jim Fickess, dubbed “The Temple Effect,” talks about how a new temple near the southeast corner of Greenfield and Pecos roads is propping up home sales and real estate values around it because prospective buyers view it as an amenity.
Check out this excerpt from a new buyer:
“We didn’t know about the temple when we first inquired about the house,” says Tim Penrod, a Mormon who moved to Gilbert with his family from Mesa after getting a deal on the 6-bedroom, 5-bath mansion with a 3-car garage and guest casita for “considerably less” than the $999,000 listing price. “But we learned about it as negotiations went on, and it was a plus.”
A multimillion-dollar Mormon temple project in a region with a large population of Mormon worshipers probably has some correlation to the “mini boom.”
UPDATE: Phoenix settles Gotbaum case
The City of Phoenix announced today that it has reached a $250,000 settlement with the children of Carol Gotbaum, a New York resident whose untimely death at Sky Harbor International Airport was detailed by PHOENIX magazine last year.
Gotbaum died in September 2007 while in police custody, touching off a two-year legal battle between her family and the Phoenix Police Department. According to press reports, the city’s insurance carrier will pay the settlement to Gotbaum’s three children without using any public funds. The Arizona Republic quotes police officials saying it was meant to minimize the costs of the case, which had originally sought $5.5 million in damages. Read More…
Who says journalism doesn’t rock?
Our apologies for all the interrogatory headlines of late on our blog, but we couldn’t think of a more apt way to describe the Arizona Press Club’s 1986 music video.
It’s a five-minute, self-effacing poke at the media by members of the media. It includes cameos from several Arizona politicos who are still around, such as Bruce Babbitt, Fife Symington III and Terry Goddard. Although Phoenix Magazine is not involved, we had to appreciate the snarky humor. It’s a fixture of almost any media outlet. Read More…
Heritage? What heritage?
State Parks officials announced Monday that they would be cutting the budget for Arizona parks even further, tapping special funds that were earmarked for park maintenance and conservation because the state Legislature has throttled way back on its direct support.
The agency’s 2010 operating budget was officially pared down from $26 million to $19.3 million. It is contingent upon the Legislature’s renewal of special Heritage Fund grants, which support programs and places that are considered to be among the most Arizona-centric stuff in the state.
But if history is a lesson, that may be a long shot. Lawmakers have been raiding the voter-restricted Heritage Funds to pay off the state’s massive $3 billion-and-counting budget deficit. This left behind a huge mess, which PHOENIX magazine columnist Jana Bommersbach outlined in her June 2009 column titled (Un)Clean Sweep.
State Parks Executive Director Renée Bahl, who left San Diego County parks and took office last month, said in a recent press release that Arizona parks are seeking volunteers (and given these types of cutbacks, we’re talking much more than monthly cleanups next to dry stream beds, folks).
“Now our staff will be looking for all different types of partners to keep the parks open in these rural communities,” Bahl said in a prepared statement. “In September, our staff will be presenting scenarios for salvaging the State Parks and programs. We will have to drastically reduce our expenses to meet the extremely low budget presented today.”
It’s a sad statement. Doubly troubling is that these parks that generate much more revenue for Arizona towns than the money that is actually afforded to them through user fees and direct funding from the state’s general fund. This recent economic analysis has the details, plus a handy summary.
Update: ‘Trial of Faith’ saga continues
It was like a made-for-TV movie that, unfortunately, was all too real for thousands of retirees and aging investors: Con men lure unsuspecting seniors and others into investing in bad real estate deals and junk bonds by promising a lucrative return. Read More…