Arizona Real Estate News

Category: News

Eastmark to Celebrate New Community Event Pavilion with May 3 “Party at the Pavilion”

Event Pavilion

Eastmark, DMB Associates’ new community in Mesa, is celebrating the opening of its event pavilion in The Eastmark Great Park™ with an all-day free, public music concert featuring four of the East Valley’s favorite bands, local school bands and food trucks during the “Party at the Pavilion” on May 3.


Guests are invited to bring a blanket and lawn chair for the day of music and relaxation in The Eastmark Great Park, which will span 100 acres at completion. Performances include Cold Shott and the Hurricane Horns, Kool Band, Silhouette Band and Static Band. In addition, the Highland High School Symphonic Strings and BASIS Band are performing.


“As part of Eastmark’s goal to create a sense of community, we are celebrating the opening of the event pavilion by spending time with friends and family during a day of free music,” said Dea McDonald, DMB’s senior vice president and Eastmark’s general manager. “The Party at the Pavilion officially opens the event pavilion for community activities and performances.”


More than 100 homes have been completed at Eastmark since it held its grand opening in June 2013.


BASIS Mesa opened an Eastmark location in August 2013. In addition, Sequoia Pathfinder Academy at Eastmark announced it will open a school in August. Grand Canyon University is opening a second campus at Eastmark in 2015. Apple recently began operating a manufacturing facility at Eastmark.


What: Party at the Pavilion

Cost: Free

Where: The Eastmark Great Park

Parking: Eastmark Visitors and Community Center, Ray and Ellsworth roads in Mesa

When: 11 a.m. to 8 p.m. on Saturday, May 3


Event Schedule:

East Valley School Bands and Choruses (including Highland High School Symphonic Strings and BASIS Band) – 11 a.m.

Silhouette Band (Jazz) – 2 p.m.

Cold Shott and the Hurricane Horns (Blues/Rock) – 3:30 p.m.

Kool Band (50s, 60s and 70s Cover) – 5 p.m.

Static Band (Dance & Hip Hop) – 6:30 p.m.

New Luxury Residential Tower Set To Become Scottsdale’s Next Landmark

Scottsdale-based Deco Communities has closed on a key parcel of land that will change the skyline of Old Town Scottsdale with the addition of a new luxury condominium tower. Slated for completion in 2016, the property located at 4244 N. 75th St. will be transformed into one the most exclusive residential addresses in the Valley. Aptly named, Envy will include 90 elegantly appointed residential units and rise 8 stories to overlook the vibrant Entertainment District’s culinary, nightlife, gallery and retail scene. Developed in a joint venture between development industry powerhouses Deco Communities and a partnership comprised of Minneapolis-based Castlelake and California based Isles Ranch Partners, Envy will be the first major luxury residential tower announced for the Phoenix-metropolitan area since the economic collapse of 2008.

Envy will offer an unprecedented level of luxury that is in high demand by affluent Gen-Y homebuyers in the heart of Scottsdale’s urban core. Envisioned by a team of world-class talent, this architectural masterpiece will tower over the city, offering residents breathtaking, unobstructed panoramas of Camelback Mountain, the McDowell Mountain Range and the glittering city lights. 

“We have assembled the most talented architectural and design team in the country to create Envy,” said Rob Lyles, Partner of Deco Communities. “We are thrilled about the opportunity to deliver a long-anticipated, first-class residential experience to the heart of downtown Scottsdale. Envy is luxury for the next generation, catering to the affluent millennial that wants to be at the center of Scottsdale’s electrifying 24-hour atmosphere. This is the next generation of luxury living in the heart of the city’s core.”

Daniel Gehman of LA-based Harley Ellis Devereaux, an award-winning architecture firm whose credits include a collection of high-profile Los Angeles designs including Wilshire La Brea, 1100 Wilshire and The Mercury, leads the project. The building’s sleek exterior, constructed from glass and stone panels blends seamlessly with the contemporary aesthetic of Old Town’s vibrant neighborhood. Drawing inspiration from iconic projects such as the Cosmopolitan Hotel in Las Vegas, Envy’s opulent interior will by styled by Phoenix-based Private Label International.

Standing as the only residential tower in Old Town Scottsdale’s designated Entertainment District, Envy will feature units starting from $425,000. There are 8 richly appointed floor plans including three penthouse designs. The units will range from 800 to 1,750 square feet with every luxury comfort and convenience considered. Each residence will boast beautifully appointed modern amenities including European-style kitchens with gas appliances, 9- to 11 foot ceilings, quartz countertops and backsplashes, designer fixtures and hardware, oversized mirrors, deep soaking tubs and glass steam showers, spacious walk-in closets, wood floors and large balconies perfect for entertaining and soaking in the incredible views.

Designed to entice every whim of the luxury condominium consumer seeking chic solace in the heart of Scottsdale, Envy will offer a variety of social amenities including a glamorous Grand Lobby with 24-hour concierge and security, a 4,000 square foot fitness facility inspired by LA’s Equinox and David Barton gyms with lounge and juice bar, rooftop pool deck with negative edge saltwater pool, luxurious cabanas, relaxation-ready sound system and sweeping 360 degree views.  An underground three-level parking garage will offer private, secured parking for residents only.  The ultimate urban sanctuary, the Envy lifestyle will afford residents a superior level of stylish living, VIP services, luxe amenities and the Southwest’s hottest playground right at their front door.

At the heart of Old Town Scottsdale, Envy residents will be just steps away from Scottsdale’s epicenter boasting a mix of premier nightlife, shopping, cultural destinations and hip restaurant options. Nearby destinations include the W Scottsdale, Sushi Roku, MAYA Day + Nightclub, Dierck’s Bentley’s Whiskey Row, SMoCA, Scottsdale Stadium, The Mint and Barney’s New York all within a in a neighborhood that is currently experiencing phenomenal growth.  

Reservations for Envy residences will open in Summer 2014. For more information about Deco Communities or Envy or to request property renderings or to schedule an interview contact Melissa Rein.

Another Drop in the Phoenix-area Housing Market

The Phoenix area is now observing a negative milestone in its housing market. February marks the first time the median single-family-home sales price went down for a second month in a row since the housing rebound started in 2011. A new report from the W. P. Carey School of Business at Arizona State University reveals the latest details about Maricopa and Pinal counties, as of February:


  • The median single-family-home sales price was $195,000, the lowest since August.
  • Demand and sales activity were dramatically lower than at the same time last year.
  • Spring may bring a normal seasonal boost in sales activity, but the market is still on track to possibly have little or no appreciation by the end of the year.


Phoenix-area home prices started rising quickly after hitting a recession low point in September 2011. Then, the price increases began slowing down in July, with the market experiencing two monthly drops in the median single-family-home sales price this January and February — totaling about 5 percent.

“Home-sales activity was a startling 26 percent below February 2013,” says the report’s author, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “Despite the large price gains since last year, the total dollars spent on homes dropped 16 percent between last February and this February. This is the weakest February in four years.”

The median single-family-home sales price was $195,000 in February, still up about 15 percent from February 2013. Realtors will note the average price per square foot was also up 15 percent. The median townhouse/condo sales price was up 13 percent.

Though the supply of homes for sale continues to grow, low demand is affecting almost all types of houses. Even at the high end of the market, which had been going pretty strong, the Phoenix area saw 2 percent fewer luxury-home sales this February than last February.

“The quietness in the market is spreading from the bottom up, but it hasn’t reached the very top yet,” explains Orr. “Homes priced at $2 million and more are still doing OK.”

Orr adds even new-home sales are suffering now, and some builders are increasing incentives to stimulate buyer interest. New-home sales fell 23 percent from last February to this February.

With single-family-home construction permits still way down by historic standards, more developers appear to be focusing attention on multi-family options. In fact, multi-family permits exceeded the number of single-family permits in both December and February, which is very rare. Orr says he’s seeing a lot of high-end apartment construction, in particular. The single-family rental market is doing extremely well, especially with millennials and those who lost their homes to foreclosure.

Investors continue to lose interest in the Phoenix area, with more bargains to be found in other areas of the country. In February, the percentage of residential properties bought by investors was down to 20 from the peak of 39.7 in July 2012.

Foreclosure levels remain below normal, historic trends for the Valley. Foreclosure starts – owners receiving notice their lenders may foreclose in 90 days – were down 50 percent this February from last February. Completed foreclosures were down 47 percent. However, even with fewer distressed properties in the pipeline, the market’s future is looking uncertain for the rest of the year.

“The period from March to May is almost always the strongest part of the year for demand, and it is highly probable we will see some upward movement in pricing over the next three months,” says Orr. “However, it’s also likely this advance in pricing will be reversed during the hot summer months of June through September. We may be looking at little to no annual appreciation by the end of the year, if prices behave as we currently expect. Still, the Phoenix market is highly volatile, and nothing is certain.”

Orr’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed and downloaded at A podcast with more analysis from Orr is also available from knowWPCarey, the business school’s online resource and newsletter, at

CoStar Group Closes Its Acquisition of

CoStar Group, Inc. (Nasdaq:CSGP) announced today that it has completed the acquisition of previously announced on March 3, 2014, creating the combined online information and marketplace leader in commercial real estate’s $2 trillion multifamily asset class. CoStar is commercial real estate’s leading provider of information, analytics and marketplaces and is a leading apartment rental marketplace.

“We believe that the two companies now together are uniquely capable of providing invaluable new services to both apartment seekers and apartment owners,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. “The combination unites CoStar’s leading apartment information content and extensive online marketplace experience with the substantial brand, sales force, and online apartment marketplace experience of We believe this in turn will lead to an even stronger platform for the Company’s future growth and to increased shareholder value.”

CoStar believes that the brand has significant value and plans to continue to keep and build on that brand going forward. “The brand is recognized by over 95% of apartment owners and used by millions of apartment searchers,” stated Florance. “Our goal is to transform into the best consumer experience in the apartment space.”

CoStar will announce financial results for the first quarter of 2014 following the market close on Wednesday, April 23, 2014. CoStar management will conduct a conference call at 11:00 AM EDT on Thursday, April 24, 2014 to discuss first quarter 2014 results, the closing of the Apartments transaction and to provide combined revenue and earnings guidance for 2014.

To participate in the conference call, please dial (800) 230-1093 (from the United States and Canada) or (612) 332-0107 (from all other

countries) and refer to conference code 323568. To listen to the conference call over the Internet, please access the audio webcast link available in the Investors section of CoStar’s website at

An audio recording of the conference call will be available for replay approximately one hour after the call’s completion and will remain available for a period of time following the call. To access the recorded conference call, please dial (800) 475-6701 (from the U.S. and

Canada) or (320) 365-3844 (from all other countries) using access code 323568. The webcast replay will also be available in the Investors section of CoStar’s website for a period of time following the call.

Zane Best Joins Local Company Capstone Mortgage

Zane Best

Zane Best

Zane Best recently joined Scottsdale-based Capstone Mortgage as a loan officer. His responsibilities include managing hard money equities and originating conventional loans.
“Zane Best is a welcome addition to our team,” said Bobby Barnes, president of Capstone Mortgage. “He brings years of experience and great local-market knowledge and contacts to the table.”
Zane previously worked at Bank of America as a personal banker in Scottsdale, Ariz., setting up various accounts for personal and small business banking clients. Prior to that, he was a team leader at iQor in Tempe, Ariz., handling asset recovery and overseeing and assisting agent transactions.
Best studied business management at Arizona State University. He is a resident of Scottsdale, Ariz. 
Capstone Mortgage services include:
  • Conventional home loans
  • Fresh start loans for those with bankruptcy, foreclosure and short sale
  • Refinancing
  • Home Affordable Refinance Program (HARP) loans
  • FHA and VA loans
  • Private money commercial lending (through its Capstone Financial arm)
  • Private money investor lending
The company’s offices are located at 6900 East Camelback Rd, Suite 570, in Scottsdale. For more information, please visit  On social media, they can be found at:, and