Metro Phoenix Renters Paying Hundreds of Dollars in App Fees

By Rebekah L. Sanders | Arizona Republic Metro Phoenix’s housing shortage is forcing tenants in some cases to pay hundreds of dollars in application fees just to find a place to rent, not including move-in costs such as a security deposit. With apartment vacancies at a nearly 50-year low, some renters are applying to property …

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Valley Build-to-Rent Hybrids are Capturing the Eye of Lenders

By Angela Gonzales | Phoenix Business Journal As the build-to-rent niche continues to become more popular with renters, homebuilders and investors, it’s also catching the eye of lenders. These unique build-to-rent (BTR) products feature detached, single-family homes in a rental community loaded with amenities, including clubhouses, resort-style pools and dog parks. Scottsdale-based Tower Capital, which …

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Some Hedge Funds Using ‘Buy & Hold’ Strategy in Housing Markets

By Andy Medici | The Business Journals Homebuyers are increasingly going up against hedge funds and other big institutional buyers in a hot housing market— and they will need to bring their best offers to the table. Cheri Benjamin, Realtor® and CEO of Village Premier Collection, said buyers might want to try and put down …

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July Homebuilding Permits Take Dip as Valley Market Cools

By Angela Gonzales | Phoenix Business Journal Single-family homebuilding permits in July dipped a bit compared with July 2020, an indication the Valley’s housing market cooled a bit over the summer. Nonetheless, overall permits are up 32% year to date through July, with some Phoenix metro cities seeing triple-digit percentage increases. Between January and July, …

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Flood Map Changes to Save Scottsdale Property Owners Money

Mortgage holders of more than 500 northwest Scottsdale properties are now able to cancel their flood insurance due to flood map changes that went into effect July 20. The Flood Control District of Maricopa County (FCDMC), in partnership with the city of Scottsdale and the city of Phoenix, asked the Federal Emergency Management Agency (FEMA), …

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iRenting Model Guarantees Phoenix Landlords Rent for Two Years

By Angela Gonzales | Phoenix Business Journal A new iRenting model based on the iBuyer model is making its Phoenix debut. Called Nomad, the Denver-based company gives individual landlords a guaranteed rent offer on their property and takes on the heavy lifting of tenant placement and management. PJ O’Neil, a former Opendoor executive and co-founder …

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Arizona Appeals Court Affirms Implied Homebuyer Warranties

By Howard Fischer | Daily Independent Home builders can’t escape their legal responsibility to create “habitable” houses by instead giving buyers a different kind of warranty, the state Court of Appeals has ruled. In a new ruling, the judges acknowledged Tina Zambrano signed an agreement with Scott Homes Development Co. that provided for a “limited …

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500 Seniors Must Leave Mobile Home Park Near Scottsdale

By Catherine Reagor | Arizona Republic A street near the entrance of Shadow Mountain Village Mobile Home Park. – Joseph Cooke/The Republic More than 500 seniors who live in a mobile home park near Scottsdale on the Salt River-Pima Maricopa Indian Community will have to find a new place to live when the park shuts …

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Local Experts Says Eviction Crisis Less Likely to Impact Arizona

By Matt Roy | Daily Independent As federal protections for renters distressed by the ongoing COVID-19 public health crisis are set to expire at the end of the month, officials and experts wonder what impact a long-dreaded eviction spike may have in Arizona. The eviction moratorium enacted by Gov. Doug Ducey last March expired at …

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DC Ranch Homeowners Face $16.3K Fee Each to Remove Trees

By Melissa Rosequist | Scottsdale Independent A small forest’s worth of trees are at risk for removal because of aggressive root damage occurring in the Arcadia at Silverleaf neighborhood of DC Ranch, which residents have banded together to fight. Arcadia at Silverleaf has 123 homeowners, who would bear the brunt of the total estimated $2 …

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