Longtime restaurant and bar owner Randy Frederick is planning to revive the Downside Risk at the Shops at Gainey Village.

Frederick is seeking a conditional-use permit for the restaurant and bar on the northern edge of the shopping center northeast of Scottsdale Road and Doubletree Ranch Road.

Downside Risk Scottsdale, 8989 N. Scottsdale Road, Suite 608, would share a building with a dry cleaner just north of the former Garduno’s Mexican-food restaurant.

Frederick operated the Downside Risk downtown from 1986 to 2003 and a Scottsdale Airpark location from 1999 to 2005.

In its prime, the downtown Downside Risk, 7419 E. Indian Plaza, was a lively tavern that predated the entertainment district southeast of Camelback and Scottsdale roads by about 15 years.

The other Downside Risk, 14950 N. Northsight Blvd., initially was a hot spot but business declined as more bars opened in the Airpark over the past decade.

Salty Senorita took over the 5,100-square-foot building in December 2006 but it closed last year.

Frederick was unavailable for comment.

The use permit for live entertainment was submitted to the city this month.

Scottsdale Arizona Real Estate Blog

Lenders are allowing more short sales by financially strapped homeowners and a few people are even getting cash to complete the sale.

Short sales are when lenders allow borrowers to sell homes for less than their unpaid mortgages. They are an alternative to foreclosures.

Short sales have been increasing for months, but the financial incentives — which Realtors say are random and infrequent — are a newer wrinkle.

Examples:

- JPMorgan Chase went national with short-sale incentive offers last year, paying up to ,000 in some cases.

- Bank of America is testing incentives from ,000 to ,000 in Florida to see if they should be expanded to more states. The Florida program began last fall, spokesman Richard Simon says.

- Wells Fargo’s incentive offers range from less than ,000 to ,000, spokesman James Hines says.

Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures.

In states such as Florida where foreclosures go through the courts, 50% of loans in foreclosure are more than two years past due, says a January report by mortgage tracker LPS Applied Analytics.

“It’s a lot cheaper to shell out ,000 or ,000 to someone than it is to go through a long foreclosure,” says Jim Gillespie, chief executive of Coldwell Banker.

Banks are more willing to do short sales now than in the past, Gillespie says. Cash incentives appear to be “limited but increasing” in number, he adds.

“When a loan modification isn’t possible, a short sale may be a better and faster solution” than foreclosure, says JPMorgan Chase spokesman Thomas Kelly.

The lenders won’t say how often they extend such incentives.

“If you have two similar sellers, one might get it and another may not,” says Colleen Badagliacco of Altera Real Estate in San Jose. “It’s very random.”

Typically, short sale incentives are more common for loans in states where foreclosures take more time, Hines says.

In November, short sales accounted for more than 9% of single family home sales and were up 32% from the year before, according to CoreLogic.

Market researcher Dataquick also shows short sales increasing from January 2011 through last month throughout California and in Phoenix, Miami and Seattle.

The federal government-run foreclosure prevention program also offers short sale incentives, at least ,000 for sellers, but far more short sales are being done outside the government program.

“The trend is up,” says Moody’s Investors Service analyst William Fricke.

Scottsdale Arizona Real Estate Blog

“From there to here, from here to there, funny things are everywhere.”

In March, children and adults all over Arizona will celebrate the birthday of Dr. Seuss, beloved writer of nonsense and patron saint of silliness. Want to get in on the fun? Here are four whimsical ways you and your child can remember the author who taught us,

“Today you are you! That is truer than true! There is no one alive who is you-er than you!”

The Lorax – In Theaters March 2

Statewide: The Lorax Movie

Friday, March 2 in Theaters Everywhere

From the creators of Despicable Me and the imagination of Dr. Seuss comes the 3D-CG feature Dr. Seuss’ The Lorax, an adaptation of the classic tale of a forest creature who shares the enduring power of hope. The animated adventure follows the journey of a 12-year-old as he searches for the one thing that will enable him to win the affection of the girl of his dreams. To find it he must discover the story of the Lorax, the grumpy yet charming creature who fights to protect his world. Explore the world of The Lorax and find tickets and showtimes in your area at theloraxmovie.com.

Happy Birthday Dr. Seuss at Scottsdale Civic Center LIbrary

Scottsdale: Happy Birthday Dr. Seuss at Scottsdale Civic Center Library

Thursday, March 1 at 4pm

Children ages 6 to 12 are encouraged to join the Scottsdale Civic Center Library for an afterschool birthday celebration of Dr. Seuss. Last year’s event included story times, making crafts, and decorating bookplates, so this year is sure to be a great time, too! Registration may be required for this popular event at the library, located at 3839 N. Drinkwater Blvd, Scottsdale, so visit scottsdalelibrary.org or call 480.312.READ for more information.

Dr. Seuss' Birthday Party at the spot… a Child's Museum

Prescott: Dr. Seuss’ Birthday Party at the spot… a Child’s Museum

Friday, March 2 at 1pm

You’re invited to Dr. Seuss’ Birthday Party at 1pm on Friday, March 2 at the spot…a Child’s Museum, located inside Prescott Gateway Mall. This special 2 ½ hour Museum event, featuring Kindermusik with Miss Kelly, will use music, movement and science to honor the innovator who taught us all to be our zaniest selves.

Get advance tickets online by February 28 to reserve your spot. Tickets are .00 for one child and one adult and include Museum admission and the Kindermusik class, materials and a birthday gift. For more information, visit thespotmuseum.org/seuss.

Seussical the Musical at Copperstar Repertory Co.

East Valley: Seussical the Musical at Copperstar Repertory Co.

March 23, 24, 29, 30 & 31. Showtimes vary.

Celebrate Dr. Seuss’s birthday and promote excitement in reading and literature with Seussical! This whimsical musical is based on the books of Dr. Seuss and has become a favorite for kids and adults alike. Some of Seuss’s most popular characters are cleverly woven into the main plot, which draws primarily from the favorite, Horton Hears a Who. The Cat in the Hat narrates and is up to his usual antics, creating mischief throughout the show.

Copperstar Repertory Company is a nonprofit arts organization whose mission is to entertain, educate and enrich community members of all ages by offering high quality productions, providing professional instruction in performing arts, and creating performance opportunities for Arizona’s youth and adults. Located at the Higley Center for the Performing Arts, 4132 East Pecos Rd in Gilbert. Visit copperstarrep.org for tickets and information.

_{Quotes from One Fish Two Fish Red Fish Blue Fish and Happy Birthday to You!, both by Dr. Seuss, Random House Children’s Books}

ArizTravel.com

Glendale’s beleaguered Westgate City Center should get a shot of consumer energy later this year, when Tanger Factory Outlet Centers Inc. opens a new outlet mall on the site.

The project, called Tanger Outlet Center Westgate, will feature about 85 brand-name stores in an open-air mall on 38 acres at Loop 101 and Glendale Avenue.

“This shows that Westgate is not dead,” said Glendale Councilwoman Joyce Clark. “This is a sign that things are turning around for Glendale and for Arizona.”

The 328,000-square-foot mall is designed in a modern style to merge with Westgate, which has large, colorful billboards scattered around an outdoor plaza with a fountain that “dances” to music.

Designs show that the outlet center also is oriented toward pedestrians, with courtyards — some covered — and a parklike atmosphere. Like Westgate, the buildings vary in height and the setting will have a few towers.

The project has been in the works for months, with Glendale’s design-review team pushing it through the system in two days. But Tanger made the official announcement only Thursday. The company had a one-sentence statement about the project in its earnings statement released Wednesday.

Steven B. Tanger, president and CEO of Tanger, a North Carolina-based company, said the project should do well in the “dynamic” Phoenix market.

Company executives and city officials plan to break ground within a couple of weeks.

Outlet malls, which generally send name-brand products for discounts of up to 75 percent, have boomed amid the economic slump.

Tanger also has signed a sublease to build an outlet at Loop 101 and Indian Bend Road, near the Talking Stick Resort and two other companies are considering outlet malls for the Valley.

A Tanger outlet in Barstow, Calif., features popular brands such as Banana Republic, Coach, Gap, Michael Kors, Reebok and Tommy Hilfiger.

Glendale Mayor Elaine Scruggs said the upscale Tanger malls “are a favorite among all shoppers because of the variety of brand-name products they offer for the entire family.”

Tanger did not release a cost for the project Thursday, but Glendale officials said the city is not putting any money into the project or providing any incentives beyond the expedited review of the design.

Construction alone should create 700 to 800 jobs, with about 900 full- and part-time retail positions available once the mall opens in time for holiday shopping later this year.

“Tanger’s new location in Glendale means new jobs, new brand-name shopping opportunities for residents and tourists and an increase in tax revenue for the city,” said Glendale City Manager Ed Beasley.

The city and Westgate can use all the help they can get. Westgate businesses have been complaining for months about low foot traffic.

“The shopping component will bring a lot of people to the area,” said Glendale Planning Director Jon Froke. “We think it’s great for Westgate.”

The Westgate shopping and entertainment center opened with a bang in 2006, three years after Glendale built an arena for the Coyotes ice-hockey team. Since then, the dour economy and dealings to keep the hockey team from leaving the city have been a drag on the area.

In 2011, Tanger announced plans to build a major West Valley shopping center. The company pulled back from plans to build the outlet near Loop 101 and Camelback Road when potential tenants lacked interest. Tanger then opened talks with the Ellman Cos. in May.

The Ellman Cos. went on to lose the bulk of Westgate to lenders in a foreclosure in September, and a new management team has been trying to reinvigorate the area.

Scottsdale Arizona Real Estate Blog

February 13, 2012

Provided by:

Just a few years ago, when foreclosures were coming fast and furious, some cities experienced more than their fair share of the pain. It stood to reason that the harder hit a city was, the less likely it was to make a hasty recovery.

However, according to Realtor.com, the official site of the National Association of Realtors, some of the cities whose housing markets bore the brunt of the foreclosures are now leading the way toward recovery.

See full story: Top 10 Turnaround Towns

Using data from Realtor.com, CNBC.com ranks the cities with the most dramatically recovered housing sectors. The list weighs year-over-year data from the fourth quarter of 2011 and the fourth quarter of 2010, such as median price appreciation, median age of inventory, inventory reduction rates and unemployment rates, as measured by the Bureau of Labor Statistics in November 2011. Realtor.com also sought the perspective of real estate agents, who work on the front lines of the markets that are experiencing turnarounds. Their insights are included here.

See which American cities made this year’s list of the top 5 turnaround towns:

5. Sarasota-Bradenton, FL
Year-over-year Median List Price Appreciation: 10.78%
Year-over-year Median Age of Inventory: -26.57%
Year-over-year Inventory: -31.01%
Unemployment Rate (November): 10.1%
Search/Listing Ratio Rank: 31

The Sarasota-Bradenton area takes the number five spot on Realtor.com’s list. Median list prices have increased by 10.78 percent since last year, while inventory has dropped by 31.01 percent. According to Carol Marra of Keller Williams Realty, current trends are putting Sarasota-Bradenton within striking distance of becoming a seller’s market.

“We have less inventory available for sale and I do see prices inching up,” she says. “Another indicator of our market turnaround is that local home builders have less existing inventory and are generally standing firm on their prices.”

4. Fort Myers-Cape Coral, FL
Year-over-year Median List Price Appreciation: 31.27%
Year-over-year Median Age of Inventory: -17.60%
Year-over-year Inventory: -35.31%
Unemployment Rate (November): 10.5%
Search/Listing Ratio Rank: 26

The Fort Myers-Cape Coral area has slipped one notch to fourth place on Realtor.com’s list of turnaround towns. It held the third-place slot last year, but sales have decreased 13 percent since then, hence the downgrade. Still, it’s bouncing back, with a 20 percent increase in median sale price over last year, better than any other market in Florida.

Denny Grimes, a real estate agent from Fort Myers, describes the housing market as split. “Right now what we are seeing is a market of the haves and have nots,” he says. “Inventory of homes priced under 0,000 is very low. If it were a gas gauge I would say it was blinking on empty. At the higher end of the market — the ‘move-up’ market, priced over 0,000 — we are not seeing as many buyers and inventory is still high.”

3. Orlando, FL
Year-over-year Median List Price Appreciation: 8.22%
Year-over-year Median Age of Inventory: -36.52%
Year-over-year Inventory: -44.02%
Unemployment Rate (November): 9.7%
Search/Listing Ratio Rank: 1

Orlando, Fla., has experienced a 36 percent drop in the median age of its housing inventory, down to an impressive 73 days, according to Realtor.com. The city has also experienced a decrease in the number of foreclosure filings over the previous year, with one in every 323 households posting a filing. This constitutes a drop of 24 percent from November 2010.

According to real estate agent David W. Welch, homes are going fast. “We actually have a shortage of homes — less than six months of inventory — on everything under 0,000,” he says. “Two of my buyers made offers last week. One made an offer on a ,000 home as an investment. The other made an offer on a rather large 0,000 home as his primary residence. Both homes were short sales, and both homes had five other offers on them.”

2. Phoenix-Mesa, AZ
Year-over-year Median List Price Appreciation: 15.38%
Year-over-year Median Age of Inventory: -27.47%
Year-over-year Inventory: -48.10%
Unemployment Rate (November): 7.7%
Search/Listing Ratio Rank: 7

The other area on this list that’s not in Florida is the Phoenix-Mesa area in Arizona. It used to reside at the number four spot, but jumped ahead two notches between the third and fourth quarters of 2011. This area experienced more than its fair share of foreclosures, and one in every 317 homes still goes into foreclosure. However, the foreclosed homes on the market are being sold at bargain prices, which has caused a 27.47 percent decrease in the median age of inventory.

The city’s unemployment rate in November was 7.7 percent, better than the national average, which can only help boost the local economy. Real estate broker Christy Walker has an optimistic forecast. “The Phoenix market has experienced a positive change in the past year and is poised to continue rebounding throughout 2012,” she says. “Employment is up, foreclosures have dropped significantly, investor sales are substantial and our inventory is hovering around a three-month supply with increasing demand.”

1. Miami, FL
Year-over-year Median List Price Appreciation: 28.57%
Year-over-year Median Age of Inventory: -30.89%
Year-over-year Inventory: -51.44%
Unemployment Rate (November): 9.4%
Search/Listing Ratio Rank: 9

Of all the U.S. markets, Miami was among those that were hit hardest by foreclosures. Today, however, it’s bouncing back, and in a big way. According to Realtor.com, Miami is the leading turnaround town in the U.S. Sales of single-family homes increased by 51 percent in the past year, according to the Miami Association of Realtors, and the median age of the inventory has decreased by 30 percent.

“They say the first to hit bottom are the first to get up, and that’s exactly what we have been seeing in Miami,” says Ines Hegedus-Garcia of Majestic Properties. “Although mainstream media seems to be a little behind with the good news, we have been seeing desirable areas in Miami already showing price increases, almost a nonexistent distressed inventory and even a seller’s market in some instances.”

Scottsdale Arizona Real Estate Blog

Calling all LeAnn Rimes fans. She will be live and acoustic this Friday, February 17th, 2012 at the Carefree Resort and Conference Center‘s Carefree Resort Opera House. Here’s your chance to Ms. Rimes up close and personal. You can choose between three different ticket packages with prices starting at .

Related posts:

1. Carefree-Cave Creek Hot Air Balloon Festival this Saturday
2. Hash Knife Pony Express Rides in this Friday
3. New Years Eve in Scottsdale

Scottsdale Blog – Things to do in Scottsdale, Arizona

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Scottsdale-based DMB Associates is spending a lot of time focusing on properties in a state next door to Arizona: California.

The developer has several master-planned projects in various stages across the state: in the Lake Tahoe area, the San Francisco Bay Area, central California and in Southern California’s Orange County.

In a state known for its regulations and attention to the environment, DMB is proving it can modify plans to work with neighbors, community groups and environmental interests to develop prime sites.

In January, DMB opened a Pacific division headquartered in San Francisco to be closer to its California projects, particularly the redevelopment of Cargill’s historic salt plant in Redwood City, near Silicon Valley. Eneas Kane is president of the new operation.

Although DMB is developing 150,000 acres of communities in the West and building communities on some of the highest-profile pieces of land in California, including the redevelopment of the Saltworks site in the Bay Area, it has maintained its low-key style.

“It feels like though the housing market hasn’t recovered yet, it has hit an inflection point,” Kane said. “We believe our greatest opportunities are in California right now.”

California’s housing market is much larger and more diverse. And some parts of the state, including the Bay Area and the Lake Tahoe area, haven’t suffered as much during this housing crash.

Evolving focus

“DMB” stands for the first names of its prominent Arizona founders. The D is for the company’s chairman and real-estate attorney, Drew Brown. The M is for Mark Sklar, whose family owned Mundus Travel. The B is for Campbell Soup heir Bennett Dorrance.

In 2010, the developer attracted some prominent investors, including Madrone Capital Partners, which includes Walmart heirs, and Argonaut Private Equity of Oklahoma.

Best known for its DC Ranch community in north Scottsdale, DMB formed after metro Phoenix’s last real-estate crash in the late 1980s investing in bargain commercial properties. But after DC Ranch, DMB’s business plan evolved to partnering with landowners and investors on large residential projects that can be built slowly and with plans constantly updated for changes in the economy and in homebuyers’ preferences.

The partnerships, such as the one it has with Caterpillar on Buckeye’s Verrado, allow for private agreements that don’t require fast shareholder profits and but do allow for a long-term planning and development.

“We build for people,” Brown said. “We are trying to create neighborhoods that will last and evolve.”

The developer has garnered a reputation as a meticulous planner, an amiable neighbor to other projects and a company that won’t sacrifice quality growth for short-term projects, said national housing analyst Tim Sullivan.

In Arizona, DMB continues to develop or plan the communities DC Ranch and Silverleaf and mixed-used project One Scottsdale in the north Valley, Verrado in Buckeye, Marley Park in Surprise and its latest project, Eastmark in Mesa, while considering another residential project on state-owned land in the northwest Valley.

Outside Arizona, it is partnering with other companies on high-profile projects that could be under development for the next few decades.

In 2006, the developer saw the housing crash coming but no one knew how bad it would be for the home-building market.

In 2009, DMB had to restructure and downsize its staff by at least one-third. Then, the developer’s chairman said the company had no plans to sell off any of its current assets and would continue looking for special land for developments in the West.

“We are finally bringing some money in this year instead of just spending,” Brown said. “Of course, we are in development to make money, but what’s as important is the footprint we leave on this country with our projects. If our projects thrive and evolve for decades, we know we will have succeeded.”

DMB’s projects outside Arizona include:

Redwood City Saltworks

On 1,436 acres between San Francisco and San Jose, DMB is working with Cargill to redevelop an industrial salt mine into a community that would provide workforce-priced housing. The two groups started a partnership in 2006. Cargill, an international agriculture and food company, owns the former salt-mining site.

The Redworks site is prime for redevelopment because there’s little other developable land left in the infill community along the waterfront.

Exact plans for the development are still being worked out, but the current goal is to set aside half of the land for conservation and public access to the bay, 200 acres of parks and privately funded restoration of industrial land into tidal marshes.

Originally, 12,000 homes and apartment had been planned on the historic site. But after many meetings with neighbors of the land and community and conservation groups, the plan is being scaled back.

DMB’s research found that 40,000 people commute to Redwood City for work so it’s trying to develop high-density, affordable housing on the site while still conserving much of the land.

Martis Camp

Halfway between Truckee, Calif., and the northern shore of Lake Tahoe, DMB is building a community on 2,177 acres. One side of the project overlooks the lake, while the other side faces the Sierra Nevada. This community has a golf course and a ski lodge. The clubhouse is a large red barn called the Family Barn.

Kane said many of the buyers so far are from San Francisco, particularly Silicon Valley. A few executives from Apple have been spotted at Martis Camp.

About half of the 653 lots at Martis Camp have sold for a total of 0 million. In 2011, 43 home sites sold for a total of million, making it one of fastest-selling resort communities in the country, according to housing analysts.

The DMB Martis partnership managed negotiations that led to an agreement with Sierra Watch, the League To Save Lake Tahoe, the Mountain Area Preservation Foundation, Sierra Club, and the Planning & Conservation League in 2008, which let the project be built.

Tejon Mountain Village

In the middle of central California’s 270,000-acre Tejon Ranch, the largest privately owned piece of land in California, DMB is developing 8,000 acres of a 28,000-acre site.

Plans call for about 80 percent of the site to be left undeveloped. The deal, worked out with the Sierra Club, Natural Resources Defense Council and Audubon California, also means 240,000 acres of 90 percent of the Tejon Ranch property will be preserved.

Ladera Ranch

Through a partnership the the Moiso and O’Neill families, DMB is developing 4,000 acres in central Orange County. About 8,000 homes have been developed in the project so far, and only 8,100 are planned for it.

Ladera Ranch is similar to DMB’s Verrado community in Buckeye, with a variety of midpriced to high-end homes surrounding a town center.

When DMB partners with landowners, the developer usually pays for the communities infrastructure and then works out a deal to split profits from land sales. DMB is private and very private about its finances. Most of its partners are also private firms.

Kukui`ula

Located on the southern shore of the Hawaiian island Kauai, the 1,045-acre high-end resort is a project DMB is developing with Hawaiian firm Alexander & Baldwin.

DMB signed onto the project in the midst of the housing crash, but Kane said the site and opportunity were too good to let go by. So DMB has spent the past few years developing the resort while selling very few of its expensive home lots.

The development has a golf course, spa and collection of swimming pools. It also has a 50-acre farm for residents to pick their own fruits and vegetables. About 1,500 high-end homes, most priced above million, are planned for the community. So far, about 100 houses and lots have sold there.

Planning for the development started in 2001, long before the housing crash, but the project’s development has been slower than expected, Brown said.

Scottsdale Arizona Real Estate Blog

This is where Dr. Steven Lipsky comes in. Not only is he a Valley doctor that makes house calls, he’ll actually come directly to your resort or hotel room. Using his completely stocked and outfitted Porsche Cayenne SUV, he can provide a wide array of services including lab tests, immunizations and treatments of pain and illness.

So come to Scottsdale in confidence knowing that a doctor is only a call away.

Related posts:

1. LeAnn Rimes at the Carefree Resort Opera House this Friday
2. The Bundle of Joy Babymoon Package
3. Super Spa Sweepstakes

Scottsdale Blog – Things to do in Scottsdale, Arizona

“Fate” by Ken Peloke

On Feb. 23, 2012, Expressions Gallery will celebrate its 16th season in Scottsdale’s Art District with a special show and sale – and a whole lot of heart.

“Spirit of the Horse” premieres new equestrian-inspired works by artists Fran Kievet, Ken Peloke, Jim Rey and Dave McGary, all of whom will be in attendance at the show. Best of all, the artists will give a percentage of the evening’s sales to Horsense Equestrian Youth Riding Camp – donations that will be matched by Expressions Gallery.

“We’re very excited to have such an amazing group of artists painting for our ‘Spirit of the Horse’ show,” says Expressions Gallery owner Molly McGary. “These artists are widely known for their incredible horse imagery and for their generosity. Their work is a great match for Horsense, which is an alternative after-school program that engages kids in learning about horsemanship and also helps them build life skills like respect, responsibility and character development.”

“Spirit of the Horse” takes place at Expressions Gallery on Feb. 23, 2012, from 7 p.m. to 9 p.m. The event is free and open to the public.

Related posts:

1. 22nd Annual Celebration of Fine Art
2. Arizona Fine Art Expo
3. New Location for Celebration of Fine Art

Scottsdale Blog – Things to do in Scottsdale, Arizona