Mesa named best big city in the southwest by Money magazine and other valley rankings

Information obtained in original article from Robert Hansen, AZ Republic Aug 18, 2015

The new price of luxury: $40M

This article was written on April 23, 2015 by Candace Taylor and published in the Wall Street Journal.

Jeff Keil paid $2.3 million in 1991 for his townhouse on the Brooklyn Heights Promenade in New York. When he put the roughly 17,500-square-foot house on the market a few months ago, he listed it for $40 million.

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Goodbye Granite: The New Top 6 Countertop Finishes

You are starting to hear many people say they are tiring granite. The following link shows new potential countertop finishes.

Lenders to lead the way in new closing process

Once TRID takes effect in August, everyone will answer to the lender, top bank executives say

On Aug. 1, lenders will resume responsibility for the actions of all parties at the closing table — but that doesn’t mean lenders will prepare consumer disclosures and loan documents in a vacuum.

That’s what a panel of executives from some of the nation’s largest banks told members of the American Land Title Association last month when discussing the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) rule, which will take effect Aug. 1.

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McMansions Remain a Hot Buy

Investors Gamble on Trophy Spec Homes

In Hillsboro Beach, Fla., a 30,000-square-foot estate is slated to be built for an estimated $45 million price tag – nearly triple the cost of the most expensive sale ever in the town. Across the country, in Los Angeles, a $55 million spec home is being listed with sweeping city views and space for 15 cars.

Overseas buyers and house hunters in search of trophy properties are spurring the confidence among developers and investors.

“These are people who are going to buy these homes to park money,” Jeff Hyland of Hilton & Hyland in Beverly Hills told The Wall Street Journal. Hyland says one of his real estate professionals is working with a developer on building a 90,000-square-foot spec home that will be priced around $100 million.

The homes are selling too. Developer Mohamed Hadid sold a spec mansion in the Los Angeles area in 2010 for $50 million. He is now working on a 30,000-square-foot contemporary mansion in Bel Air, known as Strada Vecchia, which will feature a 7,000-square-foot master suite, an IMAX movie theater, and a kitchen with a sushi bar. The home will likely be listed in the $200 million range when it’s completed next year, Hadid says.

“That’s the art of being ahead of the competition,” Hadid says. He estimates there are about 20 contemporary-style homes in the $30 million and up price range under construction in the Los Angeles area.

Many developers in the luxury-end of the market hope to make at least 50 percent to 60 percent return on their spec home investments – which can make it worth the risk, says Ben Bacal, a listing agent in the Beverly Hills area.

From Daily Real Estate News | March 23, 2015

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