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General Motors has agreed to sell its Desert Proving Ground in Mesa. The East Valley Tribune reports that GM did not disclose the buyer, but according to "sources," Scottdale-based DMB Associates, a developer of large luxury projects, was the high bidder. The 3200 acre parcel is widely viewed as having huge development potential because of its location next to Williams Gateway Airport and near Arizona State University Polytechnic. According to the article, the Arizona Department of Transportation has plans to build a freeway through the area. GM will lease back the property for three years to continue vehicle development until a location can be found for a new proving ground.
The New York Times, reports on the NY Times view of the Arizona real estate market, and states that a year ago, people were waiting in line to get a home, where now, the sales agents are doing the waiting for buyers. It states that the number of unsold homes has soared to almost 46,000 and that for sale signs are up everywhere. On the positive side, the article does state that the local economy has added 300,000 jobs since 2000 and the population grew by 20% from 2000 to 2005. It also states that the positive fundamentals of the local economy remain intact and cited Google's plan to hire several hundred employees. It quotes local Land Advisor expert Greg Vogel as saying "we will quickly grow out of it." It also quotes Daniel Van Epp of Newland Communities (developers of Estrella Mountain Ranch) as saying "As sure as the grass is green, it will all come back." Good article to read to get the East Coast's read on our market.
What a great state we live in. We have lots of land, and there will be more and more people moving here. The freeway is beginning to look a lot like the Los Angeles area did 20 years or more ago. BUT since the new 202 loop south has been opened, the 60 east doesn't seem as crowed in the busy hours. One large difference? In Los Angeles, it doesn't matter what time of day - anytime from 6 a.m. (or before) to 9 p.m. (or later) the freeways are jammed. One reason I moved back to the sunny state of Arizona.
Today, 47,154 active listings. Do you see a trend like I do? When it starts going down.....watch out!!! Have a great weekend.
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