Feds rip Arizona for mortgage relief failures

A new audit by the federal bailout watchdog confirmed Arizona has one of the worst records in handing out federal housing aid to struggling homeowners.

The quarterly audit of the Troubled Asset Relief Program, or TARP, released late Monday found that Arizona distributed the second-lowest percentage of federal Hardest Hit mortgage aid directly to homeowners despite being one of the states hardest hit by the housing bust. The audit covered a period of roughly three years.

The Arizona Department of Housing disputed the audit’s findings, calling them “flawed and misleading.”

Read more...Feds rip Arizona for mortgage relief failures

Construction set for next Scottsdale Quarter phase

The Scottsdale Quarter plans to start construction next month on a third phase that will include more retail space and 275 apartments.

A six-story building is planned at 73rd Street and Greenway-Hayden Loop, just east of Scottsdale Road.

The project, including 22,400 square feet of retail, is targeted for completion in 2015. It will include four levels of parking, two of them underground.

There has been rumblings for at least two years that Bloomingdale’s is planning a store at Scottsdale Quarter, but it is just speculation at this point.

Read more...Construction set for next Scottsdale Quarter phase

Developer Ellman regroups after lost decade

Developer Steve Ellman took a financial thrashing in the past decade.

He lost ownership of the Phoenix Coyotes in 2006 and turned over management of Jobing.com Arena in Glendale. A lender took over Westgate City Center in a 2011 foreclosure.

Ellman, 61, said he lost more than $1.5 billion worth of real estate in the aftermath of the recession and was forced to lay off about half of the 200 Ellman Cos. employees.

Others might have wilted under those losses. Ellman managed to hold on to some valuable real-estate holdings. And he turned his focus to a new-media venture, with supersize digital billboards in New York’s Times Square, Hollywood and Las Vegas.

Read more...Developer Ellman regroups after lost decade

Paddock Pools corporate offices in Scottsdale to be replaced by condo complex

The south Scottsdale corporate offices and sales facility of Paddock Pools, Patios & Spas will be moving to make way for a new 20-building condominium complex.

The Scottsdale-based Meritage Homes has submitted to the city a rezoning request, and a Development Review Board proposal. It includes a site plan, landscape plan and building elevations for Paddock Village, to be located at 6525 E. Thomas Road, on Thomas one block east of 64th Street.

Read more...Paddock Pools corporate offices in Scottsdale to be replaced by condo complex

Mesa land auctioned off for $30.2 million, new homes planned - Phoenix Business Journal

The Arizona State Land Department auctioned off a large block of state land in east Mesa this morning to the highest bid of $30.2 million, only $200,000 more than the minimum bid allowed.

The auction itself was swift and rather anticlimactic as only two of the roughly 45 people in attendance actually participated in the bidding, which took place at the Land Department’s office in Phoenix.

Read more...Mesa land auctioned off for $30.2 million, new homes planned - Phoenix Business Journal

Paradise Valley HOA reaches agreement with Mountain Shadows owners

The shuttered Mountain Shadows resort in Paradise Valley has moved slightly closer to redevelopment.

The adjacent Mountain Shadows East homeowners association has come to a private agreement with the owners of the resort property, MTS Land LLC and MTS Golf LLC.

Tom Irvine, a lawyer representing the HOA, said issues not addressed in the agreements with the town from the HOA’s perspective have been resolved.

Read more...Paradise Valley HOA reaches agreement with Mountain Shadows owners

IRS Releases the Dirty Dozen Tax Scams for 2013

Since there are just a few days left in the year 2013 and many of you are thinking of your tax planning before the end of the year, this is worth another read...

IR-2013-33, March 26, 2013

WASHINGTON — The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns.

"This tax season, the IRS has stepped up its efforts to protect taxpayers from a wide range of schemes, including moving aggressively to combat identity theft and refund fraud," said IRS Acting Commissioner Steven T. Miller. "The Dirty Dozen list shows that scams come in many forms during filing season. Don't let a scam artist steal from you or talk you into doing something you will regret later."

Read more...IRS Releases the Dirty Dozen Tax Scams for 2013