Downtown Phoenix High-Profile Projects in Limbo
Collapsed lender imperils downtown developments
A celebrity chef was planning the menus, brides were negotiating room rates and 250 staffers were on the payroll.
But four months before Hotel Monroe was scheduled to open, its lender went bankrupt.
Now it could be at least a year before the 150-room luxury hotel is complete, says developer Grace Communities.
It's unclear what the future holds for the hotel and an entertainment district, two high-profile downtown Phoenix projects tangled in Mortgages Ltd.'s web of legal and financial woes. The credit crunch could mean a difficult road for both projects, an expert says.
But backers of both projects are optimistic.
Downtown boosters are watching both ventures closely because they would add much-needed elements to the city: an infusion of hotel rooms and a corridor of shops, nightspots, and restaurants near Phoenix's sports arenas.
The troubles at Mortgages Ltd. won't put the brakes on downtown Phoenix's resurgence, but impact on those two projects may be painful, observers say.
"This one hurt, bad," said Jonathan Vento, a principal at Grace Communities. The developer was renovating a 12-story 1931office building at 15 E. Monroe Street to house Hotel Monroe Construction work essentially stopped last week.
On Thursday, Grace officials were courting a prospective lender, but it's hard to say what will happen next, Vento said. It would take about $50 million to finish the hotel project, he added.
"A boutique hotel is not a construction project by itself. It is an operating business," Vento said. "It lives and breathes."
Grace is also wrapping up construction on 44 Monroe, a 34-story condo tower a block away from the Hotel Monroe. The tower, however doesn't have a Mortgages Ltd. loan, said Joyce Wright, an attorney for Grace Communities.
No easy choices
There may be few easy options for the two downtown developments or for the estimated 70 loans in Mortgages Ltd.'s $925 million loan portfolio.
The economic slump has all but shut off the credit tap for many commercial projects, said Anthony Sanders a professor at Arizona State University's W.P . Carey School of Business.
"A lot of lenders are taking a timeout right now," said Sanders, who teaches real-estate finance.
Nationally, loan defaults are up, sales of finished projects are down, senior loan officers at banks have ratcheted up their lending requirements, and land - which is collateral for the construction loans - is worth less, Sanders said.
"I would love to see downtown Phoenix blossom," the professor said. "Right now, it's not a sure thing that downtown Phoenix will be like downtown Manhattan. These are really, really dicey loans at the moment."
In response, the institutions making loans may have doubled or tripled the interest that they charge compared to rates at the beginning of this year, Sanders said.
Jackson Street
The Jackson Street entertainment district would line a stretch of that street near Chase Field with nightspots, restaurants and residences, developer say.
Mortgages Ltd. provided a "seven-figures plus" loan that helped the project's backers to buy two city blocks of property south of the Summit at Copper Square condo tower, said developer Dale Jensen. He declined to give the exact figure.
Now Jensen is looking for a new lender to take over the debt.
Of the two projects, the proposed Jackson Street entertainment district may have a relatively easier road, said Larry Lazarus, a veteran Valley development attorney working on the Jackson Street project.
Developments that have "end users" are easier to finance than housing, which involves more speculation, the lawyer said.
Lazarus is also an example of how the Mortgages Ltd. debacle has permeated the region's development circle. He invested in the firm, as did his parents, friends and some former clients, the lawyer says.
"It's hard to be in the industry here and not know every side of this deal," Lazarus said.
Loan crisis
Mortgages Ltd. was a key player in Arizona's building world.
It bankrolled land acquisition, development and construction for commercial real estate.
Mortgages Ltd. came under scrutiny shortly after CEO Scott Coles' son found him lying unconscious in bed on June 2. Police suspect it was suicide.
Two borrowers, including Grace Communities, have sued Mortgages Ltd., claiming that the lender defaulted on loan obligations.
Some of Mortgages Ltd.'s investors, who helped fund the loans, have filed suit to gain access to the lender's books.
Grace Communities' attorney says Mortgages Ltd. provided only a third of the $75.6 million loan. Mortgages Ltd. has argued that Grace and other borrowers have filed lawsuits because they are in default and they need to buy time.
Vento insists Grace hasn't defaulted on any loan payments.
The bankruptcy case heads back the U.S. Bankruptcy Court for the District of Arizona on Tuesday.
Source: The Arizona Republic
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Monday, June 30, 2008
Downtown Phoenix High-Profile Projects in Limbo
Home Seller Adds Offer of Marriage . Selling A Home In Todays Market
Home Seller Adds Offer of Marriage
Associated Press
PALM BEACH GARDENS, Fla. - She has tried nightclubs and online dating sites, but now a 42-year-old single mother is looking for love where everyone else's heart is breaking: the real- estate market.
After a year of trying to sell her four-bedroom home and eight years of singledom, Deven Trabosh is offering her Florida home and a shot at marrying her on the Internet.
"Marry a Princess Lost in America," Trabosh wrote in the ads she posted on eBay and Craigslist last week. She describes a life of romance and travel and a home that features vaulted ceilings, upgraded tile and a soaking tub in a gated community with a pool and tennis courts.
"I'm struggling . . . I don't want to lose my house, and I want to find somebody," said Trabosh, who changed her name in the ad to Traboscia to keep people from finding her in the phone book. "So I came up with this dream plan because I've always dreamt about being a fairy-tale princess."
She listed the home for $340,000 on a sell-it-yourself Web site, but upped the price on eBay, adding a $500,000 shipping fee to include her companionship.
Trabosh says eBay removed her ad. eBay does not allow the sale of human beings, body parts or relationships, spokeswoman Catherine England said Friday.
Trabosh hasn't received any serious offers but says she's had nearly 500 responses, mostly positive.
She's gotten criticism, too. Her 21-year-old daughter, Haley, says she just wants her mom to find love, but her 14-year-old daughter says her mother is embarrassing her.
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American Idol Auditions in Glendale AZ July 25 Jobing Arena
American Idol Auditions Glendale AZ July 25 at Jobing Arena
A little more than a year after the Valley's Jordin Sparks took home the 2007 American Idol crown, the talent show will return to Sparks' hometown of Glendale when it holds auditions July 25 at Jobing.com Arena, 9400 W. Maryland Ave.
It will be the show's first time hosting auditions in Arizona.
Show producers report that they've seen great talent emerge from the Valley - including Valley native Brooke White, who cracked the show's top five this year - prompting their decision to hold auditions here.
Men and women 16 to 28 years old as of July 15 who can legally work in the U.S. are eligible to try out. Some restrictions apply. Auditions start July 17 in San Francisco and will continue on to six other cities. Auditioners typically must show up a day in advance to get a required wristband.
'American Idol' Audition Do's and Don'ts:
Ditch The Costumes, Dude-Sung Celine CoversUnless you're just looking for screen time, leave the face paint, original songs and sack of nail clippings at home.
C'mon people! After six seasons, we get that the first few weeks of "American Idol" auditions are supposed to be a parade of freaks mixed in with a few potential gems just to keep it interesting. We know it's too late for this season's group of musical circus geeks, but if the first two audition episodes are any indication, some of you are in dire need of a refresher course on the do's and don'ts of "Idol" tryouts before we even start thinking about season eight.
Do: Tell the producers a great backstory that might land you one of those "down on the farm" segments where we see you frolicking with your son/daughter/pets/tractor. The sadder, the better.
Don't: Have your backstory be tied to a bag of nail clippings, your "Star Wars" fetish, a stalker routine, an ability to make funny noises or a "wacky" original song about abstinence. Speaking of chastity, though never-been-kissed virgin Bruce Dickson and his lock-and-key necklace told a tale so bizarrely endearing the striking Writers Guild of America should investigate whether he had some help with it, we recommend a little less sharing next time.
Do: Try to stand out in front of the judges by wearing something interesting, (slightly) provocative, flattering or, failing that, bland enough that it doesn't distract them from your singing.
Don't: Shop at the costume shop, paint your face, wear a Cowell-esque top that exposes enough of your chest that Simon and Randy lose their focus, attach anything resembling tin foil to your body or have your shirt signed by your "supporters." And, for the love of God, if you can't see your feet, don't wear a Princess Leia costume, even if you are manscaped. Nobody needs to see that.
Do: Pick a song that fits your voice and doesn't make it seem like you're trying out for "Best Celebrity Impersonators." (Hey, if the strike goes on long enough, it might show up on your TiVo queue!)
Don't: And we can't stress this enough, don't sing a song by a woman if you're a dude. We don't care how great you think Celine or Kelly are, the minute you start that tune you will automatically lose Simon and come off looking like a gender-confused contestant on a Logo reality show, whether you're gay, straight or floating somewhere in the guyliner-assisted middle. There are plenty of great songs sung by men for male contestants to choose from — just ask William Hung. OK, maybe not.
Do: Stand out and be humble. Believe it or not, you can do this by just being yourself — especially, it seems, if you are a cute, bubbly blonde with a growly voice or a cute, bubbly black girl with just the right amount of sass.
Don't: Talk back to the judges and come off like someone who might be lurking behind a garbage can waiting for Simon to get into his limo later that night. Yes, you'll get screen time, but nobody will take you seriously for the rest of your life (especially if your heart is set on "actressing"), and you will undoubtedly be dragged out a few more times over the season in clip shows that will portray you as the lunatic that you are.
Do: Wow the judges with your awesome range and strong vocals.
Don't: Tell them people have said you sound like Whitney/Mariah/Celine/Kelly, because 10 times out of 10, they're wrong and you're wrong and Simon's just gonna rip you a new one. And one more thing: Even if your cute-as-a-button model husband says you sound like a superstar, don't make him say it again in front of the judges if it's clearly not true because, once again, Simon's going to make the drive home more awkward than a Paula Abdul QVC appearance.
Do: Be comfortable in your own skin, even if it means snapping your fingers, bopping your head or making a hand gesture or two. The easier it is for you to move around and look the three judges in the eyes, the easier it will be to do it in front of an audience that's larger than the populations of Chile and Cambodia combined.
Don't: Breakdance, practice shadowboxing, flap your wings, stare at the floor, wriggle like you're giving birth to a 15-pound bag of sand, or, as we learned last season, pretend to be a large, caged cat.
Do: Prepare more than one song, preferably in a different genre. Occasionally, the judges want to hear an extra ditty before they dole out a Golden Ticket. If you only rehearsed "Another One Bites the Dust" and Paula asks for some Sinatra, don't be shocked when you end up another one gone, another one gone ...
Don't: Sing an unrequested second song. If the Idol Trinity agrees that you stink, bursting into a new tune isn't going to change any minds. You're just prolonging the pain. Plus, "Idol" producers love having fun in the editing room, so even if you didn't cut off Simon's critique with a second song-and-dance routine, that's exactly how it will be portrayed by the time it hits airwaves, and you'll ultimately look insolent, desperate and/or unstable.
And, if you're going to ignore all these suggestions and just be your freak-flag-flying self — which, after all, is what really makes us all tune in this early anyway — take a page from the book of 44-year-old Renaldo "You Are My Brother" Lapuz. The strange little man in the silver-and-white cape chewed up 11 minutes with his space-case anthem of brotherhood, which slowly evolved from typical Hung-esque time killer to a strangely great piece of TV that allowed the judges to let their hair down and indulge in some of the same goofball antics they are used to rolling their eyes at.
Ready to find a home at a great price in the Phoenix Metro Area, Westgate or Glendale area. Speak To A Professional RE/MAX Phoenix Realtor NOW....Call : 623-979-8888. We can show you foreclosures, Short Sales, REO, as well as any and all homes for sale in the Maricopa area. Search the complete Phoenix AZ MLS for free at http://www.buyphoenixazhomes.com/
Thursday, June 26, 2008
Hotel Monroe On Hold. Phoenix Downtown Projects Affected
Lender's downfall puts Phoenix downtown in limbo
The financial storm brewing around Mortgages Ltd. has touched two key downtown Phoenix projects, a blow to ongoing efforts to reinvigorate the city's heart.
There is no more loan money to fund construction and renovation work for Hotel Monroe, a high-profile luxury project, the developer said Tuesday.
And a proposed Jackson Street entertainment district is looking for new lenders for a land deal.
And it was unclear if other downtown projects could be next.
It's unknown what developments are among the estimated 70 loans in the embattled Phoenix company's $925 million loan portfolio.
The downtown projects are significant because Phoenix and state officials have invested years of planning and millions of taxpayer dollars to resuscitate what had once been a sleepy business district.
On Tuesday, city officials downplayed the impact, noting that Phoenix has many successful downtown projects under way. That includes the expanding Arizona State University downtown Phoenix campus, the $600 million convention-center expansion and the nearly complete 1,000-room Sheraton hotel project, said Phoenix's downtown-development director John Chan.
"One segment of the market is slowing down, but there are a lot of positive things going on in downtown Phoenix," said Chan,adding that the Mortgages Ltd. meltdown is a symptom of the national credit crisis.
Yet, the Mortgages Ltd. fallout left two projects scrambling for new lenders.
• On Tuesday, the developer behind a $100 million boutique-hotel project announced that renovations at the historic 1930s office building are winding down. The renovated hotel was expected to open Oct 1.
Its developer, Grace Communities, has been paying contracting expenses out of its reserves because Mortgages Ltd. has stopped funding its loan, which was for $75.6 million, said Jonathon Vento, a partner with Grace.
He declined to estimate how long the project would be delayed, noting that the company is in the process of renegotiating contracts with vendors.
Mortgages Ltd. has said it believes lawsuits filed by Grace and other borrowers are efforts by borrowers that are in default to buy time.
Vento insists Grace has not defaulted on any loan payments to Mortgages Ltd. and that the lender's claims are attempts to distract attention from its financial situation.
• Mortgages Ltd. has also loaned an undisclosed "seven figures-plus" sum to Dale Jensen, one of the developers behind a planned Jackson Street entertainment district near Chase Field, Jensen said.
Jensen is looking for another lender to take over the loan, which helped finance a land deal connected to the entertainment district.
"That's all I am doing night and day, arranging alternate financing," Jensen said, adding that the loan helped to buy two city blocks directly south of the Summit at Copper Square condo tower.
Jackson Street has also faced delays, but they are unrelated to the Mortgages Ltd. problem, Jensen says.
Mortgages Ltd., the state's largest private lender, filed for Chapter 11 bankruptcy Monday. On Tuesday, Judge Randolph Haines granted Mortgages Ltd.'s motion to convert the case to voluntary Chapter 11, but tabled a request from Grace to appoint an independent trustee to take over the lender's operations.
Mortgages Ltd. has made several changes to its business, prompted by the apparent suicide of Chairman and CEO Scott Coles on June 2.
The company financed commercial real-estate projects for developers using money it raised through accredited investors to fund the loans.
Since Coles' death, the company said it is no longer making loans or accepting new money from investors.
Effects from the case have rippled to projects across the Valley. In addition to Phoenix projects, the lender's borrowers include developers in Tempe and Scottsdale.
Source: AZ Republic
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Is Your Phoenix New Home Really Green or Just Efficient
Is Your Phoenix New Home Really Green or Is It Efficient
Different shades of green
Over the past six months, large-scale home builders have incorporated claims of environmental friendliness into their marketing efforts like never before.
Some of those claims are even backed by real improvements in design, construction and materials.
Still, home designers and builders who were green before green was gold say the mass-market version of their philosophy often misses the point. Philip Beere bristles when asked about mainstream home builders' recent appropriation of the word green.
Beere recently remodeled a 1960s home in central Phoenix to obtain the U.S. Green Building Council's Leadership in Energy and Environmental Design Gold Certification, which is about as green as it gets.
"I think it's great that the big builders are getting on board to make a better home," said Beere, a green-leaning Scottsdale entrepreneur who formed Green Street Development in 2007 with proceeds from his successful cleaning business, Ecofresh Planet.
"However, it should be advertised for what it is, which is an efficient home, not a green home."
Sure, custom-home builders may be painting with a deeper shade of green, Shea Homes executives say, but their company has a much broader brush.
San Diego-based Shea Homes, one of the country's largest home builders, launched an initiative in January to reduce the overall carbon footprint - the carbon-based pollution caused by human activities - of each new home inside its Trilogy communities by 20 to 30 percent.
The homes also feature better ventilation, conserve more water and require less lumber to build, said Hal Looney, area president of Shea Homes Active Lifestyle Communities.
Though they do not meet all the Green Building Council's certification requirements, the overall reduction in environmental impact will be significant, he said.
"We're building a couple of thousand homes, so the impact will be a lot greater than four or five custom homes," Looney said.
Shea Homes estimates that over the next 10 years, the implementation of its Shea Green Certified Home program will save the equivalent of more than 8.5 million gallons of gasoline and have the same carbon-reducing effect as planting 1.9 million trees.
"It will be a better place for everybody," Looney said.
Arizona State University architect Daniel Glenn said he supports the efforts of mass-market home builders to reduce consumption of energy and natural resources, but being green is not that easy.
"It's really problematic to think about building green when you're talking about these large-scale bedroom communities," he said, "because large-scale bedroom communities are inherently not green."
Glenn, associate director of ASU's Stardust Center for Affordable Homes and the Family, said production home builders have developed a tendency to "green-wash" practices that actually contribute to the pollution problem.
The biggest problem has to do with where they are building homes: places like Trilogy at Vistancia, more than 30 miles from downtown Phoenix, in Peoria.
"The further out you go, the less green it is by definition," Glenn said, which is why the Green Building Council strongly encourages in-fill development and urban redevelopment.
"You can have the greenest home in the world, but if your commute is 20 to 30 miles, you're not living a green lifestyle."
But what if the homeowner drives a Toyota Prius, which gets up to 50 miles per gallon? Shea is including a new Prius with every Trilogy home, Looney said.
Again, Glenn applauded Shea for attempting to reduce the environmental impact of its remote location.
Still, he said commuting 30 miles each way in a Prius doesn't leave much time for community-building, another pillar of the green philosophy.
"Is people spending three hours a day in a car socially beneficial?" he said.
Valley real-estate analyst RL Brown said large home builders have avoided revolutionizing the industry to reduce the carbon footprint of their communities, because their customers have been far more concerned about price than environmental impact.
Beere plans to put his custom green-home project on the market next week at a list price of $882,680, enough money to buy two midrange Shea Green Certified homes.
But consumer attitudes about the value of conservation are changing, Brown said, due in part to rising energy costs and concerns about global climate change.
"I think we're going to see, finally, the coming of the green, with serious efforts and not just lip service," he said.
Looney said large builders such as Shea have the ability to make green homes affordable to the middle class by ordering enviro-friendly products in bulk and teaching contractors new techniques that conserve resources.
Glenn said frugal home buyers should consider paying a bit more for a home that will reduce their energy consumption, because no one knows what will happen to energy prices in the future.
"You can't get a 30-year, fixed-rate energy bill," he said.
Wednesday, June 25, 2008
Peoria AZ Foreclosures. Peoria Foreclosure market
Peoria AZ Foreclosures
Peoria has stepped up its efforts to identify vacant foreclosed homes before they become blight on a neighborhood.
The city's utility staff and trash haulers are now taking note if they suspect an abandoned home, such as trash cans not placed at the curb. Police are then made aware of the vacant homes and keep an extra set of eyes on them.
"The county is plagued by foreclosures due to the financial crisis," City Manager Terry Ellis said. "It's a problem in our neighborhoods."
Staff last week gave the City Council an update on a newly formed foreclosure task force, charged with coming up with solutions to reduce the impact of abandoned homes in neighborhoods. Representatives from a number of city departments, including city attorney, police and community development, serve on the committee.
One in 33 homes on average are in foreclosure nationwide, said Glen Van Nimwegen, Peoria's director of community development. In Arizona, one in 18 homes are in some state of foreclosure and as of May, Peoria showed 1,397 homes in the process of being taken back by lenders, Van Nimwegen said.
Arizona and Florida showed the highest foreclosure numbers in the country - the two states were the fastest-growing, which prompted home values to peak and encouraged bad loans, he said.
Peoria currently employs a number of tactics to deal with foreclosed homes that are neglected and overgrown with weeds, becoming neighborhood eyesores.
The city can issue citations to homeowners and with the city manager's approval do immediate abatement at homes with imminent hazards, such as green pools and broken windows, said Van Nimwegen.
The city also uses volunteer groups to clean up an abandoned property after securing permission from the lender to access the site, Van Nimwegen said. He said lending institutions are starting to become more responsive to the problem.
Councilwoman Vicki Hunt at the end of last week's council meeting issued a plea to civic groups for such volunteers.
"We will get the permission for you if your group steps forward," she said.
The city also can go onto a property, do the necessary cleanup and then slap a lien on the home to recoup the costs, but only through the abatement process, Van Nimwegen said. That process requires a notice and appeals by the property owner, he added.
Councilman Ron Aames asked why, if a homeowner can't be located for permission to access the property, can't the city declare the site an immediate danger and abate it because overgrown weeds can become a fire hazard.
"My biggest concern is the front yard," Aames said. "You have just one of those homes and it brings down the entire neighborhood."
City Attorney Steve Kemp said the city has to show significant conditions with a property to take that route.
"Property owners have the right to control access to their property," Kemp said.
Also, he said, placing a lien on a property has limited success.
Oftentimes, the value of the loan far exceeds the value of the property and sometimes there are two and even three loans taken out on a property, meaning the city rarely collects the lien.
When a homeowner is in foreclosure, other bills are not paid and bankruptcy is pursued, discharging the homeowner's debt, including the lien, Kemp said.
"The city fronts all the abatement costs," he said. "The city doesn't recover a significant amount from the abatement of a property."
Kemp said it cost the city anywhere from a few thousand dollars to $30,000 in one extreme case for abatement.
Van Nimwegen suggested the city work within its current ordinances and advised expanding the Neighborhood Pride program and creating a central point of contact for other departments to report vacant homes.
Source: Cecilia Chan - The Arizona Republic
Tuesday, June 24, 2008
Phoenix July 4th Events. Arizona 4th Of July Events
Phoenix July 4th Events. Arizona 4th Of July Events
Celebrate America: 6 p.m. June 29. Celebrate Independence Day with a patriotic concert featuring classic American rock music, and traditional patriotic songs. North Phoenix Baptist Church, 5757 N. Central Ave., Phoenix. Free. 602-707-5757. npbc.org.
Fourth of July Swing Dance Convention: 10 a.m. Thursday and Friday, 9 a.m. Saturday and Sunday, 6 p.m. Wednesday, July 2-6. Twelve swing-dancing workshops and 15 competitions. Featuring $16,000 in prize money and time for social dancing. Arizona Biltmore Resort & Spa, 2400 E. Missouri Ave., Phoenix. $219 weekend hotel and pass; $110 weekend pass; $109 hotel; $15 Gary Jobst Workshop; $10 all other workshops; free social dancing. 800-598-2538. www.usaswingnet.com/phoenix/index.htm.
Light up the Sky: 7-10 p.m. July 3. The event will have rides, games, arts, crafts and fireworks. Maryvale Baseball Park, 3600 N. 51st Ave., Phoenix. Free. 602-262-6575. Map it
Rev, White and Boom: 6-9:30 p.m. July 3. Tour the raceway, enjoy entertainment and watch fireworks. Food, beverages and activities will be available. Phoenix International Raceway, 7602 S. Avondale Blvd., Avondale. Free admission. 623-333-2400. www.avondale.org/events.
West Valley
Magnificent Mondays: 11 a.m.-12:30 p.m. June 30. Age 3 and older work on a Fourth of July project. Foothills Branch Library, 19055 N. 57th Ave., Glendale. Free. 623-930-3830. glendaleaz.com/library.
Independence Day: 6:30 p.m. July 3. Live music, food and activities. Fireworks set for 9:15 p.m. Bring a blanket. Estrella Lakeside Amphitheatre, 10300 S. Estrella Parkway, Goodyear. Free. 623-386-1000. http://www.ci.goodyear.az.us/.
Valley-wide
Fourth of July Jewelry Making: 10 a.m.-6 p.m. July 1. Use red, white and blue beads to make patriotic necklaces. Guadalupe Branch Library, 9241 S. Avenida del Yaqui, Guadalupe. Free. 602-652-3000. http://www.mcldaz.org/.
American Eagle Craft: 10 a.m.-6 p.m. July 2. Make crafts with toilet tissue. Guadalupe Branch Library, 9241 S. Avenida del Yaqui, Guadalupe. Free. 602-652-3000. http://www.mcldaz.org/.
Red, White and Blue Family Parade: 7:15 p.m. July 2. The parade features floats, scooters, bikes, kids and dogs. Paul Mason Sportsplex, 2525 N. Pinal Ave., Casa Grande. Free. 520-421-8677. www.cir.org/seasonal-fourth.html.
Annual Fireworks Celebration: 8:45 p.m. July 3. Watch the fireworks show overlooking the lake. Lake Pleasant Regional Park, 41835 N. Castle Hot Springs Road, Morristown. $5 per vehicle park entry fee; $2 per watercraft. 928-501-1710 or 602-372-7460. www.maricopa.gov/parks/EventsDetailPublishers.aspx?date=7/3/2008&eventID=6422.
Fourth of July Festivities: 6 p.m. Thursday, 7:30 a.m. Friday, July 3-4. Watch a youth talent show, followed by a street dance with the band Train Wreck Thursday. Friday activities include the Pets and People Parade at 7:30 a.m. and entertainment all day long. Fireworks start at dusk at the Paiz/Stone Complex. Veterans Memorial Park, 3105 E. Fry Blvd., Sierra Vista. Free. 520-266-2304. http://www.visitsierravista.com/.
Third of July Fireworks: 6 p.m. July 3. Live entertainment, outside barbecue, drink specials, and prizes. Reservations required, recommended time: 6-9 p.m. For all ages. Fireworks begin at 9 p.m. Harold's Cave Creek Corral, 6895 E. Cave Creek Road, Cave Creek. Free. 480-488-1906. http://www.haroldscorral.com/.
Fourth of July Barbecue: Thursday through Saturday, July 3-5. Barbecue meal to celebrate Independence Day. Reservations required. Call for times. JW Marriott Starr Pass Resort & Spa, 3800 W. Starr Pass Blvd., Tucson. $35; $15 children 10 and under. 520-792-3500. http://www.jwmarriottstarrpass.com/.
July 4-6
Phoenix
Freedom Wireless Fabulous Phoenix Fourth: 6-9:35 p.m. July 4. Kids rides, food court, scheduled events and fireworks at 9:15 p.m. Steele Indian School Park, 300 E. Indian School Road, Phoenix. Free. 602-534-3378. phoenix.gov.
Fourth of July: Friday and Saturday, July 4-5. Featuring poolside activities for kids, spa and golf for adults, and an evening poolside movie of Ratatouille on July 4 and National Treasure: Book of Secrets on July 5. JW Marriott Desert Ridge Resort and Spa, 5350 E. Marriott Drive, Phoenix. $169 per night; for guests only. 480-293-5000. desertridgeresort.com.
Scottsdale
Grand Ol' Fashioned Picnic: 5-7:30 p.m. July 4. Celebrate with old-fashioned games, patriotic arts and crafts, and watermelon, chili and pie-eating contests. Bring your homemade chili to be judged. Scottsdale Stadium, 7408 E. Osborn Road, Scottsdale. Free. 480-312-2771. www.scottsdaleaz.gov/events.asp.
July Fourth Celebration: 5-8 p.m. July 4. Tug-of-war, live music and crafts, watermelon eating contest and more. No fireworks. Eldorado Park, 2311 N. Miller Road, Scottsdale. Free. 480-312-2771.
Independance Day Bounce: 9-11 a.m. July 4. Flags, balloons and bouncing to celebrate the Fourth of July. BounceU, 8970 E. Bahia Drive, Suite 104, Scottsdale. $6.95 for first child; $5.95 for each sibling. 480-502-0210. http://www.bounceu.com/.
Freedom Parade: 8:30 a.m. July 4. Decorate your strollers, bicycles, skateboards, horses, pets, golf carts or wagons and participate in the parade, or go to watch. Mescal Park, 11015 N. 68th St., Scottsdale. Free. 480-991-7955 or 602-570-0303. www.scottsdaleaz.gov/Parks/neighborhood/mescal.asp.
East ValleyCBS5 July Fourth Tempe Town Lake Festival: 4-11 p.m. July 4. Seven hours of live music, inflatable village for all ages, and fireworks. Tempe Town Lake, Rio Salado Parkway and Mill Avenue, Tempe. $6; age 12 and younger are free. 480-350-8625. http://www.tempe4th.com/.
Hot Dog Theme Day: 1-3 p.m. July 4. Get a free hot dog to celebrate Independence Day. Kiwanis Park Wave Pool, 6111 S. All-America Way, Tempe. $6; $3 for age 2-12. 480-350-5740. www.tempe.gov/kiwanis.
Mesa's Fourth of July Celebration: 6 p.m. July 4. Entertainment and kiddie rides ending with fireworks at 9 p.m. Also offers food and drink for purchase. No bags, backpacks, coolers, fanny-packs or alcoholic beverages. Mesa Community College, 1833 W. Southern Ave., Mesa. $5 for parking and admission; $1 for admission if not parking on campus. 480-461-7000. http://www.mc.maricopa.edu/.
Independence Day Celebration and Fireworks Spectacular: 4 p.m. July 4. In addition to fireworks at 9:30 p.m., the event features live music, a kids carnival and a bike parade. Activities include a 35-foot waterslide, 24-foot rock-climbing wall, a dunk tank and water games. Tumbleweed Park, 2250 S. McQueen Road, Chandler. Free. 480-782-2735. http://www.chandleraz.gov/.
Fourth of July Celebration: 5:30 p.m. July 4. Features live music, a cowboy costume contest, a barbecue, decorated buggy rides, face painting and balloon sculpturing. Fireworks start at 9:30 p.m. Rawhide at Wild Horse Pass, 5700 W. North Loop Road, Chandler. $3-$65. 480-753-7676. www.rawhide.com.
Fourth of July Celebration and Anniversary Party: 11 a.m.-11 p.m. July 4. Families enjoy carnival games, prizes every 15 minutes, live music by the Weezul Brothers from 6-10 p.m. and hotdogs and hamburgers grilled outdoors. Benefits The Choir Boys of Arizona. Red, White & Brew, 4850 S. Gilbert Road, Chandler. Free. 480-305-6993. www.rwbaz.com. http://www.azchoirboys.org/.
Miss Chinese Environmental Contest: 4 p.m. July 4. Chinese community celebrates the fourth of July and a Miss Chinese Environmental contest with dinner. Contest begins at 5:30 p.m. Phoenix Preparatory Academy, 735 E. Fillmore St., Phoenix. $6 includes dinner. 602-321-1898.
West Valley
Fourth of July Celebration: 7 p.m. July 4. Celebration includes swimming, water slides, food, music, a patriotic program, a F-16 flyover by a Luke Fighter Squadron and fireworks. Free swimming at GCC pool begins at 1 p.m.; doors open for night events at 6 p.m.; fireworks at 8:40 p.m. Glendale Community College Community Pool, Glendale Community College 6000 W. Olive Ave., Glendale. Free. 623-930-2299. www.glendaleaz.com/events.
All-American Festival: 5-10 p.m. July 4. Kids zone, concessions, two stages of live music, fireworks and water activities. Fireworks begin at 9:15 p.m. No alcohol or glass containers are permitted. Peoria Sports Complex, 16101 N. 83rd Ave., Peoria. $5 for ages 13 and older. 623-773-7198. http://www.peoriaaz.com/specialevents/.
Road Racers 3: 6:30 a.m. July 4. 5K run and walk. Registration required. Rio Vista Community Park, 8866 W. Thunderbird Road, Peoria. $12. 602-954-8341. http://www.arizonaroadracers.com/.
Surprise's Fourth of July Celebration: 6-8:30 p.m. July 4. Enjoy live music, water zone and food. Surprise Recreation Campus, 15850 N. Bullard Ave., Surprise. $5 for children; $10 for adults. 623-266-4500. http://www.surpriseaz.com/.
Fourth of July Celebration: 10 a.m.-10 p.m. July 4. Splash Bash, food, music, F-16 flyover and fireworks. Litchfield Park, 214 W. Wigwam Blvd., Litchfield Park. Small fee for the Splash Bash. 623-935-5033. az-litchfieldpark.civicplus.com/index.asp?NID=106.
Star Spangled Arts and Crafts Booth: 6:30-8 p.m. July 4. Ages 2-12 celebrate the holiday making bug-themed arts and crafts. Goodyear Branch Library, Goodyear City Hall 190 N. Litchfield Road, Goodyear. Free. 602-652-3000. http://www.mcldaz.org/.
Star-Spangled Fourth: 6:30-10 p.m. July 4. Live music from Billy's Gone and Shallow Water. Food, beer garden, kids zone, and water rides. Fireworks at 9:35 p.m. Goodyear Community Park, 3151 N. Litchfield Road, Goodyear. $10 all you can ride kids' wristbands. Event is free. 623-882-7534. http://www.goodyearaz.gov/.
Valley-wide
Fourth of July Buffet: 6:30 a.m.-2 p.m. Friday through Sunday, July 4-6. Brunch features champagne mimosas, eggs Benedict, a waffle station, posole bar and chilequilles. Signature Grill, JW Marriott Starr Pass Resort & Spa 3800 W. Starr Pass Blvd., Tucson. $22; $11 for children. 520-792-3500.
Freedompalooza: 6 p.m. July 4. Event includes two stages with 10 bands, and a barbecue. Club Congress, Hotel Congress 311 E. Congress St., Tucson. $5. 520-622-8848. www.hotelcongress.com/club.
Sidewalk Egg-Fry Competition: noon July 4. Fry two eggs on a piece of aluminum foil on the sidewalk. Various prizes given. The event begins with the Ghostrider Gunfighters and takes place on Route 66. Oatman Chamber of Commerce, P.O. Box 423, Oatman. Free. www.oatmangoldroad.com/events.htm.
Old-Fashioned Fourth: 10 a.m.-noon July 4. Children enjoy games such as cake-walks, sack races, hula hoops, and rubber-duck ring toss. Tubac Presidio State Historic Park, 1 Burruel St., Tubac. Free. 520-398-2704. http://www.tubacaz.com/.
Fourth of July: 4 p.m. July 4. Bring a blanket or chair for a fireworks display. Food and beverage available. Tubac Golf Resort & Spa, 1 Otero Road, Tubac. $65 for VIP ticket, which includes special meal, seating and parking; $5 for parking. 520-398-3522 or 520-398-2704. http://www.tubacaz.com/
July Fourth Celebration: 9 a.m.-9:15 p.m. July 4. Parade starts at Fifth Street to Gila to Seventh Street, which is followed by a water fight at Lions Park. Entertainment and music continues all day with fireworks at 8:45 p.m. Benson, Benson. Free. 520-586-4293. http://www.bensonvisitorcenter.com/.
Fourth of July: 9 a.m. July 4. Coaster races down Tombstone Canyon begins the event. Between heats, the Bisbee Iron- Man Mile footrace starts at the Iron Man statue. A parade at 11 a.m. is in the Warren section. The contest of the traditional mining activities of mucking begins at 2 p.m. and hard-rock drilling at 4 p.m. at Brewery Gulch. Fireworks are at dark at Vista Park in Warren. Bisbee, Bisbee. Free. 520-432-6016. http://www.discoverbisbee.com/.
Fourth of July Softball Tournament: 9 a.m. July 4. Enjoy food and street entertainment after the tournament. Watch fireworks at dusk. Medigovich Field, Mountain View Road north of Arizona 80, Tombstone. Free. 520-457-3994.
Fire Over the Water: 4 p.m. July 4. Information, exhibits, kids activities, souvenirs, and raffle. Rubber duck race begins at 6 p.m. and fireworks at 8:30 p.m. Lyman Lake State Park, 11 miles south of St. Johns on U.S. 191, St. Johns. Free. 928-337-4441. http://www.pr.state.az.us/.
July Fourth Celebration: 10 a.m.-1 p.m. July 4. Clarkdale celebrates its Fourth of July with a parade at 10 a.m., a barbecue at the Verde Valley Railroad station at 11 a.m., and music by a Dixieland band at 12:30 p.m. Clarkdale, $7 for barbecue. 800-320-0718.
Firecracker Express: 1-5 p.m. July 4. Enjoy a patriotic train ride through the Verde Canyon. Verde Canyon Railroad, 300 N. Broadway Road, Clarkdale. $34.95-$79.95. 800-320-0718. http://www.verdecanyonrr.com/.
Rockets Over the River: 9 p.m. July 4. Fireworks over the Colorado River. Best viewing is along the river, south of the Laughlin Bridge. Bullhead City, Free. 702-298-2214. www.bullheadchamber.com/calendar.htm.
Fourth of July Family Day: 10 a.m.-2 p.m. July 4. Activities and games during open swim for all ages. Palm Island Family Aquatics Park, Carr-McNatt Park 1115 N. Brown Ave., Casa Grande. $1; 50 cents for age 17 and younger. 520-421-8650.
Fourth of July Family Day: 5 p.m. July 4. Old-fashioned celebration with food, games and live entertainment. Fireworks at 8 p.m. Paul Mason Sportsplex, 2525 N. Pinal Ave., Casa Grande. Free. 520-421-8677. www.cir.org/seasonal-fourth.html.
Prescott Rodeo Days Fine Arts and Crafts Show: 9 a.m.-5 p.m. Friday through Sunday, July 4-6. Showcases more than 150 artists. On the lawn outside of the courthouse. Courthouse Square, Montezuma and Gurley streets, Prescott. Free. 928-443-5200. http://www.prescottdowntown.com/.
July Fourth at the Fort: 2 p.m. July 4. Event features kids zone, food-eating contests, limbo, and entertainment. Event for all ages, however contest participants must be age 21 and older. Fireworks at 9:45 p.m. Fort McDowell Casino, 10424 N. Fort McDowell Road, Fort McDowell Reservation. Free. 800-THE-FORT or 480-837-1424. http://www.fortmcdowellcasino.com/.
Red, White and Boom: 5-10 p.m. July 4. Fun booths, vendors, food, beer garden, music and fireworks. Old Home Manor Fields, 2100 Old Home Manor Drive, Chino Valley. Free. 928-636-9780. http://www.cv4th.com/.
Freedom Fest: 10 a.m. July 4. Start the day in the pool for open swim and water games before forming teams for the Mud Volleyball tournament. Also participate in the horseshoe tournament, and country-singing contest. A parade will begin at 6:45 p.m. Fireworks start at 8:30 p.m. Heritage Park, 600 N. Main St., Florence. $30 per volleyball team; $10 per horseshoe team; other events free. 520-868-7589. http://www.town.florence.az.us/.
Star-Spangled Spectacular: 6-11 p.m. July 4. Inflatable games, face painting, food, arts and crafts booth, and watermelon-eating contests. Fireworks start at 9 p.m. Ora Mae Harn Park, 13250 N. Lon Adams Road, Marana. Free. 520-382-1950. http://www.marana.com/.
Patagonia's Fourth of July: 11 a.m. July 4. Begin the day with a parade and hanging of Grand Marshall at the Town Gazebo. Also enjoy music, food and vendors in the park. Fireworks start at 8 p.m. at Patagonia High School. Omitted, Free. 888-794-0060. http://www.patagoniaaz.com/.
Independence Day Celebration: 6 p.m. July 4. Includes hot dogs, watermelon, a waterslide and music. Fireworks start with an F-16 flyover at 7:30 p.m. Tolleson Veterans Park, 8601 W. Van Buren Ave., Tolleson. Free. 623-936-7111. http://www.tollesonaz.org/.
Clint Black: 7:30 p.m. July 4. The country singer performs with Amy Scruggs. Held at the Stargazer Pavilion. Doors open at 6 p.m. Cliff Castle Casino, 555 W. Middle Verde Road, Yavapai-Apache Reservation. $35. 928-567-7999. http://www.cliffcastlecasino.net/.
Fourth of July: noon July 4. Dive for soda, candy and money in the pool. Activities include arts and crafts, bouncers, games and a DJ. Food available. Fireworks begin between 9-9:30 p.m. Kenilworth Sports Complex, 671 E. Coolidge Ave., Coolidge. Free. 520-723-4551. http://www.coolidgeaz.com/.
Fourth of July Weekend Side Trip: 10 a.m.-5 p.m. Friday through Sunday, July 4-6. Experience a barbecue with dishes from various nations, including Korea, Spain and Thailand. Served from 11 a.m.-4 p.m. San Dominique Winery, Interstate 17 and Arizona 169, Camp Verde. $6.75; $4.75 for children. 602-549-9787.
Old-Fashioned Fourth: noon-9 p.m. July 4. Food, dunk tank, bouncy house, rock climbing wall and live bands. Fireworks start at dark over Green Valley Lake. Green Valley Park, 600 N. Green Valley Parkway, Payson. Food ranges in price from $1-$5. 928-474-5242, ext. 7. http://www.paysonrimcountry.com/.
July Fourth Block Party: 4 p.m. July 4. Art and antique walk, classic car displays, magician at Deming History Park, food, watermelon eating and seed-spitting contest and carnival games at Presbyterian Church and live bands. Main Street, between Meadow and South Mclane, Payson. Free. http://www.paysonrimcountry.com/.
Celebrate Freedom: 10 a.m.-midnight July 5. Family activities during the day followed by musical performances and fireworks in the evening. Marks the kick-off of the two-month Miller Lite/Harley Davidson anniversary giveaway. Old Tucson Studios, 201 S. Kinney Road, Tucson. $16.95; $10.95 for age 4-11. 520-883-0100. http://www.oldtucson.com/.
All-American Independence Day Festival: 10 a.m.-6 p.m. July 5. Activities include a go-cart rally, an obstacle course, a duck race, a silent auction, a barbecue, face painting and contests. Benefits Firewise East Verde Park. East Verde Park, Arizona 87 and East Verde Turnoff, Payson. Free admission; prices vary for events. 928-474-3883.
Home Prices Fall At Record Rate
Home Prices Fall At Record Rate
The Standard & Poor's/Case-Shiller home price index of 20 cities fell by 15.3 percent in April versus a year ago, according to Tuesday's report. Prices nationwide are at levels not seen since August 2004.
The narrower 10-city index declined 16.3 percent in April, its biggest decline in its more than two-decade history.
Meanwhile, a report from the Office of Federal Housing Enterprise Oversight said U.S. home prices fell 4.6 percent in April from the same month last year, when the index peaked. That marked the biggest decline ever in the agency's monthly index which dates back to January 1991.
The government index is calculated using mortgage loans of $417,000 or less.
While the government report has shown nationwide price declines, the Case-Shiller index has shown far greater drops because it focuses on larger cities where prices rose further during the boom years, and includes riskier loans.
No surveyed city stayed above water, according to the Case-Shiller index. The last holdout, Charlotte, N.C., finally succumbed to the national housing downturn, with prices there slipping 0.1 percent from a year ago.
Las Vegas and Miami both continue to post the largest declines, falling 26.8 percent and 26.7 percent, respectively.
However, the annual declines in Denver, Dallas and Cleveland were less severe than in the previous month, but Maureen Maitland, a S&P vice president, is reluctant to peg that as an indication of stabilization.
“We wouldn't call a trend on one-month data,” she said.
The report also showed prices in eight metro areas increased in April from March, but the gains could be seasonal blips as the home-buying spring season starts up rather than a sign of a turnaround, Maitland said.
The housing slump, along with higher food and fuel prices and disruptions in the credit markets, has taken its toll on consumer sentiment.
An industry group Tuesday said U.S. consumer confidence fell unexpectedly sharply in June to the fifth-lowest level ever. The Conference Board's reading of consumers' expectations also hit an all-time low.
Thursday, June 19, 2008
Forex Profit Accelerator From Bill Poulos Facts
The Truth About Forex Profit Accelerator From Bill Poulos
"Discover how to spend as little time as possible actively trading while at the same time maximizing your profit potential..."Special announcement from Bill: Thanks to everyone who already ordered their copy of the Forex Profit Accelerator during its limited 7-day release. As mentioned prior to the release, the Forex Profit Accelerator is not currently for sale but will be released again July 8, 2008. However, as I am satisfied that my charter group of Forex Profit Accelerator students are well on their way to mastering the course, I will reopen the order page and accept new students. This will be in July 8...I promise!! If you would like to be notified when new copies are available, please enter your name and email when you click this link and I'll add you to my 'Forex Profit Accelerator Notification List'so you'll have the first crack at getting a copy of the Forex Profit Accelerator once it becomes available again to the public on July 8, 2008
Forex trading is quickily becoming one of the investing world's hottest, most rewarding opportunities and it's chosen as "ideal business" by lot of traders. Many of them have indeed achieved their dreams and reach a level of financial independence and freedom. Some of the people even claim forex trading as "The World's Most Powerful Home-based Business".
BUT it is not easy!
95% of all retail traders lose to the institutions.
Yes, Forex trading is one of the most lucrative businesses in the world. But for whom? That's right -- the banks and large institutions.
Individual traders need to have the unique methods to level the playing field and profit 10-100 Pips or more every single trading day!
So if you have ANY interest in discovering how to ride the "coat tails" of the big banks to maximize your "pip potential" in the Forex markets, you're in for a TREAT today...
Introducing Forex Profit Accelerator...
The Forex Profit Accelerator (FPA) course is developed by Bill Poulos, a 30 years trading veteran and dozens of trading systems designer. His previous trading courses have always been designed to take advantage of high probability moves, reinforced with a strong money management formula.
Bill will teach you how to totally eliminate all the stress and strain typically associated with day trading Forex by spending only 20 minutes a night placing your trades. If you enjoy spending hours gazing at charts, then this may not be right for you. The goal in designing FPA was to maximize your "pip potential" while giving you back your time to spend AWAY from the charts.
The idea is to treat the Forex markets as end-of-day markets, he's found they can offer far more profit potential than the minor swings many day traders kill themselves to capture. And when you learn the right way to trade Forex as an end-of-day market, you can quickly jump from one big swing to another as they’re driven by the Forex market giants - the big banks and other financial institutions, including governments.
While these behemoths react slowly to market changes due to their sheer size, as soon as you learn to spot a big swing, you can get on and "ride their coat tails". And by the time they’ve turned to look over their shoulder, you’ll have already gone on to the next big swing.
Bill developed four complete methods in identifying when a Forex pair is likely to make a move UP or DOWN. And no matter which way it goes, he created specific trading rules that let you take advantage of those moves and ride them for a huge potential profit.
Method #1 - Instant Pip
The aim is to go after quick hit moves with the trend that are usually 1 to 2 days in duration. The aim of each trade is to take an average of 40 pips up to 100 pips out of the market with strict risk controls.
Method #2 - Pip Maximizer 1
The aim is to go after 1 to 3 week swings in the market with the trend. The goal of each trade is to take an average of 300 to 500 pips out of the market with strict risk controls.
Method #3 - Pip Maximizer 2
The aim is to go after 1 to 3 week swings in the market with the trend. The goal of each trade is to take an average of 300 to 500 pips out of the market with strict risk controls. This is the same objective as with Pip Maximizer 1 Method, but using an entirely different entry strategy that complements the Pip Maximizer 1 Method entry strategy. Used together, these two methods increase the probability of getting on board major market moves dramatically.
Method #4 - Pip Reversal
This counter-trend trading method takes advantage of market divergence. We are going after the initial leg of a countertrend move which may be the beginning of a trend reversal. The aim of each trade is to take an average of 100 to 300 pips out of the market with strict risk controls.
Here are what you'll be getting with Forex Profit Accelerator package:
Part 1 - The Course
7 CD-ROM video tutorials that you can watch on your computer to learn all four Forex Profit Accelerator methods step-by-step.
The 160-page Forex Profit Accelerator manual, printed in full color for easy reference.
Four "trading blueprints" that summarize all the Forex Profit Accelerator methods in one easy location.
The Quick Start Guide that explains how to use everything that arrives in the big, 5-pound box that will be rushed to your doorstep.
Part 2 - Student Support & Constant Follow-Up
1 year of unlimited student email support. In order to make sure your questions are answered properly and quickly, Bill has hired a full time operations staff to help him make sure his students are successful.
Lifetime access to the Forex Profit Accelerator Members Website where you can get the latest trade examples, bonuses, and Pip Feeder stocks.
The Head Start Guide & Videos that let you get a "jump start" on learning the Forex Profit Accelerator the instant you place your order.
FPA is a HUGE course. But rest assured you can study it very quickly. Bill avoid all the usual boring theory and jargon and speak to you in plain English, very deliberately, in a step-by-step manner so you can quickly and easily grasp the concepts he reveals in the course.
Bill also invested close to $100,000 of his own money researching and producing the course using the latest presentation technologies. So not only is the content excellent, but I think you’ll find it’s one of the most professionally-produced educational courses you will ever see.
Everything about it is first class... and easy to understand.
Without questions, Forex Profit Accelerator is by far the most extensive Forex trading course we have ever seen.
But don't take my word for it. Click here to sign up for the new July 8 2008 new release notice. Bill Poulos will limit the number of programs, so sign up now to receive the release update on July 8 2008.
Tuesday, June 10, 2008
Foreclosure Rescue' Firm SCams Arizona Homeowners
Foreclosure 'Rescue' Firm To Pay $1.2 Million To Arizona Victims
Homeowners lost their homes thanks to firm's 'help'
A company offering a foreclosure rescue service in Arizona violated the state's Consumer Fraud Act, an Arizona judge ruled, ordering Virtual Realty Funding Company (VRF) and its owner Kenneth D. Perkins to pay $1.2 million in restitution and civil penalties.
In 2005, the Arizona Attorney General's Office filed a consumer protection lawsuit against VRF after receiving multiple consumer complaints. The company advertised that it could help homeowners who were behind in their mortgage payments avoid losing their homes.
In fact, state said the transactions offered by VRF were structured so that homeowners would transfer title to VRF or sell the home to a business associate of the company.
"This case represents the worst in our community," Arizona Attorney General Terry Goddard said. "This company took advantage of homeowners desperate to save their homes from foreclosure and deceived them into turning over their homes."
"The Department of Financial Institutions applauds this court's order," said DFI Superintendent Felecia Rotellini said. "The message is clear: Obey the law or you will be held responsible."
According to court documents, although neither VRF nor Perkins were licensed by the Department of Financial Institutions as mortgage brokers or bankers, VRF lent money to more than 60 homeowners facing foreclosure or in need of money.
It designed the loans, which it called reverse sales, to evade laws protecting mortgage borrowers by structuring them as an outright sale of the property by the borrower, who then rented back the home with an option to repurchase it.
The reverse sale agreements required homeowners to rent back their homes from VRF for a monthly amount equal to the monthly mortgage payment plus an additional charge. In the case of one homeowner, the monthly mortgage payment was $613 and the additional charge was $157, making a monthly rental payment of $770.
In return for "helping" the homeowners keep their homes, VRF agreed to transfer title back to the homeowner through a warranty deed if the homeowner met specific conditions.
Those conditions included the payment of all rent on time (and prior to a specified date, payment to VRF for bringing the mortgage current), unspecified escrow fees and a "funding fee," which was at times as high as $9,000. If homeowners were late on a rental payment or unable to repay the loan and funding fee within two years, they could lose their homes and any equity in them.
Monday, June 2, 2008
Phoenix Fun. Things You Can Do In Phoenix That Are Way Different
Perhaps you've lived long enough to know everything there is to know about the Phoenix area. Watch them feed giraffes at the Phoenix Zoo? Root for the good guys during the shootouts at Rawhide? Wait for more than two hours for dinner at Pizzeria Bianco? Yes, you've been there, done all that.
But even if you've lived here all your life, we've found a few gems you've likely yet to uncover. At a certain upscale steakhouse, for example, you can belly up to the bar at happy hour and enjoy a free filet-mignon sandwich. Or freshen up in a bathroom named one of America's oddest by the Travel Channel, where lights dance along the walls. And when was the last time you took the reins of a mechanical bull?
Use this list to enrich yourself as a Phoenician, or employ it as a travel guide for when your brother-in-law from Wisconsin "drops by" for the 10th year in a row.
1, 245-part harmony
Hear the pure sound of the Phoenix Boys Choir, billed as the largest such group in the nation, with 245 members. The group has sung for presidents, won a Grammy Award and won prizes at international festivals and recorded with such artists as Stevie Wonder, Doc Severinsen and R. Carlos Nakai. The choir performs throughout the year in the Valley at concerts, festivals and churches. Check its Web site, boyschoir.org, or call 602-264-5328 for details on performances.
2, Musical digs
The Valley is home to dozens of concert venues, from the grand (US Airways Center) to the extremely intimate (Brickhouse Theater). The Dodge Theatre is a nice balance, offering enough room to draw top acts (Chicago and the Doobie Brothers perform there Tuesday), but is small enough to feel close to the performers. For a schedule and tickets, visit dodgetheatre.com.
3. Outdoors country
Dance the two-step under the stars to live country music at Greasewood Flat, the no-frills outdoor restaurant and saloon in north Scottsdale. Originally a stagecoach stop, this establishment has been a Valley fixture for more than three decades. 27375 N. Alma School Parkway, 480-585-9430.
4. Shades of blues
Take in a gritty set of blues music at the Rhythm Room, the Valley's best blues club. For 17 years, the cozy venue has served up local and national blues, rockabilly and roots music nightly. The atmosphere is casual, the patrons are friendly and the cover charge is affordable. 1019 E. Indian School Road, Phoenix, 602-265-4842, rhythmroom.com.
5. Old-time saloon tunes
Sing along with country musicians and other patrons at the Rusty Spur Saloon in Old Town Scottsdale. This tiny venue bills itself as the oldest saloon in "the West's most Western town," and it's one of the friendliest. On an average night, you'll find a mix of tourists and locals, all intent on sipping something cold and singing the likes of Willie Nelson, Merle Haggard, George Jones and George Strait. 7245 E. Main St., Scottsdale, 480-425-7787, rustyspursaloon.com.
6. Big sounds, little sites
Sometimes people complain that there's nothing to do in Phoenix. These are people who would say the same thing if they lived in Manhattan, or haven't heard about Modified Arts and the Clubhouse Music Venue, two teeny venues where you can check out cool bands on their way to being hot. They're the kind of places you can see VH1's You Oughta Know artists. They've hosted such bands as the Arcade Fire, Girl Talk, Ingrid Michaelson, Cary Brothers, Blitzen Trapper and other bands you probably already like on satellite radio but never knew their names. Clubhouse Music Venue, 1320 E. Broadway Road, Tempe, 480-968-3238, clubhousemusicvenue.com; Modified Arts, 407 E. Roosevelt St., Phoenix, 602-462-5516, modified.org.
7. Standout stand-up
We're not LA, thank goodness, but we draw the kind of solid comic performers you might see on Sunset Strip, thanks to the Tempe Improv. The club brings nationally known acts (Jerry Seinfeld appeared here when he returned to stand-up after his sitcom ended) and serves dinner to boot. If you've watched stand-up comedy on TV and wondered what's the attraction, take in a live show. That's where the magic happens. Dive into the scene June 27-28 when Cedric the Entertainer performs at the Improv, 930 E. University Drive. Tickets are $45. 480-921-9877, tempeimprov.com.
8. Private karaoke
Indulge your inner Beastie Boy, Billy Joel or Beyoncé in one of four private rooms at the new Geisha A Go Go, a stylish destination for Japanese food and exotic froufrou cocktails. The rentable rooms ($50 to $100 per hour) feature 44-inch flat-screen TVs, their own waitresses, cushy couches and thickly insulated walls. You can bring in your own karaoke disc, or pick from huge books featuring Top 40, standards, rock, hip-hop and everything else. All the signature cocktails feature authentic Japanese sodas, juices or liquors. 7150 E. Sixth Ave., Scottsdale, 480-699-0055.
Must do
9. New Chez Nous
Sample one of Phoenix's best martinis (or a non-alcoholic drink) and hit the dance floor to sweet, old-school soul music at the newly relocated Chez Nous. The venerable lounge, with its notoriously dim lighting, was at another site for more than four decades. Original owner and interior designer Maureen Womack helped current owner Amina Uben decorate the new space, re-creating the gold-flocked wallpaper, picking out swanky new carpet and insisting that the red booths and sconces from the original be refurbished. 915 N.W. Grand Ave., Phoenix, 602-266-7372, cheznouscentral.com.
10. Cactus cocktail
Like Tovrea Castle and Camelback Mountain, some things speak specifically of life in the Valley. But much easier than touring the area, you can just sip a martini at the Westin Kierland Resort & Spa in Phoenix, kind of a gastronomic sightseeing trip. Pink like sunset over the the White Tank Mountains, the Native Arizonan martini ($10) combines Arizona High Spirits prickly-pear vodka and a touch of agave nectar in a chilled glass. The vodka is distilled in Flagstaff. 6902 E. Greenway Parkway, Phoenix, 480-624-1000, kierlandresort.com.
11. Life after Mr. Lucky's
Cadillac Ranch, Saddle Ranch Chop House and Hammerhead Jacks all let you risk your life, or at least your back, on their mechanical bulls. OK, the last place has a modified bull that looks like a hammerhead, but you get the idea. The new Western hot spots are quickly building reputations as places to go to get rowdy. Hammerhead Jacks, 6900 E. Cave Creek Road, Cave Creek, 480-595-7100, hammerheadjacks.com; Cadillac Ranch, at Tempe Marketplace, 2000 E. Rio Salado Parkway, 480-894-1111, cadillacranchtempe.com; Saddle Ranch Chop House, 4321 N. Scottsdale Road, Scottsdale, 480-429-2263, srrestaurants.com.
12. Surprise-ing jazz
You might not know that Surprise is one of the hottest jazz spots in the Valley. Owned by bass player Yorman Williams, who has shared the stage with every high-profile jazz musician you've heard of, Yorman's Bistro offers fab music with unjazzlike promptness at 7 p.m. Thursdays, Fridays and Saturdays.
Williams performs with many talented guests, including George Benson, who occasionally drops by. Try the catfish, freshly breaded cornmeal strips or mussels Mississippi. 17191 N. Litchfield Road, Surprise, 623-214-2090.
