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Daily News for Commercial Real Estate & Business – October 5, 2012

Happy Columbus Day!

Here are the news articles you might find interesting today for commercial real estate and business:

Prescott Valley horse track closer to being sold The resurrection of the Yavapai Downs horse track is one step closer to reality. A bankruptcy trustee has filed a motion for a $5.5 million sale to the president of the state horsemen’s group, Gary Miller. Miller tells the Daily Courier that he’d also like to bring the county fair back to the site. View article…

Gypsy Bar’s opening puts CityScape at 100% occupied An upscale nightclub-meets-arcade will open its doors to revelers at CityScape tonight, completing downtown Phoenix’s centerpiece development. Fittingly dubbed Gypsy Bar, the newest hot spot will boast a revolving set of live, vaudeville-style performers and theme parties. It combines a state-of-the-art dance floor, restaurant and video-gaming to bring a unique type of adult entertainment to the central city. View article…

Borgata shops expected to stay through spring The shops at the Borgata of Scottsdale are likely to remain open through the spring as the new owner maps out a plan to redevelop the faux Italian shopping village with townhouses or condominiums. AV Homes Inc., which bought the Borgata a month ago for $12.8 million, intends to study the market to determine what type of housing to build on the property, said Ken Plonski, AV Homes vice president of communications. View article…

Historic downtown Phoenix hotels may be razed A block away from US Airways Center arena in downtown Phoenix, the vintage brick facade of the Hotel St. James contrasts with the gleaming lights of soaring high-rises and billboards. Plywood covers the hotel’s windows, but its early 20th century architecture and neon signage hint at a more significant past, before it became known as a flophouse and, now, another vacant urban relic slated for demolition. View article…

iStar plans to keep Westgate, works on rebranding The real estate investment trust that took ownership of Westgate City Center in the wake of last year’s foreclosure of Steve Ellman-owned entities plans to hold on to the Glendale property. New York-based iStar Financial Inc. is rebranding the mixed-used development as the Westgate Entertainment District and has spent $300,000 on some upgrades to common areas and parking. View article…

Investments Make a Steady Climb Back That almost frightening concept of “the new normal” has been accepted over the past year, and fortunately, that hasn’t destroyed deal-making and investing. In fact, it seems like investors have started to come out of their shells to make those deals and look for opportunity. View article…

Seniors to reach 2 billion by 2050 World leaders can no longer ignore warnings of the coming “gray tsunami,” a phenomenon expected to more than double the population of those 60 and older by 2050, say authors of “Ageing in the Twenty-first Century: A Celebration and a Challenge.” The number of older persons is growing faster than any other age group, according to the report released last week by the United Nations Population Fund and HelpAge International. View article…

HOUSING:
Economists: Rise in Arizona home prices may not continue Homeowners giddy about the current double-digit increases in values should not count on the trend continuing, a pair of economists said Thursday. And there could even be a price bubble that could burst and actually send home prices dropping, though nowhere to the extent of what happened at the end of the last decade. View article…

Asking Prices Up, Rent Prices Rising Faster than Home Prices: Trulia If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday by Trulia. At the current rate of change, the year could close with a 4 percent price annual price increase. Asking prices rose 2.5 percent year-over-year in September. When foreclosure sales are excluded, prices were up 3.5 percent. View article…

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