Daily News from the desk of Nicholas L Miner, CCIM – June 10, 2009

Here are the news stories you might find interesting today:

250-room hotel on rise at CityScape site

In recession, sometimes best price is no price

Housing Department budget faces big cuts

Builders, city officials clash over moratorium on development fees


PHOENIX – Fernwood Developments (USA) Ltd. LLC has purchased Stefan II, a 32-unit apartment community located at 15430 N. 25th St. in Phoenix. The partially completed property sold for $1.25 million. The community features three-bedroom units offering washer/dryer connections and a detached two-car garage.

Scottsdale Quarter Apple Store to open Friday

Apple Inc. will open its newest retail store in the Scottsdale Quarter on Friday.

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Opus West troubles mount, may file Chapter 11

Executives at Opus West are considering filing bankruptcy at the same time another of its new developments has fallen into foreclosure.

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Chicanos Por La Causa, MariSol credit unions merge

Chicanos Por La Causa Federal Credit Union has merged with MariSol Federal Credit Union, as the struggling companies look to turn a profit and avoid rising delinquencies.

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Solar land auction nets two sales, more slated

The first private land auctions designed to lure companies to purchase land in western Maricopa County netted two sales for roughly $2.6 million, with a third deal potentially in the works.

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Ruling on Coyotes move could come Wednesday

A U.S. Bankruptcy Court hearing Tuesday ended without a decision on whether the Phoenix Coyotes can be sold to Canadian billionaire Jim Balsillie and moved to Hamilton, Ontario. A decision, however, could come as early as Wednesday.

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Car Dealership Closing Could Hurt Commercial Real Estate Values

As the U.S.’s auto manufacturers continue to restructure and cut costs, car dealership closings are spiking and generating a glut of excess space that might have a prolonged negative impact on the commercial real estate market, investment sales brokers say.

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