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New mortgage regulations make it tougher to secure a home loan.
Randy Hotchkiss of the Southern Arizona Mortgage Lenders Association says before the real estate bubble burst it was pretty easy for people to get a loan for a home they couldn't really afford. "The put very little down, zero equity, the value now has

Switzerland doubles mortgage-risk buffer for banks
. Saved. Save Article; My Saved The Swiss Bankers Association said it's disappointed by the decision saying the capital cushion isn't an effective way of controlling property prices. Copyright 2014

US home sales edged up 1 percent in December
Yun expects sales will remain around the 2013 level of 5.09 million in 2014 as such factors as tighter mortgage lending standards and limited inventories impede further progress in the housing market. But other forecasters are more optimistic. Patrick

Starwood Property Trust, Inc. (STWD): Starwood Spin-Off Deadline Spurs Single ...
Management has expansion plans in place to pursue property acquisitions in seven additional states through 2014, including Arizona, California, Colorado, Georgia, Illinois, Nevada and North Carolina. As of November 30, 2013, the business had contracted

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2017 Arizona Case Law Affecting Commercial Real Estate and Lending

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on October 10, 2017.

Arizona Case Law – Late Fees and Liquidated Damages Provisions

Dobson Bay Club II, DD v. La Sonrisa De Siena (AZ Supreme Court 4-25-2017)

I discussed this case a few months ago after the Arizona Court of Appeals issued its decision and before the case had been heard by the Arizona Supreme Court.

Dobson Bay signed a $28.6 million note and DOT to CIBC. The note required interest-only payments with a final balloon payment at maturity; it also included a provision requiring payment of a 5% late fee on any unpaid installment, including the final balloon payment due at maturity. Dobson Bay failed to make the balloon payment. CIBC sent out a notice of default and thereafter sold its note and DOT to La Sonrisa. La Sonrisa demanded payment of all amounts due under the loan, including a $1.4 million late fee (5%) on the balloon payment and started a trustee’s sale about one week after acquiring the loan from CIBC. Dobson Bay thereafter obtained new financing and paid La Sonrisa the outstanding loan balance, except for the late fee, which it deposited with the Superior Court pending litigation over whether La Sonrisa was entitled to collect the late fee as a condition of releasing its DOT. The trial court held that the late fee was enforceable as liquidated damages, and Dobson Bay appealed. The Court of Appeals reversed the trial court and held that a 5% late fee on the balloon payment was an unenforceable penalty.

Homebuilders opt to deliver luxury homes as building costs increase

Arizona’s housing market is getting more competitive leaving those at the lower end of the market struggling to compete, and many developers opting to build luxury homes and projects instead.

A new study from the National Association of Realtors shows that sales for cheap housing options are decreasing while luxury housing sales have increased by 20 percent during the month of July.

Mark Stapp, a real estate professor at Arizona State University’s W.P. Carey School of Business, said these trends are due to extremely low inventory in Arizona’s housing market.

“The market is extremely tight right now, more than it’s ever been,” Stapp said.

Erik Tinker, CEO of Tinker Development said builders are facing challenges that are contributing to the low supply of affordable housing in Arizona.

“Since the new construction has taken off there seems to be less of a supply of trades,” Tinker said. “The commercial side of real estate has been booming.”