Arizona Republic from Phoenix, Arizona on November 11, 1997 · Page 9
Get access to this page with a Free Trial

A Publisher Extra Newspaper

Arizona Republic from Phoenix, Arizona · Page 9

Phoenix, Arizona
Issue Date:
Tuesday, November 11, 1997
Page 9
Start Free Trial

Tuesday, November II, 1997 The Arizona Republic A9 Valley home prices up 7; Defendant denies lolling socialite Tovrea VALLEY, mm Page A I with half of the homes for c.ii;.,.. more and half selling for less for Valley resales hit $115,500 during the third quarter. Nationally, the increase in the median sales price of existing homes increased 5 percent. At $126,500, the typical U.S. sale price for a home is higher than the Valley median price. "The good news is Valley homes are definitely appreciating," said Jay Butler, director of the Arizona Real Estate Center at Arizona Suite Uni-versify. But, he said, tlie rising cost of buying a home will make it tougher for some buyers to swing the American dream. Also, he said, the higher price could dampen the area's booming home market. . Home building analyst R.L Brown said the price increase should not sound any alarm bells. That's because, compared with other large cities, the Valley is still a relatively inexpensive place to live, he said. The median price for a home in San Francisco rose 10 percent to bit a startling $300,600. That city price helped inflate the median price for a house in the West, where 21 cities including Phoenix posted increases to reach an overall median of $163,000. Low interest rates have helped buyers bridge the rising cost of homes the past year. People can buy more house with a 7 percent mortgage than they can with a loan carrying an 8.5 percent rate, which is where interest rates were a year ago. The average rate for a 30-year mortgage is currently around 7.3 percent Spurred by job growth and a strong economy, the Valley's home market has gone like gangbusters the past year and is on pace to beat 1996's record level. For the first nine months of 1997, 34,450 existing homes were sold in metro Phoenix, up from 34,014 for the penod in 1996, according to ASU's Real Estate Center. The new home market also has boomed, with forecasts calling for as many as 30,000 houses to be built across the Valley this year, up from 1 996 record construction of 29,000. Last year, analysts predicted a slowdown in home construction afler six straight years of growth. But halfway through this year they revised their forecasts up because of evidence that housing growth was still going strong. However, the increase in resale prices could be a sign that the Valley's go-go market might have peaked. The median price for a new home in tlie Valley is $134,642, according to the Real Estate Center. Cash not from her stepson but from deals, he testifies By Victoria Marker The Arizona RopubHc The man accused of killing Valley socialite and cattle heiress Jeanne Tovrea said Monday he had nothing to do with the crime. James "Butch" Harrod took the stand during his murder trial to say he did not kill Tovrea and was not at her home the night of her execution-style murder, April 1, 1988. He also denied that cash he received in Federal Express packages before and after the murder was payment for killing Tovrea, as alleged by prosecutors Paul Ahler and William Culbertson. Instead, the money was from legitimate overseas business dealings with t Tovrea stepson, Edward "Hap" Tovrea Jr., I larrod said. "I would not take any money like that," said Harrod, 43, of Ahwatukee. Police had no solution to Tovrea murder until after IJarrod's ex-wife, Anne Costello Harrod, came forward in 1994 and told them about her ex-husband's dealings with Tovrea's stepson Hap in 1987-88. ' She said Harrod told her tliat Hap and his two sisters hated Tovrea becausf she 'was squandering their multimillion-dollar inheritance. Hap, hired Harrod to kill Jeanne, she told police. None of the Tovreas has been charged in connection with tlie killing. Prosecutor Abler alleged that the business deals were really a cover-up for laundering the murder-for-hire cash. Jason Hu, a consultant who works with investors in Giina projects, testified Monday that he worked with Harrod and Hap Tovrea on what he believed were legitimate business deals. Harrod testified that he designed beach bags and athletic shoes, dealt with businesses in Asia, and ased express mailings to send and receive cash related to the production of his beach bags. Harrod said that he met Hap Tovrea through a customer at liis car repair business and that he , went to China as a liaison for I lap, who did not have expertise in dealing with tlie Chinese. "My role was to kick Ed under tlie table about when not to speak or speak," Harrod said. Harrod signed a consulting agreement with Hap Tovrea in which Harrod received $3,000 a month. Phoenix police arrested Harrod in 1995. Ihey said they found llarrod's fingerprints on tlie window into the kitchen of Jeanne Tovrea's Paradise Valley home where tlie killer, or killers, gained entrance. Harrod's defense attorneys, Michael Bernays and Tonya McMath, have argued that Harrod was too big to fit through tlie pmall kitchen window and that the fingerprints were planted. The windowpane bearing the fingerprints has since been lost. same Insist on the best.. .real wood! ; We never use a poly (plastic) material. VTi ! Ask about our New Home package! offer expires 30 days from date of publication Free Phone Quotes 267-8966 PUMPS FOR AIR CONDITIONING THAT WORKS LIKE A DREAM.. . r on.n .. iiiu.ih.i I.,,, Jmmmm 3 ton package, heatingcooling system. 0 financing for 90 days, on approved credit. Ten year warranty available. Visit our facility and showroom. tVyiVAViS. ALSO ON SALE: M795 1995 '2195 3.5 TON.., 4 TON 5 TON 't Other models arid sues ntw un Mlc. $ 20 EARS OF !E X C E L L E N C E, Sum Utterly far. Good through 112397 SUM ENERGY INC. 2320 W. Peoria, Ste. B-142 Thoenix Number one replacement dealer for the State of Arizona. Family owned & operated. Friendly, personalised service Since 1 978. Lie. & bonded. Lic.O90378. Forv something eterans Day, nice lor someone. 'AOv : Tell them SeniorCare gives them more benefits than Medicare. For less. ' w' " ' " If you have a friend or relative who is Medicare 1 eligible, tell them about SeniorCare, a Medicare-. contracted HMO plan from Intergroup. SeniorCare V ' . provides benefits ; that Medicare doesn't, including I no plan premiums for our . ! i Standard Plan ($35 a month for i " High Option), lower copays, ) lower out-of-pocket costs, and no deductibles or coinsurance. i SeniorCare also has one of the i largest physician and hospital , networks in Arizona. And we offer . I i free transportation free health '::;:":' ' ' : :' ' ... .' 1 j ; club memberships, ! and 40 free prevention and - wellness classes, Here's Proof Compare SeniorCares benefits to Medicare and your own supplemental policy in this chart. Benefits Medicare lour SeniorCaiv SeniorCare " i Supplemental Statu la nl Plan High Option - -' ! i Policy Monthly Plan . j $0 j $35 Premiums Doctor's Office , j $100 deductible plus ' i - ' You pay $5. ;' You pay $0. Visits ; . j 20ofMedicare- -j approved charges. Generic ' ! Not covered. -; $7 copay, unlimited $7 copay, unlimited : Prescriptions maximum. j maximum. Vision: Annuai Not covered. j You pay $10. : You pay $0. Routine Exam Dental: Annual ; Not covered. j You pay $0. :Youpay$0. Routine Exam : . Hearing:'' ' !Not covered. . ; You pay $0. ; You pay $0. Annual Exam .. Health Gub - Not covered. You pay $0 at You pay $0 at Membership ' i contracted contracted ; health clubs. health clubs. Transportation I Not covered. : ; Free transportation : Free transportation :. ..'.:' to medical services to medicai services I (15 round trips per year) I (15 round trips per year). V - SI v Look over this chart together and compare Medicares benefits to ours. To find out more, call 1-800-GET-PROOF, ext. 191, and ask for a free brochure and the location of the next free SeniorCare seminar near you. Not just health care. Proven care. SeniorCare from Intergroup Under 65? Ask us about our Individual HMO plan. Call 1-8O0-388-39O9. ext. 8111 . Service not available in Graham, Greenlee and Santa Cruz counties. "Available to members in Maricopa and Pima counties only. SeniorCare is a division of Intergroup of Arizona, an HMO authorized to provide health care to Medicare beneficiaries. ty or semortare. in oraer SCN-RHOLIDAYS 97 197 All Medicare beneficiaries may apply. SeniorCare members must have Medicare Part A or its equivalent, and continue to pay Medicare Part B premiums. If you do not have Medicare Part A, you must purchase it from Social Security or SeniorCare. In order to qualify for SeniorCare s benefits, you are required to receive all of your routine nealth care from SeniorCare-contracted providers and facilities. ' W

Get access to

  • The largest online newspaper archive
  • 20,000+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra Newspapers

  • Exclusive licensed content from premium publishers like the Arizona Republic
  • Archives through last month
  • Continually updated

Try it free