Commercial Real Estate & Business News – December 30, 2014

Loop 303 is being called the West Valley’s freeway to the future. As one of its vital improvement projects begins this month, area residents are bracing for 18 months of construction inconveniences. A nearly $50M project will result in a new interchange with U.S. 60, among other improvements. Meanwhile, the region’s cities are looking to the major highway to spur development… Read more »
Most major housing markets in the US have seen the number of home owners in negative fall by half since the peak of the economic crisis, new figures show. More than seven million home owners have escaped negative equity since its peak in early 2012, both because of foreclosures and improving home values, says the data from real estate firm Zillow. Overall US negative equity fell to 16.9%… Read more »
Retailers may have their best holiday sales growth in eight years, but it will likely come at a cost to profit. December same-store sales are expected to rise 4%, the biggest increase since 2006, according to data from Retail Metrics. Combined November and December sales are expected to be up 4.4%, also the fastest increase in eight years, thanks to an improved job market, falling gas prices and record stock market levels… Read more »
What should East Valley residents expect from the local and state economies in the near future? One forecaster estimates a little sluggishness in the next 12 months followed by much stronger growth in the years following. BBVA Head Economist Nathaniel Karp — who addressed the local economy at a recent East Valley Partnership meeting — said the overall future of Arizona’s economy is relatively positive over the next 36 months…Read more »
Not all of metro Phoenix’s housing market is slowing. Multimillion-dollar mansions are selling at twice the pace of a year ago. Since mid-Novenber, an Arizona house priced above $2 million has sold almost every day, according to real estate analyst Mike Orr’s Cromford Report. Only one of the luxury home sales was outside of metro Phoenix — a $3.275 million house in Flagstaff… Read more »