One of the most popular topics of discussion at commercial real estate conferences over the last few months is when will the current rush of U.S. apartment construction slow down — and recent government numbers and commentary from CoStar economists suggest that the answer may not be any time soon. Although the number of new single-family homes starting construction dropped in January 2015, construction starts on multifamily structures with five or more units increased to 372,000, up more than 12% from December 2014, and 24.5% higher than 12 months ago, even as rental vacancies remained at their lowest level in more than two decades…Read more »
Vacancy rates will tick downward over the course of the year as demand gradually picks up—except in the case of multifamily, clearly the best performing sector. However, storm clouds may blow in from across the ocean, says the National Association of Realtors in its latest quarterly commercial real estate forecast… Read more »
Home prices in the United States posted solid gains in the fourth quarter of 2014, with the majority of metro areas seeing a slightly stronger price growth. This growth was propelled by tight housing supplies, low interest rates, and a strengthening job market, according to the latest quarterly report from the National Association of Realtors…Read more »
SOHO Scottsdale, at 92nd Street and Bahia Drive, is bringing an innovative new concept of live-work-play to north Scottsdale. In early December, the Scottsdale City Council granted approval for the community, which will include approximately 74 home-based business townhomes, an office/retail hub and luxurious loftstyle residences above ancillary office/retail. Mayor Jim Lane expressed tremendous enthusiasm for the project. “We are an innovative community and always have been, and we evolve in a healthy way—that’s what we’re seeing here,” he said. “SOHO is innovative, and it is also responsive to the live-work-thrive success stories we have seen around the country”… Read more »
Metro Phoenix’s housing market ended 2014 on a high, after several months of flat prices and sagging sales. Valley home sales climbed 29 percent during December, and the area’s median home sales price increased 2 percent to $215,000, according to new report report from the W. P. Carey School of Business at Arizona State University… Read more »