The latest readings are out for the Moody’s/RCA, Green Street and CoStar commercial real estate price indices. All three showed prices increasing for the time period they measured. Here are some takeaways from each organization’s most recent report… Read more »
U.S. commercial real estate could attract even more foreign investment thanks to tax changes included in the federal spending bill that was enacted in December. The law made changes to the Foreign Investment in Real Property Tax Act that “are expected to put global companies and pension funds on a more equal footing with their U.S. counterparts,” according to Anika Khan, a senior economist at Wells Fargo Securities… Read more »
During the housing crisis, existing housing inventory ballooned to 12 months of supply, causing new-home development and construction to grind to a virtual halt. In the years that followed, new-home starts remained low as distressed existing homes were gradually bought up, taking inventory off the market. This altered the ratio of new to existing home sales that had been in place since the ’90s, forming what Bill McBride of Calculated Risk coined the “Distressing Gap.” New home sales have stayed at a depressed level ever since, recovering only modestly… Read more »
OdySea Aquarium is opening its doors to the public on July 2 and will be the largest aquarium in the Southwest, according to their website. The aquarium is expected to be 200,000 square feet and have two levels. The facility projects to serve up to 15,000 visitors a day. The aquarium will feature large-scale exhibits, touch pools, a 3D theatre, and the SeaTREK experience, which puts visitors in the water for a guided tour walking along the “ocean floor.” The experience does not require you to know how to swim or have a diving certificate… Read more »
Scottsdale’s residents like to look as youthful and fresh as possible, and now a resort in the city is doing the same. Chaparral Suites in downtown Scottsdale is undergoing a $22 million makeover to become the Embassy Suites by Hilton. The massive cost of renovations makes the project the largest resort renovation in Scottsdale. No stone will be left unturned in the project. Every single aspect of the 15-acre area is getting redone, from the lobby to the guest rooms to the exterior… Read more »