Commercial Real Estate & Business News – June 1, 2016

The upcoming $2 billion Paradise Valley resort community Ritz-Carlton project is set to unveil the first release of 91 villas in a private event, and developers expect all of the Residences will be reserved. The June 11 event will show the Ritz-Carlton Residences, priced from the low $1 million to just over $5 million. Due to current demand, according to the developers, all of the homes are expected to be reserved, totaling about $240 million in real estate reservations… Read more »
The Greater Phoenix multifamily remains on a roll and is forecast to continue the extended run of strong property performance through the rest of this year. Vacancy reached a 20-year low during the first quarter, even as new development continues at a healthy clip, and is forecast to remain low… Read more »
Commercial property price growth picked up in April after a slower than expected first quarter, according to the latest CoStar Commercial Repeat sale Index (CCRSI) released this week. The two major CCRSI indices rebounded during the month as investors returned to the market and resumed sales activity after a pull-back at the beginning of the year. The value-weighted U.S. Composite Index increased 0.9% and the equal-weighted U.S. Composite Index grew 0.6% in April 2016… Read more »
Arizona may be the sixth-largest state in terms of size, but it has few big landowners and will face development challenges in the future because just 17 percent of its land is private. Most of the rest of the land is owned or held by the federal government, American Indian reservations and state government. But here’s the flip side: For potential land buyers and developers, the combination of rapid population growth (more Baby Boomers fleeing colder climates) and scarce available private land can mean… Read more »
Home prices nationwide rose at a slower pace in March than in February, but increases in a 20-city index either met or beat expectations. The latest S&P/Case-Shiller home price index, released Tuesday, showed a 0.85% increase month-over-month and a 5.43% gain year-over-year in the 20-city index. Economists polled by the Wall Street Journal had expected an annual increase of 5.4%, while a Bloomberg Business survey called for 5.11%…Read more »