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Commercial Real Estate & Business News – March 29, 2013

I hope you have a Happy Easter!

Here are the news articles you might find interesting today for commercial real estate and business:

Lennar Acquires ~16 Acres in Ahwatukee Foothills, Plans Seventy Lots David Bruner, President of DMB Circle Road Partners and former COO of DMB Associates, Inc., sold 16.12 acres of residential acreage in the Foothills Club West subdivision of Ahwatukee to Lennar Homes for $3.075m or $4.38 per ft2. Lennar took the property through the entitlement process at the behest of DMB Circle Road prior to taking ownership. View article…

Changing Hands to open second bookstore at former Beef Eaters site in Phoenix Tempe’s Changing Hands Bookstore will open a second location, at Third Avenue and Camelback Road in Phoenix. The deal has been in the works for some time. Changing Hands will partner with Phoenix-based real estate firm Venue Projects and Beckett’s Table restaurant to redevelop the former Beef Eaters Restaurant. View article…

Phoenix Whole Foods store delayed until fall Organic food enthusiasts will have to wait a bit longer before Whole Foods opens its long-awaited store at the iconic Town & Country shopping center near 20th Street and Camelback Road in Phoenix. View article…

Arizona unemployment rate drops, but job growth slow Arizona’s unemployment rate came in at 7.9 percent in February, down slightly from 8 percent in January. The Arizona Department of Administration released the latest unemployment and jobs data today, and the state’s job growth numbers remain far from robust. View article…

HOUSING:
Latest Phoenix-area Housing Info: Prices Up, Foreclosures Down, Investors Losing Interest Phoenix-area home prices are back on their way up again, after a short drop in January. The latest housing report from the W. P. Carey School of Business at Arizona State University shows soaring prices, dropping foreclosures and waning interest from investors looking at Maricopa and Pinal counties, as of February.

  • The median single-family home price shot up more than 4 percent in just one month — January to February.
  • The median single-family home price went up 36.5 percent from February 2012 to February 2013.
  • Foreclosures have resumed their downward trend, after a brief post-holiday bump, and they are likely to fall below the “normal,” long-term level by the end of next year. View article…

Freshest Figures Show New Home Prices Rise, Sales Fall in Phoenix The Phoenix, AZ market saw a drop in new home closings year-over-year in December, and the percentage drop was steeper than November 2012. New home closings saw a fall of 42.5% from the year earlier to 534 after closings sank 42.0% in November from the year earlier. A total of 9,891 new homes were sold during the 12 months that ended in December, down from 10,286 for the year that ended in November. View article…

Investors dropping out as Phoenix home prices show 36.5 percent gains As the chronic shortage of homes for sale worsened last month, the greater Phoenix housing market kicked off home-buying season with dramatic price gains and a drop in investor interest, according to the latest report Thursday from Arizona State University. View article…