Apartment Sales Up 42% in January
The apartment transaction market started 2015 off just as frenzied as it finished 2014. In January, the sector posted $9.3 billion in sales, which was a 42% increase compared to January 2014. Both garden and mid- and high-rise sales contributed to the growth, increasing 40% and 46% year-over-year, respectively. As sales increased, cap rates continued to fall… Read more »
Low Vacancy, Limited Construction Boost Medical Office Building Sales
Medical office investors today have to be thankful they?re already in the game?vacancy in the sector is down, investment sales are at their highest and new construction is still falling behind current demand. The national vacancy rate for medical office buildings (MOBs) is now at its lowest point since the recession, at 10.9 percent… Read more »
$65M Mountain Shadows resort slated to open in Paradise Valley next year
A $65 million luxury resort and 18-hole golf course is slated to be built on the land once occupied by the Mountain Shadows Golf Resort, the Scottsdale Independent reported. The new resort will feature 180 guest rooms and 31 hotel?condominium units in a separate building. The new resort will not have as many rooms as the former resort did, but Scott Lyon, Westroc Hospitality CEO, told the Independent that the new resort will fill a luxury niche in the market… Read more »
Apartment Development Wave May Have Crested
The wave of new apartments being built in and around Phoenix may have crested after another surge of new developments last year. Most of the new real estate development in Phoenix ? and some other U.S. cities ? the past few years has been with apartments. Homeownership rates are down. Millennials are putting off home purchases. Banks have been frugal with lending and consumers are still recovering from recession hits to their credit… Read more »
Phoenix-Area Housing Market Sees Uptick
The sluggish Phoenix-area housing market just got a pleasant surprise. New figures show a sudden uptick in buyer demand, with a significant boost in homes under contract since late January. ?I do NOT think this has anything to do with the crowds that came in for the recent Super Bowl in Arizona, but that is coincidentally when we started to see this rise in demand,? says Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business at Arizona State University… Read more »