Commercial Real Estate & Business News – May 29, 2013

Phoenix Home Prices Jump 22.5 Percent Over Past Year

Phoenix home prices surged 22.5 percent over the past 12 months – more than twice the national average, a report released Tuesday indicates. U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006… Read more

The Monday Morning Quarterback

The latest population figures from the U.S. Census Bureau show that Arizona and Greater Phoenix are growing more rapidly than most places. But, the absolute rate continues to be slow by historic standards. Retail sales in the State were up strongly in April with information, clothing, building materials and motor vehicle sales leading the way in the year over year comparisons… Read more

Scottsdale Hotels See Occupancy, Revenue Gains in April

Tourism in Scottsdale continued to recover in April as hotels in the swanky suburb saw occupancy and revenue increases from the previous year. According to research from STR, occupancy at Scottsdale and Paradise Valley hotels last month was 77 percent, a 9 percent increase from April 2012… Read more

Outlook for CRE Investment Brightens

The United States commercial real estate market is finally enjoying a revival. Compared to six months ago, expectations for the market are up. The Urban Land Institute conducted a survey that estimated real estate transaction volume for the year would top $310 billion. In 2012, the transaction volume was at $290 billion. The change between the two years represents a seven percent increase… Read more

Secondary Markets Win Multifamily Investors

Multifamily investors are finding lower prices and higher yields in secondary markets. “Markets that people gave up on are now markets that people are going back to,” says Walter Page, director of research for Property and Portfolio Research, a division of the CoStar Group. “In most primary markets the average price per sq.ft. is twice what it is secondary markets.”… Read more