I hope you have a great Thanksgiving Day with friends and family tomorrow. I will not be sending out the Daily News on Friday, November 27th, however, I will get it to you first thing on Monday, November 30th. Again, have a great holiday!
Email me if you would like a copy of the ULI Influx/Outflux: Metropolitan Phoenix Report just completed. I have gone through the report and highlighted some key areas to focus in on. The best thought I took was at the bottom of the report, “While another wave of real estate development is certain to come, a renewed emphasis on sustainable economic development would soften the sharp ups and downs…”
Southwest Network Signs 7-Year Lease
| Southwest Network, a non-profit organization, signed a 12,815-square-foot lease at Regency Park Chandler, Phase II. The seven-year lease is valued at approximately $1.75 million. The single-story office building is located at 1465 W. Chandler Blvd… |
Scottsdale Multifamily Trades in Distress Sale
| Capstone Advisors Inc. sold Bella Vita Phase II at 5959 N. 78th St. in Scottsdale, AZ, to Petwin Development Co. for $6.85 million, or $92,600 per unit, in a distress sale. The 68,359-square-foot apartment complex consists of 66 two-bedroom/two-bath… |
Real estate investor gets 18 months for fraud
| A Phoenix real estate investor was sentenced to 18 months in federal prison for his role in a mortgage fraud scheme. |
Phoenix home market showing signs of stability
| The single-family home market is showing signs stabilization, but the condo and townhouse markets continues their death spiral. That’s the latest assessment by Arizona State University professor Karl Guntermann, who pens the monthly ASU-Repeat Sales Index. |
Home prices rise for 4th month in a row
WASHINGTON – Home prices rose slightly in September, the fourth straight monthly increases and a clear sign that the housing market’s recovery is continuing.
Arizona second in underwater loans
| Arizona has more homeowners who are underwater with their mortgages than any other state, save one. |
Ranks of troubled banks grows
| The number of troubled banks in the U.S. now totals 552, the FDIC reported Tuesday. |
Fed: Consumer sentiment weighed down headed into holiday shopping season
| Federal Reserve Bank said Tuesday that lagging home values and job losses are weighing on consumer sentiment headed into the Christmas-Hannakuh shopping season. |
Tsunami of Foreclosures In Doubt
With consumer sentiment flagging and job losses mounting, the road ahead isn’t getting any easier for the shopping center industry. It’s hard to put a dismal 2009 in the rear-view mirror when property fundamentals are still falling.
Recession pushes back Loop 303 timeline in West Valley
Surprise hopes for a destination retail and commercial corridor on its Loop 303 frontage. Glendale, Goodyear and Peoria largely seek an employment base.
Gilbert, Surprise are among the 30 safest cities in the U.S.
Gilbert and Surprise are among the safest cities in the United States, according to an analysis by a Washington-based publisher.
Golfland Sunsplash to offer paintball
| Paintball will prevail in west Mesa despite the troubled economy. |
Arizona job market hardest hit by recession
| No state has lost a higher proportion of jobs in this recession than Arizona, says a new study by the Economic Policy Institute. |
REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.