Here are the news articles you might find interesting today for commercial real estate and business:
Capella resort site goes back to state after developer defaults Hikers and residents living near Pinnacle Peak have dodged a development bullet that would have brought a resort, vacation homes and parking garage to the foot of the iconic north Scottsdale spire. The Arizona State Land Department is taking a 17-acre site back after a developer fell behind on payments for the state trust land. John Wanninger, a principal of JTW PPR LLC, had planned to develop a 90-room resort on 17 acres of state trust land he bought for $12.75 million in June 2008. View article…
Buckeye charter school opens Goodyear campus More than 600 students are attending the Goodyear campus of Odyssey Preparatory Academy, which opened in August. Officials of the Buckeye-based charter school said a new campus was needed to accommodate 620 students who were on a waiting list for the charter school’s Buckeye campus. View article…
Tribe considers larger casino near Glendale after court win A recent court win has the Tohono O’odham Nation considering whether to go back to its original plans, which called for a much larger casino and adjoining amenities near Glendale. The Arizona Supreme Court last week denied Glendale’s request to hear an appeal related to whether a third of the tribe’s 135 acres fall within the city’s boundaries. The tribe initially had asked the federal government to take all the Glendale-area land it owns into the reservation system. However, during the annexation dispute, the tribe downsized its request to 54 acres. View article…
Commercial Real Estate Weathers Turbulent Times Despite the Standard & Poor’s downgrade of U.S. debt, a worsening European sovereign debt crisis and rising stock market volatility, the U.S. economy continues to expand and create new jobs, supported by strong consumer spending and business investment. Over the past 12 months (as of the end of October), payroll employment has increased by an average of 125,000 jobs per month. However, the pace is not fast enough to lower the unemployment rate. As a result, we do not expect employment to return to its prior peak until 2016. View article…
Phoenix adds 100,000 jobless in four years The Phoenix area had nearly 104,000 more unemployed individuals in September than it had four years earlier. New data compiled by On Numbers shows that the Phoenix area had 66,980 unemployed persons in September of 2007 — a few months before the official onset of the Great Recession. As of September of this year, that number had swelled to 170,908. View article…
Commercial Real Estate Exposure Pushes 11 More Banks to Insolvency While the roots of the financial crisis can be found in the nation’s residential housing sector, it’s now exposure to bad commercial real estate loans that’s battering banks’ balance sheets. The research and analytics firm Trepp LLC released a new report Monday on recent U.S. bank failures and the drivers behind their demise. View article…
Two Banks Closed on Nov. 4 Two banks were closed by state and federal banking regulators on Friday, Nov. 4. These failures bring the year’s tally to 106 failed institutions. View article…
HOUSING:
October home sales, prices dip in Phoenix The latest report released today by the Arizona Regional Multiple Listing Service Inc. shows a drop in the number of residential sales transactions and a small dip in sales prices for the Phoenix metro area in October. There were 7,563 sales in October, down from an average of 8,552 a month for the previous 11 months. However, October sales were above October 2010, when there were 6,593. View article…
September home values in Phoenix down 8 percent from a year earlier Home values continue on the skids in both the Phoenix metro area and across Arizona, according to new data released today by Core Logic, a California-based research and analytics firm. Home values dropped 8 percent in the Phoenix metro area between September 2010 and September 2011. View article…
Foreclosure Starts Rise as Servicers Process Backlog of Delinquent Loans Foreclosure starts among private-label residential mortgage-backed securities (RMBS) have been rising toward historic averages over the past six months, which will lead to an influx of distressed properties bringing downward pressure to the housing market, according to recent RMBS Performance Metrics from Fitch Ratings. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
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Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
COMMUNITY:
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.