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Daily News for Commercial Real Estate & Business – September 28, 2011

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

Elevation Chandler bidder gets court victory The million-dollar bidder for Elevation Chandler scored a big win Tuesday when the Arizona Court of Appeals reversed a trial court, giving the bidder a chance to take possession of the 10.5-acre property near Loops 101 and 202. The decision in favor of the bidder, BT Capital of Phoenix, throws into doubt a deal in the works for another potential buyer to build luxury apartments there. BT Capital has not said what it plans for the property. View article…

Ex-Glendale lawmaker aims to buy Phoenix Coyotes John Kaites represented Glendale residents as a state lawmaker in the 1990s, and he leads one of the groups interested in purchasing the Phoenix Coyotes. The city is working with two buyers groups. One is led by former San Jose Sharks chief executive Greg Jamison. The other is headed by Kaites, who is partnering with Chicago sports mogul Jerry Reinsdorf and Tony Tavares, who is a longtime hockey and baseball executive. View article…

Mayo Clinic expanding medical school to Arizona The Mayo Medical School-Arizona Campus will include a key collaboration with Arizona State University. All students at the Arizona campus will complete a specialized master’s degree in the Science of Health Care Delivery granted by ASU, concurrently with their medical degree from Mayo Medical School. View article…

That CMBS Recovery? It’s Faltering The recovery in the commercial mortgage-backed securities market has hit another rocky patch as investors demand increased protection and more-favorable terms for the riskiest portions of deals. Investment banks have sold four issues of the bonds, valued at about $6 billion, since the market hit the brakes this past summer because of investor skittishness about the souring economy and an 11th-hour decision by rating firm Standard & Poor’s to pull its rating from a deal. View article…

HOUSING:
Shadow housing inventory declines in July
CoreLogic, a real estate research firm in California, reported today that residential shadow inventory as of July 2011 declined to 1.6 million units and represented a 5-month supply of homes. Shadow inventory are those homes that are in some stage of distress and foreclosure and are not yet counted as on the market. It’s also called pending supply. View article…

Phoenix home prices down almost 9 percent in past year Phoenix-area home prices in July were down 8.8 percent from a year ago, according to new data from the latest 20-city Standard & Poor’s/Case Shiller Home Price Index. Property values in the Phoenix area fell on average 8.8 percent in July 2011 compared with July 2010 in the latest 20-city Standard & Poor’s /Case Shiller Home Price Index. Prices were down 0.1 percent from June to July of this year. View article…

New home sales fall to 6-month low The housing market continues to struggle, particularly the market for new homes, with sales falling to a six-month low in August. The Commerce Department released the latest data in Washington Monday, showing sales of new houses were down 2.3 percent from July, though new home sales were 6.1 percent higher than a year earlier. View article…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.