Here are the news stories you might find interesting today:
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City to consider rezoning Elks property
Economy takes bite out of restaurant tally
| A research report by NPD Group shows that there are 4,000 fewer restaurants in the United States this spring compared to the same period last year. |
Metrostudy: Home starts, existing sales leap in 2Q
| New research on the local housing market by Metrostudy shows major rebounds in both new home starts and existing home sales. |
Nine retailers joining Barneys New York
| As construction continues and crews ready for the Oct. 15 opening of Barneys New York at Scottsdale Fashion Square, nine other retailers are headed to the eastern part of the mall, executives announced Wednesday. |
NHL owners vote to back Reinsdorf bid for Phoenix Coyotes
| National Hockey League owners voted Wednesday to back Jerry Reinsdorf’s $148 million bid to buy the Phoenix Coyotes hockey team from owner Jerry Moyes. |
Fed survey: Stabilization seen in some regions
| WASHINGTON — The economy is finally showing signs of stabilizing in some regions of the country – especially in parts of the Northeast and Midwest – bolstering hopes of a broader-based recovery this year. |
Ritz Camera shutters East Valley stores
| The Ritz Camera store that dominates a prime corner spot at the upscale Casa Paloma shopping center in Chandler, at Ray Road and 56th Street, is locked up tight. |
Reform, Demographics Bode Well for Medical Office Investors
Already enjoying a surge in investment activity, the burgeoning medical office sector is poised for an even larger boost, if Congress approves President Obama’s sweeping overhaul of the nation’s health care system. The plan could cost at least $1 trillion over the first 10 years, according to experts.
Chandler Firestone Snags $3.2M
| Rahlves & Rahlves Inc. purchased the auto repair shop at 6944 W. Chandler Blvd. in Chandler, AZ, for $3.18 million, or approximately $390 per square foot. The capitalization rate was 7.5 percent. The 8,143-square-foot retail building was built in… |
Phoenix Retail Center Sells for $11.9M
| Phillips Edison & Co. purchased the shopping center at 4304-4326 E. Cactus Road in Phoenix from a joint venture of Macerich Management Co. and The Westcor Co. for $11.9 million, or approximately $70 per square foot. The buyer put down $4.2 million, and… |
Optima Pays $16M for Orchidtree Apts.
| Optima Development Inc. acquired the Orchidtree Apartments in Scottsdale, AZ, from RAIT Financial Trust for $16 million, or about $57,500 per unit. Located at 6801 E. Camelback Road, the 278-unit apartment building was vacant at time of sale. Optima… |
Bank Failures by the Numbers
A Look at Where and Why Institutions Are Failing in 2009
In all of 2008, 40 banking institutions failed – 25 banks and 15 credit unions.
U.S. Economy: Is the Free Fall Finished?
Nobody would claim the U.S. economy is healthy right now. After all, we are in the worst contraction since the Great Depression, and poor numbers are being posted for almost every economic indicator. But analysts are watching several key components of the economy that have stopped the free fall and appear to be stabilizing and poised for rebound.
The View From the Bottom: Phoenix Real Estate Market
What does the trough of a real estate slump look like? Phoenix metro area property owners will have time to take a close look at this unpleasant and hazardous landscape as the real estate market slides to the bottom over the next several months — and settles in for a slow, volatile recovery. According to Karl Guntermann, who compiles the ASU-RSI, a slight increase in resale median prices offers some hope. Construction and commercial? Elliott Pollack, co-editor of the Greater Phoenix Blue Chip Economic Forecast says: “Not a pretty picture.”
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