Here are the news stories you might find interesting today:
Click here to listen to the Market Outlook on May 20, 2009 that was hosted by CBRE.
ASU-RSI: A Slowing Rate of Decline Equals Good News
Phoenix metro real estate prices declined 37 percent in February compared to February 2008, but preliminary data for March and April show that the rate of decline may be slowing. “In this market, that would be considered good news,” said real estate professor Karl Guntermann who compiles the ASU-RSI (Arizona State University-Repeat Sales Index) with research associate Alex Horenstein.
Economy@W. P. Carey: The Consumer Still Not Back in the Game
At mid-month, analysts had turned more pessimistic about the economy, as some of the promising “green shoots” of recovery appeared to have withered, writes Lee McPheters, editor of Economy@W. P. Carey. Economy-watchers (and the equity markets) had seized on a report that consumption spending was up by 2.2 percent in first quarter 2009. But the April release on consumer spending (set for June 1), is expected to show that the January and February increases were unsustainable, anomalous upticks.
With the U.S. unemployment rate now projected by Moody’s to peak at 10.1% by the end of 2009 and credit still hard for investors to secure, there was little to cheer about during a quarterly media briefing Wednesday on the capital markets conducted by real estate research firm Reis.
In short, vacancies in commercial real estate are likely to increase over the next 18 to 24 months with positive rent growth absent from the scene until 2012, or even later. “Investors will have to think longer about hold periods,” Reis director of research Victor Calanog concluded, “and give up aspirations of a quick flip at triple the price in two to four years.”
NABE: Economists forecast modest rebound beginning in 3Q
A panel of 45 U.S. economists expects a “modest” economic rebound to begin in the second half of 2009, picking up steam in 2010, the National Association for Business Economics said Wednesday.
Realtors: Sales up, prices down
The latest research from the National Association of Realtors shows that falling prices continue to push home sales higher.
Bankruptcy court sets June showdown on Phoenix Coyotes relocation to Canada
U.S. Bankruptcy Court could decide as soon as June 9 whether the Phoenix Coyotes can be sold and moved to Canada or must stay in Arizona.
Hurricane Bay to celebrate renovation
Hurricane Bay will host a re-opening party emceed by celebrity blogger and nightlife personality Nik Richie June 6.
Former Engle, Standard Pacific exec forms new company
A veteran of the Phoenix home building industry is starting his own company. Carl Mulac, former president of Engle Homes and Standard Pacific Corp. Arizona Division, announced the formation of Joseph Carl Homes Wednesday.
El Chorro closes after 60 years
The venerable El Chorro Lodge in Paradise Valley is shutting its doors after more than 60 years of operation, but may re-open in the fall with new owners.
Phoenix Industrial Nets $1M
Southwest Truck Driver Training purchased the industrial building at 842 S. 59th Ave. in Phoenix from Coach & Transit Inc. for $1 million, or $85 per square foot. The 11,686-square-foot industrial facility was built in 1976. It includes two drive-in…
Investor Acquires Wells Fargo Ground Lease
Evergreen Development sold the property at 3273 N. Hunt Highway in Florence, AZ, to a private investor, for $2.23 million. Wells Fargo is leasing the land on ground lease and occupies a 3,531-square-foot bank building on the property, built in 2007…
Scottsdale Airport Moves on Strategy
SCOTTSDALE, AZ-The municipal airport unleashes its strategic business plan to determine future planning and development.
For a FREE market evaluation of your property, contact me immediately!