By Angela Gonzales | Phoenix Business Journal The buying frenzy in the Valley’s luxury home market appears to have ended. “I don’t feel the market is dead in any way,” said Robert Joffe, co-founder of Launch Real Estate. “There’s just no question it’s a complete slowdown from what it was, but I feel we are …
By Angela Gonzales | Phoenix Business Journal Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession. Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and …
By Angela Gonzales | Phoenix Business Journal Falling steadily, Phoenix didn’t even make the top three metros in home price growth in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released on July 26. Phoenix had led the nation in home price growth for nearly three years until earlier …
By Angela Gonzales | Phoenix Business Journal The burgeoning build-to-rent sector has about 9,500 units under construction in metro Phoenix, adding to existing inventory of about 8,700 units, according to a report released by Northmarq. “We’ll be seeing the local inventory of single-family build-to-rent units doubling in the next 18 to 24 months,” Peter O’Neil, research director …
By Angela Gonzales | Phoenix Business Journal Arizona’s housing deficit has increased 1,377% since 2012 — representing 122,683 homes — according to a report by Washington, D.C.-based Up for Growth. The report — which ranks Arizona eighth in the nation in terms of the severity of its housing deficit — calls for a need to …
By Angela Gonzales | Phoenix Business Journal Tim Morris, an associate broker with HomeSmart, said he’s starting to seen an increase in incentives for REALTORS®. “Large builders are starting to recognize the need for resale REALTORS® again,” he said. When the market was in a frenzy, homebuilders didn’t need Realtors to help sell their new …
By Angela Gonzales | Phoenix Business Journal After a bit of a hiatius following the Great Recession, DMB Associates Inc. is closing deals quickly on a 75-acre mixed-use project in north Scottsdale. It’s been a long time coming for the project, called One Scottsdale, just north of Loop 101 on Scottsdale Road. The Scottsdale-based developer …
By Angela Gonzales | Phoenix Business Journal NexMetro Communities, known among the first in the nation to introduce the build-to-rent hybrid model that combines detached single-family homes in a community rich with amenities, is going for another first. Phoenix-based Nexmetro is the first multihousing developer to launch a “Rent Round Up” program for the Arizona …
By Angela Gonzales | Phoenix Business Journal Zach Haptonstall has been busy, to say the least. The co-founder of Scottsdale-based Rise48 Equity LLC — which has $1.06 million in multifamily assets under management in metro Phoenix — is starting his own construction firm to handle renovation projects of the apartments he’s buying. This move follows …
By Angela Gonzales | Phoenix Business Journal When Zander Diamont and Jared Amzallag started a real estate development company at the peak of the coronavirus pandemic, they kicked off with a 15-unit townhome project in Phoenix. But when their project took a bit longer than they expected, they shifted gears and began building minimal and …
