Window Closing Quickly On Low Mortgage Interest Rates

By Angela Gonzales | Phoenix Business Journal A few weeks ago, mortgage rates were at an all-time low, giving homebuyers a bit of silver lining during this COVID-19 pandemic. But a stampede of homeowners trying to refinance their existing homes overwhelmed mortgage lenders, who didn’t have the personnel to keep up with the applications, said …

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Local Commercial Real Estate Transactions Down, Not Out

By Corina Vanek | Phoenix Business Journal Real estate transactions such as leases and building sales have slowed but not halted in the wake of sweeping business closures due to the novel coronavirus, according to a commercial real estate expert. Jon Rosenberg, designated broker and managing partner of Scottsdale-based LevRose Commercial Real Estate, said he …

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Opportunity Zone Made Scottsdale Entrada Deal ‘Once-In-a-Lifetime’ Project

By Corina Vanek | Phoenix Business Journal Since forming Banyan Residential last year, the Los Angeles company has focused on buying and developing properties in “opportunity zones.” That meant the 33-acre Scottsdale Entrada became the perfect opportunity. The redeveloped Scottsdale Entrada will have an open area where people can walk, ride bike or hold events. …

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Coronavirus Creates Homebuyers’ Opportunity

By Angela Gonzales | Phoenix Business Journal The coronavirus pandemic is causing some homebuilders to close their sales offices in the Valley at a time when low mortgage interest rates are creating a window for homebuyers. Given the current COVID-19 pandemic, Scottsdale-based Taylor Morrison Home Corp. has closed its sales offices, but will conduct business …

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Why Phoenix keeps attracting Southern California residents

By Angela Gonzales | Phoenix Business Journal Affordable rental rates and home prices in metro Phoenix continue to attract Southern California residents in droves, according to a report by the University of Southern California Lusk Center for Real Estate. While it’s no surprise to local real estate experts, the USC Casden Multifamily Forecast shows how …

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Phoenix Home Price Gains Now Highest In the U.S.

By Angela Gonzales | Phoenix Business Journal It’s no secret builders can’t construct homes and apartment units fast enough to keep pace with demand in metro Phoenix. Now more homebuilders are flocking to a hybrid model — single-family rental products — in an attempt to quench the demand for new residences. The Valley currently has …

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Phoenix Office Market Surges: Major Leases, Sales Lead the Way

By Corina Vanek | Phoenix Business Journal Artist rendering of Grand 2 at Papago Park. The Phoenix office market finished 2019 on a high note, with a decrease in the region’s overall vacancy rate and increases in net absorption, construction and rents, according to research from Colliers International. In 2019, 3.4 million square feet of …

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Phoenix Home Price Gains Now Highest In the U.S.

By Angela Gonzales | Phoenix Business Journal Phoenix has topped the nation in annual home price gains, according to the latest results of the S&P CoreLogic Case-Shiller Indices. Data through December 2019 revealed year-over-year price increases of 6.5% in Phoenix — nearly double the national average — followed by 5.3% in Charlotte, North Carolina, and …

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Foreign Real Estate Investment Grows in Phoenix

By Corina Vanek | Phoenix Business Journal Investment from foreign firms fueled more than $1 billion worth of real estate transactions in Phoenix during 2019, including the city’s two largest office sales. According to CBRE data, the late-2019 purchases of the Biltmore Center for $212 million by Switzerland-based Partners Group and the $190 million purchase …

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Resurgence of Commercial, Multifamily Development at Airpark

By Corina Vanek | Phoenix Business Journal After more than a decade, the Scottsdale Airpark submarket is seeing a resurgence of construction, from commercial to multifamily projects. “We haven’t had much new office construction in the last 12 to 15 years,” said Jim Keeley, founding partner of Colliers International’s Scottsdale office. “It’s good to see …

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