February 22, 2024

Existing-home sales picked up in January as buyers took advantage of the lowest mortgage rates seen in several months. Existing-home sales rose 3.1% from December to a seasonally adjusted annual rate of 4 million in January, according to a report from the

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The annual rate of decline in U.S. property prices slowed further at the start of 2024, MSCI Real Assets said Thursday The RCA CPPI National All-Property Index fell 4.7% in January from a year ago and 0.1% from December. Prices were falling at an annual pace of around 11% in July and August of

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Metrocenter, once the Southwest’s largest indoor mall, has been closed for years. The former mall site is set to be redeveloped, with a handful of large real estate companies preparing to transform the site into an “urban village” focused on

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Philadelphia-based Korman Communities and New York-based RXR have unveiled a 17-floor residential tower in downtown Phoenix. Called AVE Phoenix Sky, the 254-unit residential community at 601 N. 3rd Ave. was built by Clayco Construction, with CCBG Architects as architect and

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The final phase of demolition has begun on the 72-acre, former Motorola semiconductor manufacturing campus located at 52nd Street, Loop 202 and McDowell Road in Phoenix. The site is located minutes from Phoenix Sky Harbor Airport, Arizona State University, downtown Phoenix, and Scottsdale. Beginning in the 1960’s, this Phoenix Motorola semiconductor facility was

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February 21, 2024

After 18 months of construction, Phoenix-Mesa Gateway Airport’s terminal expansion project is complete in time for the spring travel season. Officials and dignitaries – including White House advisor Tom Perez, members of Congress and East Valley mayors — participated in a

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Tempe officials have unanimously greenlit a plan to build a 15-story apartment building that will create about 300 new housing units less than a quarter mile from Arizona State University’s Tempe campus. The upcoming complex doesn’t have an official name yet, but it

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Following steep losses through the second half of last year, the Phoenix apartment market finally posted positive monthly rent growth in January. The average asking rent increased 0.3% in the inaugural month of 2024, the largest increase since May 2022. While last month’s gain lags the

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While infrastructure and site work are underway in Mesa, construction on the first phase of a build-to-suit U.S. headquarters for Canadian company Xnrgy Climate Systems is just around the corner. Matt Jensen, a partner at Utah-based The Boyer Co., said he expects to have the

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Amkor Technology Inc. cleared a major hurdle on its path to construct a $2 billion packaging and testing complex in the northwest Valley on Tuesday night, when Peoria’s leaders gave their enthusiastic support for an agreement to construct the project on more than

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February 20, 2024

Depending on where you live, property taxes can be a small inconvenience or a major burden. How do Arizona property taxes rank? The average American household spends $2,869 on property tax for their homes each year, according to

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After being placed in a receivership following its ownership’s failure to make mortgage payments, a buyer has been lined up to acquire the Adero Scottsdale resort. The 177-room property in Fountain Hills, which used to be the CopperWynd Resort before a massive renovation and

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The former Metrocenter mall is now expected to be demolished by the spring of 2024 after the developer pushed back the timeline for its major redevelopment project amid a high interest rate environment. The development team — comprised of Concord Wilshire Capital, TLG Investment Partners

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Thousands of people attended the International Franchise Association’s annual convention in downtown Phoenix. Inside the Phoenix Convention Center, hundreds of suppliers filled the exhibit hall offering ways to boost efficiency, profits and productivity, including

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The pace of commercial real estate loan closings inched up toward the end of last year, signaling a possible change in sentiment among banks and other CRE lenders. The CBRE Lending Momentum Index increased by

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February 19, 2024

It isn’t just retirees who are moving to Arizona these days.The state now draws people of all ages, seeking to escape to a place known for mostly mild winters and abundant sunshine. In its 2023 migration report, Allied Van Lines found that Arizona was No. 2 in popularity for people

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Residential Realtor Somone Wilder is a Top 40 Under 40 Realtor in Maricopa County with a track record of selling more than 500 homes in just the past 500 years. Featured on NPR and in Bloomberg Magazine, she has positioned herself as an expert in her industry

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Six years after receiving approval from Scottsdale City Council to build a new hotel in Old Town, Desco Arizona LLC aims to break ground on the project this year. On Feb. 6, Phoenix-based Biltform Architecture Group submitted an application to reapprove the

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They called it the “Great Consolidation,” a wave of bank branch closures during the pandemic that seemed to herald a new age of digital banking that would turn your favorite local vault into a relic from a bygone era. Well, we just got an overdraft notice on that gloomy outlook

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Can’t stop won’t stop? OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. And as we walk into retail earnings hell — a period where too many retailers report all at once and the comparisons become

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February 16, 2024

The industrial sector—which has been on a hot streak for several years—experienced a significant cooling-off in 2023. As we look ahead to 2024, CommercialEdge anticipates a period of stabilization and normalization in the sector. In 2024, rent growth is expected to slow and vacancy

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Even though the pandemic lockdown is four years in the past, the work-from-home trend is still with us. However, the trend continues to change as employees push return-to-office mandates and employees continue to push back for remote work. Eptura’s “2023 Workplace Index

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A panel of experts on Thursday said that it was an overstatement to say that the office segment of the commercial real-estate market was in “a doom loop.” Downtown office buildings in many cities have dropped in value with shifts in work behavior. Values of office buildings

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Award-winning real estate development firm, Optima is partnering with Mitsui Fudosan America, Inc. for the development of the first building within its newest Arizona residential development, Optima McDowell Mountain Village, located on 22-acres on the southeast corner of

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The metro Phoenix housing market is rebounding just as mortgage interest rates are expected to dip as 2024 unfolds. Local analysts are optimistic that any drop in mortgage interest rates will be the catalyst needed to spark a surge in home closings. “We are expecting

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