December 30, 2019

Phoenix’s economy grew by nearly double the rate of the rest of the country in 2018, according to new data from the U.S. Bureau of Economic Analysis. Job growth in “advanced industries” gets the credit — technology, health care, manufacturing and business and financial services — for the 4.5% increase, according to Eric Jay Toll with Phoenix Community and Economic

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Arizonans continue to take home more money. New figures Thursday from the state Office of Economic Opportunity show that wages here are 5.4% higher now than they were a year earlier. That compares with a 3.2% year-over-year growth for the country as a whole. Arizona wages still lag behind the rest of the country, with average hourly earnings here at

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December 27, 2019

Americans are one of the most mobile nations in the world, according to a global study led by researchers at the University of Queensland, Australia. U.S. citizens ranked third in terms of cross-country mobility among the 60 countries considered in the research, and their appetite for moving and seeking a new relocation destination is surpassed only by that of the

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STEVE GOLDSTEIN: Arizona’s credit rating was upgraded by Moody’s Investors Service this month, thanks to a growing economy and recent budget policies that have built up a hefty rainy day fund. Governor Doug Ducey celebrated the announcement, saying in a statement the upgrade was “further validation that Arizona is going in the right direction and that smart

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Arizona’s economy might be slowing, but two economists say the state should have a strong 2020.Lee McPheters, research professor of economics and director of the JPMorgan Chase Economic Outlook Center at Arizona State University, says the state is expected to add about 70,000 jobs in 2020. That’s compared with 74,000 in 2019 and nearly 79,000 in

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More than 2.9 million square feet is underway in the Phoenix metropolitan area, with about 48% of the space available for lease. While cranes continue to fill the skyline of Tempe, Arizona, developers have turned their attention north, along the 101 to Scottsdale Airpark. About 731,000 square feet of office space is under construction in the submarket, accounting for

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The 13th Annual IREM-CCIM Economic Forecast, the premier real estate economic outlook each year, features one of the Valley’s top economic gurus, one of the Valley’s top education leaders and panels featuring the industry’s top experts. The event is scheduled for Friday, Jan. 17, 2020, at the Omni Scottsdale Montelucia, 4949 E. Lincoln Drive, Paradise Valley. Registration and

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December 23, 2019

When the new 22-mile segment of the Loop 202 opens later this month, not only will the commute for tens of thousands of people change, but so will open countryside that has long defined the landscape in that area. Housing, obviously, will be what much of the now vacant land and farmland converts to along the freeway. Dairy farms and alfalfa fields already

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A fifth straight month of shrinking inventory year-over-year triggered several November records in the 11-year history of the RE/MAX National Housing Report: fewest Days on Market at 49, fewest Months Supply of Inventory at 3.3, and the highest Median Sales Price at $257,000. But what does that mean for the Phoenix housing market and Phoenix home buyers

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According to Zillow data, the U.S. median rent consumes 27.8% of the median income—close to the 30% point, where rent is considered unaffordable, and 32%, above which homelessness can rapidly increase. In the 2019 Zillow Consumer Trends report, 26% of renters say that affording their rent is difficult or very difficult. Most renters—66%—make at least one

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The beginning of a new decade is almost upon us, and according to the latest data, we’ll enter it with a resurging demand for renting.Since 2010, the number of renters has jumped by more than 9 million. Renters now make up 34% of all U.S. households—the highest share since 1960. Growth of the renter population has outpaced that of homeowning Americans, too.

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If expert predictions for the 2020 housing market come true, homeowners shouldn’t expect to enjoy the crazy price run-ups of a market boom, but they likely won’t face a devastating recession or crash, either. Outside of those two extremes, you’re going to see a lot of variance among markets and even within markets next year.Remember that national trends are just

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As the year draws to a close, most are pondering what is in store for the commercial real estate industry next year. Some, namely Ian Formigle, vice president of investments with CrowdStreet, have 2020 vision when it comes to 2020. He recently shared his observations and predictions for commercial and multifamily real estate markets heading into

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During a time when e-commerce is on the rise, many stores have established online presences while also continuing to perfect their brick-and-mortar experience for in-store shoppers. And although there’s been significant adoption of e-commerce in many soft goods categories, specialists are not seeing the same enthusiasm in the grocery

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It was a hot year for residential real estate in 2019 as population and job growth fueled demand for new housing projects. Here’s a look at the biggest news stories this year. January – Two big real estate developers have teamed to develop a 37,000-acre master-planned community in the West Valley that will include 119,000 homes and 59 million square feet of

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It’s no surprise to anyone in the real estate or mortgage industry that there’s a critical shortage of homes for sale – the four-month supply of homes for sale today is between 30-40% lower than the number of homes for sale in a normal, healthy market. It’s also no surprise that a big part of this

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CBRE has arranged the sale of the 277-unit multifamily community Alta Drinkwater on behalf of Wood Partners to Starwood Real Estate Income Trust, Inc. (“SREIT”), a nontraded REIT managed by Starwood Capital Group, for $96.15 million.CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily

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The U.S. housing market will be an “engine of growth” for the economy in 2020, dispelling the risk of recession, according to Fannie Mae Chief Economist Doug Duncan. “Housing appears poised to take a leading role in real GDP growth over the forecast horizon for the first time in years,” Duncan said. “We now expect single-family housing

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Cross-border investment volume in U.S. commercial real estate is off its peak levels. There are fewer deals involving foreign investors and their share of total activity has also dropped, according to the most recent data from Real Capital Analytics. In addition, foreign investors have become net sellers of U.S. assets in recent

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While retail real estate faced challenges in 2019, performance varied quite widely across the sector, a trend that is likely to continue into 2020, according to Mizuho Americas REITs analyst Haendel St. Juste. St. Juste was a recent guest on Nareit’s REIT Report podcast. He highlighted the disparity in performance between regional malls,

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The U.S. economy is on the verge of completing a calendar decade without recession for the first time in history. In July 2019, the economy officially entered into the longest stretch of economic expansion at least since 1854. According to the National Bureau of Economic Research (NBER), the country is in the 126th month of economic expansion, outpacing

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Selling a home can be complicated. The process is like no other financial transaction most people will make. Too often, sellers sabotage the sale of their home by making easily avoidable mistakes.With the help of real estate agents and title insurers, we put together a list of typical blunders sellers make. Avoid them, and you’ll be

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The U.S. economy is in good shape after three interest-rate cuts this year, two U.S. central bankers said on Wednesday, underscoring the consensus at the Federal Reserve for keeping borrowing costs where they are for the time being. “I think the economy is doing remarkably well,” Chicago Federal Reserve Bank President Charles Evans told the Economic

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Greystar Real Estate Partners has boosted its multifamily portfolio in the Phoenix area by acquiring a 412-unit apartment community in Scottsdale, Ariz., from IMT Capital for $96 million, according to Yardi Matrix. The property, Desert View Apartments, is located at 17030 N. 49th St. in the North Scottsdale neighborhood northeast of

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Phoenix ranks in the top 20 among the country’s largest metro areas for the highest percentage rent increases in the past decade. A recent report from Zillow looked at the rent increases for 50 largest metros in the U.S. According to the report, the percentage rent increase for Phoenix was even higher than in San Francisco, which

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