Commercial Real Estate & Business News – August 27, 2015

A Federal Reserve interest rate hike next month seems less appropriate given the threat posed to the U.S. economy by recent market turmoil, an influential Fed official said on Wednesday in the clearest sign that fears of a Chinese slowdown are influencing U.S. monetary policy. New York Fed President William Dudley said the prospect of a September rate hike "seems less compelling" than it was only weeks ago... Read more »
The top six areas among the 48 were Dallas, Orlando, Raleigh, San Antonio, Austin and Phoenix. According tobizjournals.com, Brian Velky, managing director of fiduciary and valuation services for Situs, said that "Phoenix has better price values than more expensive 'primary' U.S. markets such as Los Angeles, New York, San Francisco and Boston." He also said that "Phoenix has good growth projects for population and job gains. Phoenix has a strong outlook and relatively reasonable prices." Read more »
The historic Westward Ho is getting an uplift, with repairs and upgrades made to kitchen cabinets, floors, fixtures, windows and air conditioning systems in many of its 289 affordable apartments for the elderly... Read more »
Pratik Jogani of Los Angeles has purchased the Biltmore Waterfront Apartments near the I-17 and Cactus Road for $10 million. The sales price on the 288-unit property reflects $35,000 per unit and was funded by an $8.8 million Fannie Mae loan. This is a bank sale from a CMBS portfolio managed by CW Capital, which comes five years after the property was foreclosed for a $7,328,000 opening bid amount... Read more »
It was only a matter of time before the people who lost their homes to foreclosure would enter the housing market again. It appears to be happening in Phoenix. The National Association of Realtors has released a study that shows many "boomerang buyers" are ready to become homeowners again, and Phoenix will be a prime spot for that to happen... Read more »

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