Commercial Real Estate & Business News – December 4, 2015

Panelist Elliot Shirwo, EVP of Bolour Associates, said that there is a lot of upside potential in Phoenix. Most of the deals that Shirwo has done in Arizona have been in the retail sector. “We feel like through the downturn, there was some recalibration on values,” he said. “We feel very comfortable lending here in Arizona.” On the retail front,Nick Miner, CCIM, VP of Orion Investment Real Estate, is “all sorts of excited” about the number of transactions he expects to happen next year... Read more »
Borrowers are reveling in a market where capital is both cheap and plentiful, and even an expected rise in interest rates is not likely to take the wind out of the sails of the current robust lending climate. “We’re enjoying the benefits of a great market,” says Ernie Katai, executive vice president and head of production at Berkadia, a commercial real estate company. Although 2014 was a record year for the firm in financing... Read more »
Downtown Phoenix’s long-awaiting housing boom is finally here. More than 20 apartment and condominium developments are going up across the city's core. The urban projects range from penthouse condos at Portland on the Park next to Margaret T. Hance Park to 500-square-foot micro apartments near Roosevelt Row. The old Quality Inn next to the Phoenix Art has been torn down to make way for the Broadstone Arts District apartments...Read more »
Demographic factors that for years slowed down Arizona's housing industry finally seem to be turning in the state's favor, one of the reasons economic growth should keep chugging along in 2016, economists said Wednesday. Scottsdale-based Elliott Pollack said Millennials and "boomerang buyers" are among the forces creating the best conditions for housing since the boom a decade ago... Read more »
From income to home ownership to poverty levels, Arizona was among the areas most damaged in the wake of the Great Recession, newly released Census Bureau data shows. Five full years after the downturn, Arizonans emerged poorer than usual despite relative gains in college degrees over that time. People here suffered some of the sharpest drops in home ownership in the nation. Virtually the entire state was blanketed with above-average poverty... Read more »

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