Commercial Real Estate & Business News – June 9, 2017

The recent performance of loans backing commercial and multifamily properties have again defied expectations and remained on strong footing in the first quarter of 2017, according to the Mortgage Bankers Association, which found that delinquency rates for mortgage loans were flat or decreased in its analysis of the market's first quarter performance...»
Mixed-use spaces, once rare in downtown Phoenix, are now becoming the norm. The massive influx of multifamily development throughout the downtown area has included a slew of first-floor retailers, many of whom are part of the Valley's restaurant boom, and subsequent saturation...»
If you've got a couple million dollars and want to live near a swanky resort in Paradise Valley, some new homes hit the market June 10. The 66 luxury homes in Shea Homes' Azure community will range from 3,800 to 6,700 square feet. Azure homes will feature ranch-style layouts and a modern style that blends the indoors and outdoors. The community will be landscaped with native trees, plants and cacti to contrast the homes' contemporary architecture and yard fences made of smooth block and stone...»
With the rise in properties in the single-family home rental market, house hunters can enjoy the privacy, space and perks of suburban living without the mortgage. Jim Belfiore, president of Arizona residential market research firm Belfiore Real Estate Consulting, says there's a market movement away from apartment renting in light of new rental communities...»
The next occupiers of the vacated spaces run the gamut, sources say, from specialty retailers to service providers to entertainment concepts to industrial and office tenants. As the retail industry continues with its metamorphosis, talk has turned to what will happen with all that extra big-box and mall anchor space that's coming on the market...»

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