Daily News for Commercial Real Estate & Business – October 28, 2010

To view this weeks "The Watchlist" by Costar, click here.

Phoenix's Top Retail Sales for Third-Quarter 2010 The following is an account of the Phoenix market's top five retail sale transactions for third quarter 2010. View article...

Spectrum Plans $21M Senior Housing Project Spectrum Retirement Communities LLC will break ground next month on its second senior housing project in Arizona. The 140-unit rental project, which has a price tag of roughly $20.5 million, will offer independent living, assisted living and dementia/memory care. View article...

Cupcakes by Design opens in Phoenix Cupcakes by Design is one of the newest additions to the intersection of 16th Street and Bethany Home Road, which in the past year has seen a boost of economic development. Shop owner Sharon Beatty said the neighborhood has been very welcoming since the store opened on Aug. 10. View article...

Fence to secure hazardous Gilbert office-park site until trustee sale An unsightly forest of weeds - strewn with paper cups, plastic bags and empty beer cans - has taken root in a long-abandoned, unfinished office park in northwest Gilbert. View article...

Scottsdale council postpones consideration of Blue Sky project Gray Development Group on Tuesday narrowly avoided seeing its proposed luxury-apartment complex near Scottsdale Fashion Square postponed indefinitely. For a second time, Gray asked the Scottsdale City Council to delay considering its Blue Sky proposal, this time until Nov. 9. The developer was seeking more time to work with surrounding property owners who filed legal protests forcing a supermajority vote for council approval, but Gray almost got more than it asked for. View article...

Depositors at closed Scottsdale-based bank lose $1.8 million Depositors stand to lose $1.8 million in uninsured deposits after the closure of First Arizona Savings by banking regulators Friday. Checks have been mailed out to insured depositors, but the closure creates logistical problems for the bank's borrowers, direct depositors, safe-deposit holders and others. View article...

Go Daddy pulls out of potential sale, report says Race-car driver and brand representative Danica Patrick can breathe a sigh of relief. A report in the Wall Street Journal this week says GoDaddy.com is off the auction block. View article...

Arizona ranks 24th for competitiveness Arizona ranks 24th among states for competitiveness, according to a report by the Beacon Hill Institute. The State Competitiveness Report looks at 43 indicators, which are divided into eight sub-indexes. View article...

Phoenix tops nation in home value declines Phoenix-area home prices declined 1.3 percent from July to August, the largest drop among the 20 largest metro areas in he U.S. The latest unadjusted data from the S&P/Case Shiller 20-City Home Price Index finds that the decline in Phoenix follows the national trend, which saw prices decline 0.2 percent. View article...

Commercial Property Sees Prices Slide An index compiled by Moody's Investors Service found that commercial property prices have started to slide again. The Moody's/REAL Commercial Property Price Index was 105.37 in August, down 3.3% from July. Moody's said the latest reading is the lowest since early 2002. Not all sectors of real estate had declines. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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