Archive for the 'Phoenix' Category

Forbes – America’s 20 fastest growinc cities

The article, America’s 20 Fastest-Growing Cities, from http://www.forbes.com, reports on Forbes latest research on America’s fastest growing cities. Phoenix also makes the list this year, jumping a whopping five spots to No. 3. “That certainly shouldn’t be a surprise to anybody, because they are among your leading growth states,” says Lee McPheters, a director of the JPMorgan Chase Economic Outlook Center of Arizona State University’s W. P. Carey School of Business. “But they were really hit hard by this most recent recession, which is why things have been bit subdued over the past few years.” Construction industry jobs, which dropped 50% in the state during the downturn, are up 5% year-over-year, McPheters notes. Surprisingly, Phoenix—not New York—is No. 1 in the nation in terms of growth in finance industry jobs, adding 8,300 from December 2012 to 2013, says McPheters, whose research team does its own economic rankings each month based on Bureau of Labor Statistics data. Insurance and health care are also growth engines. Add to that an estimated population growth rate of 1.67% for last year and a projected growth rate of 2.46% in 2014, and Phoenix is expected to be the 4th fastest-growing metro area in terms of population this calendar year.

Here is the link to the entire article: http://www.forbes.com/sites/erincarlyle/2014/02/14/americas-20-fastest-growing-cities/

AZ Central – Northgate Center sells for $22.825M

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Najafi Companies of Phoenix sold Northgate Corporate Centre at 2625 W. Grandview Road in Phoenix to Griffin Capital Corp. of Los Angeles for $22.825 million. Jim Fijan and Will Mast of CBRE in Phoenix negotiated the sale of this 131,850 square-foot class A office building. Northgate Corporate Centre is 100 percent leased to Houston-based Waste Management Inc., with about 10 years remaining on the current lease. The property sits on 13.37 acres subject to a long-term ground lease with the Arizona State Land Trust, which expires in 2095.

Major deals

REO asset manager John Mitchell of LNR Partners in Miami Beach, Fla., as special servicer, sold Black Canyon Corporate Center at 10835 N. 25th Ave. in Phoenix to Younan Properties Inc. of Woodland Hills, Calif., for $7.14 million. Eric Wichterman, Mike Coover, Jeff Wentworth and Sean Spellman of Cassidy Turley in Phoenix represented both parties in the sale of this 94,203 square-foot office property.

Brookfield Asset Management of Toronto sold Tempe Towne Centre at 20 E. University in Tempe to Tempe Towne Center LLC in Tempe, a holding company owned by YAM Management, for $5.25 million. Barry Gabel and Chris Marchildon of CBRE in Phoenix, in conjunction with CBRE’s National Loan Sale Advisory Group, represented the seller. The buyer of this 21,737 square-foot office property was self-represented.

Horlacher Foundation Inc. of Mesa sold 19.3 acres west of the southwest corner of Greenfield and McDowell roads in Mesa to Blandford Homes through its McDowell Citrus 100 LLC for $3.2 million. Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley Arizona’s land group represented both the seller and the buyer, who plans to build high end executive homes on 35,000 square foot lots.

MJA Investments of Lincoln, Neb., sold two office buildings of Redrock Business Center at 17100 E. Shea Blvd. in Scottsdale to A2Z Properties of Scottsdale for $1.925 million. Erick Wichterman and Mike Coover of Cassidy Turley negotiated the sale of this 21,190 square-foot property, representing both the buyer and the seller.

Andrew Holm – The Holm Group Scottsdale AZ

Andrew Holm - The Holm Group

A new year, a new caricature.. :)

What do you think of using this caricature in some of my marketing materials?

AZ Central – Luxury home sales up 34% in metro Phoenix

A rebound in the jumbo mortgage market is helping sales of luxury houses while sales of lower-priced houses have been falling in metro Phoenix during the past few months.

Sales of single-family homes priced above $500,000 grew 34 percent from October 2012 to this October, according to Arizona State University. At the same time, the number of sales for houses priced below $150,000 have fell by 49 percent. But that drop is also due to fewer houses in that price range for sale.

The luxury home market continues to gain ground with the stock market booming and the growing availability of jumbo loans, said housing analyst Mike Orr of ASU’s W.P. Carey School of Business.

Jumbo loans were very difficult to obtain after the crash because they can’t be backed by federally owned Fannie Mae and Freddie Mac. Lenders are liable for all losses on loans not backed by one of those insurers.

But during the past few months, banks flush with cash have jumped back into the jumbo loan business. Now the interest rate on mortgages for $500,000 and more is slightly lower than rates for conventional mortgages.The average rate for a jumbo loan is currently 4.59percent, according to the Mortgage Bankers Association. That compares with an average 4.62percent rate for a 30-year fixed-rate mortgage for a mortgage below $400,000.

Active listings Down to 13,970 for all of Maricopa County..

If you are thinking about selling now is the time..

Our inventory levels are a record lows and prices are actually on the rise for the first time in years.

If you have any questions or would like to list your home for sale with Prudential feel free to give me a call.

Andrew Holm, ABR, CDPE, eCertified

Prudential Arizona Properties – Scottsdale

Chairmans Gold Circle Award Winner – Top 2% Nationwide

The Holm Group

Office: 480-767-2738

Fax: 480-907-2990

Mobile: 480-206-4265

 

New Listing in Desert Ridge Aviano – 3643 E. Louise Dr Phoenix AZ 85050



For More Information on the property, Contact Andrew Holm.
3643 E. Louise Dr. • Phoenix, AZ 85050

SHORT
SALE priced for quick sale. Fantastic 2007 built, highly upgraded Aviano
residence, upgraded amenities include hardwood and tile flooring, custom
paint throughout, epoxy in 3 car garage. Chef’s kitchen is complete with
granite counters and top of the line appliances. Resort like back yard with
custom pool and built in BBQ. Master bath is complete with upgraded separate
shower and tub. An awe inspiring interior rotunda and courtyard complete this
perfect Santa Barbara Style Residence. Aviano Rec. Complex includes pools,
gym, tennis, and much more.

Property
Amenities

  • 4 Bedrooms
  • 3 Baths
  • 3,130 sq. ft.
  • 3 Car Garage
  • Private Pool
  • Fireplace in Living Room
  • Desert Front Landscaping
  • Desert/Synthetic Grass Backyard
  • Great Room, Den/Office
  • Formal Dining Area, Eat-in Kitchen
  • Kitchen Features: Disposal, Dishwasher, Refrigerator,
    Pantry, Granite Countertops, Kitchen Island
  • Master Bedroom: Walk-in Closet, Full Bath with
    Separate Shower & Tub, Double Sinks
  • Covered Patio
  • Community Features: Biking/Walking Path,
    Clubhouse/Rec Room, Heated Pool & Spa, Tennis Courts, Near Bus Stop

Andrew Holm

For More Information, Contact:

Andrew Holm

REALTOR®

Cell 480.206.4265

Andrew@TheHolmGroupAZ.com

www.TheHolmGroupAZ.com

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JD Powers

AZ Central – Arizona Center sold for $136M

by Max Jarman – Mar. 8, 2011
06:21 PM
The Arizona Republic

The Arizona Center mixed-use development in downtown Phoenix has been sold to CommonWealth REIT of Newton,
Mass., for $136.5 million.

When it opened 21 years ago, the center was envisioned as a retail and entertainment magnet. When that concept
fizzled, much of the retail space was eventually converted to offices.

The sale of the property puts discussions about its future on the front burner again.

CommonWealth REIT controls a $6.4 billion national portfolio of office and industrial properties, including five
other projects in Arizona. It did not immediately respond to a request for information about its plans for the property.

The center includes over 1 million square feet of office and retail space. It was sold by General Growth
Properties Inc., which intends to focus on its regional malls.

General Growth, the nation’s second-largest mall owner behind Simon Property Group, emerged from Chapter 11
bankruptcy protection in November and has been shedding non-core assets such as
the Arizona Center.

“Hopefully, CommonWealth REIT will bring new energy to the project,” said Dave Roderique, president and
CEO of the Downtown Phoenix Partnership.

The Arizona Center was developed by high-profile mall developer Rouse Co. in 1990 in an effort to jump-start
redevelopment in downtown Phoenix.

The city contributed the land, then worth about $8 million, and granted the developer $40 million in sales-tax
rebates.

General Growth acquired the Arizona Center in 2004 through its $12.6 billion acquisition of Rouse.

The company is primarily a regional mall developer and didn’t seem to know what do with a mixed-use project such as
the Arizona Center.

Roderique said the addition of the Sheraton Phoenix Downtown Hotel, Arizona State University’s downtown campus and
the new convention center have made the area more viable and a retail and entertainment destination.

The 16-plus-acre Arizona Center consists of roughly 800,000 square feet of offices in two high-rises; 160,000
square feet of retail space, including an AMC Theatres complex; and several parking garages.

Included in the deal were three development sites that were originally zones for two more office towers and a
hotel.

Bob Young, a CBRE agent who represented the seller in the transaction, said the development parcels give
the buyer the opportunity to substantially increase the size and value of the project at some point down the road.

“In addition to acquiring an iconic asset, Arizona Center provides the future upside potential with the
development of three pad sites,” he said.

Steve Brabant, Glenn Smigiel and Rick Abraham of CBRE’s Phoenix office also worked on the deal.

David Keating, a spokesman for General Growth Properties, said the company intended to retain ownership of the
Tucson and Park Place malls in Tucson and the Mall at Sierra Vista in Sierra Vista.

General Growth Properties also is a part owner, with Westcor parent Macerich Co., of Arrowhead Towne Center in
Glendale and Superstition Springs Center in Mesa.


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