Jim Kasten

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So far Jim Kasten has created 42 blog entries.
3:55 pm March 4, 2014

The Metro Phoenix Apartment Market (Q4 2013)

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

We were fascinated by the year-end 2013 metro-Phoenix apartment sales numbers.  Maybe fascinated isn’t really the right word; but the numbers are interesting and very encouraging considering the last four years.  During 2013, there were 285 sales of apartments with 10 or more units.  182 of these sales had between 10 [...]

3:51 pm March 4, 2014

Qtr4 2014 – Average Rental Rates

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

For 50 - 99 unit size apartment’s, rental rates continue their steady increase while the 100+ unit’s rates are still flat. The highest rents being in Central Phoenix / Sky Harbor and the lowest along the I-17 corridor. Size         Studio                  One Bedroom      Two Bedroom 50 - 99    $490 (1.14/sf)      $588 (0.94/sf)      [...]

3:50 pm March 4, 2014

4th Qtr 2014 – New Construction & Permitting

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

In Q4, there were four new apartment projects started (966u), three in Phoenix and one in Scottsdale.  There are a total of 20 now under construction representing 3,785 units.  Nine  projects were completed in Q4 totaling 1,914 units.  These included three in Scottsdale (388u, 325u and 264u) two projects in Phoenix [...]

3:49 pm March 4, 2014

4th Qtr 2013 – Vacancy Rates Continue to Drop

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

Vacancy rates for the 4th quarter for stabilized 50+ multifamily properties decreased from 7.4% to 7.3%.  Only one sub-district remains in double digits - Central Black Canyon. Vacancy rates of less than 6% were reported in N Scottsdale, Deer Valley, Paradise Valley, Ahwatukee, S Tempe, Gilbert and Chandler.  Vacancy rates for [...]

3:09 pm November 22, 2013

Q3 13 – New Multifamily Construction and Permitting in Phoenix

By | 2017-10-04T14:31:06+00:00 November 22nd, 2013|

In Q3, there were six new apartment projects started (1,417u) with a total of 25 now under construction representing 4,733 units.  Of the 25 projects, 7 are in Phoenix, 4 in Scottsdale, 4 in Chandler, 3 each in Tempe and Mesa, 2 in Gilbert and one in Youngtown. Four projects were [...]

3:07 pm November 22, 2013

Q3 2013 – Phoenix Vacancy Rates Drop to 7.4%

By | 2017-10-04T14:31:06+00:00 November 22nd, 2013|

Vacancy rates for the 3rd quarter for stabilized 50+ multifamily properties decreased from 7.7% to 7.4%.  Greater than 10% vacancy rates were reported in Metrocenter, Central Black Canyon, N and W Central Phoenix and E Mesa. Vacancy rates of less than 6% were reported in N Scottsdale, S Gilbert and S [...]

3:03 pm November 22, 2013

Qtr 3 2013 – The Metro Phoenix Apartment Market Part 2

By | 2017-10-04T14:31:06+00:00 November 22nd, 2013|

SLOW DOWN – Possibly the most notable item for the market at this time is what has happened in the past couple months – we have slowed down.  The housing market actually led the “slow down” with available inventory increasing 20% and 30% fewer transactions between July and October.  For the [...]

3:00 pm November 22, 2013

Qtr 3 2013 – The Metro Phoenix Apartment Market Part 1

By | 2017-10-04T14:31:07+00:00 November 22nd, 2013|

In Q3, there were a total of 69 individual multifamily transactions with 25 having 100+ units and 44 consisting of 10 to 100 units.  Of the 100+ units, all but four were financed, two were REO’s, one was a short sale and one was a broken condo.    Six (24%) of these [...]

2:15 pm September 19, 2013

Qtr 2 2013 – The Metro Phoenix Apartment Market

By | 2017-10-04T14:31:07+00:00 September 19th, 2013|

In the 2nd quarter of 2013 there were a total of 72 sales (10 units or more), a significant increase from the total of 56 in the 1st quarter. Of the 72 sales, 23 were 100+ units and 49 had less than 100 units.  All but 7 of the 100+ unit [...]

10:21 am June 4, 2013

An observation – believe it!

By | 2017-10-04T14:31:07+00:00 June 4th, 2013|

“B” and “C” apartment owners – get ready for lower vacancies, higher rents and increased values.  Nothing happens overnight – but if you don’t pay attention to small changes – you might miss the big picture.  For the past year, we have been reporting an increased number of permits and now [...]

1:10 pm May 16, 2013

Qtr 1 2013 – The Metro- Phoenix Apartment Market

By | 2017-10-04T14:31:07+00:00 May 16th, 2013|

In the 1st quarter of 2013 there were a total of 56 sales (10 units or more) of which four were bank-owned, one bankruptcy and one short sale. Twelve of the 56 sales (21.4%) were “flips” - properties purchased within the past few years and now sold at a profit.  Financing [...]