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 [...]

4:24 pm September 24, 2013

Jim Kasten Introduces the Scottsdale Area Assoc of Realtors’ Commercial Services Committee

By | 2017-10-04T14:31:07+00:00 September 24th, 2013|

In the summer of 2012, the Scottsdale Area Assoc. of Realtors (SAAR) created the Commercial Services Committee and selected Jim Kasten, CCIM to be the chairman.  Jim is also the owner and designated broker of the very successful Kasten Long Commercial Group (www.KLCommercialGroup.com), a full service commercial real estate brokerage with [...]

4:21 pm September 19, 2013

2nd Quarter 2013 Apartment Market Update

By | 2017-10-04T14:31:06+00:00 September 19th, 2013|

KASTEN LONG COMMERCIAL GROUP:  Our Apartment Team gave a great presentation to the Scottsdale Area Assoc. of Realtors at their August commercial meeting. A video of this presentation is available upon request. KLCG had 27 transactions in Q2 including 4 apartment sales, 19 commercial sales and leases and 4 residential home [...]

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 [...]

1:03 pm May 16, 2013

1st Quarter 2013 Apartment Market Update

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

Vacancy rates continue to decrease and rental rates are increasing.  Total sales were down slightly from past quarters due to shortage of inventory both from distressed assets and reasonably priced communities.  Buying pressure remains strong – with California starting to get back into our market.  New apartment construction has significantly ramped [...]

4:05 pm January 7, 2013

Qtr 4 2012 – The Metro Phoenix Apartment Market

By | 2017-10-04T14:31:24+00:00 January 7th, 2013|

In the 4th quarter, there were 79 regular apartment sales (10+ units), a significant increase over recent quarters.  In addition, there were five portfolio sales of two or more properties.  This last quarter saw over half-billion in sales ($509,574,300) with 8,337 total units.  There were 29 communities sold with more than [...]

12:35 pm January 7, 2013

4th Qtr 2012 MF Permitting Making Strong Comeback

By | 2017-10-04T14:31:24+00:00 January 7th, 2013|

For the past three years, the number of permits for new apartment construction averaged about 1,000/yr.  Over the past ten years, the average was 3,840/yr.  As of the 4th quarter of this year, the number of permits  jumped  to  more  than  10,000 for the year with many projects already breaking ground.  Both ASU [...]

12:34 pm January 7, 2013

4th Qtr 2012 Multi-family Vacancy Rates Drop – Rents Increase

By | 2017-10-04T14:31:24+00:00 January 7th, 2013|

For the larger (100+ unit size) apartments, vacancy rates dropped across the Valley from 6.4% in the 3rd quarter to 6.3% in the 4th.  This was the 12th continuous quarterly drop in vacancy rates for 100+ unit apartments - from a high at the end of 2009.   Rental rates continued to escalate [...]