November 12, 2014

New Construction Remains Very Strong

By |2017-10-04T14:30:13-07:00November 12th, 2014|

Seven projects were completed in Q3 totaling 1,869 units, one in Chandler, two in Tempe, two in Gilbert,  one in Scottsdale and two in Phoenix.  YTD there have been 3,821 units completed.  There were 12 new apartment projects started (2,777u) in Q3, mostly in Phoenix, Scottsdale and Tempe.  There are now [...]

November 12, 2014

Vacancy Rates Continue Decline

By |2017-10-04T14:30:13-07:00November 12th, 2014|

Vacancy rates for the 3rd quarter for stabilized 50+ multifamily properties decreased from 6.8% to 6.5%.  This is the 13th decrease in the past 14 quarters. Vacancy rates for the 50-99 communities decreased 0.14% - and the 100+ decreased by 0.39%.  Of the 32 metro Phoenix sub-markets surveyed, 18 reported decreased [...]

August 4, 2014

Scottsdale New Apartment Construction Update By Numbers – Q2 2014

By |2017-10-04T14:30:13-07:00August 4th, 2014|

Across the Valley, at the end of Q2, there were 28 projects under construction totaling 7,494 apartments and an additional 67 possible projects totaling 15,950 apartments in the pipeline from initial rezoning to final permitting. Scottsdale represents 24.6% (1,842 u)of the apartments under construction and 25.8% (4,116 u) of the possible additional [...]

August 4, 2014

North Scottsdale New Apartment Construction Update – Q2 2014

By |2017-10-04T14:30:13-07:00August 4th, 2014|

LIV Scottsdale P.B. Bell’s 240 unit Liv Scottsdale project, located just north of the Scottsdale Quarter at 15509 N Scottsdale Road, is nearing completion.  Optima has proposed to develop a 9.4 acre site at the NW/Cor of Kierland and Scottsdale Road with four, 12-story buildings to provide 286 hotel [...]

August 4, 2014

South Scottsdale New Apartment Construction Update – Q2 2014

By |2017-10-04T14:30:13-07:00August 4th, 2014|

Broadstone Industries East (183u)   Alliance Residential’s Broadstone Waterfront (259u) is nearing completion and their two projects on Stetson Drive (Broadstone Industries East (183u) and West (133u)) have both commenced construction.   Note that Alliance Residential’s  270u Broadstone at Camelback, adjacent to the Esplanade in central Phoenix, sold in July [...]

April 23, 2014

Multifamily New Construction Update for Scottsdale

By |2017-10-04T14:30:14-07:00April 23rd, 2014|

It’s not about being close to work, it’s about a life-style.  At least that’s what many apartment developers are counting on – especially “south Scottsdale”, including “Old Town”.  Scottsdale defies tradition.  Developers, typically build apartments in areas where jobs exist or are being created.  While there are some jobs, most of [...]

March 4, 2014

The Metro Phoenix Apartment Market (Q4 2013)

By |2017-10-04T14:30:14-07:00March 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 [...]

March 4, 2014

Qtr4 2014 – Average Rental Rates

By |2017-10-04T14:30:14-07:00March 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)      [...]

March 4, 2014

4th Qtr 2014 – New Construction & Permitting

By |2017-10-04T14:30:14-07:00March 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 [...]

March 4, 2014

4th Qtr 2013 – Vacancy Rates Continue to Drop

By |2017-10-04T14:30:14-07:00March 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 [...]

November 22, 2013

Q3 13 – New Multifamily Construction and Permitting in Phoenix

By |2017-10-04T14:31:06-07:00November 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 [...]

November 22, 2013

Q3 2013 – Phoenix Vacancy Rates Drop to 7.4%

By |2017-10-04T14:31:06-07:00November 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 [...]

November 22, 2013

Qtr 3 2013 – The Metro Phoenix Apartment Market Part 2

By |2017-10-04T14:31:06-07:00November 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 [...]

November 22, 2013

Qtr 3 2013 – The Metro Phoenix Apartment Market Part 1

By |2017-10-04T14:31:07-07:00November 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 [...]

September 24, 2013

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

By |2017-10-04T14:31:07-07:00September 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 [...]

September 19, 2013

2nd Quarter 2013 Apartment Market Update

By |2017-10-04T14:31:06-07:00September 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 [...]

September 19, 2013

Qtr 2 2013 – The Metro Phoenix Apartment Market

By |2017-10-04T14:31:07-07:00September 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 [...]

June 4, 2013

An observation – believe it!

By |2017-10-04T14:31:07-07:00June 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 [...]