“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me email@example.com. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
- An independent, locally-owned, commercial brokerage – since 1998.
- Experienced professional specialists with a strong “Client First” dedication.
- SERVICES: Apartments and land brokerage — office, retail & industrial brokerage and leasing.
The KASTEN LONG COMMERCIAL GROUP (KLCG) has focused on apartment brokerage and research in metro Phoenix since 1998. Our agents have brokered more than 1,000 communities with gross sales more than 1 billion dollars. The market research includes: weekly updates on apartment sales, in-depth quarterly apartment newsletters, tracking vacancy/rental rates/concessions by each submarket, and tracking all new apartment construction.
KLCG-AMA Town Hall Meetings
As part of our partnership with the Arizona Multihousing Assoc. (AMA), we have now held two Town Hall style meetings exclusively for owners of apartments in metro Phoenix. These casual meetings have a wealth of information on almost every aspect of apartment ownership including operations, management, and investment strategy. Call us for more info.
Sept. 14 Event at SkySong
This exceptional event will define the current and planned activities in and around South Scottsdale that will impact both residential and commercial property and business values. These activities will be highlighted by speakers from the Scottsdale’s Econ. Dev., SkySong, and SRP-MIC (including Talking Stick). In addition, SRP will provide insight on our long-term water resource.
New Apt. Construction Still Strong
In the first half of 2018 there were 18 projects completed with 3,576 total units. The total projected for 2018 is 46 projects totaling 9,781 units. Currently there are 61 projects Under Construction with a total of 15,769 units. These are primarily in Phoenix (24 projects), Tempe (8), Chandler (7), Scottsdale (7) and Mesa (5). There are an additional 33,454 units in 166 projects in the pipeline (16,046 Planned and 17,408 Prospective).
Rents and Occupancy Increasing
Strong occupancy across all apartments classes continues to drive all rents higher. Occupancy ranged between 95.0% to 95.9% with rental rates climbing 2.7% to 2.8% from last quarter. The report by Yardi Matrix suggests occupancy to hold for this year but start decreasing in 2019. Rental rates are projected to continue into 2019 but with modest growth. Yardi also reports that metro Phoenix rental rates percentage increase reflect the national rates, both decreasing over the past few years.
The Metro Phoenix Apartment Market (Q2 2018)
5110 N 40th Street, Ste. 110 Phoenix, AZ 85018 Tel: 602 677 0655
In the 2nd quarter of 2018, there were 88 regular apt. sales with 10 or more units. That’s up 33% from the 66 sales in Q1. Here’s an interesting point. Between 2013 and 2015, 2 nd quarter apartment sales averaged $76,847/unit. Between 2016 and 2018, 2nd quarter apartment sales averaged $124,907/unit. While a portion of the much higher price per unit is due to some new apartments being sold and many that have been repositioned, most every apt complex has gained substantial value in the past few years. In looking at all the sales and the number of “flips” it’s obvious that the “opportunity” is to acquire a solid property, in a reasonable location and reposition the asset. Realize that owners fully understand that the older apartments that offer this repositioning potential deserve a premium for selling. Apartment Market Pulse – by Scott
Run on Inventory but opportunities still exist. Metro Phoenix sales volume accelerated in the second quarter as continued buying pressure from west coast markets absorbed “on” and ‘off’ market supply faster than it became available. Scarcity of high yield income property opportunities in other markets is driving investors to Phoenix. With a diminishing inventory in our market and concern over climbing interest rates, we may see even stronger activity in the near term. For those investors still ‘on the fence’ considering purchasing, I would say one thing, “get it bought.” The forces driving appreciation will not last forever. Historic low vacancy and continued rent growth still provide upside for buyers. At some point, however, vacancy rates will climb and rent growth will stall, resulting in flattening or even declining appreciation. At present, there is still an opportunity for buyers.
Sellers need to be wary of the changing fundamentals.
Scott Trevey, CCIM, Senior Partner, Kasten Long Commercial Group, Scott@KLCommGroup.com We’ve written our quarterly “Apartment Owner’s Newsletter” for 20 years. That’s more than 80 newsletters – trying to accurately describe the Valley’s apartment market as best possible. As we noted in Q1 2018 newsletter, the economists paint a very “blue sky” picture for both the US and our local economy. With the announcement that the US GDP just topped 4%, the US economy is very strong. The impact of possible tariffs may dampen this number a bit in the future, but to strengthen the base of our economy, these types of adjustments are needed. Whether you are a Trump supporter or not, his economic decisions have been huge for the US. We’re not trying to be political, but the economy is creating JOBS, both across the US and locally. Metro Phoenix is also enjoying significant economic growth. One of our local economists (Elliot Pollock) recently noted that metro Phoenix represent 90% of Arizona’s recent GDP and JOB growth. JOB growth creates population growth, and a portion of our net population increase is moving into apartments. On top of this, current tenants seeking starter homes are limited on availability on homes in the lower price range. Since many folks do not wish to drive a long distance to work, the ONLY available housing is often apartments. Families downsizing like to be close to locations offering high walk scores. Many of the new apartments provide this plus the ability to “lock and leave”. The new apt. construction is absorbing the demand for the “tenants by choice”, but increasing land, material and labor prices will keep completions at reasonable levels. Across the US and locally, we have an unsolved concern with insufficient truly affordable housing for the “tenants by necessity”. Kasten Long Commercial Group: Scott Trevey, CCIM (480 205 0862), Linda Fritz-Salazar, Assoc. Broker (602 989 9487), Jim Kasten, CCIM (602 677 0655), Jan Long, CCIM (602 434 9882), Arvle Knight, CCIM (602 885 8000), Walter Unger, CCIM (520 975 5207), John Locke (480 432 7179), Jon Coffen (602 653 3600), Chris Norton (480 559 9775), David Flower (303 520 8545) and Angie Ritchie, KLCG Operations Manager (602 445 4112).
Kasten Long Commercial Group: Scott Trevey, CCIM (480 205 0862), Linda Fritz-Salazar, Assoc. Broker (602 989 9487), Jim Kasten, CCIM (602 677 0655), Jan Long, CCIM (602 434 9882), Arvle Knight, CCIM (602 885 8000), Walter Unger, CCIM (520 975 5207), John Locke (480 432 7179), Jon Coffen (602 653 3600), Chris Norton (480 559 9775), David Flower (303 520 8545) and Angie Ritchie, KLCG Operations Manager (602 445 4112).
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me firstname.lastname@example.org. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME 520-975-5207 OR E-MAIL ME email@example.com
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me firstname.lastname@example.org
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
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