“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 walterunger@ccim.net. . VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
KASTEN LONG Commercial Group and AMA Events, Resources & Education For Apartment Owners
Catherine Reagor, The Republic | azcentral.com Published 6:00 a.m. MT April 7, 2018 | Updated 8:51 p.m. MT April 7, 2018
First-time homebuyers in metro Phoenix are dealing with a new competitor for the area’s shrinking supply of affordable houses.
A cash-wielding investor named after the hound of Hades has snatched up almost 600 Valley homes priced below $300,000 since November, public real estate records show.
And it’s unclear what Cerberus Sfr Holdings plans to do with its rapidly growing cache.
Arizona housing analyst Tom Ruff discovered the home purchases by Cerberus, the name for the monstrous multiheaded dog in Greek mythology that guards hell.
“This is not a group of poorly funded amateur investors. It’s reported that Cerberus has $30 (billion) to $40 billion dollars under management,” said Ruff of The Information Market, owned by the Arizona Regional Multiple Listing Service. “There’s something about our market they like, and they are aggressively purchasing where our inventory levels are the lowest.”
A dog by any other name
Cerberus Capital Management is a Wall Street equity firm that typically specializes in distressed investments.
But few would say metro Phoenix’s housing market for homes priced below $300,000 is hurting or would be considered a distressed buy. Prices are rising the fastest in that part of the market because demand is highest.
The number of metro Phoenix homes for sale is down 12 percent from a year ago.
Russell Grossman, owner of BNG Enterprises Inc., and his wife, Robin,purchased this 7,767-square-foot contemporary-style mansion in Paradise Valley’s Metes and Bounds community. StreetScout.com
Russell Grossman, owner of BNG Enterprises Inc., and his wife, Robin,purchased this 7,767-square-foot contemporary-style mansion in Paradise Valley’s Metes and Bounds community. StreetScout.com
Andrew Johnson, a spokesman for Cerberus, declined to comment on the company’s metro Phoenix buying spree.
Former U.S. Vice President Dan Quayle, who is a longtime Paradise Valley resident, is chairman of Cerberus Global Investments. He is also the grandson of former Arizona Republic owner and publisher Eugene C. Pulliam.
Former U.S. Treasury Secretary John Snow is chairman of Cerberus Capital Management.
The tax mailing address for the homes might offer one clue to the investor’s plans. According to real estate records, the address in Marietta, Georgia, is the corporate office for FirstKey Homes, which Cerberus owns.
FirstKey Homes is a property manager for thousands of U.S. rental homes. The recent Valley home purchases look to be the company’s first foray into Arizona’s housing market.
Cerberus appears to be metro Phoenix’s newest big landlord, and it’s buying at much higher prices than its competition.
During the housing crash, big institutional buyers including Invitation Homes, Colony and American Homes for Rent bought thousands of Valley foreclosure homes for about one-fourth of what they are worth now.
Invitation continues to buy Phoenix-area homes and turn them into rentals, but only about six a month, according to Ruff’s analysis.
What is the average rent paid by Phoenix-Metro residents? Wochit
Big investors helped metro Phoenix’s housing market recover when they bought foreclosures that could have sat vacant and dragged the market down for years. Many people who lost those houses to foreclosure needed the affordable rentals the investors provided.
But now, people trying to buy their first home in the Valley could be losing out to another big deep-pocketed investor who can pay cash and close fast. These are people who can afford to buy and don’t want to rent anymore.
“Cerberus, which I’m pretty sure regrets the name selection, is an investor to watch in the Valley,” Ruff said.
Unfortunately, too many potential first-time buyers are now watching houses they want purchased by a Wall Street investor. SEE IT ALL: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2018/04/07/investor-cerberus-firstkey-homes-snatching-up-metro-phoenix-affordable-houses-homebuyers-renters/482973002/
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 walterunger@ccim.net
VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE.
KASTEN LONG Commercial Group and AMA Events, Resources & Education For Apartment Owners
Timeline of Arizona from 900 BC – 2017
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
FROM ME:
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 walterunger@ccim.net
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 walterunger@ccim.net
CLICK HERE for Map of Apartments Under Construction or in Pipeline.
Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 30, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 23, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 16, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 9, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 2, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 23, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 16, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 9, 2018/ Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 2, 2018/ Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 25, 2018/ Phoenix Arizona Metro.
8 Reasons You Should Invest in Land
Timeline of Arizona from 900 BC – 2017
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- 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%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
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.
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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 walterunger@ccim.net 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
Direct: 520-975-5207
Fax: 602-865-7461
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