“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
Catherine Reagor, The Republic | azcentral.com Published 6:00 a.m. MT May 29, 2018
Twenty old homes north of downtown Phoenix will be torn down in June to make way for a new apartment development that will bring another 329 rentals to the area.
North Carolina-based Crescent Communities bought the houses, built between 1915 and 1950, in late March.
The properties span the block along both Earll Drive and Cheery Lynn Road between Third and Fifth streets.
Crescent paid almost $7 million for the homes, which aren’t designated historic, and a few vacant lots on the blocks.
The developer bought each house separately from several owners, but all of the sales closed on the same day, according to records.
Not a historic neighborhood
The Ashland and Alvarado historic neighborhoods are near the houses to be torn down, but the homes bought by Crescent aren’t part of a historic neighborhood.
“It was quite an assemblage (to sell all the houses at once),” said historic-home advocate and downtown Phoenix HomeSmart real-estate agent Sherry Rampy. “None of the houses were designated historic, but several were old and of interesting architecture.”
All of the houses slated to be torn down appear to be empty now. Some were rentals and rundown, but a few had been renovated.
Apartment complex planned
Scott Makee of Crescent said construction of the apartment complex called Midtown will start late this year.
He also said the developer is making the houses available to the Phoenix fire and police departments for training before they are demolished.
Phoenix approved a rezoning request for the land from single family to multifamily last June. Several of the homeowners on the block supported the zoning change.
Real-estate investor Tom Carmody sold almost half of the properties on the block. He didn’t respond to inquiries about the project.
Crescent Communities is planning a 329-unit apartment complex near Third Street and Earll Drive in Phoenix. (Photo: Crescent Communities)
Concerns about overbuilding
Several new apartment complexes are planned, under construction or were recently built in downtown and midtown Phoenix.
Just south of the Crescent project at Thomas Road and Third Street are a couple of large new apartment complexes.
“Interesting neighborhoods include a mixture of building types, and we must do everything we can to protect the few pockets of historic homes and buildings we have,” said Stacey Champion, a Phoenix historic-building advocate and public-relations consultant. “Though I agree we need density in our urban core, the onslaught of large, stick-frame, stucco boxes with overpriced rent is out of control.”
Housing-market analysts are watching all of the new apartment development in central Phoenix carefully because of concerns about overbuilding.
“A tectonic demographic shift is pushing us further and further into a more renter-centric society,” said Thomas Brophy, research director at Phoenix-based ABI Multifamily.
He isn’t concerned about overbuilding so far because the area’s new apartments are steadily being leased and the vacancy rate hasn’t jumped.
Also, Brophy said, the number of renter households in metro Phoenix has climbed by 21 percent since 2000, almost triple the national increase.
About 17,900 apartments are under construction in the Valley now. More than a third of those are going up in Phoenix. SEE IT ALL: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2018/05/29/old-phoenix-homes-torn-down-new-phoenix-apartments/641710002/
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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