“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 firstname.lastname@example.org. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
Posted August 23, 2017 by AZRE
HOUSING DEMAND FUELS LAND SALES IN GREATER PHOENIX
The pace of land sales in Greater Phoenix has picked up during the first half of 2017, fueled by demand for housing and strong fundamentals in the commercial development industry. This is according to a mid-year report produced by Colliers International in Greater Phoenix.
The Greater Phoenix housing market has been improving at a healthy pace with single-family home construction gaining momentum and prices for new homes trending higher. Permitting for single-family units rose during the first six months of 2017, while multifamily housing development slowed. Approximately 22,000 single-family permits are forecast to be issued in 2017 and approximately 7,000 multifamily permits are expected.
Home prices in both the new and existing categories are on the rise, continuing gains that have been recorded during the past 36 months. The area’s price increases mirror the national rate at approximately 5.7 percent year over year through May (S&P/Case Shiller Home Price Index.) The median sales price for new homes sold in the first half of 2017 was $310,000, up three percent from the first half of 2016. The number of new homes sold in the first six months is up more than 25 percent from the same period last year.
Land sales accelerated during the first half and are expected to continue increasing. Sales of land for commercial and industrial development posted the strongest increases and pricing trends have been mixed. Property fundamentals in commercial real estate are improving, which prompts new development. Strong tenant demand for both industrial and office properties is driving spec construction in these sectors, while retail development will be modest in 2017.
The price of land rose during the first half of the year with the median price reaching $4.10 per square foot. This is up 12 percent from the median price in 2016. Price gains were strongest for parcels intended for commercial and industrial uses.
Sales of land parcels intended for residential development accounted for more than half of the total land transactions thus far this year. Land sales for residential uses are off to the fastest start since 2013. Prices for residential development land have trended lower because the market shifted towards more suburban parcels from infill transactions. The median price during the first six months was $2.72 per square foot, down 12 percent from the 2016 median price.
The apartment market remained strong during the first half of 2017, though there was a modest vacancy increase during second quarter. Multifamily vacancy has averaged 5.8 percent since the beginning of 2015. Construction of new units is gaining momentum with approximately 3,300 units coming online during the first half of this year and another 12,000 units under construction.
Single family permitting rose nearly 20 percent from the second half of 2017 to the first half of 2017. More than 10,000 single-family permits were pulled in the first half, which marks the fastest pace in a decade. We expect this year to post the sixth annual increase in permits in the past seven years.
The Greater Phoenix land market is expected to remain active for the remainder of 2017 and an increase in development activity is anticipated. Demand for housing is increasing as a result of population growth. The area expanded by approximately 93,000 residents in 2016, posting the most robust growth of any county in the country. Population growth is expected to expand by more than 100,000 residents per year, further fueling demand for single-family and multifamily housing. Continued strength in the commercial market will motivate more land sales for development and expansion of business properties.
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.
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 firstname.lastname@example.org
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
- 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 firstname.lastname@example.org 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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