Victor’s Insider Scoop on Why The Sky Isn’t Falling on the Phoenix Commercial Real Estate Market …
May 1st, 2008 | top of page
Hidden in plan sight amidst all the newswire headlines that we all have seen and come to expect about the Phoenix marketplace over at least the past three quarters—Home Foreclosures Up • Fewer People Moving to Arizona • Median Home Prices Drop • Arizona Is In Recession • Commercial Vacancy Rates Are Rising • Prices Are Slashed—are signs that the sky is not falling. In this month’s issue of Phoenix Commercial Real Estate News & More are stories on several new investments and projects by Valley development superstars whose track records convince me that they know what they are doing when it comes to commercial development in Phoenix. These names include Kitchell, Westcor, Vestar, Dial, Ryan, and DeBartolo.
In my mind the most unexpected headlines comes from a residential developer and it’s not the often–repeated story about the sale of finished or P&E lots that had to be unloaded at a fire sale price to placate Wall Street. San Diego based Newland Communities is buying; they paid $51.3M to purchase of 3,000 acres in Goodyear which is a sign of their ongoing confidence and long term commitment to the Phoenix metro area. In another story of Newland’s commitment to Phoenix, Newland and Kitchell have teamed up to develop the first retail center in Estrella.
Another welcome bright spot in this month’s issue comes from another residential developer, Blandford Homes, that had to contend with a buying frenzy for homesites in their Mountain Bridge master planned community in northeast Mesa. Buyers were flying in as far away as Alaska and Canada and camping out overnight to get one of the last lots in the Desert Uplands area. Go figure!
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