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E-Zine for the Week Ending June 7, 2017
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Q1 2017 Newsletter
The “Back” Story (by Linda) - Often we never hear the “Back” story in a sales transaction. These stories occur in every deal, at every size level and I’m sure in every type of commercial real estate sold. Having sold apartments for 25 years, I have a few of the “back” stories. As a new section to our newsletter, I will share some of these, and try to give you a feel for current happenings.....Click Here to download the full copy Q1 2017 Newsletter
Linda Fritz-Salazar, Associate Broker (Linda@KLommGroup.com).
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The average U.S. monthly rent rose in May for the third month in a row, up by $4, to $1,316, according to the latest Matrix Monthly survey by Yardi Matrix. These increases belie the long-standing rent-growth deceleration trend, which has continued unbroken for 13 months. Rents rose by 1.5% year over year (YOY) nationwide in May, down 40 basis points (bps) from April, 90 bps from March, and 380 bps from the 5.3% rent growth recorded one year ago. The last time the YOY increase in rent growth was as low as 1.5% was in April 2011, over six years ago.
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Phase I, of the 1.9 million-square-foot mixed-use development, will include 250,000 square feet of premium Class A office space, 44,000 SF of high-end restaurant and boutique retail service space and 360 luxury apartments. Future phases include a second 360,000 SF office tower, an additional 20,000 SF of restaurant and retail space, and a 170-room business-class hotel. Fenix Development is scheduled to deliver Phase I in the fall of 2018.
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Metro Phoenix is in the midst of a condo building boom that is spreading to the suburbs.
Home builders are already constructing more townhomes and casita-style houses in Surprise, Peoria and Litchfield Park.
Infill condos in Glendale and the downtowns of other West Valley cities could follow if demand for the homes heats up as it has in other parts of metro Phoenix.
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12,759 Units Under Construction
In addition to the 12,759 units currently under construction, there are 19,254 planned and 9,137 units noted as Prospective. That's a total of 41,150 units.
Email Jim for detailed list of new construction or use the map link above.
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Map of Apartments Available
We keep track of all apartments advertised. The interactive map shows the location and quantity of units advertised in Phoenix Metro area.
CLICK HERE for a detailed list of Apartments Available or use the map link above.
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Kasten Long Commercial Group
Jim Kasten, CCIM - Designated Broker
602 445 4113 Office 602 677 0655 Cell
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