Colonial Capital LLC

CaliberCos, an investment company, has purchased the Canyon Corporate Center in Phoenix for $21.39 million. The company plans to convert the office buildings into multifamily housing. The sale price was significantly lower than the replacement cost, providing CaliberCos with a potential for significant value appreciation. https://lnkd.in/g_c-Xuss

According to AZ Family, If Prop 138 is passed, "employees’ hourly pay can be 25% per hour less than the minimum wage as long as their take home, tips included, still comes out to at least $2 over minimum wage. Arizona’s minimum wage will be $14.70 per hour in 2025, and in Flagstaff, it will be $17.85. If Prop 138 passes, tipped employees would lose 65 cents an hour. In Flagstaff, however, the cut will be $3.45 an hour, causing concern for local workers."!

Construction pipelines for luxury and upper-upscale hotels are growing across the US. Major markets like Las Vegas, Phoenix, Dallas, and Nashville are seeing significant development activity, driven by factors such as major events and convention center renovations. However, some projects, like the LVXP Hotel in Las Vegas, may face challenges due to market conditions.

QUICK #'s: 1.] As of September 30, 2024, the interest rate for a 30-year fixed mortgage in Arizona is 6.25%, and 5.38% for a 15-year fixed mortgage.  2.] Mortgage originations: The Tucson area has one of the fastest-growing rates of mortgage originations in large metropolitan areas. The number of new home loans in the Tucson area is up 16.5% in the past year.  3.] The median home price in Arizona as of August 2024 is $440,000 for single-family homes.  4.] The 2024 Arizona Conventional Loan Limit is $766,550 for single family 1 unit homes.

Arizona's inaugural surf park, Revel Surf, is slated to open in Mesa this autumn after a two-year delay due to supply chain issues. This 3.3-acre park, designed to cater to all surfing enthusiasts, recently held a two-day job fair to fill over 80 full-time and part-time roles, including lifeguards, culinary staff, and supervisors. Despite receiving 125 applications, Revel Surf is still seeking additional cooks and dishwashers, as confirmed by Chief Operating Officer Adam Saks. https://lnkd.in/gtZ56sMY

Starfire Golf Club, a popular and affordable golf course in Scottsdale, has been sold for $24 million. The new owners, Swing First Golf, are local experts with a deep understanding of the Scottsdale golf market. This sale highlights the continued value of well-managed golf courses in the area, even those that aren't considered top-tier destinations. #Golf #Destination #Affordability

A survey of 4,100 U.S. cities from 2013 to 2022 shows that suburban development is far outpacing urban growth, as once-idle communities are now brimming with new housing options. Arizona's top growing markets are Queen Creek (123%), Buckeye (72%), and New Kingman Butler (67%). Read the full article! #FastedGrowing #HousingMarket

Commercial property prices are under pressure due to declining tenant demand. Despite anticipated interest rate cuts, prices are expected to remain flat or decline slightly. This is primarily attributed to a decrease in demand for office, industrial, and retail space. The excess of vacated space over newly leased space has negatively impacted both investment-grade and small-dollar properties. While interest rate cuts may affect different property segments differently, the overall trend suggests a continued softening of commercial property prices. #commercialre #cre #RateCuts #industrial

🏡 🏡 🏡 🏡 🏡

A major housing development is planned for a large vacant area in Ahwatukee, Arizona. The project will include over 1,500 new homes and is expected to begin construction in late 2025 or early 2026. 😲 The houses are expected to cost $600,000 to $900,000.