Category Archives: Arizona

Arizona and Texas Lead Nation in Expected Job Growth

September 30, 2013
Market: Arizona, Texas

According to Moody’s Analytics, Arizona will lead the nation in job growth over the next five years—growth is expected to reach 3% annually—with Texas a close second. Other Hamilton Zanze markets in the top 10 for projected job growth include Colorado (#3), Nevada (#6), Utah (#7), and Oregon (#10).

Additionally, Moody’s forecasts that Arizona’s economy will grow 4.6% in the next year. Arizona Governor Jan Brewer credited business and sales tax cuts for the state’s continued bounce-back from the recession, saying: “This report reinforces Arizona’s commitment, as a right-to-work state, to business growth and success, and validates the work we have done to make the Arizona comeback a reality.”

Read more at Forbes.

Phoenix Single-Family Prices Rise, Foreclosures Fall

September 23, 2013
Market: Phoenix, AZ

According to separate reports from Arizona State University and CoreLogic, single-family home prices in Phoenix are on the rise and foreclosures are declining. The median home prices jumped 30% year-over-year in July to $194,150. Foreclosures fell 56% during the same time span.

However, negative equity continues to plague the MSA. In Q2 2013, 231,000 homeowners found themselves underwater on their houses. That figure represents 26% of the state’s mortgage owners, nearly double the national rate of 14.5%.

Read more at Phoenix Business Journal.

HZ Acquires 432-unit Apartment Complex in Mesa

September 3, 2013
Market: Mesa, AZ

Hamilton Zanze expanded its presence in Mesa, AZ with its acquisition of Woodcreek Apartments. HZ bought the property from AIMCO for approximately $34 million. The acquisition of the 432-unit, 1985-construction multifamily asset represents the second transaction between HZ and AIMCO in the past 18 months; in April 2012, HZ purchased Greenspoint at Paradise Village, a 336-unit apartment community in Phoenix, AZ from the seller for $29.75 million.

Read more at BREWAZ.com.

 

Phoenix Apartment Rents Climbing in Middle-Market Communities

August 27, 2013
Market: Phoenix, AZ

In Q2 2013, Phoenix apartment rents grew at the annual rate of 2.8%. While this increase is relatively low compared to national levels, it is the largest annual gain Phoenix has notched in recent years.

Phoenix’s rent and occupancy growth seem to be concentrated in middle-market apartment communities built in the 1980s. Rents for such properties increased 3.8% in the past year, higher than the 1.7% jump seen in properties built since 2000. In submarkets such as Deer Valley and Gilbert, occupancies for 1980s middle-market apartments are reaching 95% or higher and rent growth is approaching 7-8%.

Read more at Property Management Insider.

Phoenix Employment and Single-Family Home Values Are Back on Track

August 9, 2013
Market: Phoenix, AZ

Fletcher Wilcox’s June housing report shows Phoenix has weathered the worst of the recession and can look forward to continued job growth and rising single-family home values in the coming months. The Valley’s median home price is currently $206,000, a 72% jump from its August 2011 low. Additionally, employment has grown 6% from June 2011 to 1.77 million, and foreclosure starts have fallen 84% over the last four years. Although Phoenix still has room to improve before reaching its pre-recession peaks in home prices, employment, and foreclosure starts, the overall trend is positive.

Read the full article at Phoenix Business Journal.

Four HZ Markets Place in Monster.com’s Top 5

August 1, 2013
Market: Dallas, Houston, Phoenix, Seattle

 

Four of Hamilton Zanze’s markets placed in the top five in Monster.com’s recent ranking of the best American cities for employment growth. Dallas-Fort Worth came in first place, followed by Houston, Seattle, and Phoenix in second, fourth, and fifth place, respectively. Here are each MSA’s job gains in June 2013 from a year earlier, as reported by the U.S. Bureau of Labor Statistics:

 

  • Dallas- Fort Worth: 83,571 jobs
  • Houston-Sugar Land-Baytown: 75,827 jobs
  • Seattle-Tacoma-Bellevue: 72,128 jobs
  • Phoenix-Mesa-Glendale: 19,439 jobs

Read the original article at Phoenix Business Journal.

 

 

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Tech Company Bringing 500 New Jobs to Phoenix

July 23, 2013
Market: Phoenix, AZ

Asurion, a Nashville-based consumer technology company, expects to hire 500 workers in Phoenix, AZ to staff its new $12 million support center. The company plans to fill the positions by the end of 2013. Asurion’s tech support staff assist customers with device setup and troubleshooting for cellphones, tablets, and game consoles.

Read the full article at Phoenix Business Journal.