Category Archives: Phoenix/Mesa

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.



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’s Top 5

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


Four of Hamilton Zanze’s markets placed in the top five in’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.




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.


Single-Family Home Foreclosure Inventory Drops in Phoenix and Across the U.S.

July 30, 2013
Market: Phoenix, AZ; U.S.

According to CoreLogic, Phoenix’s single-family home foreclosure inventory dropped to 1% in June—a 1.5% decrease year-over-year. The MSA’s 20,646 completed foreclosures from June 2012 to June 2013 accounted for 64% of the state’s foreclosure activity.

Nationwide, 55,000 foreclosures—a 20% year-over-year decrease—were completed in the month of June, reducing inventory by 28% to 1,000,000. During the year ending June 2013, over half of the foreclosures in the U.S. took place in five states: Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000), and Georgia (44,000). As the real estate industry continues to rebound on a national level, it is likely these states will follow suit.

Read the full article at Phoenix Business Journal.