Taking a cue from Ernest Hemingway,
Speaking last week to the Desert Mountain Chapter of CoreNet Global, a trade association for commercial real estate professionals, Toci said there is reason for hope in the current marketplace. The sun still shines brightly in
In fact, the metro area managed to attract an estimated 97,000 new residents in 2008, if numbers from the
Still, Toci is not jumping on the bandwagon with some prognosticators who are declaring the Valley’s housing market already has bottomed and is curving heavenward.
About $800 billion in adjustable-rate mortgages are scheduled to reset at higher interest rates through 2011. Even though the ARMs are not subprime, they could be vulnerable to default. The bottom may sink further in the months to come. All of this could delay recovery in the commercial real estate market.
There’s even more sobering data to consider, Toci said:
• By the end of 2009, the
• Vacant office space has been growing for the past two years. Now, several huge office projects are under construction. By Toci’s estimate, it will take between five and six years to absorb available office space.
“We just have a propensity to overbuild,” he said.
For more: www.corenetdesertmnt.org.
New brokerage opens
With the economy in a difficult way, it probably wouldn’t seem like an opportune time to start a commercial real estate firm — but don’t tell that to Patti Gentry and Gee Gee Entz. The two former
In a news release, ACA is described as “a unique boutique firm specializing in the office market, including tenant lease representation, office building acquisition or disposition and client build-to-suits.” Clients include such recognizable names as
Gentry and Entz have been friends for many years, dating back to the start of their careers as sales representatives for IBM Corp. They were partners at Coldwell Banker Commercial from 2003 to 2008.
Both are involved in various charitable causes and volunteer work, including the American Heart Association’s Heart Ball, Arizona Kidney Foundation,
For more: 602-799-3500 or 602-469-0234.
Apartment complex purchased
Multifamily sales transactions have slowed to a crawl. According to real estate data firm CoStar, only three transactions involving larger apartment complexes were completed in the Valley during the first quarter of 2009.
One recent deal of note, according to
The buyer, Stonecraft Homes Inc. of
For more: www.hendrickspartners.com.
Industrial buildings refinanced
Few banks are lending, but Minneapolis-based
