Wednesday, October 28, 2020 / by Juan Grimaldo
Construction projects that were planned and funded before the Covid-19 pandemic have led to the largest concentration of tower cranes ever in downtown Phoenix.
“Phoenix has seen the benefit of investments by developers who were able to construct for cheaper,” Scott Macpherson, executive vice president of Rider Levett Bucknall in Phoenix, said. “Rising rental rates and low construction costs converge in Arizona.”
There were 16 tower cranes over Phoenix’s Central Business District in the third quarter, an increase from nine in the first quarter, according to the latest Rider Levett Bucknall crane count, which tallies tower cranes in major cities in the United States and Canada. Over the past five years, the most cranes in use over the city was 10, in July 2015 and July 2016. The city with the most crane activity in Q3 was Toronto, which had 124 cranes erected. The U.S. city with the most was Seattle, with 49.
The construction cranes in downtown Phoeni ...
Tuesday, October 27, 2020 / by Juan Grimaldo
At a time when existing home inventory is near an all-time low, Phoenix home prices continue to rise — and homebuilders simply can't keep up with demand.
Once again, Phoenix topped the nation in home price growth, with year-over-year price increases of 9.9% in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released Tuesday. That compares with a 5.7% annual gain in August nationwide, up from 4.8% the previous month.
Supply of inventory has remained below two months since June — hitting an all-time low of 1.26 months supply in July, said Thomas Brophy, national director of research and analytics for Colliers International.
As of September, month's supply of inventory in metro Phoenix is at 1.48, he said.
"The tremendous near-term supply constraints, as well as rapidly increasing lumber costs — up 91% year over year — and historically low interest rates, will continue to keep home prices elevated," Brophy said.
Monday, October 26, 2020 / by Juan Grimaldo
The residents of 14 U.S. cities must earn at least $100,000 per year to comfortably rent or own a home in their area, according to an analysis from GoBankingRates.com.
The website used housing information from Zillow and price estimates of necessities like transportation and groceries from Sperling's Best Places to determine how much a person needs to earn to live comfortably in the country's 50 largest metros.
The analysis used that information to determine the income necessary to stick to the "50/30/20" rule of budgeting – 50% for needs like housing and groceries, 30% for wants and 20% for savings.
That rule is difficult to follow in the U.S. cities analyzed. The median salary in the 50 largest metros falls short of what is needed to comfortably buy or rent a home in those areas.
It can also be challenging to make ends meet even in cities with low housing prices.
For example, the average renter in Cleveland, Ohio, needs to earn about $55,000 per year to comfortably o ...
Wednesday, October 21, 2020 / by Juan Grimaldo
Cooper’s Hawk Winery & Restaurants, an Illinois-based chain of 43 eateries nationwide, is opening its first location in the West in Scottsdale.
The new restaurant will open on Dec. 7 at 7361 E. Frank Lloyd Wright Blvd., in the Promenade Scottsdale shopping center.
“Scottsdale and the surrounding Phoenix area has gained a national reputation for fine-dining experiences, making it a natural fit for the Cooper’s Hawk brand,” Tim McEnery, the restaurant’s founder, said in a statement. “The year-round beautiful weather, scenic surroundings and its residents’ active lifestyle were also very appealing.”
PROVIDED BY COOPER’S HAWK WINERY AND RESTAURANT
Cooper’s Hawk was founded in 2005 and has quickly expanded the upscale casual dining concept across the country. Besides boasting a large menu, Cooper’s Hawk places a special emphasis on wine and wine culture. The company has its own winery that produces aro ...
Wednesday, October 21, 2020 / by Juan Grimaldo
After a transformative year, hamburger drive-thru chain Rally’s has significantly increased sales and is looking for a major expansion in the Valley.
During the summer of 2019, all three Valley Rally’s locations abruptly closed after the relationship between Tampa, Florida-based Checkers & Rally’s Restaurants Inc. and the former Rally’s franchise in Phoenix soured. In the fall of 2019, Rally’s brought in Bruce Ong, a successful franchisee from San Diego, to run the market.
“Since Bruce took over, those restaurants are up 350%,” said Robert Bhagwandat, Rally’s director of franchise development. “He has done a phenomenal job.”
Not only has Ong been able to increase sales, his success has attracted new franchisees to the concept, Bhagwandat said.
At the same time Ong came on, there was another franchisee looking to move into the Valley as well. Now, Rally’s has a total of four local owners looking at sites to ...