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Juan Grimaldo | THE GRIMALDO GROUP BLOG

Tuesday, October 13, 2020   /   by Juan Grimaldo

Valley real estate expert sees more demand for fledgling build-to-rent market

As more homebuilders turn their attention to building single-family rental homes, the Business Journal caught up with Jim Belfiore, founder and president of Belfiore Real Estate Consulting to find out more about the growing trend.
What do you think about homebuilders hedging their bets by building for-sale and rental homes? In subdivision rental communities, homebuilders see an opportunity to deliver more homes. They are in the best position to build these types of homes, having the processes, materials and labor.
Do you expect to see more partnerships forged like Toll Brothers/BB Living and Taylor Morrison/Christopher Todd? Absolutely, I do. Expansion into this product is a way for homebuilders to diversify, to increase revenue and shareholder value and to create more brand recognition.
With all these homebuilders getting into the game are we in danger of overbuilding? At this point, the rental subdivision product niche is in its infancy, and sophisticated large homebuilders cl ...

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Tuesday, October 13, 2020   /   by Juan Grimaldo

Phoenix office supply now outpaces demand, industrial healthier, CoStar says

Office leasing activity has begun to level out in the third quarter after a steep drop in April, but one expert expects the Phoenix metro will continue to see an overall reduction in space needs over the next few quarters.
“I do expect supply to outpace demand, putting upward pressure on vacancy,” Jessica Morin, director of market analytics for CoStar Group Inc. in Phoenix said during a presentation on third quarter commercial real estate statistics.
The Valley does not have a large amount of office space under construction, which will keep the amount of new supply lower and prevent even higher vacancy. About half of the office product under construction is build-to-suit space, and most is higher priced class A office space, according to CoStar.
The Scottsdale Airpark submarket has the most office space under construction in the Valley — totaling about 800,000-square feet. Once that space comes online the submarket’s supply will increase by about 6%, ac ...

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Monday, October 5, 2020   /   by Juan Grimaldo

Phoenix home prices 'grow without restriction,' lead nation again

Phoenix continues to set a blistering pace for year-over-year gains in home price growth on the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
While the national price increase was 4.8% in July, up 4.3% from the previous month, Phoenix doubled that growth with a 9.2% year-over-year price increase in July. Seattle followed behind at 7% and Charlotte, North Carolina, at 6%.
"At twice the rate of growth, Phoenix home prices continue to outpace the national index and have now grown for the 13th consecutive month," said Selma Hepp, CoreLogic's deputy chief economist. "The strength... is reflecting the severe shortage of homes for sale which are currently at only among a month supply. In other words, at the current rate of sales, available inventory will be sold out in a month."
According to the latest RE/MAX housing report, the median home price in metro Phoenix was $325,000 in August, up 16.1% from a median sales price of $280,000 in August 2019.
Jeff Tucker, senior ...

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Wednesday, September 30, 2020   /   by Juan Grimaldo

Why Selling this Fall May Be Your Best Move

Why Selling this Fall May Be Your Best Move



If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.
1. Buyers Are Actively in the Market
ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.
It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.
2. There Are Not Enough Homes for Sale
In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million ...

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Juan Grimaldo
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Glendale, AZ 85308
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© 2020 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 19, 2020
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