Tag Archives: brokerage

ORION Multifamily

ORION Expands Multifamily Team

ORION Investment Real Estate expanded its multifamily group with the addition of five industry veterans specializing in acquisitions and dispositions of multifamily properties.

“We believe that after a brief pause over last summer largely caused by an increase in interest rates, multifamily is heating up again throughout the Valley,” stated Ari Spiro, president of ORION.  Though transaction volume has dropped since this summer, Spiro continues, ”quite a few larger, institutional transactions closed in the 4th quarter, which usually gives the entire market confidence and a precursor that B and C caliber properties will begin moving again.  Based on our activity, we project that B and C deals will begin to move with the velocity that we experienced in 2012 and beginning of 2013 as we move in the second quarter.”

To take advantage of this resurgence in multifamily, ORION has grown its multifamily presence in recent months with the hiring of Jackie Allen, Linda Ayala, Jason Campagna, Joseph Dietz and Dennis Hoth; each of whom brings decades of real estate experience and multimillion dollar track records to ORION’s already successful and well-established multifamily platform.  “We are excited to add this type of top-notch talent to our team.  The new additions bring a vast track record with experience closing smaller, privately owned projects all the way up to institutional grade properties,” said ORION Principal Sean Stutzman.

ORION closed nearly $100M in apartment transactions recently and is looking to build upon that sales volume as the economy continues its recovery. ORION’s investment sales brokers have closed over $500M in transactions since the firm’s inception in 2009.  Stutzman adds, “ORION will continue its growth by attracting and maintaining experienced Brokers of the highest ethical and moral standards, who appreciate our team approach.”

Allen, Campagna and Dietz bring nearly a billion dollars inmultifamily business with them to ORION.  Allen and Dietz have worked with Spiro for more than a decade, “I am honored to rekindle a working relationship with Jackie and Joe.  Both were top producers at national firms  And Jason was quite a find.”

Campagna joins ORION most recently from RE/Max, where he was one of the top commercial brokers in the state.  With nearly 50 closings a year for the past several years, Jason brings a tireless work ethic and offers a breadth of real estate knowledge to his diverse client base.

Hoth joins ORION from CBRE in Omaha, Neb., and Ayala has been active in both the brokerage and as an investor.

“With the institutional approach offered by Hoth and Ayala’s vision from an ownership side, we can offer unmatched analysis and perspective in this marketplace,” continued Spiro.

Stutzman concludes, “For the first time in nearly decade, both commercial and multifamily segments are stable and showing clear signs of growth.  We are poised to take advantage of this increase in investment sales volume and continue our expansion.”

housing.prices

Phoenix Leads U.S. in Median Home Price Gains

ZipRealty, Inc., the leading online technology-enabled residential real estate brokerage company, has released the most accurate and complete MLS data showing that Phoenix median home prices have increased more than any other market in the U.S. on a year-over-year basis. Median home prices rose 36 percent in the Phoenix MSA from November 2011 to November 2012. The Silicon Valley recorded the second-highest price increase during that time at 30 percent, while Tampa prices rose 26 percent. Rounding out the list at No. 4 and No. 5, respectively, were San Francisco’s East Bay and the city of San Francisco, which jumped 24 percent and 23 percent, according to MLS data.

Phoenix median home prices increased from $116,000 to $158,000 from November 2011 to November 2012. “There are likely a few different factors contributing to this surge, including decreased housing inventory, lower unemployment numbers, high-tech job growth, steady population gains and increased investor activity, especially from out-of-area buyers,” says Lanny Baker, Chief Executive Officer and President of ZipRealty, Inc.

“Phoenix saw a strong run-up in housing prices from 2004 through 2006,” says Daniel Leboffe, Director of Agent Development at ZipRealty and a Phoenix area Realtor since 1997. “Phoenix was one of the leading markets for price increases during the real estate boom fueled by affordable housing, population growth, relaxed lending standards, zero-down financing and investor/speculator interest. Conversely, it was one the hardest hit areas during the Great Recession, resulting in a strong spike in foreclosures and short sales. Now, a number of these cities within Greater Phoenix are seeing some of the biggest rebounds,” he adds.

With investors acquiring foreclosures and the mortgage delinquency rate declining, the inventory of distressed homes in Phoenix has decreased, according to Leboffe. “As a result, many buyers –especially first-time buyers – are being priced out of the existing housing market, and turning to newly built properties. To meet this new demand, developers have acquired large tracts of land to build new homes,” notes Leboffe.

Leboffe observes that, once again, strong interest from out-of-area investors has impacted housing prices in Phoenix. “Out-of-area investors have ramped up home buying activity during the past three years or so, which has placed upward pressure on prices,” he says. “Because of the mild local weather, relatively cheap cost of housing and favorable currency exchange, Canadians have been a notably active segment of the local market. They typically pay cash and actively purchased foreclosed homes for both investment and as second homes, which helped relieve market distress,” he shares.

“As the local economy strengthens and as newly built homes come to market easing relatively low levels of resale homes, more people should have the ability to purchase a home in Phoenix, in spite of still-tight underwriting standards being implemented by the lending community,” notes Leboffe.

Coldwell Banker

Coldwell Banker Residential Brokerage Expands

Coldwell Banker Residential Brokerage in Arizona announced that it welcomed to its team former members of The JW Realty Group in Gilbert.

Five real estate agents including broker owner Jason Witte have joined Coldwell Banker Residential Brokerage’s various offices throughout metro Phoenix, with Witte assuming a role as an associate broker in the company’s Chandler office.

“This is a strategic opportunity to strengthen our presence throughout the metro Phoenix region,” said Malcolm MacEwen, president and chief operating officer of Coldwell Banker Residential Brokerage in Arizona. “Jason and his team are deeply entrenched in the surrounding real estate market and will be a valuable addition for the Coldwell Banker Residential Brokerage team.”

Witte established The JW Realty Group in 2009 with a particular emphasis on providing clients in the metro Phoenix area with highly specialized information to guide the decision-making process in buying, selling or renting a home.

“With all the technology that Coldwell Banker Residential Brokerage has to offer, I am pleased to become part of this widely respected company,” Witte said. “After weighing everything very carefully, the choice was clear. From the professionalism and quality of the agents to the tools and name recognition, Coldwell Banker Residential Brokerage is a marketplace leader for a reason.”

For more information on Coldwell Banker Residential Brokerage, visit Coldwell Banker’s website at azmoves.com.

Castle Hot Springs

Castle Hot Springs Seeks New Ownership To Start State's Second Century

CBRE has been retained as the exclusive adviser for the sale of Castle Hot Springs, located at the base of the Bradshaw Mountains, seven miles northwest of Lake Pleasant Regional Park in Peoria.

The 210-acre property, which includes the historic resort and year-round natural hot springs, is listed on the National Register of Historic Places.

Dave Headstream, Jason Hyams and Mike Ratliff of CBRE’s Land Services Group in Phoenix are handling the sales responsibilities on behalf of property owner, Ektornet US, Inc., a New York City-based Swedish real estate company.

“This represents a unique opportunity to own an irreplaceable asset and a piece of Arizona history,” Headstream says. “Its location makes Castle Hot Springs an ideal choice for a destination resort, corporate retreat, organizational team-building facility or private residence, not to mention the tremendous value-added potential in the surrounding acreage.”

Opened in 1896, Castle Hot Springs was considered one of the premier resorts in the U.S., attracting prominent families, such as the Vanderbilts, Astors and Wrigleys. During World War II the property was converted into a rest and recuperation (R&R) facility, leased by the U.S. War Department, where, reportedly, Lt. Cmdr. John F. Kennedy spent time recuperating from combat injuries. In the early years, Castle Hot Springs was the first territorial winter capital of Arizona and was the first property in the state to receive a telephone number, which was “1.”

Today, just a few structures remain, including the administrative building, which is situated among a lush lawn containing 550, 100-year old palm trees and adjacent to a 125,000-gallon naturally-heated swimming pool. Other structures include a barn and stable, a large maintenance shed and a guest house. The property also has electric service and a self-contained water supply.