Tag Archives: residential real estate

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Helix Launches Residential RE Division

Ryan Spiekerman

Ryan Spiekerman

Helix, an Arizona-based commercial real estate brokerage, management, investment services and development company, announced today the launch of its residential division.

The new division will provide residential leasing, sales and property management, and will be managed by Cam and Tanya Morrier, a husband and wife team who recently joined Helix, bringing a residential property management portfolio to the company consisting of 60 properties.

Ryan Spiekerman, principal and founder of Helix, says that the residential division was formed to create greater diversity in the brokerage and property management portfolio listings.

“We see an opportunity, as the residential market stabilizes, to assist investors in the residential sector to protect their investment properties through professional asset management services,” said Spiekerman. “Similar to our commercial division, we are dedicated to providing our residential clients with resources that enables them to maximize profitability on their residential real estate investments.”

Spiekerman also says that the new division should mean at least a 20 percent growth in business for Helix in 2014 alone.

Cam Morrier will now serve as manager of residential sales and leasing for Helix, and Tanya Morrier will work as the residential property manager and leasing sales agent. Helix is led by principals Spiekerman and Adam Feldman, who is also the company’s designated broker.

“Helix has earned a reputation as a leader in the commercial real estate space in Arizona and around the Southwest, and now we are excited to help the company expand and gain market share in the residential space,” said Cam Morrier.

With expertise in acquisition, construction, development and disposition of millions of square feet of real estate in Arizona and throughout the Southwest, the Helix team has worked in nearly every segment of the commercial real estate industry: office, retail, industrial, land, self-storage multi-family housing, assisted living and medical.

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Capstone Mortgage Launches in Phoenix

The Arizona residential real estate market has undergone dramatic changes in the past decade, from all-time highs in 2006 to historic lows in 2011, but the market is finally coming back around. Three industry veterans recognized the improving real estate market and growing demand for mortgage loans as an opportunity and founded Capstone Mortgage to provide various types of home loans.

Capstone Mortgage founders Paul Attaway, Bobby Barnes and Tyler Stone all bring different strengths and experience to the company, ranging from starting, building and selling companies to running a successful mortgage company.

Capstone Mortgage CEO and President Paul Attaway has over 17 years of experience in Arizona as an entrepreneur. During this time, Attaway maneuvered through every stage of a company’s life from start-up through managing growth to the ultimate successful sale of the business. Prior to Capstone, Attaway started and sold Vistek (a leading designer and manufacturer of devices for the life sciences and other industries) and Tekton (a leading developer of seismic isolation solutions and related intellectual property).

Capstone Mortgage President Bobby Barnes is generally acknowledged as one of the top producers in Arizona in the mortgage industry. Barnes started in the mortgage business in 1990 as a loan officer and founded and was president of Legacy Home Mortgage from 1996 until 2010. An Arizona native, Barnes has significant experience in both conforming and non-conforming private money lending operations, having originated in excess of $1 billion in conforming loans and in excess of $200 million in non-conforming loans.

Capstone Chief Operating Officer and Executive Vice President Tyler Stone has over 10 years of experience in the Arizona residential real estate industry. Prior to Capstone, Stone started Infinity Wealth Real Estate, a leading REO and foreclosure brokerage in Arizona where he personally closed in excess of $60 million in home sales and disposed of over 300 distressed properties for clients.

The company’s offices are located at 6900 East Camelback Rd, Suite 570, in Scottsdale. For more information, visit http://www.capstone-mortgage.com/.

Grant Thornton Business Optimism Index

Comerica Bank’s Arizona Index Up in April

Comerica  Bank’s Arizona Economic Activity Index climbed slightly in April, rising 0.2 percentage points to a level of 95.0. The  April  index  reading  is  23.7 points, or 33 percent, above the index cyclical  low  of 71.3. The index averaged 87.2 points for all of 2012, 8.7 points above the average for full-year 2011.

“Our  Arizona  Index  increased  in  April  reflecting  the  turnaround  in residential  real  estate conditions in the Phoenix area,” said Robert Dye, Chief  Economist  at  Comerica  Bank.  “Home  prices  have  increased  on a month-to-month  basis for 20 consecutive months through this past April. On a  year-ago  basis,  Phoenix  area home prices are up 21.5 percent. That is providing  positive  incentive  for  home  buyers  and builders. It is also increasing  homeowners’  wealth,  which  translates  into  stronger overall consumer  activity.  We  expect  to  see further improvement to the Arizona economy in the months ahead.”

The  Arizona  Economic  Activity  Index  consists  of  seven  variables, as follows:  nonfarm  payrolls,  exports,  sales tax revenues, hotel occupancy rates,  continuing claims for unemployment insurance, building permits, and the  Case-Shiller  home  price index.  All data are seasonally adjusted, as necessary,  and  indexed  to  a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.

Comerica   operates   18   full-service   banking  centers  throughout  the Phoenix/Scottsdale area.  In addition to Arizona, Comerica locations can be found in its headquarters state of Texas, as well as in California, Florida and  Michigan, with select businesses operating in several other states, as well  as  in  Canada and Mexico.

AB-DigitalIssueFeatured

AZ Business Magazine May/June 2013

AZ Business Magazine May/June 2013

Good economic news abounds

Michael GossieThis is one of those issues of Az Business magazine that
was really fun to put together because it’s brimming with positive economic news.

We learn in the residential real estate outlook — that runs in conjunction with the announcement of the winners of the Arizona Real Estate Achievement (AREA) Awards — that we can expect Phoenix-area home prices to keep soaring in 2013.

“The residential market continues to improve,” said Elliot Pollack, CEO of Elliott D. Pollack & Company, a real estate and economic consulting firm. “The excess supply is dwindling. While population flows are still way below normal, demand is increasing. The result — higher resale and new home prices — helps the economy because fewer homeowners are under water and people feel better off (the wealth effect). These positive trends should continue over the next year and beyond.”

In our Arizona Small Business Association supplement, we learn that big banks are approving small business loans at the highest rate in more than two years. “With an improving economy, Wells Fargo is … providing more dollars to help small businesses stay competitive today and for the long term,” said Jennifer Anderson, business banking manager for Wells Fargo Arizona.

Now that’s a pretty good sign about our economic recovery.
Michael Gossie Signature

Michael Gossie, Managing Editor

Read more articles from this issue.

Take it with you! On your mobile, go to m.issuu.com to get started.

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.

maracay

Maracay Homes, JEN Partners Close Of 74 Lots In Chandler

JEN Partners closed on 23-acres east of the south-east corner of Ocotillo Road and Lindsay Road in Chandler. Known locally as the Pastorino Dairy, the final plat is approved for 74, 60’ x 120’ lots and was annexed, zoned and platted by Maracay Homes.

Opening spring of 2013, the community will be named Vaquero Ranch and feature Maracay Homes’ 45’ wide home series ranging from 1,800 – 3,700 square feet.  Prices will be based on market conditions at opening date.

“This acquisition is a good example of Maracay’s continued pursuit of land opportunities in premium locations with capital efficient transaction structures,” said Tom Lemon, VP of land acquisitions and development for Maracay Homes. “Maracay Homes is excited about the opportunity to develop a land banking relationship with a well capitalized partner that has significant local market and home building expertise.”

JEN Partners, a NY Private Equity Firm managed locally by TerraWest Communities, paid $2.3 million for the property.  The seller was the Estate of Londo Pastorino.  Under separate agreements with JEN Partners, an entity of Maracay Homes, Maracay VR, LLC, will develop the home sites and purchase them on a rolling option basis.

Donna Bolen of Arizona Enterprises brokered the underlying purchase.  No broker was involved in the land bank transaction.