Real Estate

Even though the Phoenix real estate market was sluggish in August, optimism prevails this fall. But the W. P. Carey School’s expert has questions about whether there will be significant upward momentum in the near future. Michael Orr, director of the Center for Real Estate Theory and Practice, delivered an overview of the market, including new numbers for September, at the October luncheon meeting of the Economic Club of Phoenix.

While August temperatures spiked, the real estate market was cooling down, according to the monthly report from the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. Sales were up 12 percent compared to August 2014, but compared to a sizzling July, they dropped 11 percent. And as you would expect, the ho-hum sales were accompanied by lackluster pricing. Here’s Michael Orr, director of the center and author of the report.

You already knew that decisions about where to locate your business involve factors such as size of space, type of space, common area expenses and rent. Now add to that the neighborhood characteristics, reputation and image that convey your identity and values -- co-branding the area with your business.

Most years, the desert heat holds back buyers in the Phoenix real estate market, but not this year. Sales of single family homes were up 20 percent over July of last year, and townhouses rose even more.

I have had all manner of tenants in the past, good and bad. With experience, I have developed a successful application process that helps me to find the best possible tenants. After the successful first phone call, now it is time to schedule the showing.