Apartment Rents Rise Fastest in Class-B Submarkets

Written on February 21, 2017 at 04:55 PM

Apartment rents are growing most quickly in working-class, suburban submarkets that apartment developers have avoided. “With a handful of exceptions, the neighborhoods posting the strongest rent growth don’t have much ongoing construction,” says Greg Willett, chief economist for Real Page and MPF Research. The suburban areas are often working-class areas with older, less-expensive housing and limited supply.

In contrast, rents are growing much more slowly in the heavily-supplied urban, core markets where the rents are already high. “The high-income tenants in these areas can consider home ownership, and can play off the amply new product one against the other for the best deals,” says John Affleck, international economist for CoStar Group. Those cities – along with towns hurt by low energy prices—are now home to the submarkets with the slowest rent growth.“ The bottom performers are really concentrated in a handful of metros, in this case Houston, San Francisco and New York,” says Willett.

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Categories: Arizona, Real Property, North Carolina, Multi Family, California, Florida

Alert:  Arizona Tax Court Rules Amended Property Tax Appeal Decision May Not Always Restart the Appeal Deadline

Written on July 11, 2016 at 01:18 PM

As we head into the State Board of Equalization (“SBOE”) appeal season in Arizona, taxpayers and practitioners should be mindful of two recent rulings by the Arizona Tax Court addressing an issue of first impression in Arizona.  The rulings stand for the proposition that an amended decision issued by the SBOE does not restart the 60-day appeal deadline for a party to appeal the SBOE’s decision to the Tax Court where the amended decision is neither a material change nor a new exercise of discretion by the SBOE. Both cases resulted in the dismissal of the plaintiff's property tax appeal.

To learn more about these recent property tax appeal rulings and what you can do to avoid a similiar outcome, click below to read an article written by Managing Consultant Domingos Santos, located in Paradigm's Phoenix office.

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Categories: Arizona, Real Property, Paradigm Info

Real Estate Appeal Deadline Reminder: Maricopa County, Arizona

Written on March 22, 2016 at 02:49 PM

By Domingos Santos, Managing Consultant, Arizona

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Categories: Arizona, Real Property, Paradigm Info

NREI: Top Five Multifamily Investment Markets

Written on February 22, 2016 at 03:30 PM

In 2015, high demand for multifamily space resulted in 306,000 new units being added to the U.S. market, according to Freddie Mac—the highest number since 1989. While momentum is expected to remain strong for 2016, the sector will start experiencing increasing vacancy. Multifamily investors will need to carefully consider which markets will stretch their dollar the furthest. Cities in the West and the South hold the highest ‘buy’ ratings from market experts, with the exception of markets with oil-reliant economies such as Dallas-Fort Worth, an expected pain point for multifamily investment in 2016.

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Categories: Arizona, Real Property, North Carolina, Multi Family, California, Florida

Pima County Assessor Reclassifying Airbnb Properties as Commercial

Written on August 28, 2015 at 11:32 AM

Hundreds of Tucson-area homeowners were caught off guard this year, as the Pima County assessor targeted people who rent their houses, guesthouses or condos as short-term or vacation rental properties for profit and reclassified those properties as commercial. County Assessor Bill Staples says state law defines transient lodging establishments as those that rent for less than 30 days at a time. Because vacation rentals and short-term rentals meet this criteria, the properties were reclassified as commercial, and thus has their property tax payment ratio increased from 10 percent for residential to 18 percent for commercial. The assessor reclassified 235 local properties, using popular vacation-rental websites like AirBnb and HomeAway, but is likely only a a fraction of the number of residential properties rented short term in the region.

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Categories: Arizona, Real Property, Hospitality

Phoenix's 'Class A' Office Buildings Struggle With Vacancy Rates, Downward Pressure on Rent

Written on June 15, 2015 at 12:22 PM

Some of the Phoenix’s trophy Class A office buildings have higher vacancy rates than the market overall, as well as higher office vacancy rates than other Western U.S. cities such as San Francisco, Seattle and Los Angeles, according to a new report from JLL. While the asking rents at office towers in midtown and downtown are more than 33 percent higher than less prominent office space, the vacancy rates for trophy buildings are also actually higher. The asking rents at trophy buildings in Phoenix’s central business core were $26.53 per square foot in the first quarter compared to $19.87 for non-trophy space, according to JLL. Vacancy rates in those same trophy buildings is currently 24.5 percent compared to to 21.3 percent for non-trophy offices.

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Categories: Arizona, Office, Real Property, Leased

Tax Alert: Arizona Tax Amnesty 2015

Written on May 19, 2015 at 08:49 AM

By Holly I. Unck Esq., Senior Managing Consultant, Phoenix

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Categories: Arizona, Sales & Use Tax, Paradigm Info, Transfer Taxes

Arizona Legislative Recap: Many Property Tax Measures Advance, But One-Year Property Tax Cycle Bill Fails

Written on May 12, 2015 at 09:50 AM

By Domingos Santos, Managing Consultant, Phoenix

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Categories: Arizona, Real Property, Paradigm Info

Yavapai County Ranchers Appeal Tax Court Ruling on Grazing Land Values

Written on April 27, 2015 at 11:08 AM

A huge alliance of Yavapai County, Arizona ranchers is appealing portions of a tax court ruling about the value of the county's grazing land. While the judge lowered grazing land values for property tax purposes, values for federal and state grazing leases were not considered. Only 25 percent of the land in Yavapai County is private, according to government statistics compiled by the Western Rural Development Center. The alliance is concerned the increasing tax rates will push ranchers out of business, along with the open space and wildlife waters they provide.

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Categories: Arizona, Real Property, Agricultural Land

US Hotel Industry Reports Strong Performance Metrics

Written on January 21, 2015 at 07:02 AM

The U.S. hotel industry ended 2014 with a bang, reporting positive results in the three key performance metrics during December 2014, according to data from STR, Inc. Overall, in year-over-year results, the U.S. hotel industry’s occupancy was up 4.8 percent to 52.6 percent; its average daily rate rose 4.3 percent to $113.42; and its revenue per available room increased 9.3 percent to $59.62. Demand for the month was 5.8 percent higher than last year, and Interstate and Suburban hotels even reported demand increases of more than 6 percent.

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Categories: Arizona, Minnesota, Real Property, Hospitality, Tennessee, Hotels, California, Louisiana

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