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Ep. 126 - Home Sellers on Strike; Why is Phoenix Booming; Malls, Malls & More Malls; Is Phoenix Becoming a Sidewalk City??
In this episode of the "Kiss My Assets" podcast, Bart Diehl, Heather Andrews, and Jamison Manwaring discuss the current state of the U.S. housing market. Despite interest rates doubling in the past 18 months, house prices remain high and steady due to the lack of supply on the market. The panel notes that this trend is happening all over the U.S, but is now also affecting Arizona. Specifically, Phoenix has seen a high demand for housing due to its quality of life and increase in job opportunities, resulting in a shortage of supply and more people renting apartments.
The three also discuss the impact of the pandemic on the real estate market, with more people working from home leading to a decline in the office real estate market. They mention Maricopa County's high net migration and how malls are being transformed into multifamily buildings, while light rail construction is underway to improve transportation. The group sees this as a significant opportunity for the growth in the Phoenix Metro area.
The conversation continues with a focus on the amenities of luxury multifamily complexes, which offer everything in one place, such as grocery stores, movie theaters, gyms, and rooftop pools. The group highlights Park Central, a mixed-use development with around a thousand units, shopping, and grocery stores, located near the light rail in central Phoenix, as an example of this trend. They also discuss Lifetime, a luxury gym brand branching out into multifamily with their first 11-story apartment tower in Arizona. Overall, the group notes that these projects reflect a maturing of the Phoenix area and the need for more housing to keep up with the demand as more people move to the region.