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Ep. 138 - Google's Mega Data Center; Phoenix's Real Estate Boom; Economic Upswing; Housing at Crossroads
In this episode of "Kiss My Assets," Jamison Manwaring, co-founder, and CEO of Neighborhood Ventures, discusses various topics related to the real estate and housing market in the Phoenix Metro area. He is joined by Bart Diehl, Director of Marketing, and Heather Andrews, Investor Relations.
They start by discussing recent transactions in the Phoenix Metro area, focusing on the multi-family sector. Despite a decrease in transaction volumes, those that are occurring are at attractive sell prices for sellers. They highlight several apartment buildings that have been sold recently, discussing their price per unit and per square foot. The discussion then shifts to the factors affecting the real estate market, including the impact of interest rates on property values.
The hosts also delve into the changing landscape of Phoenix, highlighting new developments such as a planned tall tower, a Google data center, and a tech plaza by George Kurtz. They explore how these developments are reshaping the city's skyline and economy and how Phoenix is attracting businesses and individuals from states with higher taxes and living costs.
The episode covers the ongoing need for housing development in Phoenix due to population growth. They discuss the challenge of NIMBY-ism (Not In My Backyard) and the balance between accommodating housing demand while managing concerns about congestion and infrastructure. Jamison also addresses recent trends in pay raises surpassing inflation, suggesting a return to a more normalized economic state. Additionally, they analyze the surprising trend of old homes costing more than new ones, speculating on potential factors driving this market anomaly.