HFF arranges senior debt financing and preferred equity for Hilton Hotels in San Antonio, TX and Kansas City, MO

Hilton San Antonio Airport Hotel, San Antonio, TX

 LOS ANGELES, CA – HFF announced today that it has arranged senior debt financing and preferred equity for two Hilton Hotel locations totaling 731 rooms in San Antonio, Texas and Kansas City, Missouri.

HFF worked exclusively on behalf of Laurus Corporation to secure a $41 million, three-year, adjustable-rate loan through NXT Capital.  In addition, HFF assisted in securing a $15 million preferred equity investment on behalf of the borrower through an affiliate of Lowe Enterprises.  Loan proceeds were used to acquire and reposition/renovate the assets.

Hilton Kansas City Airport Hotel

 The Hilton San Antonio Airport hotel is located at 611 Northwest Loop 410 in San Antonio.  The 14-story property is situated on 3.7 acres and has 384 guestrooms with amenities such as a restaurant and bar, 16,000 square feet of meeting space, 24-hour business center, fitness center, pool and putting green.  

                The Hilton Kansas City Airport is located at 8801 Northwest 112th Street in Kansas City.  The 347-room property has 21,000 square feet of meeting space, a restaurant and bar, 24-hour business center, fitness center, pool, sauna, tennis courts and ballrooms.

Paul Brindley

The HFF team representing the borrower was led by senior managing directors Paul Brindley and Michael Ross along with managing director John Bourret.

                Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties.

 Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management.  It is affiliated with Ethika Investments, LLC, a real estate investment firm.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

NAI Realvest Negotiates $1.25 Million Sale of Ormond Beach, FL subdivision approved for 192 single-family homes

Chris Butera

MAITLAND, FL--- NAI Realvest recently negotiated the sale of 156 acres located at Pineland Trail and Airport Road in Ormond Beach for $1,250,000.

Chris Butera, investment associate at NAI Realvest who brokered the transaction said the property known as the Pineland subdivision has been entitled for 192 single-family residential lots. 

The buyer is Ormond Pineland LLC of Holly Hill and the seller, represented by Butera, is Fort Lauderdale based Tiger Investment Group, Inc.  

For more information, contact

Chris Butera, Associate NAI Realvest 386-453-4789 cbutera@realvest.com;

Patrick Mahoney, President, NAI Realvest 407-875-9989; pmahoney@realvest.com;

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Voit Directs $28.4 Million Industrial Acquisition for Furniture Manufacturer in Pomona, CA

 

Industrial site, 1388 W. Holt Ave. Pomona, CA

 INLAND EMPIRE, CA (Jan. 7, 2013) – Voit Real Estate Services has successfully directed the $28.4 million acquisition of a 355,162 square-foot distribution center in Pomona, Calif. on behalf of both the buyer and seller.

The buyer, CMC Dragon, LP, a furniture manufacturer and importer, is relocating from Fontana, Calif. and plans to use the property as its West Coast distribution center, according to Brian McLoughlin, a Senior Vice President in Voit’s Greater Los Angeles office.

Brian McLoughlin

McLoughlin and David Fults, also of Voit’s Greater Los Angeles office, represented CMC Dragon, LP as the buyer in the transaction.

Frank Geraci, Walt Chenoweth, Juan Gutierrez, and Patrick Wood of Voit’s Inland Empire office represented CH Realty III as the seller in the transaction.

“Demand for large industrial product in the Inland Empire continues to climb, and the fact is that available product for sale in this size range is now scarce,” explained Geraci, an Executive Vice President at Voit.

David Fults

 “In order to identify a property within the geographic boundaries of the San Gabriel Valley with enough space to meet the distribution needs of the buyer, we drew upon our strong relationship with the seller to locate an off-market opportunity.”

Geraci notes that this is the fourth asset the Voit team has successfully marketed for the owner this year and the second disposition of a significant industrial asset by Voit’s Inland Empire and Greater Los Angeles offices in 2012.  Voit’s Asset Services Group was also responsible for maintaining the assets, which totaled over one million square feet, during and after lease-up.

Walt Chenoweth

The buyer, CMC Dragon, LP, will occupy 80 percent of the building for its operations, and will lease the remaining 20 percent to Nina Footwear, a New York-based shoe company which is an existing tenant in the building.

The property is located at 1388 W. Holt Avenue in Pomona, Calif.

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

IDI’s Middlesex Center 2 Marks Return of Speculative Construction in New Jersey

Middlesex Center 1

Atlanta, GA, Jan. 7, 2013 – IDI, a leading full-service industrial real estate company, announced today the construction of Middlesex Center 2, a 751,450 square foot inventory building located at Exit 8A of the New Jersey Turnpike. The building is expected to be completed in July 2013.

 “Middlesex Center 2 marks the resurgence of inventory building development in New Jersey and is one of the largest industrial facilities under construction in the state,” said Frank Petkunas, Senior Vice President and Regional Managing Director for IDI’s northeast operations.

 “Situated proximate to critical point infrastructure and the most populous area in the U.S., the building offers prospective tenants the best first class option in the market.”  

Located in the 206 acre Middlesex Center, building 2 will feature the most contemporary warehouse component technology in addition to customizable warehouse lighting, dock equipment and office space. The office park also includes Middlesex Center 1, a 1,351,200 SF building and plans for the 450,000 SF Middlesex Center 3 building which will be constructed in 2013.

 IDI has nearly 7 million SF under development in 9 states and has been the first to market with new inventory space in several cities, taking the lead as the industry moves out of the recession.

Contacts:

 

  Matt Scofield

Jackson Spalding for IDI

404-214-3554

mscofield@jacksonspalding.com

  Colleen Murphy

Jackson Spalding for IDI

404-214-0934

cmurphy@jacksonspalding.com

HFF arranges $42 million financing for Portland, OR community retail center

Progress Ridge Townsquare, Portland, OR

PORTLAND, OR – HFF announced today that it has arranged $42 million in financing for Progress Ridge Townsquare, a 213,809-square-foot retail community center in Portland, Oregon.

                Working on behalf of Gramor Development, HFF placed the 10-year, 3.7 percent fixed-rate loan with Lincoln Financial Group.  The loan is taking out a construction loan on the property and will be serviced by HFF.

                Completed in 2011, Progress Ridge Townsquare has nine retail buildings that are 86.5 percent leased to anchor tenants New Seasons, a local boutique grocer, and Cinetopia, a luxury “living room” theatre company with three local locations.

 In-line tenants include Ace Hardware, Play Boutique, Fuddruckers, Umpqua Bank and Gentle Dental.  The property is situated on 14.5 acres at 14805 SW Barrows Road on the border of Beaverton and Tigard, Oregon in the Portland metropolitan area.

                The HFF team representing Gramor Development was led by managing director Casey Davidson and senior managing director Lloyd Minten.

                Gramor Development is a commercial development firm based in the Portland/Vancouver area.  Since its inception in 1985, the firm has completed more than 50 developments totaling over four million square feet and valued at nearly $750 million.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Investment Specialist George Livingston eyes bigger role for REITS as real estate market recovers; biggest targets will be retail, senior housing

George Livingston

MAITLAND, FL ---  REITs — Real Estate Investment Trusts — will play a demonstrably larger role as the real estate market recovers, says longtime investment specialist George Livingston, chairman of NAI Realvest in Maitland. 

And while rental apartment communities will likely remain bread-and-butter projects for most REITs, Livingston said he expects REITs to play in increasingly aggressive role in the acquisition and development of senior housing facilities and retail properties.

“As a rule, REITs tend to seek passive investments and refer assets with safe, predictable dividends,” Livingston explained.

“REITs have played such a dominant role in multi-family housing that there is less room for expansion now. We anticipate more adventurous REITs will accept higher risk and the opportunity for higher dividends by investing in secondary property types as the economy improves, along with senior housing facilities,” he said.

Livingston said REITs have recovered in a generally uniform manner with positive returns since 2009.

“The best performing REITs were better capitalized, has access to more financing options, owned better quality assets, and sought less risky strategies,” he said.

But that may change as the market recovers in 2013.

“Recent returns in U.S. REITs were roughly the same as the American broad market. In past years, the REITs typically outperformed U.S. stocks,” Livingston said.

“Capital for growth is available from institutional partners, public offerings, secondary offerings and free sale of assets, and the overall outlook for REITs is very positive,” Livingston said.

 Contact:

George Livingston, Chairman, Green Global Investments 407-875-9989 Glivingston@realvest.com

Larry Vershel, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com

Colliers International Completes Four Sales Totaling Over $19.6 Million in Industrial Properties

9400 Norwalk Blvd., Santa Fe Springs, CA

TORRANCE, CA (Jan.7, 2012) Colliers International, the third largest global real estate services organization, announced today that in the month of December, the team of Chris Sheehan, senior vice president, Adam Deierling, vice president, and Nick Vranka, associate, have negotiated the sale of 4 industrial properties totaling over $19.6 million throughout the Mid-Counties region of Los Angeles.

1110 West Taft Ave., Orange, CA

The transactions represent a multitude of industrial needs and demands that Chris, Adam and Nick handle, including a unique property which was not on the market for sale and a property that received an offer before it was put on the market.

The recent transactions completed by Colliers International include:

12282 Knott St., Garden Grove, CA

                9400 Norwalk Blvd., Santa Fe Springs, CA - Sheehan, Deierling, and Vranka of Colliers International represented the seller in the sale of 9400 Norwalk Blvd.

This 62,302 SF industrial building with 12,000 SF of two story corporate image offices with prominent street frontage and a large fenced yard, was purchased by Superior Holdings LLC. for $6.1 million and will be used for their printing company, Superior Press.

 Jonti Bacharach, Wayne Lamb and Jeff Cecil of Cresa Partners represented Superior Holdings.

15040 Desman Road, La Mirada, CA

1110 W. Taft Ave., Orange, CA – The team along with Steve Schloemer of Colliers International’s Irvine office represented the seller in the sale of 1110 W. Taft Ave. for $6.05 million. 

The property, which was originally on the market for lease was approached by DMG Corporation, a custom HVAC equipment manufacturer, who offered to purchase the building for their corporate headquarters.

Chris Sheehan

DMG Corporation is consolidating its multiple offices and will expand its current operation within this building. 1110 W. Taft Ave. is a 66,821 SF industrial building with a large yard, heavy power, high image two story offices and abundant parking. Allen Buchanan and Steve Shatafian from Lee and Associates represented the buyer.

12282 Knott St., Garden Grove, CA – The team represented the buyer, Elite Screens, in the sale of a 56,000 SF industrial building for $5.1 million. Elite Screens had been in the market to purchase an industrial property and expand their distribution center for almost 2 years when they were approached by Sheehan, Deierling and Vranka. With the help of the team’s intimate market knowledge, they were able to show the buyer the ideal property before it was put on the market.

Adam Deierling

15040 Desman Rd., La Mirada, CA – The team, along with Bill Renwick of Colliers International’s Industry Office represented the seller, Desman Properties, in the sale of 15040 Desman Road for $2.3 million.

The buyer, L.A. Supply Company, was also represented by Colliers International by Brad Christian in the Irvine office. L.A. Supply Company, a textile distributor out of Santa Fe Springs, CA, will utilize the 16,649 SF building as a distribution facility for their expanding company. The property has a fenced yard, dock high loading and was completely refurbished at the time of the sale.

Nick Vranka

“We there will be more companies looking to acquire real estate in 2013 as a result of the improvement of the regional and national economy in conjunction with record low interest rates and strong SBA financing” said Chris Sheehan.

“Right now we are seeing an upward trend in corporate expansion and distribution, leading to lower inventory and increasing prices while properties continue to trade within the recovering market.”

Contact:

Chris Sheehan

 (301-381-2431).

Rainee Tiske

Marketing Specialist | PR GLA| Torrance, CA

Dir +1 310 381 2413

Main +1 310 381 1000

www.colliers.com

www.twitter.com/colliersgla

.

Integrity Home Loan of Central Florida Names James Shamshak Director of Operations

James Shamshak

 LAKE MARY, FL --- Integrity Home Loan of Central Florida has named James Shamshak director of operations.

Matt Malloy, president of Integrity Home Loan, said Shamshak, a graduate of Hiram College in Ohio, has more than four years of experience in the mortgage industry.

“Jim Shamhak is one of a new breed of mortgage loan executives who really sees the big picture,” Malloy said. “We are a young company that has experienced rapid growth during a slow economy and now that the economy is improving we expect Jim to play a major role in our continued growth,” Malloy said.

Matt Malloy

Integrity Home Loan currently has locations throughout Florida in Coral Springs, West Palm Beach, Jacksonville, Orlando, Tampa, and in the Detroit suburb of Southfield, Mich.   

For more information, contact:

 Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Meta Housing Corp. is First to Open Senior Housing Community with On-Site Professional Theatre in North Hollywood, CA

NoHo Senior Arts Colony, North Hollywood, CA

NORTH HOLLYWOOD, CA (Jan. 7, 2013) – History is being made in the multifamily industry as Meta Housing Corporation opens its newly developed $32 million, 126-unit NoHo Senior Arts Colony this month. 

This new, 204,039 square-foot senior apartment community which caters to artists and promotes the arts is the first in the nation to open in concert with a professional on-site theatre. 

 In addition to the theatre, the new community, which features one- and two-bedroom floor plans and is located in North Hollywood, Calif., will offer visual arts and film editing studios, free educational arts classes and an environment that promotes the arts at every turn. 

John Huskey

The NoHo Senior Arts Colony is located at 10747 Magnolia Boulevard in North Hollywood, California.  Leasing information is available at (855) 399-5381.  Further information on the project is at www.NoHoSeniorArtsColony.com.

“As a leader in the field and a developer of senior housing since 1969, we are drawing upon our years of experience to build senior apartments projects which offer so much more than just a quality place to live.  This new community will provide opportunities that are life-changing,” explains John Huskey, CEO of the community developer Meta Housing Corporation.

Huskey notes that Meta Housing Corporation is inviting artists, and those who wish to be involved in or surrounded by the arts, to come and live in a community in which they will increase their artistic abilities and opportunities, as well as being surrounded by like-minded, arts-focused neighbors.

 Meta Housing Corporation is partnering with the Road Theatre Company in this project, according to Huskey.

 For a complete copy of the company’s news release, please contact:        

Jenn Quader/ Corynne Randel

Brower, Miller & Cole

JQuader@browermillercole.com

(949) 955-7940

Arbor’s FHA Lending Group Accelerates Expansion with Hiring of Matthew Carey, VP of FHA Lending

Matthew Carey

UNIONDALE, NY (Jan. 7, 2013) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading national direct commercial real estate lender, has further expanded its multifamily and seniors/healthcare lending capabilities under the HUD/FHA loan programs with the appointment of Matthew Carey as Vice President of FHA Lending in the company’s Cleveland, OH, office.

 As Vice President of FHA Lending, Mr. Carey oversees Arbor’s daily FHA Multifamily Accelerated Processing (MAP) and LEAN (seniors housing/healthcare) loan production, including the coordination of its underwriting strategy and the integration of Arbor’s Bridge-to-HUD loan program. He will also oversee the continued expansion of Arbor’s regional FHA underwriting staff.

 He reports to Joseph Donovan, Senior Vice President, Director of FHA Lending.

Joseph Donovan

 “Matt’s unique blend of leadership and extensive FHA underwriting experience will play an important role in expanding Arbor’s FHA multifamily and healthcare lending business,” Mr. Donovan said.

 Mr. Carey has more than 10 years of experience in commercial lending and underwriting, and he holds both LEAN (healthcare) and MAP (multifamily) HUD designations, qualifying him to submit applications to HUD for all FHA property types and programs.  Mr. Carey has successfully underwritten and submitted more than $200 million in LEAN and MAP applications and has closed more than $100 million since 2009.

 Previous to Arbor, Mr. Carey held the position of Senior FHA Underwriter and then FHA Deputy Chief Underwriter at KeyBank Real Estate Capital. Prior to that, Mr. Carey served as MAP Underwriter for Love Funding Corporation.

Mr. Carey earned his Bachelor of Arts degree from Cleveland State University. He resides in Strongsville, OH.

 As an approved FHA Multifamily Accelerated Processing Lender, Arbor’s FHA group provides borrowers access to all FHA-insured multifamily and healthcare loan programs on an expedited basis. Arbor also provides bridge loans that are underwritten to a permanent FHA loan take out.

Contact:

Chris Ostrowski

Arbor Realty Trust, Inc.

Tel: (516) 506-4255

costrowski@arbor.com

HFF arranges $24.3 million financing for southwest Austin, TX luxury multi-housing community

Avanti Hills (Alexan Galleria), Austin, TX

AUSTIN, TX – HFF announced today that it has arranged $24.3 million in financing for Avanti Hills (Alexan Galleria), a 309-unit, luxury multi-housing community in southwest Austin, Texas.

                HFF worked on behalf of the borrower, Christopher Commercial, Inc., to secure the 10-year, 3.23 percent, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation). 

  The securitized loan was used to acquire the property.  HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

Douglas Opalka

Avanti Hills is situated on 9.5 acres at 12601 Bee Caves Parkway, adjacent to the Hill Country Galleria and close to US Highway 71 and Loop 620 in the Bee Cave area of Austin.  Completed in 2008, the property has one- and two-bedroom units averaging 949 square feet each.  Community amenities include a clubhouse, fitness center, business center, coffee bar, billiards room and swimming pools.  Avanti Hills is 96 percent leased.

                The HFF team representing the borrower was led by senior managing director Douglas Opalka.

Christopher Commercial is a locally-run, family company that owns and operates retail shopping centers in Austin, Texas.

Contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

MBA Releases Commercial/Multifamily Quarterly Data Book for Q3 2012

                                        

 WASHINGTON, DC -- The Mortgage Bankers Association (MBA) has released its third quarter 2012 Commercial Real Estate/Multifamily Finance Quarterly Data Book.

 The report includes a summary of major trends during the quarter and detailed charts and tables providing historical information on the commercial/multifamily real estate markets. Among the findings covered in third quarter Data Book:

Commercial and multifamily mortgage originations were seven percent lower than during the third quarter of 2011 and 17 percent lower than during the second quarter of 2012.

Commercial and multifamily mortgage debt outstanding increased by $6.6 billion, or 0.3 percent, in the third quarter of 2012, as three of the four major investor groups increased their holdings.

Delinquency rates decreased for commercial and multifamily mortgage loans in the third quarter.

The Data Book compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry participants and observers, including trends in property sales, originations, delinquencies and mortgage debt outstanding. For the full analysis please click here.

Contact

Matt Robinson

 (202) 557-2727

mrobinson@mortgagebankers.org

.

KW Property Management & Consulting Relocates Southwest Regional Office in Bonita Springs, FL and Purchases Office Building

3365 Woods Edge Circle, Bonita Springs, FL

MIAMI, FL -- KW PROPERTY MANAGEMENT & CONSULTING (KWPM), a statewide leader in turnkey property management, has moved its Southwest Regional Office servicing Bonita Springs and Naples to 3365 Woods Edge Circle, Suite 102 in Bonita Springs, and also purchasing the entire building for $465,000.

KWPM occupies 3,065 square feet in Suite 102. They were previously renting at located at 3358 Woods Edge Circle in Bonita Springs.

 KW PROPERTY MANAGEMENT & CONSULTING is headquartered in Miami with offices across Florida in Bonita Springs/Naples, Tampa and Orlando plus New York City, NY and Nashville, TN. They manage more than 40,000 residential units in Florida.

Contact:

Brittany Nguyen

Becker Public Relations

2506 Ponce De Leon Blvd.

Coral Gables, FL 33134

Telephone 305/444-2181 x221

Email: bnguyen@beckerpublicrelations.com

www.beckerpublicrelations.com

Twitter: @BeckerPRFirm and @JeanneBecker

Facebook: Becker Public Relations and Jeanne Becker

“Commercial Real Estate Show” Now Broadcast on Wall Street Business Network Radio Stations Across the Nation

Michael Bull

ATLANTA, GA (Jan. 7, 2012) – Building on the show’s national online popularity and Atlanta radio audience, the “Commercial Real Estate Show” is now airing nationally on the Wall Street Business Network’s 10 radio stations.

Host Michael Bull, president of Bull Realty, launched the one-hour weekly program in October 2010 on WAFS Biz1190 AM in Atlanta.

The show examines national commercial real estate and business issues and features high-caliber guests from around the country, including well-known analysts, accountants, brokers, lenders, developers, attorneys and architects. 

As of the first weekend in January, the show is now broadcast in the following markets (all times are local):

• Dallas-Fort Worth on KVCE 1160 AM, Saturdays, 4 to 5 p.m.

• Honolulu on KGU 760 AM, Saturdays, 11 a.m. to 12 p.m.

• Houston on KTEK 1110 AM, Fridays, 10 to 11 a.m.

• Miami on WZAB 880 AM, Fridays, 5 to 6 p.m.

• Minneapolis-St. Paul on KYCR 1570 AM, Saturdays, 11 a.m. to 12 p.m.

• Orlando, Fla., on WBZW 1520 AM, Saturdays, 12 to 1 p.m.

• Sacramento, Calif., on KSAC-FM 105.5, Saturdays, 9 to 10 a.m.

• San Francisco on KDOW 1220 AM, Sundays, 2 to 3 p.m.

• Seattle on KKOL 1300 AM, Saturdays, 11 a.m. to 12 p.m.

• Atlanta on WAFS 1190 AM, Saturdays, 10 to 11 a.m.

The show’s podcasts are also available on iTunes and www.CREShow.com.

“I’ve been delighted at the impact the show has had in just two years, and I’m extremely excited about the opportunity to continue to extend its reach,” Bull said.

“We can tell by the location of podcast downloads that the content is relevant to audiences across the globe. As we continue to add stations, the show’s comprehensive analysis and enlightening conversations will reach a much larger audience.”

For More Information, Contact

Stephen Ursery

The Wilbert Group

404.965.5026

sursery@thewilbertgroup.com

Trepp December Payoff Report: Percentage of Loans Paying at Maturity Recedes

 NEW YORK, NY -- The percentage of loans paying off on their balloon date has exceeded 60% for the past three months. In December, the payoff rate dropped. The percentage of loans paying off in September, October, and November was 68.2%, 60.7%, and 62.6% respectively. Last month, 54.5% of loans reaching their balloon date paid off.

Despite the fall off, the December rate of 54.5% is well above the 12-month moving average of 47.0%. (This number sums the averages of each month and divides by 12, there was no balance weighting across the months.)

At the end of the summer, we mentioned that the payoff rate could move to the upside in the coming months. 

We noted that for the rest of the year, loans reaching their maturity date should be more heavily skewed to earlier vintages, as loans from that time frame were made with lower leverage and more reasonable valuations.

 The result should be better payoff numbers. The data from the past four months has confirmed this.

For a compete copy of the company’s news release, please contact:

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Phoenix Leads U.S. in Median Home Price Gains, Outpacing Red-Hot San Francisco Bay Area, Says ZipRealty

Lanny Baker

EMERYVILLE, CA, Jan. 7, 2013 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), 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.

Daniel LeBoffe

 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.”

For a complete copy of the company’s news release, please contact:

Stacey Corso

Public Relations Manager

ZipRealty, Inc.

(510) 735-2667

scorso@ziprealty.com

http://www.ziprealty.com