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Fall 2005 Newsletter )
October 2005
In this issue...
  • Steve Norris to Speak at CRE National Meeting in DC
  • Fastest Growing City in America to be Studied
  • Bubbles, Bubbles
  • Speaking of Bubbles, Here's a Big One
  • Greetings!

    Here is the latest news from Norris Realty Advisors...


    Steven Norris

    Steve Norris to Speak at CRE National Meeting in DC
    CRE Logo

    The complex issues surrounding military base realignment and closure will be discussed by a panel of experts from both the Defense Community and private sector in November in Washington DC. Steve Norris is honored to have been selected as a part of this panel, which will cover issues such as community encroachment, adaptive-reuse, redevelopment, and the effects of local government planning on based closure. The lastest round of Base Realignment and Closure is on the national horizon. Redevelopment of these properties represents unique challenges to the development community. Do the BRAC decisions mean economic stress or opportunity?

    Fastest Growing City in America to be Studied
    GirlbertTRain

    Where is the fastest gorwing community in the nation? Large suburban cities in the West, led by Gilbert, Ariz., dominated the list of America's fastest- growing cities, according to population estimates released by the U. S. Census Bureau. Between April 1, 2000, and July 1, 2002, Gilbert was the fastest- growing of 242 cities with populations of 100,000 or more.

    Norris Realty Advisors will be consulting on the potential for development of a significant collection of parcels in Gilbert, Arizona. Our analysis will consider longer term issues related to supply and demand for industrial and commercial sites in the area.

    Gilbert, south of Phoenix, grew by 23 percent, to a total of 135,005 residents. Rounding out the top five fastest-growing large cities were North Las Vegas (18 percent) and Henderson (17 percent) in Nevada, and Chandler (14 percent) and Peoria (13 percent) in Arizona.Gilbert, Chandler and Peoria are in Maricopa County,Ariz., and all three cities were among the 10 fastest-growing from 1990 to 2000.

    Bubbles, Bubbles
    Bubbles

    According to John Makin of the Amercian Enterprise Institutute: "How vulnerable is U.S. growth to the real estate bubble? While the bubble is heavily concentrated in metropolitan areas, overall rising real estate values have contributed massively to household wealth and even to disposable income as the innovative mortgage sector arranges for easy withdrawal of rising equity in homes. The existence of a bubble in major metropolitan areas is not in doubt. The ratio of home prices to incomes is two to three standard deviations above the average since 1980 in over 20 major cities, including Miami, Chicago, San Diego, L.A., Las Vegas, San Francisco, Washington, Denver and New York. In those markets, house prices have risen by an average of over 20% during the last year; in the "hottest," Las Vegas, prices have risen by a third in a single year. Just-released U.S. home sales data shows median house prices nationwide are up nearly 15% over the last year -- triple the growth rate of incomes."

    Is this a bubble? Well, if its not, is the best imitation of a bubble we have ever seen.....

    Speaking of Bubbles, Here's a Big One
    Park Ave condo

    Think housing is expensive? How about a duplex apartment with 6,600 square feet of inside and outside space, and an asking price of $23.5 million, for this Park Avenue pad. With house values in New York City escalating to the stars, this apartment shows how hot the housing market has become in the Big Apple. The unit is located on high-end Park Avenue and sports a wrap-around deck and a sound proof mini-theater. Loaded with imported marble and offering panoramic views of one of the swankiest areas in New York City, this is "a full service white glove building."

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