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Valley Sales Not Derailed by War Threat

PHOENIX-Area brokers say a US-led war against Iraq isn't likely to stop investors from shopping the Phoenix metro's cache of stable properties. Key to the market is the 1031 investor, who will still need the tax write-off.

By Beverly Ford | Updated on March 18, 2003

PHOENIX-A looming war in the Middle East should have no major effect on real estate sales in the Phoenix market as the Valley climbs out of a tough economic downturn, realtors predict.

“I truly think the certainty is much better than the uncertainty we’ve seen,” Jerry Roberts, senior vice president in Phoenix with Los Angeles’ CB Richard Ellis Inc., tells GlobeSt.com. Roberts said quick military action should have no effect on sales in the Valley’s market as investors continue to look for places to put their money. “There’s still a lot of people looking for a good investment so good properties will always sell,” he said.

But Eric Wichterman, with the New York City-headquartered Grubb & Ellis Co.’s investment sales team in Phoenix, predicts that a war with Iraq may make investors hesitant initially. “Investors may be like a deer caught in the headlights–they’ll pause,” he tells GlobeSt.com, “but I don’t think we’ll see a large drop in activity. There may be a fear factor because they may want to hold cash, but anything that’s a stable property will sell.”

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