PHOENIX-After more than four years of declining land values across the metro area, prices have finally stabilized, according to a land expert from Cassidy Turley/BRE Commercial’s local office.

“I’d estimate that 90% of the bad land assets have made it back to the lender or back out to the private market – that’s important because it means we won’t see continued deterioration in values,” says Brent Moser, executive vice president of Cassidy Turley/BRE Commercial’s land group.

Moser says commercial land values are off by about 70% from their peak in 2006 and 2007, while residential land values suffered even more. Neither has recovered yet. “We’re not seeing a lot of movement in the right direction,” he notes. “We’re all waiting on what will be a new baseline for commercial land prices.”