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The Dealmaker: 8/9/2017

Posted by   /  August 9, 2017  /  No Comments

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The Dealmaker is a daily note of the day’s top real estate stories served just in time for lunch. Bon Appetit! Subscribe here to receive the Dealmaker to your inbox

 

‘OLD’ NEWS – Ahwatukee site bid yields $23M for Tempe Union“Tempe Union High School District is expecting a $23-million windfall and Ahwatukee residents could see a ‘new old-home neighborhood’ [with ‘Old Town Charm’ and ‘Old Fashioned Architecture’] after the district governing board approved the sale of… the [63-acre] parcel on the southwest corner of Desert Foothills Parkway near Frye Road to Desert Vista 100, a subsidiary of Blandford Homes.” Ahwatukee Foothills News. http://bit.ly/2upG81j

In Peoria, development waits for no man, or child for that matter.“Hundreds of new homes in North Peoria are hitting the market this summer or are about to be built, many poised to be inhabited by families with would be students of the Peoria Unified School District.” Will there be enough schools to serve the expected upswing in student enrollment? YourWestValley examines what officials and developers are doing to help the district keep pace. http://bit.ly/2uH4tLm

Dormant desert in bloom: Long-vacant West Valley land set for renewed housing boom. “Rancho Mercado… had been shelved since 2007 due to the Great Recession, but has found new life with the June 20 approval of an agreement between the city of Surprise and developer William Lyons Homes… The community will rise in an area roughly bounded by Jomax Road south to the Loop 303, and from Bullard Avenue to Litchfield Road.” YourWestValley gives an update on the 3,400 home/12,000 resident development — a project that one Surprise city official says “will be a boon to future development in the area.” http://bit.ly/2wJ3cow

Flagstaff high occupancy housing plan available for comment. “After a year of public input, the city released the draft of the High Occupancy Housing Specific Plan last month… The plan aims to create policies that will govern the creation of future high occupancy housing developments.” Arizona Daily Sun focuses on three of those policies: Transportation, Neighborhood Character, Sustainability. http://bit.ly/2vkyjsJ

NO PUBLIC MONEY BALL – Gilbert won’t fund Brewers ballpark, but idea isn’t dead. “[Mayor Jenn] Daniels said the town did its ‘due diligence’… which showed the cost of the stadium [$90 million] outweighed the economic benefits… This doesn’t necessarily mean the [Milwaukee] Brewers won’t move to Gilbert. They just won’t be getting public dollars to build the ballpark.” AZCentral. http://bit.ly/2ft8zEQ

Maricopa creating contingency ballot if Apex case is lost. (Disclosure: Rose Law Group represents APEX Motor Club.) “[The City of Maricopa] said it will refer the… approval of a conditional use permit for Apex Motor Club to the November election. City Clerk Vanessa Bueras said it is only a contingency… [A]rguments on the potential ballot issue must be submitted [by] 5 p.m. [today].” inMaricopahttp://bit.ly/2ftzmRB  

‘Innovation Pavilion’ coming to Florence. “Besides millennial housing and retail, key components of an [Innovation Pavilion] include corporate suites, a conference center, ‘maker space,’ ‘co-working space,’ a 21st-century library and a [‘science, technology, entrepreneurship and mastery’] school… This new ‘[IP]’ could eventually result in construction of a 200,000-square-foot campus north of the Florence Library and Community Center.” Further details on the project Town Manager Brent Billingsley calls an “awesome opportunity,” plus a rendering showcasing IP’s “major components” — in Florence Reminder. http://bit.ly/2hLrgV6

Future growth won’t come easy. No, that is not a piece of self-deprecating humor uttered by vertically-challenged superstar Tom Cruise. It’s the headline in East Valley Tribune for a report that looks at “several challenges” facing East Valley cities “as they prepare for continued growth in coming decades.” Among the challenges: Water, Redevelopment and Affordable Housing. http://bit.ly/2vjXYlr 

[VIDEO] 20 Cities in 20 Days: Paradise Valley’s business secrets. This installment of azfamily’s “20 Cities” is a bit of a bait-and-switch, as it focuses on that “other Paradise Valley,” the neighborhood located in North Phoenix. Segments include: Visits to PV Golf Course and The Green Goddess nursery, along with a chat with Phoenix Councilman Jim Waring. Meanwhile, perhaps 3TV/CBS 5 should change the name of this news feature to “19 Cities and 1 Neighborhood in 20 Days”? http://bit.ly/2vOLZwE

Reports: Housing starts poised to surge. “Two reports out Tuesday from a pair of research outfits indicate that housing starts may be poised for a big jump. The first, from Fredonia Focus Reports in Cleveland, predicts that starts will steadily climb to an annual pace of 1.6 million by 2021. The second, from LegalShield in Oklahoma, sees the potential for starts to rise to a pace of 1.4 million by the end of the year.” Builder. http://bit.ly/2wutSKs 

THE HPPI SPLIT – Appraisal, expectation gap closes a bit. “In July, the average spread between an owner’s estimate and the appraised value was 1.55% according to Quicken Loans’ National Home Price Perception Index. Despite the national average, the range of perceptions varied across the country with valuations coming in higher than expected in some metro areas.” Check out Phoenix’s HPPI movement, in Builder. http://bit.ly/2vFjmSU

Fannie and Freddie could need $100 billion bailout in next crisis, stress test finds. “The Federal Housing Finance Agency released the results of a stress test that examined how the… companies would perform in what’s called a ‘severely adverse scenario.’… The test found that Fannie and Freddie together would require between $34.8 and $99.6 billion” The good news? Last year they needed “$125.8 billion.” MarketWatch. http://bit.ly/2upSJSc

Pros and cons: Asphalt shingles vs. metal roof. “If you were to ask a sampling of production builders what is the best roofing material on the market, they’re likely to tell you asphalt. The average residential architect, on the other hand, would probably say metal is the real deal. Heaven only knows what a home buyer or custom home client will choose — slate, clay, concrete — or if they’ll even care.” Builder. http://bit.ly/2vFhvNY

Infrastructure funding delays cause ripples. “Last month, the White House assured the nation that President Trump remains committed to the massive infrastructure investment (up to $1T)… However, a report by The Hill says any serious discussion of the program’s details will likely be pushed to next year… [L]ackof a solid plan has created some ripples in the construction industry.”  This report in AZBEX  looks into this “Ripple Effect” and reasons why Arizona “can’t afford to maintain the holding pattern much longer.” http://bit.ly/2vFGyjX

Public works funding falls as infrastructure deteriorates. Major takeaways from this NY Times report include: “Government spending on transportation and other public works is in decline… In 34 states, spending on government construction projects was lower last year than in 2007… Arizona has reduced spending on public construction every year since 2007.” http://bit.ly/2vn6Ipd

Cameron’s $5M + deals of the day – http://bit.ly/2uq2Kur

Cameron’s $5M + deals of the day – http://bit.ly/2vjSsPG

 



As a supplement to the Dealmaker, we thought you might enjoy these articles!

 

Judge: New Arizona law regulating citizen initiatives can take effect, for now. “A broad coalition of individuals and advocacy groups filed the lawsuit challenging House Bill 2244, which requires the mechanics of an initiative effort — from the size of the petition paper to the font size of the text — to strictly comply with state law.” On Monday, Maricopa Superior Court judge Sherry Stephens ruled against those challenging the law, but “left the door open for groups to file lawsuits at a later time.” AZCentral. http://bit.ly/2hKRBCO

Law enforcement predicts civil asset seizures won’t be curbed by new law. “[HB 2477] increases the standard of evidence required to seize property [and cash from those suspected of breaking the law], and strengthens reporting requirements and oversight. But most law enforcement officials now tell Arizona Center for Investigative Reporting that their seizure operations would continue as usual…” http://bit.ly/2wIUPJs

Grand Canyon water pipeline slated for multimillion-dollar replacement.“An aging pipeline bringing water to residents, resorts and 6 million visitors a year… has broken about 80 times since 2010… Officials have sutured the breaks over the years, but that is no longer enough… [They say] it’s time to go beyond patchwork and spend up to $124 million to replace the [Trans-Canyon Water Distribution Pipeline] before a major disruption of water service at the international tourist draw.” Cronkite News. http://bit.ly/2vQbEG1

Is automation anxiety all hype? “Some recent studies [are] predicting sizable job displacement from numerous forms of automation and artificial intelligence in virtually all corners of the economy.” (Is this report from Governing the exception?) But just as automation will alter industries differently, its effects will be much more intensive in some regional economies.” And what about “Arizona’s potential for job loss because of automation”? –> http://bit.ly/2ftBd8V

COLLEGE CANNABIS – Lawmakers cannot outlaw medical marijuana on campus“[The] 2010 initiative which legalized the possession of marijuana for medical use had only a limited number of places where people could not use the drugs… That law does not, however, include university campuses.” But will this oversight in the law be enough to convince the Arizona Supreme Court to “void the conviction of Andre Maestas[?] He was arrested by [ASU] campus police in 2014 when they found 0.4 of a gram of the drug in his dorm room.” More in this report by Capitol Media Services’ Howard Fischer in Arizona Capitol Times. http://bit.ly/2upJsWa

Phoenix Multifamily Market Remains Strong Despite Seasonal Uptick in VacancyRead more

7th ABA Backpack Supply Drive donates $25K of supplies to 500 underprivileged youth Read more

Phoenix Industrial Market Poised to Accelerate in Second Half of 2017 Read more

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