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The Dealmaker: 10/11/2017

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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

 

 

 

[LETTER TO THE EDITOR] Phoenix group tries to keep us from getting roads, freeways; opposes props 416, 417. (Disclosure: Rose Law Group represents a coalition of property and business owners throughout Pinal County working to bring new transportation infrastructure to the county.) “Propositions 416 and 417 have the endorsements of every mayor in Pinal County, all five of its Supervisors, numerous chambers of commerce, our county sheriff and county attorney. It has support from Democrats and Republicans from all over Pinal County.” In their letter to Queen Creek Independent, Ed Farrell (Maricopa’s first mayor), Tom Shope (Coolidge’s former mayor), and Connie Van Driel (Apache Junction resident) tout the merits of propositions 416 and 417 while pushing back against “the loudest voices” opposed, labeling them “out-of-town groups with questionable agendas.” http://bit.ly/2xyzvez

[OPINION] Smith: Maricopa can’t wait ‘800 years’ for transportation improvements. “Earlier this year the Arizona Department of Transportation said it had a transportation backlog of ‘800 years.’ ” Pinal County Supervisor Anthony Smith says that’s a tad too long to wait “for relief on the 347, or for other transportation help,” as help is needed “now.” Supervisor Smith explains how Maricopa is a “big winner if Propositions 416 and 417 pass,” and he asks his fellow Maricopans — and all in Pinal County — to “join [him] in voting yes.” In PinalCentral. http://bit.ly/2yhhQXw

Possible groundwater shortage hinders development plans in Pinal County; Rose Law Group founder and president Jordan Rose says Pinal has ‘plenty of water for decades to come.’ “[A]ccording to the Arizona Department of Water Resources, 15 proposed projects in the Pinal County area have received letters from the state notifying them that groundwater necessary for their projects could be in short supply… but state officials say there is no reason to panic.” And so does Jordan Rose, “who represents Copper Mountain Ranch [and] is a member of the governor’s water-discussion group. She says the situation in Pinal is no cause for concern and has an easy resolution… ‘This is not a panic situation. This is merely an update to the modeling,’ ” Rose says. AZCentral. http://bit.ly/2xzkkgj

Superstition Mountains ‘big draw’ for one developer, Pinal County says.“A developer is in awe of the Superstition Mountains and is looking at having a facility [hotel and resort?] in Apache Junction.” That is what Pinal County economic development manager Tim Kanavel revealed at a recent Apache Junction City Council work session. “ ‘It’s going to be out [where U.S. Highway 79 meets 60]… We have a company that’s buying that whole area,’ he said.” As for further details on this potential project, Tim Kanavel is playing it close to the vest since, as he puts it, “things are ongoing.” Apache Junction Independent. http://bit.ly/2gvnrQU

$20M boutique hotel coming to the Valley’s ‘hottest intersection.’ “California-based Arrive Hotels & Restaurants will be opening a 79-room hotel at the midcentury modern mid-rises located at 400 & 444 W. Camelback Road,” just about 4 blocks from Central and Camelback, which was recently named the “Valley’s ‘hottest intersection’ ” by the Urban Land Institute of Arizona. Get details and view renderings of the Vintage Partners/Venue Projects’ development, at PBJ (Subscriber Content). http://bit.ly/2g35Mzu

Phoenix is transforming from a call center hub to a tech hotbed. “Greater Phoenix is no longer just a call center market. It is a region where  companies benefit from immense talent, where entrepreneurs can plug in, and where individuals can become part of a community.” In his VentureBeat piece, Chris Camacho — President & CEO of the Greater Phoenix Economic Council and member of the Economic Innovation Group Policy Council — looks at what “business, civic, and education leaders” are doing to “help turn Phoenix into a leading market not just for large corporations, but also tech companies.” http://bit.ly/2zi3CV0

Bankruptcy stops demolition of Peoria Regional Medical Center. “Peoria was weeks away from demolishing the partially built hospital when Peoria Regional Medical Center LLC filed for Chapter 11 bankruptcy… The project had sat inactive for five years, the two-story rusted steel skeleton towering above Lake Pleasant Parkway and surrounding homes in the rapidly growing area.” AZCentral reports that “neighbors were excited that the city had secured permits to demolish the unfinished building. Now with the demolition on hold, [they are] again concerned.” http://bit.ly/2g3BIna

RAMPIN’ IT UP! – I-10, Loop 303 interchange in Goodyear now open to drivers. “The Arizona Department of Transportation has now opened all four of the new ramps that allow drivers to make direct connections between I-10 and Loop 303.” Goodyear Mayor Georgia Lord: “This interchange continues to play a key role in economic development plans for Goodyear and other West Valley communities.” AZCentral has more on the new ramps along with info on the “next phase” of  ADOT’s “multimillion dollar” freeway-improvement plan. http://bit.ly/2xzLg4J

RCMA releases white paper. “The Roof Coatings Manufacturers Association has recently published [the Cutting Peak Electrical Demand with Reflective Roof Coatings] addressing the role and impact of reflective roof coatings in mitigating peak energy demand.” Builder says that this RCMA page-turner “provides a comparative overview of base use and peak demand of electricity and shares information on how to calculate peak demand savings.” http://bit.ly/2ycgg7I

Lot values stable at record high. “Not surprisingly, as the nation continued to recover from the housing crash in 2016, single-family lot values increased, according to the National Association of Home Builders Eye on Housing: ‘Single-family lot prices remained at record high levels in 2016, with half of the lots priced at or above $45,000.’” Builder. http://bit.ly/2gc8HJW

The number of rent-burdened U.S. households is falling as populations shift. “Good news in the nation’s battle for housing affordability — a decrease in the percentage of U.S. renters considered rent-burdened, defined as spending more than 30 percent of their income on housing—may in part be shaded by the fact that an increasingly wealthy group of Americans have entered the rental population. Those are a few of the observations drawn from the 2017 National Rental Housing Landscape, a report released… by the Furman Center at New York University.” Curbed. http://bit.ly/2hARXbC  

HPPI GIVES EQUILIBRIUM A CHANCE – Quicken HPPI shows narrowing between appraisals and expectations. “Appraiser’s valuations were 1.14% lower in September than what owner’s expected – according to the National Quicken Loans Home Price Perception Index (HPPI)… the fourth consecutive month the gap between the appraisal and expectation narrowed, as perceptions moved closer to equilibrium.” http://bit.ly/2gv26Hg

Pollack: Economy continues to move forward. That, despite the “impact of Hurricanes Irma and Harvey,” which the Monday Morning Quarterback notes “occurred at a time when the economy was relatively strong.” MMQ has September’s “hurricane induced aberrations” for these data ‘Snapshots” –> U.S.: Employment, Manufacturing, Credit, Vehicle Sales. AZ: Active Listings, Supply,  Days on Market – Greater Phoenix. http://bit.ly/2xzoaGi

Phoenix OKs major Phoenician housing project, possible Cholla Trail relocation. (Disclosure: Rose Law Group represents property owners adjacent to the Phoenician who oppose having a public restroom located in their backyards without any public notice or discussion.) “[The resort has] received a green light… to develop more than 300 condos and single-family homes on a portion of its golf course. The City Council’s decision also could remedy a hiking nuisance in the surrounding neighborhoods by relocating a portion of Camelback Mountain’s Cholla Trail onto the Phoenician’s property.” AZCentral reports, however, that “neighbors can’t celebrate just yet” as this was the “first of many steps…” http://bit.ly/2ycEn6t

One month to go before the greatest show on grass, the Bentley Scottsdale Polo Championships – http://bit.ly/2xzeVe4



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

If an Arizona resident harvests rainwater, will rebates come? “The ancient method can conserve thousands of gallons of water, reducing reliance on groundwater and other sources. Rebates can motivate people to put in water-collection tanks or landscape design systems to capture rain for indoor and outdoor use… Tucson and other parched Arizona cities offer rebates for businesses and homes that harvest rainwater, but the practice struggles to gain momentum in the Valley.” Cronkite News. http://bit.ly/2gd97zL

City vs. state divide: How far does police jurisdiction go when it comes to immigration? “Phoenix city attorney Jean-Jacques Cabou contends that “Attorney General Mark Brnovich has no legal right to look into the policies of Phoenix police in dealing with people suspected of being in this country illegally.” In Arizona Daily Sun, Capitol Media Services’ Howard Fischer sorts out the details of this jurisdictional skirmish, one that involves a 2016 state law and which pits policies against ordinances. http://bit.ly/2i4ntTx

Stay out of plastic-bag law, Bisbee tells state attorney general. “Bisbee’s city attorney told Attorney General Mark Brnovich on Tuesday that his community’s regulations on plastic bags are none of the state’s business. In a sometimes sharply worded letter, Britt Hanson… said there was no reason for the Legislature to approve a 2016 law preempting local governments from regulating the bags” Howard Fischer reports in Arizona Daily Star that the “letter sends the issue back to Brnovich, who got a complaint last month… accusing Bisbee of violating the pre-emption.” http://bit.ly/2hByPdH

States forced to change their tax codes because of federal tax reform.  “Although no state conforms to the federal code in all respects, to provide a streamlined tax filing process, most states have coupled their tax code to federal definitions…. Arizona is among states that use a fixed-date conformity, requiring deliberate legislative action to adopt any changes made to the federal code.” Arizona Daily Independent. http://bit.ly/2gcbpir

Is Washington bungling the Census? “For more than 200 years, the federal government has regularly taken an immense survey… called the Economic Census… Its basic measurements of economic activity… are crucially important to… anyone trying to track the nation’s economic health. The next [survey] was supposed to start in January… But earlier this year, the Census Bureau quietly changed its deadline…” POLITICO takes a look at this “wonky but crucial mission that’s suddenly in trouble.” http://bit.ly/2yEEnip

Book Richardson’s legal trials begin with a brief hearing, a bond — and an embrace. “Book Richardson and Tony Bland, once two of the most prominent assistant coaches in Pac-12 men’s basketball, now in the throes of one of the biggest scandals in college basketball history, bonded together moments after being given their bond instructions… inside Courtroom 5A of the Daniel Patrick Moynihan Courthouse in lower Manhattan… Richardson and Bland face myriad felony charges…” Arizona Daily Star. http://bit.ly/2hC5vni

Optima Kierland condominium tower more than 75% sold Read more

CoreLogic analysis shows more than 172,000 homes at risk from wildfires in Napa and Santa Rosa Read more

CoreLogic reports serious delinquency rate for home loans holds steady at a near 10-year low Read more

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