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The Dealmaker: 11/10/2017

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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

 

Prop. 417 passes, promising roads! (Disclosure: Rose Law Group represents a coalition of property and business owners throughout Pinal County working to bring new transportation infrastructure to the county.) We broke the news in yesterday’s Dealmaker. Now Arizona City Independent has details on the passage of Propositions 416 and 417, including what it means for Pinal County’s future. Jordan Rose, who has worked on this project for the last 18 years, says “this is really a game changer for Pinal County.  Similar to what the construction of the 202 and 51 did for Maricopa County in opening up the area for major economic development.  What an incredible victory for the area!” http://bit.ly/2hopidQ

ABA roundtable: What’s happening in construction? Randy Eskelson, Schuff Steel Management Company; Justin Kelton, McCarthy Building Companies; Derek Kirkland, DPR Construction; Derek Wright, Suntec Concrete — “these Arizona Builders Alliance members weigh in on the current state of the construction industry, how it’s evolving and what to expect coming down the pike.” At AzBigMedia. http://bit.ly/2yoCeUv

Lawsuit against city’s use of controversial incentive moves forward. “The complaints… allege the city violated several clauses of the Arizona Constitution and other Arizona Statutes when it granted a Government Property Lease Excise Tax agreement to a 19-story development…The city of Phoenix filed motions to dismiss the complaints… [And while Maricopa County Superior Court] Judge David Gass granted the city’s request [on three of the motions, he also] denied three… If the city eventually loses… it would no longer be able to use the advantages of GPLETs to attract development.” Downtown Devil. http://bit.ly/2jjiwHb

Most expensive home sales in Phoenix. It’s time once again for that wacky weekly feature, ‘Sales of Places So Ginormous, Walk-ins Are Called ‘McClosets.’ ”Arizona Foothills Magazine has “the Valley’s top home sales from the past week (10.30.17 – 11.5.17),” during which combined sales totaled “over $15 million,” DOWN $4 million from the previous week. http://bit.ly/2AzwtET

Zillow: Buy now, or pay later. “For future home buyers wondering when to stop saving and get into the housing market, the math is clear: the sooner the better, according to a new analysis from Zillow… As home prices continue rising, so do down payments.” Check out metro home-value/down- payment forecasts (including for Phoenix) at Builder. http://bit.ly/2yOMCJs

A look at the housing market one year after Trump election. “Why the housing market got no Trump bump.” CNBC’s Diana Olick examines, via Builder. http://bit.ly/2iLI5g6

Trump tax plan draws ire, but may boost metro Phoenix’s housing market. A trio of Phoenix-area housing experts (including Valley real-estate agent Joseph Callaway of Those Callaways) weigh in on the impact of the proposed Trump tax plan, at AZCentral. http://bit.ly/2AzNXRk

Mortgage rates drop following GOP tax bill. “The bill put downward pressure on rates because an elimination or decrease of the interest deduction would make borrowing less attractive.” A Zillow report via Builder. http://bit.ly/2hp48fT

[OP-ED] America’s families need a thriving single-family rental home market. In a HousingWire piece that champions “a stronger, more diverse housing economy… one that opens doors to opportunity, not barriers to prosperity,” National Rental Home Council executive director, Diane Tomb, seeks to dispel any notion that the “SFR market is…a bet against homeownership,” calling it “one alternative along the spectrum of housing options that should be available to Americans.” http://bit.ly/2zum0Na

Scottsdale Airport’s multimillion dollar makeover underway. Upgraded hangars. A veteran’s memorial plaza featuring “a Boeing-Stearman PT-17.” A “taxiway rebuild.” Get details on these and other renos, plus view an 18-image slideshow featuring renderings and construction progress, at AZCentral. http://bit.ly/2Ayi4Zr

‘A long time coming’ for $6M Chandler Museum now under construction.“More than three decades [after the idea was first ‘tossed around’], after changes to location, size and cost, construction of the $6 million history museum got underway last month.” What can visitors expect from the 20,000-sq. ft. museum?  Find out and view the renderings, at AZCentral. http://bit.ly/2mcd4H6

Q&A with Valley Partnership Chairman Brett Hopper. “[Brett Hopper] has worked as an attorney, homebuilder, investor, developer and commercial title insurer, but his day job nowadays is as senior director of real estate development for Opus Development Company… [AzBigMedia catches] up with Hopper to discuss what Valley Partnership has meant to him and his vision for the organization as the newly appointed chairman.” http://bit.ly/2As17is

Deep Well water right cannot be ‘unilaterally changed.’ During a Prescott City Council workshop earlier this week, “city officials maintained that a rejection of 1,800-acre project planned… in northeast Prescott would be inadvisable in some cases, and not legally possible in others. Especially when it comes to the [nearly 1900 acre-feet of alternative water] that has already been allocated to the project.” City Attorney Jon Paladini: “This is an obligation that the city cannot unilaterally change.” The Daily Courierhttp://bit.ly/2AyMhYt

Prescott’s diminishing ‘general pool’ of water. “During a [recent] City Council workshop, [a] local resident… pointed to the diminishing amount of the water in the ‘general pool’ of the city’s water portfolio, and asked whether the Deep Well would preclude other large projects in the future.”  For the response from Prescott Water Resource Manager Leslie Graser tap to The Daily Courier. http://bit.ly/2jjUGLq

A CASE OF MAKING ONE’S OWN BED? – Major U.S. retailer files suit alleging multi-state real estate fraud, bribery scheme. “[Mattress Firm] is accusing a host of real estate companies and executives [i.e., ’Colliers International’s Atlanta office, Colliers International Senior Vice President Alexander Deitch and two of the retailer’s former in-house real estate executives — Bruce Levy and Ryan Vinson], of a multiyear scheme that involved inflated store rents, bribes, high-priced gifts and kickbacks from developers. The company claims the scheme may have affected more than 800 stores nationwide.” Bisnow. http://bit.ly/2zynEes

10 cities where residents are feeling richer. “SmartAsset… evaluated the cities where incomes are growing the fastest.” And not only did Glendale, Ariz. make the Top 10, but its “households may actually be feeling richer than some of the other cities ahead of it on this list.” (Expanding the list out to 25 cities, Scottsdale and Phoenix don’t fare too badly, either.) Highlights and link to the full report at REALTORMag. http://bit.ly/2zxrZyk

 



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

 

Jake Sarver: Rose Law Group Reporter Hero of the Week. “Jake Sarver suffered a severe brain injury while skateboarding. After brain surgery, the Phoenix Country Day School soccer player made a miraculous recovery and came back to help his team win the state championship [by scoring] the title-clinching goal”! An awesome story, at AZCentral. http://bit.ly/2hpFGLf

Mexico ambassador to U.S. raises trade concerns in Arizona. “At an event organized by the Arizona-Mexico Commission, Geronimo Gutierrez Fernandez said… there has to be a recognition that much of the problem of lost manufacturing jobs is caused not by trade but instead by technology… ‘But we need to be careful about the diagnosis and the solutions,’ Gutierrez [said]. ‘If not, we could very well end up shooting ourselves.’ “ A Howard Fischer/Capitol Media Services report in Arizona Daily Sun. http://bit.ly/2mdYHlu

4 doctors prescribed 6 million opioid pills in 1 year. <– And that’s just in “sparsely populated Mohave County… [It’s] more than enough to medicate every resident of the northwest Arizona county four times a day, for a week.” AZCentralreports that it’s “an unusual pattern that has Gov. Doug Ducey asking if it might indicate widespread abuse of the pain pills.” Ya think? http://bit.ly/2zxSvrA

Gabby Giffords’ gun group sues Trump Administration. [The Giffords Law Center to Prevent Gun Violence] led by former Rep. Gabby Giffords is suing the Trump administration for failing to turn over documents that could show the [NAR’s] influence over… gun policies… Specifically, Giffords’ group filed FOIA requests seeking any [ATF] records relating to Trump administration policies on concealed carry reciprocity, gun silencers, bump stocks and assault weapon exports [and much more].” Huffington Posthttp://bit.ly/2i0vTs4

Phoenix, Milwaukee Brewers have deal to keep spring training in Maryvale for 25 years. “The Brewers and Phoenix inked a deal that would require the team to spend between $41 million and $63 million on renovations to Maryvale Baseball Park and take over operations of the facility. In return, the city will spend $10 million over the next five years to assist with renovations. It also will pay the team about $1.4 million per year for 25 years to operate the park…” AZCentralhttp://bit.ly/2hmglhr

Player: Thursday NFL games ‘should be illegal’ “After the Seattle Seahawks incurred a number of injuries in a 22-16 win over the Arizona Cardinals, the wide receiver [Doug Baldwin] said Thursday night games should be banned.” Baldwin: “This (expletive) should be illegal… It is not OK. It’s not OK. You can quote me on that.” Just did. Hey, maybe he’ll take a knee about it! More in USA TODAYhttp://bit.ly/2ArgojJ

Juveniles in Maricopa County adult jail don’t receive accredited education. “MCSO has considered outsourcing the job to the Maricopa County Educational Service Agency, which provides educational services at the Durango Juvenile Detention Facility, but ultimately, chose not to use the accredited program…. During last week’s meeting of the ad hoc committee on juvenile justice, MCSO Deputy Chief of Custody Brian Lee said… ‘I can’t speak to exactly what that means in the education world,” But Rep. Heather Carter, R-Cave Creek, could.” See what she had to say to Lee, and to Arizona Capitol Times, about the situation –> http://bit.ly/2zMUQ4T

Flagstaff council passes resolution against uranium transport. “The resolution, however, will have no ability to control the route trucks hauling the material will take [as] the city is preempted from regulating the transportation of uranium ore and all hazardous materials by the U.S. [DOT]. [Still, on Tuesday, the] council voted 6-1 on a resolution stating the city’s opposition to the transportation of uranium ore and reaffirming Flagstaff as a ‘nuclear free zone.’” Arizona Daily Sunhttp://bit.ly/2yOH7um

In hard times, government watchdogs are often first to get the ax. “At a time when governments are trying to get a better grip on their finances, many states have cut funds for auditing and oversight.” Governing reports that “[m]ost state auditing agencies have cut staff over the past 10 years, with a national aggregate decline of 7 percent from a decade ago.” Read about it and find how many watchdog positions “The Audit Ax” chopped in Arizona. –> http://bit.ly/2mamUcp

Anonymous postings in Arizona case unmasked by court. Howard Fischer reports in Arizona Daily Sun that the new ruling by the 9th Circuit Court of Appeals “essentially means that when the government decrees it needs information as part of a grand jury probe, it can force those who operate websites to help them find who made the comments, even though the postings were designed to be anonymous.” Click to it for case details. http://bit.ly/2ArgxDI

Study finds small news outlets have big impact on public discourse. “When small news outlets simultaneously publish articles on broad topics such as jobs, the environment or immigration, the stories can prompt people to talk more about such major issues of public policy and politics, according to a study published in the November 10 issue of Science.” Read more about the with a couple taps to the American Association for the Advancement of Science. (BTW, does the opposite hold true? Since Science is a fairly large publication, does that mean that no one will talk much about this study?) http://bit.ly/2zsQJdJ

Phoenix Office Market Slows in Third Quarter Read more

First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller SurveyRead more

Phoenix Industrial Market Surging with Activity Read more

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