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The Dealmaker: 10/11/2016

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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.
NO MORE TRAFFIC BACKUPS IN PINAL? – Pinal County Town Hall focuses on transportation plans. “[Under] the theme ‘Linking Transportation: Paving the Way to Economic Growth,’ [the 29th annual Town Hall] included a… discussion of… a new half-cent… tax [that] will allocate about $640 million in… funding [for such projects as] State Route 24 Parkway, the Interstate 10 Traffic Interchange, and the widening of State Route 347…” According to coverage atTriValleyCentral, “[this] tax would cost the average household… $7.33 per month… ’equivalent to the price of a single fast food meal.’ ‘Seventy-five percent of the people surveyed said they didn’t mind the tax increase,’ Florence Mayor Tom Rankin said in a panel discussion…. ‘(That’s a) pretty good sign that we will be successful.’”
http://bit.ly/2e6QyaF

Changes proposed in Prescott’s Downtown Business District. “[One] proposed code change [which] would allow for greater residential density… is still under review and is scheduled to go back to the [Planning and Zoning Commission] on…Oct. 13. Also at that meeting will be a proposal to rezone multiple parcels… south of West Goodwin Street to Downtown Business District from its existing Business General designation.” Details plus a map overlay of the proposed zoning request — atThe Daily Courier. http://bit.ly/2e3rHc7

‘MARKET PULSE’ – Multi-housing units take big jump from 2015. This multi-housing coverage comes to us courtesy of (where else but) Multi-Housing News, where Suzann Silverman reports that “[h]ousing starts of buildings with five or more units rose by 8.3 percent over the month of July 2016 to a seasonally adjusted annual rate of 433,000…  the highest level… since September 2015.” For the Multifamily Production Index, CPI vs. Rent, Existing Condo Sales, and Building Material Prices, click it —> http://bit.ly/2dJdFfL

HOMEWORK – Construction employment rebounds with strong September. “The construction industry… gain[ed] 23,000 net new jobs on a monthly basis after losing 5,000 net jobs in August… [T]he residential sector added 15,700 new positions… However, [AZRE reports] nonresidential employment growth was far less impressive, and nonresidential building construction actually declined…. [which] may be part of an emerging pattern. The most recent Architecture Billings Index also revealed some nascent weakness in commercial construction activity.” http://bit.ly/2dIIMEw

Latest consumer sentiment housing research sounds ‘a note of caution.’Inman: “The Fannie Mae Home Purchase Sentiment Index for September [‘down 1.0 percentage points from September 2015 and down 2.2 percentage points from August 2016’] shows [that] the net share of Americans are most skittish about mortgage rates… [which] have hovered at or below 3.50 percent since July.” According to this report, “most Americans think that the trend isn’t likely to last….”http://bit.ly/2dZ1JBZ

What the Wells Fargo scandal means for mortgage borrowers. “[Inmanhas] a breakdown of what happened [‘employees illegally enrolled … bank customers in… accounts without their… consent in order to… meet… sales targets’], how the bank’s customers may have been affected and how agents can work with mortgage brokers to help their clients remove any resulting barriers to the mortgage lending and homebuying process.” http://bit.ly/2dGYDEL

The World’s Greatest Polo Party Is Less Than A Month Away! – http://bit.ly/2dvLKfO
Because you are an informed person, as a supplement to the Dealmaker, we are providing you 3 (sometimes more/less) non-real estate related articles we thought you might enjoy!
Advocates divided on Flake bill to ease ADA lawsuits; Adam D. Martinez, Chairman of Rose Law Group’s Real Estate Litigation Department who handles many ADA defense suits, weighs in. “[The] bill… would [give] business owner[s]… up to 120 days to correct an ADA violation.” This East Valley Tribune article describes how one of these ADA suits ended up costing a Mesa strip-mall owner $8,500 all because a handicapped parking sign was “3½ inches… too low.” Sen. Flake calls such suits a “racket,” while Adam D. Martinez has this to say: “Advocates for the disabled may fear that the type of legislation proposed by Sen. Flake will go beyond just ending abusive ADA lawsuits and create an incentive for property owners to ignore ADA requirements until they receive notice. However, many property owners sued by AID took reasonable steps to comply with the ADA and were not aware that their properties were not in compliance. Like the owner in this article, many owner’s properties substantially comply with the ADA and the lawsuit filed against them was based on a very technical violation…” Click through for more about the bill, more of Adam’s comments, and info on whether or not Valley biz owners should still sweat bullets if they see somebody in their parking lot whip out a measuring tape. http://bit.ly/2ecwtUa

CHUMP CHANGE? – Opponents of minimum wage proposal raise a meager $20,000. Capitol Media Services: “Garrick Taylor, spokesman for the Arizona Chamber of Commerce and Industry conceded that the money [an amount which must have been extremely difficult not to refer to as “chump change”]… may be far too little to defeat [Prop. 206]. ‘Hopefully, you’ll be seeing more [money/less chump change?] in the coming weeks,’ Taylor said, with more resources able to put out the chamber’s message that boosting the minimum wage… will hurt business and cause some firms to lay off workers.” — More [sans any of our references to “chump change”] in Arizona Capitol Times.http://bit.ly/2dtULEj

McCain, Kirkpatrick debate split on national policies, presidential candidates [VIDEO]. “Sen. John McCain and Rep. Ann Kirkpatrick… parted ways on health care, immigration and the economy in a debate Monday for the Senate seat McCain has held for five terms.” They also differed on Hillary’’s email scandal… Kirkpatrick: “[Hillary] could have handled it better…”; McCain: “Hillary Clinton has told lies after lies… [and] has disqualified herself to be president…” Click through to watch highlights. [Cronkite Newsnotes that the “debate was devoid of the personal attacks that have characterized the presidential debates” — so… sorry, train-wreck seekers.] http://bit.ly/2e6TvZ4

A NAVAJO NO-GO – Navajo legislative panel opposes Grand Canyon tramway.Arizona Daily Sun reports on the “[t]he five-member Law and Order Committee[’s] unanimous… oppos[ition to] the Grand Canyon Escalade legislation… Members said voting for the project would be a gamble [unlike casinos?], would require money that should be used elsewhere and didn’t have the support of the tribe’s economic development division, justice department or historic preservation office advisors.” http://bit.ly/2dik6mR

Mesa Master-Planned Community Cadence at Gateway Launches With First Builder – Lennar Homes Read more

[IN-DEPTH] Home ownership pessimism might be overdone Read more

Western Wealth Capital of Canada Buys Multifamily Property Near ASU for $17 Million Read more
Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group.  Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others.  The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Belfiore Real Estate Consulting is Arizona’s leading housing market research firm.  The company couples its surveys of up to 350 new home subdivision sales personnel monthly with resale and public data, as well as the perspectives of leading development, homebuilding, lenders, brokerage, real estate law, contractors, and investors to report on and forecast residential housing market conditions.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.