The Dealmaker: 10/28/2016

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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.
Metro Phoenix housing market moving at a steady and stable pace. That was the assessment of “Jim Belfiore of Belfiore Real Estate Consulting at the company’s quarterly Market Update Presentation held Thursday before a large group of industry insiders.” Social Media Coordinator Callan Smith attended the event and lays out the details in Rose Law Group Reporter.

Notre Dame Prep fires football coach Mark Nolan amid AIA violations and appeal hearing; Jordan Rose, who represents the parents in this matter, responds. AZCentral: “Scottsdale Notre Dame Prep football coach Mark Nolan was fired and athletic director Monica Barrett suspended on Thursday ahead of its appeal hearing Friday afternoon by the Arizona Interscholastic Association’s executive board.” Jordan Rose: ”Notre Dame was highly responsive to the parents and did the right thing to save the kids’ football dream [of participating in post-season play]… Notre Dame listened to the parents’ complaints. Parents are grateful. The bad actors are gone. Now, they hope to get a Hail Mary [today] from the AIA.” Full story and any late updates here—>

ASU survey: Phoenix commercial real estate slow to recover, but long-term outlook optimistic. “The current survey [from the W. P. Carey School of Business/The Fall Brokers Forum Report] shows only 88 percent believe the market is moving in an upward direction. Couple that with the question, “Where are we in the cycle?” — where only 52 percent of respondents believed the market was in an expansion mode — and it is clear that uncertainty and cautious attitudes remain.” The Center for Real Estate Theory and Practice has the full report.

5 new Phoenix apartment, condo projects under construction. “The residential building boom continues in Phoenix, from urban apartments to houses targeting first-time homebuyers… from midtown to [the] north.” The Republic’sBrenna Goth looks at five “new housing projects [from Evergreen Development, Liv URBN, Shea Homes, Empire Residential, and Kaplan, respectively].” In AZCentral.

Downtown Chandler booming into a Valley hot spot. The Republic’s Chris Coppola explores how “[n]ew restaurants and bars… in the heart of downtown…. [have made it] more than a quaint place for locals… [how] it has become a hot spot for great food, beer and fun.” Here’s a couple of choice quotes from folks in the area: “It’s kind of gone from a hokey-pokey feeling to a more modern feeling”; “Before, there was nothing to really keep you here. Now there’s too many choices.” Click through for the full story, which includes details on more “growth [that’s] coming.”

LOCO-MOTION? – Opponents of Loop 202 construction lose motion.“[U.S. District Judge Diane Humetewa] in Phoenix has denied a motion for an injunction to stop construction on the Loop 202 South Mountain Freeway.” And based on this Republic news brief, the ruling sure doesn’t sound like it gives freeway opponents much hope of prevailing with any future motions, so much so, that it would seem crazy for opponents to even try.

After hitting a 51-year low, homeownership rate on the rise. “The homeownership rate edges back up… amid tentative signs that renter families are starting to gain the confidence to buy homes.” For info on how “significant” the third-quarter “jump” was, and to get numbers on household formation, along with what Trulia’s chief economist Ralph McLaughlin said is “the big reason to be optimistic,” click through to The Wall Street Journal.

Dealmaker BONUS: Bordow: AIA should rescind Notre Dame’s probation. AZCentral’s Scott Bordow on the whole Notre Dame fiasco — from the school’s initial violations, subsequent denials and penalties imposed as a result, to this week’s suspensions, firings, and, finally, an appeal that may allow the school to participate in next week’s playoffs. Bordow: “None of it needed to happen…. [But] now that Notre Dame finally has, for lack of a better term, fessed up, [the AIA SHOULD] let the kids play.”

Cameron’s $5M + deals of the day –

One Week Until One-Of-A-Kind Polo Party –

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!
Peoria sales tax election fight continues with opponents’ complaint.InYourWestValley’s continuing coverage of the fight over Prop 400, Independent Newsmedia’s Philip Haldiman delivers a report on “a complaint [by opponents] claiming Peoria officials are using taxpayer dollars to influence its outcome.”

WILL WE FINALLY “MEET GEORGE JETSON? – Uber wants flying cars in 10 years. (So are we skipping jetpacks? Weren’t we all supposed to be flying around in those things about 30 years ago?) NBC Radio reports that “Uber wants to create a fleet of ‘small, electric aircraft that take off and land vertically (called VTOL aircraft for Vertical Take-off and Landing)’ to fly people to their destination…. [T]he aircraft would cut a 2-hour drive from San Francisco to San Jose down to 15 minutes.” Click through for further details on the “ambitious plan,” including how far into the future Uber “believes they can start flying people around.”

More wretched news for newspapers as advertising woes drive anxiety. Shorter stories, cost-management initiatives, substantial employee buyouts and layoffs, plunging stock prices, newsroom fretting and uncertainty… The New York Times’ Sydney Ember looks at these and other consequences of the “steep drop in print ad revenue, once the lifeblood for newspapers.”

Demand for Industrial Space Fueling New Construction Read more

New 6,500-Square-Foot Co-Working Space – 1951@SkySong – To Open At SkySong, The ASU Scottsdale Innovation Cente Read more

Mesa Master-Planned Community Cadence at Gateway Launches With First Builder – Lennar Homes 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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October 2016