The Dealmaker: 12/05/2016

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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.
Arizona Center to get $25 million refresh to attract downtown shoppers.More lighting, valet parking, courtyard seating, and a “very high end metal skin” for ‘the 26-year-old center in downtown Phoenix.” Cronkite News looks at these and other “elements of the redesign that will start in January and be completed in nine months.”

Developer announces mixed-use expansion at Scottsdale Fashion Square. “[Macerich] announced plans to renovate the mall’s luxury wing anchored by Neiman Marcus… A new entrance and arrival point, two-story storefronts and exterior-facing retail buildings and restaurants will be added…” For the construction and completion dates, plus Macerich’s plans for the “seven-acre parcel immediately north of the mall,” tap to Phoenix Business Journal.

Zoning map amendment in play for site on Cattletrack Road. “Scottsdale city staff… is proposing the council adopt an ordinance to allow for the amendment to change the [2.1-acre site at 5713 N. Cattletrack Road along the Arizona Canal] from Single-family Residential District to Single-family Residential District, planned Residential District.” Scottsdale Independent has details on the project being proposed for the site along with how “nearby residents” feel about it.

Big vote nears on David and Gladys Wright House at Phoenix City Council. [Disclosure: Rose Law Group represents Peter Sperling in preserving the residential historical character of Arcadia.] “Supporters of a project that would open the [Frank Lloyd Wright-designed house] commercially and residents of the surrounding Arcadia neighborhood opposed to that say the stakes of withdrawal are high.” Find out what the owner of the house is seeking and get the timeline of events that have led up to this upcoming council vote, in Brenna Goth’s report at AZCentral.

A sixth candidate will interview for Scottsdale city manager. “Joseph L. Lessard, former assistant city manager of Austin, Texas, will interview for Scottsdale’s city manager position Dec. 7 and 8… He will join two other finalists participating in the latest round of interviews: John Kross, town manager of Queen Creek; and James V. Thompson, former city manager of Casa Grande.” — Scottsdale Independent.  After 18-months without a city manager, hopefully the council will finally fill the vacancy. Keep your fingers Krossed!

THANKS, PROP 206! – Sun City plans assessment, other fee hikes.“Recreation Centers of Sun City officials will consider a significant increase in annual property assessments, and increases in nearly all other fees… RCSC management claims the increases are necessary after Arizona voters approved [Prop. 206] in the November election a measure that will increase the minimum wage.” For the “tremendous effect… the new minimum wage will have… on RCSC operating costs in 2017” — quite predictable, btw — click to YourWestValley.

Outgoing Casa Grande mayor reflects on his 9 years in office [VIDEO].  Mayor Bob Jackson talks achievements (and disappointments) with Casa Grande Dispatch’s Kevin Reagan. The mayor shares thoughts on PhoenixMart, Lucid Motors, Tractor Supply Company, Ehrmann Arizona Dairy, public infrastructure, the community recreation center and more. We wish Mayor Jackson well in his future pursuits! (Note: To watch the interview, click through and scroll to the end of the article.) —>

Housing continues to progress, still ‘room for improvement.’[Freddie Mac’s Multi-Indicator Market Index® value] stands at 86, a 5.6 percent year-over-year increase, but still below its historic benchmark normalized to 100… The purchase applications indicator is up nearly 19 percent from last year, indicating strong housing demand and a market that’s poised to close out the best year in home sales in a decade.” Arizona among the most improving states month-over-month. Read the report in RIS Media

What Opendoor’s Uber-like funding round means for real estate. “Property-exchange platform Opendoor just bagged what is probably the largest funding round ever for a real estate tech startup, with a reported valuation of at least $1 billion only two years after launch.” Inman’s tech reporter Teke Wiggin looks at “10 ways the startup could change the game  for agents and brokers.”

HEEERE’S BENNY! – Trump taps Carson for HUD. “Trump formally confirmed weeks-long plans to nominate… Ben Carson to be secretary of Housing and Urban Development.” Meanwhile, House Democratic leader Nancy Pelosi described the pick of Carson in a manner quite befitting her constant look of shock/surprise, calling him “a disconcerting and disturbingly unqualified choice to lead a department as complex and consequential as Housing and Urban Development.” More on the pick and what others are saying about it, in USA TODAY.

Cameron’s $5M + deals of the day –

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!
What’s a “drive-by lawsuit”? Here in Arizona it’s something we’re all too familiar with, thanks to the flood of ADA lawsuits and the ensuing controversy. But these “drive-by lawsuits” aren’t only happening here, as you’ll see in Anderson Cooper’s report for 60 Minutes. View the segment and/or read the transcript and see why “business owners [elsewhere] say [such suits] are nothing more than a shakedown.” —>

Suburbs outstrip cities in population growth, study finds. “[A]reas surrounding the 50 largest metropolitan areas make up 79% of the population of those areas but accounted for 91% of population growth over the past 15 years, according to the study [‘by the Urban Land Institute’s Terwilliger Center for Housing’].” More from the study, including how the “suburbs will continue to play a key role in helping cities,” along with “the steep challenges some suburbs face,” in The Wall Street Journal.

SNL mocks Trump tweets. Alec Baldwin does his usual spot-on (and quite funny) impression of President-elect Trump, who retweets people at random while “in the middle of a security briefing.” Watch the segment here:

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North Scottsdale Synagogue Purchases $4.2 Million Building From Covenant Community Church Read more

Pete King Construction helps nonprofit provide Christmas gifts to 500 Children, Relatives at PCH Read more

Arizona Builders Alliance Toy Drive to Have Huge Impact on Valley’s Underprivileged Youth 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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December 2016