The Dealmaker: 12/13/2016

Phoenix among top 10 U.S. markets for real estate discounts. “To pinpoint the  markets with the best discount opportunities, [Realtor.com]  ranked the 300 largest metropolitan areas by the share of homes for sale that saw price reductions in the past year.” See exactly where Phoenix ranks, plus get Realtor.com’s price/sales projections for 2017 —> http://bit.ly/2hppvf1

3,000-acre Lake Pleasant Heights gets closer to breaking ground in north Peoria. “Peoria City Council approved a rezoning and development agreement for the Lake Pleasant Heights… a master development and mixed-use project… at the southern foothills of the Hieroglyphic Mountain Range and southwest of Lake Pleasant, adjacent to the… master-planned Vistancia.” However, despite “a yes vote from all council members… some at the dais and a few residents had reservations.” What they find so unpleasant about the development, along with further project details, atYourWestValley. http://bit.ly/2gE6bed

Planned Loop 202 exit in Gilbert angers residents, pleases business. “Town officials say Rivulon, a massive commercial development [250 acres, 3 million sq. ft. of offices, 500,000 in new retail] that will span the north side of the freeway between Gilbert and Lindsay roads, will create a major need for the interchange…. A review of… emails by The Republic showed businesses and developers generally in favor, but most residents oppose the plan….” Click through to see why; plus, check out a slideshow: “5 things to know about Gilbert’s Rivulon project.” http://bit.ly/2gWve8l

10 years later, Surprise still waits for Prasada mega-development.  “The 4,200 acres of land, which sits between Greenway… and Peoria… and straddles Loop 303, was expected to contain a 3,000-home community, regional shopping mall, movie theater, office center, hospital and more. But a decade later, there is a large auto mall, a Walmart, a Fry’s Marketplace, a handful of small businesses — and acres of empty land branded as Prasada.” Now, “officials say good news is forthcoming.”  But is anyone buying it? — AZCentral. http://bit.ly/2hJHrNN

A DIVINE ‘INTERVENTION’? – Worshipers oppose development near Pinal monastery. At issue is whether the “new [236 1-acre lot] subdivision, called Serenity, would prove to be just the opposite for [St. Anthony’s Greek Orthodox Monastery].” Opponents claim that “[n]ew residents would play on the adjacent state land with their ATVs, music and guns…”  However, developer Stacy Brimhall counters: “In talking with the monastery, it’s almost as if they don’t respect our property rights and just want us to … keep it desert forever at our cost.’” More in Pinal Central. http://bit.ly/2hrrxbo

Pollack: ‘Overall, it was not a bad week.’ The Monday Morning Quarterback calls it a “continuation of what one would expect in the later stages of a recovery, just at a slower rate…” U.S.: Blue Chip Consensus Forecast & Real GDP, 3rd Quarter Labor Productivity, ISM Manufacturing Index, New Orders & Inventories, Credit, Negative Equity. AZ: Real GDP, Negative Equity, Total Residential Listings – Phoenix & Tucson. http://bit.ly/2gWyy3m

Multi-family sector thriving; Affordability a major concern. “Freddie Mac executive vice president… David Brickman says his company is on track to purchase approximately $55 billion in multifamily loans this year and to securitize over $50 billion of them. Both would be new records…. He also sees the national shortage of affordable rental housing continuing, calling it a crisis and the most critical issue the housing industry faces.” Much more from Brickman in Jann Swanson’s report at Mortgage News Daily. http://bit.ly/2gHRy81