The Dealmaker: 12/13/2016

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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.
Should we add our daughter to the title of our homes to avoid probate? In the second installment of his Real Estate Q&A column, Rose Law Group Real-Estate Litigation-Department Chairman Adam Martinez gives an unequivocal answer in a response packed with estate-planning substance. Check it out, in Rose Law Group Reporter.

Phoenix among top 10 U.S. markets for real estate discounts. “To pinpoint the  markets with the best discount opportunities, []  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’s price/sales projections for 2017 —>

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.

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.”

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.

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.

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.

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.

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!
Tucson asks court to block state interference in firearms destruction program. “The fight surrounds a 2013 law which bars law enforcement agencies from destroying operable seized firearms… [Tucson] continued to follow its 2005 ordinance, which says the police department “shall dispose of such firearm by destroying the firearm.’” As a result, AG “Mark Brnovich [wants] the community’s revenue sharing withheld if it does not bend to the state’s will,” while “attorneys for Tucson” call the Brnovich’s request “unconstitutionally punitive.” That’s it in a nutshell. But Capitol Media Services’ Howard Fischer has much more on this in Arizona Daily Sun.

New wage law could face legal challenge, Arizona House speaker says. “[State Rep. J.D.] Mesnard told Capitol Media Services the legal issue arises because the Arizona Constitution requires that any ballot measure that will force an increase in state funding must contain an identified revenue source, like a new tax. This initiative does not have one — other than employers.” Howard Fischer untangles the details, in Arizona Daily Star.

To prepare for the next recession, states take stress tests. ”[Stress testing] essentially throws different economic scenarios at a state budget to see how revenues would be impacted…. Earlier this year, Moody’s stress-tested budgets of the 20 most populous states [and] S&P Global Ratings also stress-tests state budgets.” For the key findings from both of these reports, click through to Governing.

N.F.L. concussion settlement payments can begin after Supreme Court defers. The New York Times: “The United States Supreme Court on Monday denied a request to review the N.F.L.’s settlement with retired players who had accused the league of hiding the dangers of head trauma, paving the way for some players with brain ailments to begin receiving payments of as much as $5 million.” More on the high court’s decision, here:

Madera Court Apartments in Phoenix Sell for $36.25M Read more

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

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