The Dealmaker: 12/14/2016

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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.
Paradise Valley puts hold on zoning amendments for planned homes. “[T]he… amendment… would change the [4.4-acre] parcel [at the NW corner of the alignment of Northern and Scottsdale Road] from low density residential to medium density… Geoffrey Edmunds and Rod Cullum intend to build an eight-lot, single-story residential subdivision coined ‘The Villas at Camelback Country Club’…” More on the Planning Commission’s “one-home per one-acre” decision, along with other zoning regs that developers must “overcome…to move forward” with their proposed project, in Paradise Valley Independent.

World class concert hall on track for Mesa. “[Consolari] would occupy the former Brown & Brown Chevrolet [site, in downtown]… In addition to the main auditorium, Consolari will include other indoor performance halls, an amphitheater, a rose garden… as well as … retail/restaurant space.” After checking out more about Consolari in this report from Gary Nelson for East Valley Tribune, we’re betting that you’ll find it hard to disagree with Gary when he touts that this five-years-in-the-making dream-project from Christi & Bob Worsley will be “one of the biggest cultural attractions in the American Southwest.”

Arizona Board of Regents claims approval power over Arizona Coyotes arena on ASU land in Tempe. Regents VP Sarah Harper: “One of the conditions of [an] authorization [‘to execute ground leases in the Catellus-managed development district’] is that any material changes to the master development plan will require ABOR approval… A proposed arena… was not part of the original master plan and so would require approval…” See Mike Sunnucks report in Phoenix Business Journal for other “questions and moving parts to getting a new arena financed and built.”

Landowners looking to spur development near Promenade mall.  “Walton International Group… is seeking the approval of an amendment to a planned area development located south of Kortsen Road along the east side of Interstate 10. The proposed PAD, referred to as Casa Grande Commons, encompasses 591 acres of undeveloped land. … Walton is wishing to create a revised PAD near the Promenade that includes a set of new land-use designations.” For further details and a map of the Casa Grande Commons PAD, click to Pinal Central.

KB opens second neighborhood in Arizona master plan. “KB Home announced the grand opening of Shadow Glen, the builder’s second new home neighborhood in the Gladden Farms master plan in Marana, Az. Gladden Farms’ amenities includes miles of open space, extensive recreation areas, including twelve playgrounds, a community BBQ, basketball courts, and beautifully landscaped paseos.”  Further details in Builder.

Y-Y-Y-YELLIN AND THE JETS – Yellen to tell the markets to ‘cool your jets.’ According to MarketWatch, “Federal Reserve Chairwoman Janet Yellen will use [today’s] press conference… to tell the market to chill out and not expect a flurry of interest rate hikes.” Does that mean that there won’t be any rate hike at all? Not according to Jefferies economist Tom Simons, who says: “The Fed will try to counterbalance the rate hike with the more comforting message that rate normalization will continue to be patient, gradual, and deliberate,”

How rising mortgage rates may not matter for housing. “After all, increasing rates are indicative of a stronger economy, and a stronger economy favors housing,” notes Diana Olick in her CNBC report. She surveys the mortgage-rate landscape in light of a possible rise on the horizon, with input from execs/economists at Fannie Mae, Redfin, Zillow, and Berkshire Hathaway.

Here are Redfin’s 7 housing predictions for 2017. Spoiler: Homes will fly off the market. Want another spoiler? Not only will they “fly off the market in 2017” but they will do so “faster than any other year on record”!! That’s the view from Redfin’s Chief Economist Nela Richardson, as reported in HousingWire. For the rest of what Redfin expects, click it—>

TIME TO GET BUSY! – No quick end In sight for housing shortage. In his Forbes column, NAR Chief Economist Lawrence Yun examines the data pointing to “ongoing and growing housing shortage gaps,” and concludes that “[t]he only way to bring additional supply… is for homebuilders to get really busy.”

Trulia: Entry-level home inventory falls most in 3 years. (This Builder headline makes Lawrence Yun look like a genius!) “The number of homes for sale accessible to the average first-time home buyer saw its steepest year-over-year drop in three years, falling 12.1% since 2015, according to the Trulia Inventory and Price Watch report… It also found that these buyers will need to pay 1.9% more of their income on average to buy a starter-home in their local market.” But will “rising interest rate… ease shortages in some markets”?

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!
In Arizona county where Latinos have an edge, so did Trump. In this New York Times report, Phoenix bureau chief Fernanda Santos takes the post-election pulse of Yuma County, writing that it is “a lot like other counties along the southern border, a place that is anchored on the globalist trade policies and mass immigration that Mr. Trump has fervently opposed…. But unlike the majority of border counties, this one voted for Mr. Trump… Its residents now hope that he did not mean everything he said during the campaign.”

Colorado passes the bong: How the stoner economy can change Cali. What could happen to employment? Who benefits? Is it all positive for the labor market? Does legalized recreational marijuana (LRM) impact residential housing? Can companies be (federally) prosecuted for leasing out their building to support growers? How can (incoming AG Jeff Sessions) impact the industry? Manager of Housing Economics at Myers Research, Ali Wolf, analyzes and answers these and other “burning questions,” here: 

Advertisers are pushing to keep their brands away from ‘fake’ news. “[B]rands are questioning whether they want to be associated with controversial or extreme political content…. [A]cross the advertising industry agencies are meeting with clients and their ad tech partners, and brands are looking for more control over where their ads are placed.”  CNBC reports that “One company, Kargo, is positioning itself as a solution.”  Find out how…

[FEATURE] Covering politics in a ‘post-truth’ America. “Journalism… coverage of American politics, and the capital that revolves around it, is in many ways much better now than ever before — faster, sharper, and far more sophisticated. There are great new digital news organizations for politics and policy obsessives, political science wonks, and national security geeks… So why does it seem to matter so little?” POLITICO editor Susan B. Glasser sets out in search of the answers, 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