The Dealmaker: 12/16/2016

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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.
Developer pulls plug on North Phoenix Baptist Church senior housing plans. (“Pulls the plug” — now there’s a phrase you probably don’t want to be overheard using at a senior-living facility — unless you want to freak out a few residents.) “Development firm IPA Management Inc. and the large Phoenix church announced they have nixed plans… for the [‘146-unit, two- and three-story senior living development’] which stirred opposition from some neighborhoods in the affluent North Central area.” For a statement from IPA expressing “disappointment” at ending it all, plus reactions from neighbors on the decision, click to Phoenix Business Journal. http://bit.ly/2hPemEM

Andaz Scottsdale Resort & Spa celebrates mid-century inspiration. “The [resort at 6114 N. Scottsdale] features 201 bungalow-style guest rooms and suites, situated among 50-foot pine[s] with giant saguaros and desert wildflowers… [in] a true oasis setting with views of… Camelback….” Yesterday’s opening marked “the Andaz brand’s introduction to the Scottsdale and Paradise Valley marketplace.” Click to Scottsdale Independent for more about the “Andaz brand,” and why the resort GM says he “know[s]” that guests who experience it “will arrive a visitor but depart a Scottsdale local.” http://bit.ly/2gJidyh

Preliminary digging begins on western end of South Mountain Freeway. “A 300-foot-long cut along the embankments of Interstate 10 near 55th Avenue is the first sign of construction in the West Valley for the Loop 202 South Mountain Freeway,” according to this report in Ahwatukee Foothills News. “Meanwhile, briefs by [the groups that really don’t ‘dig’ the freeway at all] are supposed to be filed [today] in San Francisco as [they] begin the lengthy process of appealing [a judge’s] refusal to stop the project.” More about both of these endeavors, here: http://bit.ly/2hPel3M

County to spend $73 million on CG land purchase. “Pinal County is planning to… acquire… [the] land for economic development purposes. A public hearing on Jan. 4… is scheduled to review the county’s plan.” Could this land acquisition and hearing be connected to Lucid Motors and its “plans to develop up to 500 acres in the area of Thornton and Peters roads”? Pinal Central’s Kevin Reagan attempts to sort it all out—> http://bit.ly/2gJoqtW

Mortgage rates move higher. “Mortgage rates inched higher, rising for a seventh consecutive week, with the benchmark 30-year fixed mortgage rate rising to 4.18%, according to [Bankrate’s] weekly national survey…” For what’s been behind this “run-up” in rates along with “another variable” that could “continu[e] to drive” them higher and higher, click to Builder. http://bit.ly/2hPocXm

Home builders’ confidence rises in anticipation of Trump administration boost. “[NAHB’s] sentiment measure… rose in December to the highest level since July 2005…. indicat[ing] that builders expect a Trump administration to lend more support to the industry, through reduced regulation and taxes….” However, as The Wall Street Journal reports, [w]hat is less clear… is how a Trump administration will affect builders’ regulatory costs, which are largely controlled at the local level. http://bit.ly/2hG9a2z

Cameron’s $5M + deals of the day – http://bit.ly/2hsitWc

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!
Arizona business leaders sue to stop minimum wage hike. “The Arizona Chamber of Commerce and Industry, Greater Phoenix Chamber of Commerce, the Tucson Hispanic Chamber of Commerce, Greater Flagstaff Chamber of Commerce, Arizona Licensed Beverage Association and the owners and some employees of the Valle Luna restaurants on Thursday filed a lawsuit challenging Proposition 206…. The lawsuit focuses on two legal arguments: That the increase violates the state constitution… [and that] the proposal should have allowed voters to weigh in separately on the wages and benefits issues.” AZCentral has more on these legal arguments, plus a response to this lawsuit from Prop. 206’s campaign chairman. http://bit.ly/2hDyiHH

Gov. Ducey taken for a driverless ride in Google’s Waymo. WATCH, as Gov. Doug Ducey heads out for a spin around the streets of Chandler in a self-driving Lexus, and get details on the “silky-smooth” ride — at AZCentral. Also learn about Google’s driverless car project and, perhaps most importantly, get an answer to the pressing question: “Hey, what’s with the name ‘Waymo’”?—> http://bit.ly/2hDvLgJ

Families who relocate for sports prodigies. “Moving to advance a child’s future in sports can involve financial sacrifices. As a child gets picked for or cut from teams, parents may be forced to sell property at a loss or face penalties to break a lease. On the flip side, some sports parents are delighted with bargain real-estate prices in the locations they end up calling home…” In her Wall Street Journal feature, reporter Katy McLaughlin looks at a few such “parents who move around the world to advance their child’s future in sports” — and the “big [real estate] risks” involved. http://bit.ly/2gSSk48Like The Dealmaker by Belfiore & Rose Law Group on Facebook

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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