The Dealmaker: 12/21/2016

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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.
Fulton Homes returning to fill in Glennwilde. (Disclosure: Rose Law Group represents Fulton Homes.) “After an eight-year hiatus, Fulton Homes is coming back to Maricopa [with] plans to build 400 homes in the Glennwilde subdivision starting in 2017. Dennis Webb, vice president of operations for the developer, said the new construction activity in the city and interest rates were important factors for the return.” Details on Fulton Home’s “small, medium and large” home plans, plus another “important factor” in the decision to return, InMaricopa. http://bit.ly/2h2sMN8

‘FOUR’!?! – Club West Golf Course purchase would need $4 million from homeowners, plan says. “The plan… calls for major upgrades of the course’s irrigation system and some landscaping changes to reduce water consumption and ‘return the nature and professionalism of this venue to what it used to be….’” (But with a $4 million price tag, there’s probably more than a few residents going, “Hey, living with a ‘beleaguered golf course’? Eh, not such a bad idea after all.”) For further plan details and the cost breakdown click to Ahwatukee Foothills News. http://bit.ly/2ibaKgp

Conair expanding in Glendale with warehouse that will bring 300 jobs. The blow-dryer manufacturer “will open a new [1 million sq. ft.] distribution center near University of Phoenix Stadium… The massive building will be longer than the Empire State Building is tall.” (BTW, should any of the 300 employees be tasked with testing new blow-dryers, we guarantee that while doing so, over half will wonder, “Is the phone ringing?”) Get a construction update and view a seven-image slideshow of the facility’s huge walls being raised and installed, at AZCentralhttp://bit.ly/2i1soQH

Town Council approves Queen Creek Transportation Master Plan. “Not only does [the Transportation Master Plan] serve as a long-range blueprint for vehicle, pedestrian, bicycle and transit travel within the town of Queen Creek, it also focuses on regional transportation, coordinating connectivity with neighboring jurisdictions.” Further details and map of the Transportation Master Plan at Queen Creek Independenthttp://bit.ly/2haxsDL

Tucson investors buy Foothills Mall, plan major renovation. “Tucson-based Bourn Companies and FHM Partners… closed on the sale of the mall Tuesday and plan a big entertainment presence as well as office space and hotels. Located at the northwest corner of Ina Road and La Cholla Boulevard, it consists of approximately 515,000 square feet on 52 acres.”  For more on Bourn Companies’ plans, plus a brief look back at the mall’s history, (including its one-time connection with two-time presidential candidate, Ross Perot) tap to Arizona Daily Star. http://bit.ly/2hI8Hzu

Legislators looking at ways to pay for highways via gas tax, fees. “Financing the state’s freeway needs could mean Arizona motorists will pay higher gasoline taxes, will see an entirely new sales tax on fuel on top of that and will find it’s even more expensive to register their vehicles. And owners of all-electric cars likely would feel a hit, too.” Capitol Media Services’ Howard Fischer reports, in East Valley Tribune. http://bit.ly/2h2nwcj

[OPINION] Rising rates threaten to complicate 2017 housing outlook. Investment expert and Forbes’ contributor Sam Diedrich looks at “the recent trend toward higher interest rates” and how it “has raised concerns about the outlook for home prices going into 2017, eliciting a range of responses from sheer panic to resilient optimism.” http://bit.ly/2hTWtBQ

‘The housing bust appears bigger than the boom’ even after 7 years of recovery. “[S]everal housing metrics… such as single-family home sales and building permits… have still not made it to prerecession highs or even come near the levels they were at in the past two business cycles…. [M]any parts of the real-estate market that helped fuel growth in previous cycles have been constrained since the market collapsed.” That just a sampling of an assessment from Scott Brown, chief economist at financial services firm Raymond James. Get Brown’s “full breakdown” at Business Insider. —> http://bit.ly/2hd9glX

Cameron’s $5M + deals of the day – http://bit.ly/2h2eThT

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!
EVERYBODY MUST GET ZONED – Arizona Court: federal law does not trump state medical marijuana zoning. “Local officials cannot use federal laws outlawing marijuana to refuse to provide necessary zoning for dispensaries, the state Court of Appeals ruled Tuesday…. [The  court also rejected the] contention that having county officials issue the required zoning would mean they were aiding and abetting in the violation of federal law [the Controlled Substances Act].” For more on the legal battle and the court’s decision, see Howard Fischer’s report in YourWestValley. http://bit.ly/2i1suaG

ADA lawsuit attorney faces questions from federal judge.  “[C]ontroversial attorney [Peter Strojnik] argued that he is doing ‘God’s work’ to help disabled Arizonans as he found himself the target of grueling cross-examination from [U.S. District Court Judge Neil Wake] over the tactics he’s used in suing 1,700 businesses… [for] alleged Americans With Disabilities Act violations…” (COMMENT: We find the “God’s work” remark to be a bit of a stretch — on two counts: (1) We doubt that an all-powerful being would need someone to do “work” for him, and (2) Even if God did need someone to do so, we’re pretty sure it wouldn’t involve “making demands for large out-of-court settlements to cover legal fees.”) More on the judge’s “grueling” cross, in East Valley Tribune. http://bit.ly/2hrPWgG

Business groups back in court seeking to block Arizona minimum-wage increase. “Attorneys argued whether a pending hike in the state’s minimum wage should be put on hold until there is more time to argue the merits, [i.e., ‘that the… measure is unconstitutional and harmful to a broad swath of Arizona, from people who depend on state services, to state agencies, to employees who may be fired because businesses can’t afford the higher wage’]. For further details, including counterarguments along with a timeframe for an expected ruling, click to AZCentral. http://bit.ly/2i1oMxT

Arizona ends year on strong income and population growth. “[P]ersonal income… increased 1 percent in the third quarter this year over the second quarter…. [P]opulation is poised to top 7 million people next year…” Using  these and other estimates from the U.S. Census Bureau and the Bureau of Economic Analysis, Phoenix Business Journal’s Eric Jay Toll looks at how we’re measuring up compared to other states. http://bit.ly/2hI22W3Like 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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