The Dealmaker: 12/27/2016

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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.
Major Downtown Phoenix office complex sold – $50 million renovation plan on tap. “Oaktree Capital Management… in a joint venture with Cypress Office Properties… acquired the… nearly one million square foot Renaissance Square…. Under Oaktree’s ownership Renaissance Square will undergo… renovations to the lobbies, plaza and third story indoor/outdoor tenant conference center.” (IOW, a renaissance!) Christine Mackay, Phoenix’s Economic Development Director: “The revitalization… will bring new life into Downtown, and the plans to renovate… are absolutely amazing!” For more on the deal, including seller info and company profiles for Oaktree and Cypress, click to Rose Law Group Reporter.

After debate, downtown Surprise plat passes unanimously. However, as Independent Newsmedia’s Richard Smith reports, the approval of the Thompson Thrift development at Surprise Center (south of Bell, west of Civic Center) “was not without consternation, particularly from Mayor Sharon Wolcott…” See what the mayor’s “biggest concern” is and get further details on the project, in YourWestValley.

Existing home sales continue to climb at highest pace since 2007. “[S]ales… increased 0.7% to a seasonally adjusted rate of 5.61 million in November.” For the factors that “combined to drive sales higher,” along with the region in the U..S. where “home shoppers…. had the most success last month,” see Kelsey Ramírez’ report in HousingWire

Homebuilder sentiment spikes 7 points, Trump has them feeling fantastic. “The National Association of Home Builders/Wells Fargo Housing Market Index… rose to 70 [in Dec.], the highest level since July 2005…. The index has not jumped by this much in one month in 20 years.” NAHB Chairman Ed Brady says that the “rise… is largely attributable to… builders [being] hopeful that… Trump will follow through on his pledge to cut… regulations…“ (Meanwhile, don’t be surprised if Hillary & Co. try to attribute the dramatic uptick in the index to some sort of Russian hack.) For a breakdown of the “index’s three components” along with more on what CNBC’s Diana Olick dubs “the Trump rally in homebuilding,” click it –>

Homes appreciating at pre-bust pace. “Home… values [are] rising at an annual rate of 6.5 percent as of November, according to Zillow’s recently released Real Estate Market Reports, with the Zillow Home Value Index (ZHVI) at a median of $192,500.” For a ZHVI comparison chart of metro areas, plus Zillow Chief Economist Svenja Gudell on why “[c]onditions today are very different than… back in 2006, which was the last time… home values [were] rising this fast,” click to RIS Media.

Foreclosure inventory below 500k for 1st time in nearly 10 years.Mortgage News Daily’s Jann Swanson dispenses delinquency and distressed property data courtesy of Black Knight Financial Services.

Cameron’s $5M + deals of the day –

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!
POT LUCK? – Licensing medical marijuana stirs up trouble for states; perspective provided by Ryan Hurley, Rose Law Group Partner and Director of Medical Marijuana Department. “[I]n states like Arizona… competition for licenses [‘some’ of which are awarded ‘by lottery’] can lead to a gold rush mentality and lawsuits as entrepreneurs eye a[n]… industry with $4.2 billion in sales in 2014….” And while these “lotteries have been successful,” see why Ryan Hurley says that being awarded a license is no “guarantee that businesses are ready to operate smoothly” — in Governing.

‘Forbes’ says Phoenix among America’s most vulnerable sports cities. “To determine the nation’s most vulnerable pro sports cities, [Forbes] looked at four different categories… Expense (how expensive it is to go to games in the market), Loyalty (how much fans have been willing to spend on their local teams), Size (how many people there are for each team in the market) and Wealth (how wealthy local residents are).” Good thing Forbes didn’t factor in NBA Championships (how many the Suns have won), otherwise our vulnerability would be off the charts! See the full list, here:

When local control backfires. “[L]ocal governance can backfire, especially when parochial interests trump larger regional concerns. Nowhere is this more evident than in housing, where prices are skyrocketing in many U.S. cities.” Using San Diego as a case study — a city where “median home prices [have jumped] 48 percent since 2012” — Governing’s urban-issues columnist Scott Beyer explores the problem — and presents what “may be… [a] better alternative… for cities” when it comes to “land use decisions.”

Chicago home-sharing lawsuit. “A new law in Chicago against home-sharing, signed on June 24, 2016, spanning 58 pages of complicated legal jargon, levies a whopping $10,000 licensing fee on rental platforms like Airbnb.” Click through for more on the law, the Goldwater Institute’s lawsuit opposing it, plus info on how the public can join the fight.

[OPINION] Lessons from 2016 for the news media, as the ground shifts. New York Times’ media columnist Jim Rutenberg strives for “the big takeaway from the year American journalism just lived through… draw[ing] not only from what [the news media] did wrong but also from what it did right.”

The Year in Pictures 2016. “Trump won… defying polls, mockery and fear… Britons jolted their country and the world by voting to leave the European Union….The Chicago Cubs won the World Series after a drought of 108 years.”  That’s just a sampling of what occurred in what New York Times calls a “year to be confounded, shocked, humbled.” Check out their month-by-month pictorial of the entire year, 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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Cameron’s $5M + deals of the day

Cameron Carter, Director of Rose Law Group’s Transactional Real Estate Department, thinks you need to know about these transactions in Maricopa County. Price: $27MBuyer:  Tides on 19th Partners, LLC

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December 2016