The Dealmaker: 1/25/2017

UPDATE – Paradise Valley home sells for $12.75 million, the 3rd-priciest home sale in Arizona history. (NOTE: This AZCentral piece updates the news release that we mentioned in yesterday’s Dealmaker — “Largest Deal in History of Arizona MLS Closed by Robert Joffe” — which had incorrect sales information.) http://bit.ly/2ktEiar

Surprise housing market on cusp of boom. “Home construction and sales in Surprise may never return to the halcyon days of the early 2000s, but signs point to a market about to pop this year. That was the message delivered… to the city’s Planning and Zoning Commission at its meeting Jan. 19.” Check out the housing-market highlights in YourWestValley. http://bit.ly/2jScfyc

Gilbert home buying tech startup raises $260 million, hires seasoned local tech executive. According to Phoenix Business Journal, “OfferPad secured $30 million in equity and $230 million in debt from LL Funds LLC in Philadelphia…. OfferPad also hired former longtime Infusionsoft chief technology officer Marc Chesley as its president in November.” So how does OfferPad plan to use both the money and Chesley? http://bit.ly/2k41hZ6

AIRB’N’BENEFITS – Phoenix property owners reaping big benefits from Airbnb.Phoenix Business Journal: “Airdna, which analyzes Airbnb’s bookings and listings, evaluated Phoenix’s top 10 performing listings of 2016… in seven categories: shared room, private room, studio, one bedroom, two bedroom, three bedroom and four-plus bedroom.” And what was the “total estimated annual revenue of the top six listings”?  Click through for the answer along with an Airbnb “top listings” slideshow. http://bit.ly/2ktFFWD

Existing home inventory hits record low. “[I]nventory of existing homes shrunk to the lowest level in NAR’s records which date back to 1999.” Mortgage News Daily’s Jann Swanson reviews the inventory numbers in a wide-ranging report that also includes existing-home sale and first-time buyer data, along with “days on market” figures. Plus, NAR’s Lawrence Yun weighs in on inventory, starts, and affordability. http://bit.ly/2k0FZv0

2016 marked best year for sales in a decade. In the event that you just skipped Jann Swanson’s Mortgage News Daily report on existing-home inventory — or if you just want to peruse the same data again, but from a different source — here ya go, right from the horse’s mouth: NAR’s REALTORMag —> http://bit.ly/2kjGI8g

Economy Watch: Apartment markets slowing down. “All four indexes in the NMHC’s quarterly survey… remained below the break-even level of 50 for the second quarter in a row: Market Tightness, Sales Volume, Equity Financing and Debt Financing.” However, according to NMHC Chief Economist Mark Obrinsky: “The underlying demand for apartment residences remains strong…” Could that explain why he’s beaming in the headshot that accompanies this Multi-Housing News report? http://bit.ly/2jqeCJV

Here’s another way Wells Fargo took advantage of customers. “Four former employees say that Wells Fargo made clients in its Los Angeles region pay for missing deadlines to lock in interest rates on loans, even though the delays were the bank’s fault.” This ProPublica report is a pretty interesting read. http://bit.ly/2ktAult

Cameron’s $5M + deals of the day – http://bit.ly/2jqaF7Y