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The Dealmaker: 1/25/2017

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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.
Grand at Papago Park centers around water. “[‘A subsidiary of’] SRP… is… delivering one of the major employment and residential developments near Tempe Town Lake…” But the Grand’s association with SRP and its proximity to a lake aren’t its only water-centric aspects. AZBEX reports that “a half-mile of canal was moved… to create a more usable site…”; also, “[a] prominent water feature… in the heart of the campus [will] pay… homage to Roosevelt Dam and… will be a focal point of the project.” Check it out, here: http://bit.ly/2jxJk1D

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
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!
States with the strongest job growth in 2016; check out Ariz. stats. “The U.S. Department of Labor released the last state-level job estimates for 2016 on Tuesday, providing an updated snapshot of their economies.” See the results, in Governing. http://bit.ly/2jfwJ1R

Senate panel backs texting ban for teens. “State lawmakers are moving to keep cell phones out of the hands of the newest drivers while behind the wheel. But the practice apparently will remain legal for most everyone else, unless they are driving in a city or county that has its own ban.” Check out the report on SB 1080 from Capitol Media Services’ Howard Fischer in Arizona Daily Sun. But not while driving. http://bit.ly/2ktGnPn

STORE RETURNS – Mall owners rush to get out of the mall business. “As competition from online shopping batters retailers, some of the largest U.S. landlords are calculating it is more advantageous to hand over ownership to lenders than to attempt to restructure debts on properties with darkening outlooks. That, in turn, leaves lenders with little choice but to unload the distressed properties at fire-sale prices.” As one industry insider describes it: “We’re seeing a boatload of these kinds of properties coming to market…” Read the report in The Wall Street Journal. http://bit.ly/2ktz3aC

46-Acre Mixed-Use Center in Peoria Sold for $34.45 Million Read more

Greater Phoenix Office Market Improves Despite Slowing Job Growth Read more

CBRE Completes the $26.4M Sale of Park Ladera at Spectrum Ridge 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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© 2024 Rose Law Group Reporter

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, data breach/privacy law, 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.