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The Dealmaker: 1/3/2017

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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.
The mortgage debt relief act is dead, now what? In this edition of his Real Estate Q&A column, Rose Law Group Real-Estate Litigation-Department Chairman Adam Martinez looks at the “Mortgage Debt Relief Act of 2007,” and how the “Act’s” expiration this year isn’t such bad news “for homeowners and also investors in Arizona who are contemplating foreclosure.” As Adam notes: “There is still potential relief from taxable income on debt forgiveness following a foreclosure even without the Act.” Read the full response in Rose Law Group Reporter. http://bit.ly/REQAQ2b

With lots in short supply, builders revive abandoned projects. (Disclosure: Rose Law Group represents Fulton Homes.) “[B]uilders and investors are starting to resurrect those half-finished subdivisions that were given up [on] after the [housing market] collapse.” — and Fulton Homes is one of the builders that’s doing so: “In Maricopa, Ariz., [Fulton] is… reviving… a project called Glennwilde that had been largely abandoned by developers for seven years.” Details on Glennwilde and other projects rising from the dead, in The Wall Street Journal. http://bit.ly/2j51HKq

See how much you will spend on rent in Phoenix, Scottsdale, New York, D.C., L.A. and other cities. Check out “new” average rent numbers courtesy of “multifamily real estate firm Zumper,” and view a 15-city slideshow in this report from Mike Sunnucks at Phoenix Business Journal. Here’s a teaser: “Scottsdale ended 2016 as one of the more expensive apartment rental markets in the U.S….” http://bit.ly/2hRvXMU

OUT AT HOME? – Arizona Diamondbacks sue Maricopa County to explore leaving Chase Field. “The Diamondbacks’ lease with the county… prevents the team from talking with outside groups until 2024, and requires the team to play in its current home until 2028. The… lawsuit is the latest twist in a long-running conflict over which party is responsible for as much as $187 million in repairs and upgrades to Chase Field.” D-backs Ken Kendrick and Board Supervisor Clint Hickman each weigh in with very different views on this legal matter, at AZCentral. http://bit.ly/2iEcfkQ

Collaboration drives development in Flagstaff. AzBigMedia profiles the Economic Collaborative of Northern Arizona, “an… organization supported by 16 regional agencies… [that] works collaboratively across public and private sectors to cultivate economic growth through leveraging regional economic development resources.” http://bit.ly/2hQXVU1

Home prices jump most in 2 years. “[T]he CoreLogic Home Price Index… for November 2016 indicates that there was a 7.1 percent appreciation in home prices nationally when compared to November 2015.” What’s got HPI so high?  What are the states where “appreciation was highest”? When is HPI is expected to “surpass [its April 2006] peak”? Get the answers in Jann Swanson’s report at Mortgage News Daily. http://bit.ly/2iAIXpd

Get ready to love where you work: Rose Law Group is hiring a Commercial Litigator – http://bit.ly/2hRxUZH

Try something different, the Greatest Arena Polo Party and Collector Car Auction is almost here – http://bit.ly/2hQWqoN
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!
Infrastructure: past, present and our future (again).  A “few months” after Cheryl Lombard “spoke of how infrastructure makes our lives better and our economy more efficient,” the Valley Partnership president & CEO is on it again, with an AzBigMedia column explaining why her organization supports “a permanent solution to fund the Highway User Revenue Fund (HURF),” and why the Partnership also backs “the Government Property Lease Excise Tax (GPLET).” On a fascinating side note: If you sound out the acronyms HURF and GPLET, you’ll notice that they bear an uncanny resemblance to the noises that you and your tires make upon hitting huge potholes. Coincidence? http://bit.ly/2hT46dC

Maria Syms picks Arizona Legislature, resigns council seat. “Her [resignation] letter came a day after The Arizona Republic published a story about Syms’ intent to serve in both roles [as a Paradise Valley Town Council member and as State Representative]. The story cited the state Constitution, which bans holding dual offices.” The law is not entirely clear on this and we are all quite sad not to have Councilwoman Syms at PV Town Council anymore! http://bit.ly/2j9VGAg

Navajos recount litany of disappointments as tribe considers pulling housing authority’s funds. “[S]hoddy construction, wasteful spending and poor treatment…. An Arizona Republic investigation found the [Navajo Housing Authority] has failed the tribe’s people time and time again…. [Now, legislation] has moved through the Navajo Nation Council [that] would strip the NHA’s status as the tribally designated housing entity accepting U.S. Department of Housing and Urban Development funds.” Read the report here —> http://bit.ly/2hRwFK4

Sophisticated, Smart, Scenic: Innovative Carefree Community Attracting Untapped Market Read more

California Investor Purchases $19 Million Solano Terrace Apartments Read more

Westland Properties Group Closes Another Custom Lot Transaction 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.