The Dealmaker: 3/10/2017

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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.




BMW to build $30M high-end dealership in Glendale. “The Glendale City Council voted… to sell a 13-acre parcel [‘at the bend of Loop 101 and Union Hills’] to West Valley RE LLC for $2.4 million — the same amount the city had paid for that parcel about a month ago from PDS Realty when city officials were planning to develop a Park-and-Ride lot.” (If you think about it, isn’t a dealership sort of the same thing? But in this case it would be called a “Park-and-Ride-Off-in-a-Brand-Spankin’-New-i8” lot.) More about this “top-tier facility” and the jobs it’s expected to bring, at Phoenix Business Journal.

Plans underway for massive $200M natural history museum in Phoenix area. “Inside a small, nondescript suite… in Scottsdale sits some of the rarest… objects in the world…” (No, not MSNBC viewers.) “The items [‘dinosaur fossils, ancient minerals, pre-Columbian weaponry’] belong to Michael Fleeman… who is attempting to open [the ‘300,000-square-foot’] museum… [The ‘collector’] has already worked with… Elliot D. Pollack & Co. to create an economic impact analysis, and has been speaking with… city governments to find a site.” Get the full story and view a 9-image slideshow, at Phoenix Business Journal.

Chandler Boulevard Extension may give Ahwatukee its own ‘Highway to Hell.’ Ahwatukee FootHills News Executive Editor Paul Maryniak takes a dim view of the Chandler Extension and the decision by “city streets officials… to make it three lanes instead of two,” arguing that it will result in more accidents and longer “daily traffic jams.” (Which makes it a bit curious that Maryniak would appeal to this AC/DC tune to help make his case, because among the lyrics that Bon Scott belts out are: “No stop signs / Speed limit / Nobody’s gonna slow me down…”) Read the editorial here:

Former Glendale mayor to Arizona Coyotes: Blame your management, not the city. “[Former mayor Elaine] Scruggs’ missive to House Speaker J.D. Mesnard and Senate President Steve Yarbrough comes on the heels of a letter sent… by NHL Commissioner Gary Bettman… declaring that the franchise will not remain in Glendale.” Arizona Capitol Times reports that ”Scruggs… was emotional when reading Bettman’s ‘haughty comments…’” How did Scruggs fire back? “The Coyotes position at the bottom of the standings is a leadership problem, not a location problem.” More in Arizona Capitol Times.

Prescott among ‘happiest and healthiest’ U.S. communities, according to ‘Time Magazine.’ “[T]he list is based on the Gallup-Healthways’ newly released Community Well-Being Index. Researchers reportedly analyzed 350,000 interviews conducted in 2015 and 2016 to rank communities by physical, emotional, financial, community, and social health.” So where exactly did Prescott — and a couple of other Arizona cities — land on the list? The report and rankings in The Daily Courier.

Housing fears confirmed: Trump budget considers $6 billion cut to HUD funding. (Or: ‘How Donald Trump just caused Congresswoman Maxine Waters’ head to explode.’) “This cut would go towards Trump’s goal to cut domestic spending by $54 billion, and could decrease HUD’s budget 14% to $40.5 billion in fiscal 2018…” Click to HousingWire for industry reaction plus a ‘sky is falling’ statement from Rep.Waters.

One million homes back above waterline in 2016. “48 million homes, about 93.8 percent of those with a mortgage, now have positive equity. Negative equity peaked at 26 percent of mortgaged residential properties in Q4 2009…” Check out what CoreLogic execs have to say about the “equity build-up,” and see where Arizona ranks in a “Near and Negative Equity Share by State” chart, in Mortgage News Daily.

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!
AIR BILLIONS ’NBILLIONS? – Airbnb just closed a $1 billion round and became profitable in 2016. “The home-sharing giant… is now worth approximately $31 billion…. Airbnb was last reported to be raising cash at a $30 billion valuation, making it the second-most valuable start-up in the U.S., trailing only Uber.” CNBC. (It’s noteworthy that Airbnb is HQ’d in San Francisco, which has some very strict rules and regulations regarding short-term rentals. In light of getting that much in funding and turning a profit, the company is probably thinking, “In your face, San Fran!”)

[OP-ED] We can’t afford to wait for Trump’s $1 trillion spending spree. Infrastructure-industry hotshots Jeff Hill and Norman F. Anders argue for an immediate “burst of infrastructure spending… modernizing, repairing and expanding our airports, bridges, electric grid, highways, mass transit, ports, and water and sewer systems” — not only to “meet current and future needs,” but also (and mainly) because “a robust infrastructure program would create millions of new jobs.” At CNBC —>

Garcetti bans private meetings between developers and planning commissioners. “Los Angeles Mayor Eric Garcetti has banned city planning commissioners from meeting or communicating privately with real estate developers whose plans they are vetting, following through on a pledge made last year.” But is an “executive directive” like this really necessary to “enhance trust in the planning process”? Do “such private meetings tilt city decisions toward politically connected developers”? Los Angeles Times.

Arizona expected to create fewer jobs over next two years. “New figures… project Arizona will add 138,553 jobs between the second quarter of last year and the second quarter of 2018. That translates to 2.4 percent growth on an annualized basis. By contrast, the similar figure for the prior two-year period was 2.6 percent a year.” More projections from “the state Office of Economic Opportunity,” including a “significant finding” regarding “non-store retailers,” in this report from Capitol Media Services’ Howard Fischer at Arizona Daily Star.

Arizona Supreme Court skeptical of minimum wage challenger arguments. The plaintiffs’ argument? “[P]arts of Proposition 206, including new mandates for benefits such as paid sick leave, are a direct mandate for the state to spend money, which violates the Arizona Constitution’s revenue source rule.” The court’s skepticism? “If even indirect expenditures are sufficient to violate the revenue source rule, is there realistically any initiative that could be proposed that wouldn’t violate the Constitution?” The full report? In Arizona Capitol Times.

Sunnyslope, Moon Valley: Whom do you want on the Phoenix City Council to decide your future? “Two candidates are vying for the [District 3] seat in the March 14 runoff election: Interim Councilwoman Debra Stark… and Chris DeRose, an attorney and historical author.” The candidates address issues — police, economic revitalization, sanctuary city, climate change and sustainability, downtown investment, homelessness, street improvements and more — in this Republic Q & A.

Over 600 People Attend Grand Opening at Iconic New Rosewood Grove Read more

CableOne Gifts $100,000 for Hance Park Amphitheater Read more

CBRE Completes $10.55 Million Sale of Desert Canyon 200 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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