Real Estate Q & A: Builder exempt from CC&R requirement after association employee approves plans. Rose Law Group Real Estate Litigation Department Chairman, Adam Martinez, discusses CC&R’s compliance requirements and how the legal concept of “reliance” obtains when “someone with apparent authority for the association [gives] express approval” for a particular project, in this case, a swimming pool. In Rose Law Group Reporter. http://bit.ly/2lXGhoC
PhoenixMart important as America’s only global marketplace, reports ‘Boss Magazine.’ “Yiwu Market in China… sees millions of visitors a year at its 80,000 shops. The Dragonmart in Dubai has already almost tripled in size since it was founded…. But between the complex matters of cultural and language barriers, long travel times, and custom issues, it was time for a solution on the home front. PhoenixMart is that solution.” This Boss piece has plenty of praise for PhoenixMart — and also for Casa Grande, which it calls the “the perfect location for PhoenixMart for a myriad of reasons.” http://bit.ly/2mWBm6z
Developers buy land along Central Avenue for mixed-use project. “Ryan Companies, Tilton Development Company and Hunt Investment Company plan to develop a mixed-use project with residential and office components on the site, at the northeast corner of Willetta… and Central…” Check out a rendering and get further deal and development details, at AZRE. http://bit.ly/2mJMrHO
It’s taking longer to build houses in Arizona as hires lag. “And if we really see a construction boom, particularly in the housing market, the homebuilders are concerned that they won’t be able to keep up with demand.” — Rick Merritt, economist and president of Elliott D. Pollack and Company. For the latest “hires lag” figures, tap it —> http://bit.ly/2nBiWWa
THE POWERS THAT BE – Scottsdale property owners to pay $3 million to bury power lines near WestWorld, but there’s a catch. (Disclosure: Rose Law Group represents the property owners seeking to bury the power lines.) “[A]rea property owners overwhelmingly decided to create a new facilities improvement district after the… City Council declined to pay for the lines to go underground. As a result, APS will install between 4,400 and 4,500 feet of power lines underground… But for now, the lines will be above ground at the event center…” See why, at AZCentral. http://bit.ly/2mGjP0q
Pollack: Arizona unemployment higher than nation. As for how things are shaping up overall, The Monday Morning Quarterback says, “Last week continued the trend of good economic news.” U.S.: Labor Productivity & Output, New Orders & Inventories, Consumer Credit. AZ: Job Losses, Employment – Greater Phoenix & Tucson, Enplanements & Deplanements, Homes – Active Listings, Sales & Median Prices. http://bit.ly/2lXuFSF
Monday Morning Cup of Coffee: Housing takes center stage at SXSW. “South By Southwest is famous for bringing musicians, artists and entertainment groups to the capital of Texas… [Amherst Holdings, the ‘data and analytics company for the real estate industry’] is on an extremely short list of housing-affiliated companies attending the two-week conference, hosting a one-day event during it to bring housing into mainstream conversation.” HousingWire describes it as “Mortgage finance finally rubbing shoulders with the IT crowd.” Check out “how it all went down.”—> http://bit.ly/2mJNg3a
Down payments for first-time homebuyers still in the single digits. “In 2009, when the National Association of Realtors started tracking such data in its monthly Realtors Confidence Index, nearly three-quarters of first-timers made down payments of between 0% and 6% of the purchase price. In February, only 65% did…. [But there] are different ways to think about down payments being lower now than in the past.” Details at MarketWatch. http://bit.ly/2npKPRJ
Homeowners find an equity bright spot. File this one under “In Case You Missed It Last Friday’s Dealmaker,” where we presented Mortgage News Daily’s take on the latest equity figures from CoreLogic’s housing report. This week, it’s REALTORMag’s turn. Get positive and negative equity data and find out if Arizona is a “bright spot,” or if it’s one of a handful of states that “accounted for nearly 30 percent of negative equity in the U.S. http://bit.ly/2mJWPzf
‘A bad idea’: More new mortgages are risky ones. “Riskier borrowers are making up a growing share of new mortgages, pushing up delinquencies modestly and raising concerns about an eventual spike in defaults that could slow or derail the housing recovery. The trend is centered around home loans guaranteed by the Federal Housing Administration…” Industry heavyweights weigh in, with more than one of them seeing no need to sound an alarm, in USA TODAY. http://bit.ly/2mJNwPA
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