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The Dealmaker: 3/14/2017

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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.
 
 
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
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!
FDIC unveils Dodd-Frank alternative for ‘better’ bank regulation. “Thomas Hoenig [Vice Chairman of the FDIC] said that while Dodd-Frank is well intended, the regulations are too burdensome for all banks, ‘especially smaller banks.’ To remedy those issues, Hoenig presented an alternative…. [that] will partition nontraditional bank activities into separately managed and capitalized affiliates…. result[ing] in a return of the safety net…” Hoenig laid out some of the details in a speech he gave at the “Institute of International Bankers Annual Washington Conference.” Read excerpts in HousingWIre.—> http://bit.ly/2moJzwg

What you need to know about the grandparent tax; Laura Bianchi, director of Rose Law Group’s Estate Planning Dept., comments. “Leaving… money to grandchildren, and skipping the generation in between, used to be a nifty way to beat the… estate tax…. Eventually Uncle Sam realized he was being deprived of his second bite of the estate tax apple… [and] the generation skipping transfer tax… was created.” MarketWatch looks at the best way to approach and avoid this “nasty” GST tax “trap.” Laura Bianchi: “The IRS, as well as the various ancillary government agencies have unlimited resources and as such, have done all they could to ensure they are entitled to payment of as much of your hard earned assets as possible, during and after your life. Most people work their entire lives to provide for their loved ones and leave a legacy for them after they have gone, however, without a proper tax and estate plan all of those efforts may be in vain.” More here: http://bit.ly/2nkqGj6 

Arizona Republicans in Congress find ‘Obamacare’ repeal tough to swallow. “[T]he situation has lawmakers off balance… Not only must they consider that opposing the plan would put them at odds with the president… but also with significant interest groups and donors who fund their campaigns, as well as their leaders in Congress, who can yield significant influence over their career path on Capitol Hill.” See what our lawmakers are saying at AZCentral. (A few of the remarks seem like they could earn one or two lawmakers a spot smack-dab in the middle of Trump’s Twitter crosshairs!) http://bit.ly/2moEjc4

House Republicans join Dems in killing ADOT omnibus bill — for now. “[A] bipartisan coalition… killed [SB1211] after it had passed through the Senate with only two votes against it.”  Among the bill’s provisions: “[Eliminating] the requirement that the organization that operates a light rail transit system pay the [DOT] for the cost of… safety oversight.” Head to Arizona Capitol Times for the bill’s other provisions, including one that “earned the ire of Democrats” and ultimately led to the measure’s demise (and then to the possibility of a “reconsideration vote” — all of which prompted one representative to label the chamber as “dysfunctional”). –> http://bit.ly/2npK4Is

NO DRIVER, BUT ‘INTEL INSIDE’ – Intel to invest billions in self-driving car biz. “The tech giant announced Monday it’s spending $15,000,000,000 to acquire Mobileye, a company that specializes in creating chips and software for autonomous vehicles.” WATCH the interview with Intel Chief Executive Brian Krzanich, who explains “why the company is doing this massive deal now.” —> http://bit.ly/2mWGJTa 

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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© 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.