The Dealmaker: 3/15/2017

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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.


Arizona Center begins $25M renovation; adding hotel, multifamily housing. “Parallel Capital Partners and Angelo Gordon & Co… announced plans for renovations to the 1-million-square-foot center… [In addition to the ‘boutique hotel and multifamily housing,’ other] planned improvements include site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding, and branded signage features.” Check out the fantastic “new look” in a three-image slideshow at Phoenix Business Journal.

P&Z give thumbs up to CopperWynd project. (Disclosure: Rose Law Group represents the Copperwynd Resort.) Fountain Hills P& Z “took the first step… that would allow the owner of… CopperWynd… to redevelop the property with 10 times the current room capacity.” Fountain Hills Times reports that “[owner Bill] Hinz has already invested $6 million in property improvements since taking over; [and] when all three phases of the project are complete it will generate $1.65 million in total sales tax receipts, a ten-fold increase over the numbers for 2016.” More on the “thumbs up” here: 

CONGRATS TO COUNCILWOMAN STARK! – Debra Stark claims win in north Phoenix council race. AZCentral: “Stark, a retired city planner, was appointed to the District 3 council seat in June. Unofficial results from Tuesday’s special election show a likely insurmountable lead over Chris DeRose, an attorney and historical author…. Stark focused on quality-of-life issues like repairing city infrastructure.”

CONGRATS TO MAYOR LORD! – Goodyear re-elects Mayor Lord. “Mayor Georgia Lord appeared headed to a decisive victory on Tuesday, according to preliminary election results… Lord, who is in Washington, D.C., for a National League of Cities conference, said in an email Tuesday night that she will continue to ‘build a stronger Goodyear.’… [V]oters also decided on five candidates seeking three seats on the City Council.” See  who’s in and who’s out, at AZCentral.

WHEW!’ FOR MAYOR MECK – Effort to recall Buckeye Mayor Jackie Meck appears to fall short. “A citizen-driven campaign to recall Buckeye Mayor Jackie Meck after outrage over high water bills will likely fail to trigger a recall election…” Although the “recall effort… will come up 500 signatures short,” AZCentral reports that “some gains were made” as a result, including a water “hotline.” Apologies in advance for this, but… with “water” such a huge part of this story, we think it only appropriate to suggest that you tap through for details:

Multifamily completions to peak in 2017. That’s the view of “Paula Munger director of industry research and analysis at the National Apartment Association,” who tells MHN: “We’ve already seen weakness in starts and permits data, meaning that construction will start tapering off in 2018…” Munger also discusses supply and demand in “core markets,” while “Caitlin Walter, director of research for the National Multifamily Housing Council,” weighs in on possible interest rate increases and the impact on the “multifamily lending market.”

10-year foreclosure crisis recap. Mortgage News Daily’s Jann Swanson digs into CoreLogic’s “United States Residential Foreclosure Crisis: 10 Years Later,” a report which covers “foreclosures beginning with… the relatively healthy years of the early 2000s through the peak of the crisis to the present time.” This report also charts out the “highest peak foreclosure rate” — then and now — for Arizona and nine other states.

What’s house size? No one is really sure. “Just how large a house really is may depend on whom you ask, The Wall Street Journal reports. That’s because appraisers, developers, builders, real estate professionals, tax assessors, and architects all measure spaces differently (e.g., some “count the garage”; some don’t). No universal standard exists for calculating a home’s square footage. Further, it can also vary regionally.” More on this square-footage conundrum and its impact on buyers, at REALTORMag.

Cameron’s $5M + deals of the day –

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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!
Utility regulators vote 3-1 to let APS slide on political finance records. “[Last year, Arizona Corporation] Commissioner Robert Burns issued subpoenas to APS and its parent company, Pinnacle West… The Tuesday vote ends the legal action aimed at making the companies comply with those subpoenas. Burns wanted to know if the companies were the source of… ‘dark money’ that helped get commissioners Tom Forese and Doug Little elected.” Burns: “This is a weakening of the entire commission’s authority if APS prevails…“ More on Tuesday’s vote and the “heated discussion” that occurred “over the matter” — in AZCentral.

Supreme Court upholds minimum wage law. “The justices rejected arguments by a group of plaintiffs, led by the Arizona Chamber of Commerce, that Proposition 206 led to an unconstitutional mandate for the government to spend money…. Attorney General Marc Brnovich… applauded the court’s ruling…. [while] Glenn Hamer, the chamber’s president and CEO, acknowledged defeat…” Read their remarks and get more on the ruling at Arizona Capitol Times.

What Arizona business leaders see as top challenges. Is it healthcare? Education? Workforce availability?  See what business leaders name as their “top concerns,” and get other “key findings” from “Alliance Bank of Arizona’s 2017 Arizona Leaders in Business Survey,” at AZBIGMEDIA.

Public comment to begin for ADOT 5-year plan. “Beginning next week, Arizonans will be able to provide input on the Arizona Department of Transportation’s annual update of projects proposed to move forward in the next five years and how much local, state and federal funding should go toward them. In its Tentative Five-Year [plan], ADOT proposes accelerating some key expansion projects…” For info on these projects, along with date, time, and location “details for the three public hearings,” click it:

‘YOU ARE HERE’ (AND THEY KNOW IT) – Shopping malls are tracking your every move. “As more shoppers tote smartphones while browsing in stores, shopping-center owners are tracking their movements and spending habits to try to figure out how best to arrange stores and mall layouts to boost shopping activity.” As the subhead to this Wall Street Journal piece puts it: “Mall owners are eager to remain relevant in the era of Internet shopping.”

Steve Bannon and the making of an economic nationalist. “The controversial White House counselor says his father’s 2008 financial trauma helped crystallize his antiglobalist views and led to a political hardening.”  An extensive piece on Bannon, from The Wall Street Journal.

Neuroscience reveals 4 rituals that will make you happy. “UCLA neuroscience researcher Alex Korb has some insights [based NOT on a bunch of new-age hooey, but actual ‘brain research’] that can create an upward spiral of happiness in your life.” One of the rituals? Here’s a clue: If you’re wondering whether or not to click through to The Week to check out this article, try not to mull it over for too long. The Dealmaker by Belfiore & Rose Law Group on Facebook

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

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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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