The Dealmaker: 3/16/2017

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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.
 

 

 

 

Former University of Phoenix properties get new owners, new life. The new owners and property locations? “West Second Street Associates… purchased 4150 Riverpoint Parkway… [Orsett] bought [the building at] 3125 E. Wood Street.” The “new vision”? Both owners are “looking to modernize” for “[‘large’] corporate [‘back-office’] users.” Phoenix Business Journal also reports that a rep involved in the deal called the “sale prices” a “good value” that “shows the improvement of the overall real estate market.” Details —> http://bit.ly/2ns5s34

Residential and mixed-use development ramps up along south Scottsdale’s McDowell Road. “[S]urging development… [V]acant commercial lots [replaced] with mixed-use properties and multifamily residences…. [N]ew residential subdivisions [‘Aire on McDowell and Phase 2 of Skye’] that together will add 159 townhouses….” Click to AZCentral for details on these and the other developments that one resident says will “bring the area back up, make it less scary.” http://bit.ly/2myHAqd

Rental price leap has developers eyeing Surprise. “[R]apid rental rate growth, available land… and a lack of supply have developers lining up rental property proposals in Surprise.” But not everyone is thrilled about it.  YourWestValley reports that a couple of “proposals under concept review have faced significant push back from residents of long established communities nearby.” —> http://bit.ly/2mTvXNk

Council approves Orchard Ranch Park expansion. “The [approval]… changed… 75 acres from Residential; Single Family Rural… to Commercial; General Sales and Services-Planned Area Development… A portion… is for future commercial development and about 63 acres is for [a] development… that will accommodate both mobile homes and RV units…” Prescott ValleyTribune calls the integration “part of a national trend.” (And if this development were somewhere in Oklahoma instead of Dewey, Arizona, Joe Dirt would call it “Tornado Magnet Estates.” Source: Advice from Joe Dirthttp://bit.ly/2nsbCA7

Builder confidence hits 12-year high. “The NAHB/Wells Fargo Housing Market Index… jumped 7 points to 71, giving it the highest reading since June 2005.” What has builders so “buoyed”? NAHB Chairman Granger MacDonald fills us in, and Jann Swanson breaks down the index “across all regions” — at Mortgage News Daily. http://bit.ly/2nsckx4

Fed hikes rates, as expected; mortgage rate movement not anticipated. “The Fed [raised] rates by 0.25 percent on Wednesday.” Says one real estate agent: “We’ve been hearing that… rates are going up for several years… it started to feel like propaganda to encourage buyers to ‘get in while you can’…. Now, it is actually happening.” Meanwhile, Keller Williams shrugs it off: “[W]e anticipate another year of healthy home sales…” MarketWatch. http://bit.ly/2mNAvTr

Cameron’s $5M + deals of the day – http://bit.ly/2nsbukc

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!
NAFTA: Has Arizona won or lost under the trade deal? President Trump calls it the “worst trade deal ever.” Republicans in Arizona give it a “softer reception… though its effects here are still debated.” AZCentral has some of this debate, with economists, lawmakers and others weighing in with NAFTA arguments both pro and con.—> http://bit.ly/2nwmnhu

Peoria takes new steps in revitalization of Old Town. “The redevelopment strategy to attract businesses to the area will focus on the area bounded by 83rd Avenue, Washington Street, Jefferson Street and 83rd Drive. [A] consultant will begin a market analysis this month to determine the highest and best use for city-owned Old Town parcels, with a final report expected to be complete this summer.” YourWestValleyhttp://bit.ly/2mx0f4U

Ducey says GOP health care bill has ‘room for improvement.’ “[Gov. Doug] Ducey told KTAR News 92.3 FM’s Mac & Gaydos that he is…. ‘glad the Affordable Care Act is going to be repealed, but the last thing we want to do is transition people off of a program where they have no where to go…’” And that’s not the only topic the governor touched upon. LISTEN to  the 15-minute segment here —> http://bit.ly/2mx44H8

INFRASTRUCTURE: HOW FLUNKED UP IS IT? – Arizona’s infrastructure could deteriorate without proper investment, ASU professor says. “A recent report… gave Arizona a C for infrastructure… But… economics professor Dennis Hoffman said the state could soon start to see failing grades if proper intervention is not taken.” Check out what the ASU prof has to say about the crumbling infrastructure, and see why those posting in the comments section think it’s actually Professor Hoffman’s assessment that deserves the flunking grade — at KTAR. http://bit.ly/2mNxtyT

Small business optimism remains near record high. “According to the February Small Business Optimism Index, small business optimism is at its highest readings in 43 years…” Juanita Duggan, President and CEO of the National Federation of Independent Business, says: “It is clear from our data that optimism skyrocketed after the election…” What’s got it so high and what could cause it to “fade”? Find out, at AZBIGMEDIA. http://bit.ly/2nev56GLike 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

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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