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The Dealmaker: 3/21/2017

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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.
 

 
 

 
GALLERIAS: GOING, GOING & GONE – Cities restore lost streets, local charm after razing failed malls. “At a time when urban centers… are enjoying a renaissance, some dead malls are a development opportunity…. From Columbus, Ohio to Mesa, Arizona, developments emerge from under enclosed shopping centers.” The WSJ  looks at a handful of places where malls have been — or are being — replaced by housing, hotels, restaurants, parks, streets and street-level retail. http://bit.ly/2n4spWP

Average Phoenix rents reach new high, report states. “[A]nnual effective rent growth for February is at 4.4 percent, with a 94.6 percent occupancy rate… according to [Axiometrics]. The average rent increased $8 in February, the largest month-over-month change… since April 2016.” See the “top five Phoenix submarkets” and how we compare to the national average; plus get the 2017 forecast — at AZRE. (BTW, if you happen to rent in Phoenix, there’s no need to freak out over the increase — at least that’s how we see it, based on what’s reported in the next Dealmaker item.) http://bit.ly/2nOSUzu

In Phoenix, you’ll earn enough to cover rent—and then some. “[A Linkedin and Zillow] analysis identified ‘sweet spots’ where renters earn in excess of the necessary income to support costs of living, taking into account indicators such as ‘labor market velocity,’ ‘job listings,’ ‘salaries,’ and “rental housing costs.” See the cities where renters “have the most left over,” at RISMedia.” —> http://bit.ly/2mpwVC2

Closing times are speeding up. (Which actually sounds like something one might say to send a barfly into a panic.)… “[H]ome purchase loans took an average of 45 days to close in February, down from 48 days in January. Refinanced loans took an average of 47 days to close in February, down from 53 days.” Further data from the Ellie Mae Origination Insight Report — including how much “FICO scores on closed loans decreased” — at REALTOMag. http://bit.ly/2nOJlAq

Homebuyers face bidding wars on scarcer-than-ever U.S. listings. “The winning bidder of a Grand Rapids… house has been offered almost $20,000 to hand his purchase contract to another buyer. An agent in Nashville… got a property… by cold-calling local homeowners. Near Columbus… it took a teacher five tries to secure a deal…. Bidding wars common in… markets like… San Francisco… Denver and Boston are now also prevalent in the… heartland, sending prices higher and sparking desperation among buyers…” Bloomberg. http://bit.ly/2o1hiNF

 


As a supplement to the Dealmaker, we thought you might enjoy these articles!

Unwilling to raise taxes, Ducey places hope in Trump for transportation funding. “Gov. Doug Ducey plans to lobby… for hundreds of millions of dollars as… transportation infrastructure reaches… crisis levels…. 12 percent of Arizona’s major roads were in poor condition as of 2016.” Find out how much that’s “costing motorists” and why HURF, “the main revenue source for maintaining roads,” hasn’t been much help, at Arizona Capitol Times. http://bit.ly/2mpFWeC

ASU looks to expand leadership in bioscience. “[ASU] is making progress toward becoming one of the leading bioscience research institutions in the [U.S.], following nearly two decades of aggressive investment [$4B] and program development [e.g., its College of Health Solutions]…. [A]t the Arizona Association for Economic Development Luncheon, Rick Naimark, ASU’s associate VP for program development planning, gave a brief overview of the university’s efforts to date and outlined its goals for the future.” Is MIT hearing footsteps? AZBEX. http://bit.ly/2nGXVgC

U.S. Supreme Court upholds Tucson’s council election system. “[SCOTUS] rebuffed a bid… to void the system of nominating council members by ward… Public Integrity Alliance [sought] to have… courts declare that the practice is a… violation of the Equal Protection Clause… The group argued that it… gave some voters more power than others.” Although “justices gave no reason for their ruling,” the 9th Circuit certainly did. Read the appellate court’s rejection in this report from Capitol Media Services’ Howard Fischer at Arizona Capitol Times. http://bit.ly/2n4wkDf

POWER TRIPS – Miles and spending still riding high even as Arizona House road trips decrease. “Taxpayers last year covered lawmakers’ costs to attend conferences in.. DC… Vegas, Chicago, Denver, Philadelphia and even Beijing…. They sent two lawmakers and two… staffers to watch a space shuttle launch in Cape Canaveral… They even covered the cost of canceling a lawmaker’s family vacation so he could be at the Legislature for a… special session.” For a breakdown of who went where and how much it cost, tap to Arizona Capitol Times. http://bit.ly/2n4wrPb

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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.

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.