The Dealmaker: 3/30/2017

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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.






Marriott bringing 120-room hotel west of Phoenix and property owner approved for a billboard. (Disclosure: Rose Law Group represents Virtua.) “The 20-acre project [‘at 91st Avenue and McDowell’] is being developed by Virtua Partners in Tolleson. The planned hotel will operate under Marriott’s Fairfield Inn & Suites brand.” For more on “this highly visible property…. right off of Interstate 10” (including project-site photo and hotel rendering) tap to Phoenix Business Journal

Phoenix ‘Midcentury marvel’ bank building demolished near Hance Park. “The plans [were] announced last year to turn what was once the Willetta Branch of Valley National Bank to rubble… Phoenix’s Historic Preservation Commission didn’t take action to protect the building… By 11 a.m. Wednesday, one portion of the building remained as a bulldozer left piles of bricks…” Check out images of the ‘marvel’ getting thrashed, find out what’s being built in its place, and learn how its demise was “used it to spur changes to the city’s demolition process,” at AZCentral.

Phoenix industrial commercial real estate market is still gaining momentum. “Looking toward 2017, Phoenix ranked the No. 3 market to watch for industrial real estate. The construction forecast for the year is looking at nearly 4 million square feet in the first half of 2017, and more than 6 million square feet to be developed by the end of the year.” Industry leaders weigh in on the market’s “bright future,” in Phoenix Business Journal 

Pending home sales surged in warm February. “[NAR’s] pending home sales index… climbed 5.5% in February from the prior month to 112.3, its highest level since April 2016 and the second-highest reading since May 2006. Economists surveyed by The Wall Street Journal had expected a more modest 2.1% gain.” NAR’s Lawrence Yun “credited unusually warm weather” and three other factors.—>

Refinance applications fall to eight-year low. “According to the MBA’s latest Weekly Mortgage Applications Survey… the refinance share of mortgage activity declined to 44% percent of total applications [‘a level not seen since October 2008’]. For the full mortgage-application breakdown,  click to HousingWIre.

What has mortgage lenders so upbeat? (It’s definitely NOT the mortgage application news mentioned above!) “Lenders say they’re most upbeat about the direction of the economy and home prices. They also continue to report modest easing of credit standards across all loan types, with plans to continue to do so over the next three months.” More from “Fannie Mae’s 2017 Sentiment Survey,” plus Chief Economist Doug Duncan talks about “lenders’ profit margin outlook,” in REALTORMag.

Homebuilders struggle to fill jobs; immigrants helping. Homes taking “longer than normal” to build… Contractors “doubling their wages to keep workers”…. The supply of homes “continuing to fall”… An industry veteran saying that he “could add 50 percent more homes if he just had the people to build them,” and that he has “never seen anything like this” in Denver. But this report from CNBC’s Diana Olick doesn’t just focus on the Mile-High City; it also looks at the  “immigration and…generational challenges” that builders now face in the country as a whole.

There’s no scarcity of parking spaces — what’s lacking is sharing. “[D]evelopers… can’t seem to nail the parking-space formula — putting the right number in the right places…” But as this MarketWatch piece notes: “There’s actually an ample inventory of parking… [S]paces just need smarter use.” Enter what could be a solution: Parking apps. (What also might help free up spaces — and decrease incidents of parking-lot rage — is if fewer people sat in running cars, reverse lights aglow, only to open the car door 20 minutes later, stick a head out, and mouth the words, “I’m not leaving.” Someone should create an app that deals with that

Cameron’s $5M + deals of the day –

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

My sin as a press secretary. Using White House Press Secretary Sean Spicer’s recent battles with members of the press as a jumping off point, Senior Writer/Reporter Phil Riske recounts an incident back in 1973 when, while working as a press secretary himself for a U.S. Senator, he skillfully (and sinfully) fended off “hammering” queries from the “era’s best-known investigative reporter.” Check it out in Rose Law Group Reporter

Former Gov. Jan Brewer says politicians who support sanctuary cities should be jailed. “Brewer said her biggest concern is with cities who allow illegal immigrants with criminal records to walk free….‘What are they thinking? They ought to be in jail, really… They’re harboring and protecting criminals. It’s unbelievable that they would… get away with this.’” (While this KTAR report has more from Brewer, it’s curious that there’s no mention of 8 U.S. Code § 1324 – Bringing in and harboring certain aliens.)

Arizona urges U.S. Supreme Court to overturn ruling on driver’s licenses for ‘dreamers.’ “[In 2012, Governor Jan Brewer] issued an executive order declaring that DACA… did not entitle those accepted into [it] the right to drive…. [Governor] Ducey… has refused to rescind the… order. And that has left [Atty. General] Brnovich… to defend [it]…. [B]riefs filed March 29 ask [SCOTUS] to overturn rulings… which… concluded… Arizona has no right to unilaterally decide the issue…” Capitol Media Services’ Howard Fischer has the full report, at Arizona Capitol Times.

Arizona attorney general part of group backing Trump’s travel ban. “Attorney General Mark Brnovich is part of a group of 11 other state attorneys general and one governor backing Trump’s travel ban on six primarily Muslim countries.” For the other states involved along with PBJ’s extremely brief summary of what they asked the “4th U.S. Circuit Court of Appeals” to do (if you haven’t figured it out already), click through.

Ducey orders boards and commissions to explain their existence.  “Ducey said 27 state boards need to tell him what requirements exist for professional licenses, including training, education and fees…. The executive order is part of Ducey’s ongoing efforts to lessen regulations and reel in state boards and commissions….” KEY QUOTE: “Government should never stand in the way of someone’s efforts to start a new life or profession….” Arizona Capitol Times.

Luxury Apartments Close in Off Market Transaction for $25M Read more

Over 600 People Attend Grand Opening at Iconic New Rosewood Grove Read more

CableOne Gifts $100,000 for Hance Park Amphitheater 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, 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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