The Dealmaker: 4/10/2017

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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: No liability for sellers unless they have knowledge of defects. Rose Law Group Real Estate Litigation Department Chairman, Adam Martinez, discusses the “general rule in Arizona” regarding an “‘as-is’ transaction” and a home seller’s obligation to disclose “material” or “hidden defects” to a buyer.

New condos coming to Scottsdale’s poshest neighborhood. (But not nearly as many as originally planned.) “DMB is partnering with The New Home Co…. to develop the homes that will be spread over eight buildings…. Sterling at Silverleaf is a revamp of an earlier $350 million project… Senior VP of DMB, Jim Hoselton: “We approached Sterling like a project you would find at a beach or ski area, and refocused it on the site’s spectacular views.” Further details on the “5.8-acre,” “72-home development” at AZCentral.

SALT luxury residences open in Tempe. “The 265-unit class A property was developed by OlliverMcMillan in partnership with Ascentris on a 3.7-acre site… at 260 E Rio Salado Parkway…” Multi-Housing News reports that “the community, formerly dubbed Lofts@Hayden Ferry, offers residents a resort-like atmosphere,” including “two salt-water pools,” “pool-side barbecue areas” a “yoga lawn.” For a “Lakeside luxury” slideshow, tap it –>

PhoenixMart makes ‘final direction.’ “A newly revised plat will affect 260 acres and five lots at PhoenixMart…. Because of the different changes to the project over the years, some of the initial design specifications that were originally proposed will have to be modified.” However, as Casa Grande Dispatch reports: “The building will still be aesthetically pleasing” and this is the “‘final direction’ for the project.”

March in and out like a lion in Phoenix housing. “The final results aren’t yet in for Phoenix’s housing market in March, but real-estate analysts and agents are already calling it the third-straight month of a winning streak for sales and prices. And what happens in the Valley’s housing market during March is a good sign of what’s to come during rest of the year.” AZCentral

Want to see how America is changing? Property taxes hold the answer. A new report “illustrates the stark difference between [states with] the highest tax burdens and [those with] the lowest,” e.g., “$776 in Alabama in 2016’ vs. “nearly that much every month for the average New Jersey homeowner.” MarketWatch looks at results from the report, including how “Americans are fleeing areas with higher property taxes, making housing markets and local finances more stagnant in those areas.” 

Arizona’s Best Kentucky Derby Party May 6th at Turf Paradise –

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

Nonresidential construction is a bright spot in jobs report. “The… sector added 13,300 net new jobs for the month, while the residential sector lost 7,600…” Associated Builders and Contractors Chief Economist, Anirban Basu: “Nonresidential construction’s growth is impressive given March’s colder weather, but it represents a slowing from the first two months of the year…” KEY QUOTE: “[T]here is little reason to believe that securing construction talent is set to become easier.” More at AZRE.

Incubating and accelerating success: Peoria in talks with ASU to expand BioInspire program. “The marriage could bring a wide range of technologies to the incubator, spanning from software development to cyber-security, and more.” For more on these talks and the “entrepreneurial ecosystem Peoria is trying to create,” along with how “incubator and accelerator space” is “exploding” in the state, head to YourWestValley.

BOLT’ JOLT Tesla overtakes GM to become most valuable U.S. auto maker. This morning, “the company’s market capitalization [hit] $51.17 billion” which “eclipsed… GM’s $51.1 billion.” According to WSJ: “The milestone underscores the seismic change occurring in the global automotive industry… that could upend century-old players.” Says one industry analyst: “It’s absolutely mind boggling that we’re even discussing GM and Tesla reaching a parallel.”

State data does poor job of tracking private school aid. “The Education Department’s tracking of money distributed to private schools, as revealed in data provided to The Arizona Republic… last week, is opaque, incomplete and riddled with errors.” Click through for the report on this “inaccurate” data, and find out why it left one “public-records-law expert” in particular, “shocked.”

Doctors weighing legal challenge to new abortion law. “Dr. Julie Kwatra, legislative chairwoman of the Arizona chapter of the American Congress of Obstetricians and Gynecologists, said she cannot imagine [SB1367] won’t be taken to court because it conflicts with current standards of care — and misses its target…. The law expands on existing regulations, though not substantially in the view of its champion, Cathi Herrod, president of the Evangelical Christian lobby Center for Arizona Policy.” More on the possible challenge at 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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