The Dealmaker: 4/18/2017

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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.





Phoenix considers $9M tax break for high-rises while lawsuit hinders similar project. “[R]esidential towers of 29 stories, 25 stories and 19 stories would add to Phoenix’s skyline at Third and Pierce… The City Council will consider the project [along with a $9M GPLET] April 19…. Meanwhile, work has stopped on a… micro-apartment unit tower at Second and McKinley… [after a suit]… over the $8 million in tax breaks….” Get the story, view the 3rd and Pierce renderings, and/or WOCHIT at AZCentral.

Shea Homes opens sales gallery for $2.5M-plus homes at Ritz-Carlton Paradise Valley development. “Shea’s Azure development will have 66 homes at the 105-acre Ritz-Carlton Paradise Valley project on Scottsdale Road….The Ritz homes are the first project in the Shea Signature brand of high-end homes.” Shea’s sales and marketing vp, Ken Peterson: “[W]e saw this parcel of real estate as the perfect opportunity to debut what will be our most elevated offering to date.” More on the project in PBJ.

Phoenix Real Estate in March: Sales up 9%, Inventory down 10% YoY.Calculated Risk’s Bill McBride is back with Residential Sales and Inventory figures for March 2017. Bill reports that March is the “fifth consecutive month with a YoY decrease in inventory following eight months with YoY increases.” –>

LEFT COAST – Arizona a destination for those leaving coastal California as housing costs rise. “Moves out of the area remain far below levels seen during [the] housing bubble, when… real estate agents urged clients to ‘drive until you qualify.’ But… out-migration is picking up [again] as prices climb…” According to this LA Times story, one couple who left the coast for AZ will have a monthly mortgage nut that will be “about $500 less than what they paid for a two-bedroom apartment in [Orange County].”

Pollack: Congress – ‘2018 was supposed to be a different story.’ Forget President Trump’s economic and tax package getting through congress this year; the Monday Morning Quarterback reports that there’s even doubt about it happening NEXT year! MMQ points out, however, that “it’s still very early in the game and no one knows how it will play out.” This week’s “Snapshots” –> U.S.: GDP Forecast, Interest Rates, Consumer Sentiment, Manufacturing, Consumer Prices (the unexpected!). AZ: Phoenix – Building Permits, Resale & New Home Prices, Apartment Rents & Vacancy Rates.

Why rising prices don’t discourage prospective buyers. Inman looks at results from Zillow’s “new Home Aspirations Report,” which found (among several other key things) that “more than half (63 percent) of renters said they are confident they will be able to afford a home someday, with 25 percent saying they plan on buying in the next three to five years.”

Cameron’s $5M + deals of the day –

10% off tickets to the Best Kentucky Derby Party in Arizona, May 6th at Turf Paradise  –

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

Google makes Nevada land grab for data center. “Google last week bought land stretching across 1,210 acres at a private industrial park east of Reno… for $29.1 million.” According to the WSJ, Google’s Alphabet unit “aims eventually to build a data center at the 107,000-acre Tahoe Reno Industrial Center,” which is located a “few miles south of Tesla’s battery ‘gigafactory.’” KEY QUOTE: “Once known for casinos and brothels, Reno is now attracting corporations drawn by its low costs [and] lenient permitting rules…”

Former Arizona Senate Minority Leader David Schapira likely to run for Superintendent of Public Instruction. “Schapira is hosting an event [this] afternoon to announce if he will run for the office. According to several reports, he plans to enter the race.” KTAR has an overview on Schapira — his political experience, past feuds and lawsuits, and even a tidbit (filler?) on how ASU’s mascot, Sparky, injured him in 2015. Nice one, Sparky.

Arizona marks 741 car crashes caused by distracted driving in 2017. This, according to the Arizona Department of Public Safety. “Quentin Mehr, a spokesman for the department, said distracted driving is simply ‘anything that takes your eyes off the road.’” And Mehr’s advice for anyone who spots a distracted driver? Report them “by dialing 911.” Let that sink in for a sec’. More at KTAR.

Ducey gets bill on disability complaints. “SB 1406 would require someone affected by a violation of the Arizonans with Disabilities Act to notify the business owner, who would have at least 30 days to fix the problem before litigation could be filed.” But Senate Minority Leader Katie Hobbs is clearly not thrilled with the bill and its “30-day cure period.” Arizona Daily Star. 

HAZY RULING – Court rejects Arizona’s challenge to EPA-imposed emissions rules. “A three-judge panel of the 9th…Circuit… rejected arguments by the Arizona Department of Environmental Quality and some of the manufacturers that the EPA actions [setting ‘numerical progress goals, efficiency controls on cement kilns and emissions caps on copper smelters’ to reduce ‘haze in federal parks and forests’] were ‘arbitrary and capricious.’” Cronkite News. 

Indian community attorneys argue before Arizona Supreme Court to protect Indian children. “Attorneys for the Gila River Indian Community Monday made oral arguments before the Arizona Supreme Court in a controversial case involving which court — Arizona state Court or the Community’s Tribal Court — will be the ultimate decision-maker regarding the future of a Native American child at risk of being permanently removed from her community.” Sonoran News. 

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