The Dealmaker: 4/19/2017

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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.

 

 

 

 

Infill development planned near 24th street and Thomas road. Two Blonde Chicks walk into a bar? No. But the so-named LLC did walk away from a “2.15-acre site,” offloading it for $840,000. PBJ reports that the site, “located just south of the southwest corner of Cambridge avenue and 27th street,” was “initially slated for 10 single-family homes.” Tap through for Buyer info and learn what the development plans are nowhttp://bit.ly/2pgFQai

Revamped rentals near Sanalina will get second look. “If Surprise approves a zoning change on the northeast corner of Reems and Waddell… NexMetro would build Avila [Homes] on the corner. Sanalina surrounds this 11-acre corner parcel and residents spoke out in force against the proposal…” See what “meaningful changes” were made that helped alleviate residents’ concerns about the project, at YourWestValley. http://bit.ly/2o4heBe

Housing starts fell 6.8% in March. “Starts decreased… to a seasonally adjusted annual rate of 1.215 million… Robert Dietz, chief economist at the NAHB, said builders expressed familiar concerns about the high price of land and labor shortages.” But, as the WSJ points out: “New concerns are also cropping up.” KEY QUOTE: “[T]he drop… is consistent with other data showing that builders are becoming slightly more cautious.” (For a related item — and more positive builder news — see below.) http://bit.ly/2pgPx8H

Hold on, buyers — more new homes are coming your way. “Builders secured more permits, about 1.26 million, in March… That was a 3.6% jump from February and an impressive 17% increase from March 2016. (This realtor.com® report also features the housing-start picture, including a breakdown by region.) http://bit.ly/2oVZmrh

Our racially divided housing market is changing, thanks to millennials. “[T]he youngest generation of homeowners — millennials — is more diverse. And they’re driving the housing market more than people realized, according to Zillow Group’s Consumer Housing Trends Report.”Zillow Porchlight examines homeownership data from this report and others. —> http://bit.ly/2oM0yx2

Proposal aims to clarify home Mortgage Disclosure Act rule. “The HMDA was updated in 2015… The proposal would clarify those changes, specifically key terms such as ‘automated underwriting system’ and ‘temporary financing’ and some reporting requirements, in an effort to improve compliance.” See a comment from Consumer Financial Protection Bureau director Richard Cordray and get a link to the full proposal, at HousingWIre. http://bit.ly/2oPuBT7

Pondering President Trump’s trade policy and impact on industrial real estate. Cushman & Wakefield vp of research, Jason Tolliver, serves up some Trump “free/fair trade” policy highlights from his firm’s recently released “logistics and industrial research briefing,” from a report called “WHAT IS THE STATE OF TRADE IN THE U.S.?”… at AZBIGMEDIA. http://bit.ly/2onPrb3

10% off tickets to Arizona’s Best Kentucky Derby party, May 6 at Turf Paradise  – http://bit.ly/2pgKFQP



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


My View: In defense of publicly funded sports facilities. With gloves on and poised to fend off counterpunches to his PBJ opinion-piece (see the pic), PR heavyweight Jason Rose deftly defends the notion of publicly funded sports facilities, “[a]t a time when the public is revolting against new requests by the owners of three Valley sports teams.” http://bit.ly/2oPoDkYThe Internet isn’t killing shopping malls — other malls are. “Internet retailing is eating into mall revenue, but competition from newer shopping centers was the most common cause of death…” The WSJ looks at a Wells Fargo Securities study of 72 malls across the country. Curious about how many of those have been demolished, “redeveloped” or “reused,” and which states have suffered the most mall ‘murders’?  Then tap to it: http://bit.ly/2pCt7hC

Paying taxes in cash, marijuana companies have a lot to hash out with IRS. “[C]ompanies involved in the $6.7 billion US cannabis industry are forced… to count and hand-deliver… millions of dollars to the IRS…. That’s because legal marijuana businesses have to pay taxes under IRS code 280E, the same category reserved for illegal drug traffickers. KEY QUOTE: “There are thousands [of cannabis businesses]… and all of them are carrying around tens or hundreds of thousands of dollars in cash… It’s, in my opinion, just a matter of time before we see a tragedy.” CNBC. http://bit.ly/2pS977n

Arizona Supreme Court to rule on same-sex child parental rights. “In October, the Arizona Court of Appeals ruled Suzan McLaughlin was entitled to the same parental rights as if she were a man after her wife Kimberly McLaughlin became pregnant through artificial insemination and gave birth to a son…. Unless overturned, the appellate decision would indicate judges have to read state law to apply in any circumstance, regardless of the gender of the parent seeking parental rights.” Further details about the case and ruling along with attorney reaction at Arizona Capitol Timeshttp://bit.ly/2onwZiD

Candidate list grows for school chief’s post. Yesterday we mentioned that Tempe City Councilman David Schapira was entering the “2018 race for superintendent of public instruction.” Now, former U.S Rep. Frank Riggs has also thrown his hat into the ring.  And, according to this report in a Arizona Capitol Times, “neither challenger to Republican Diane Douglas had kind words for the incumbent.” —> http://bit.ly/2oPhfWT

LAST DITCH EFFORT? – ’Mixed feelings’ — Court of Appeals rules on Verde Ditch. “The Verde Ditch Company and the Salt River Project are not permitted to litigate the water rights of Verde Ditch shareholders in the Yavapai County Superior Court, said the ruling…” Verde Ditch commish Al Dupuy: “[T]he process to fairly supply water will now… be ‘more expensive, more cumbersome and will take much longer.’” Meanwhile, Jane Russell-Winiecki, Executive Office of Chairwoman for the Yavapai-Apache Nation [which is a ‘shareholder on the Verde Ditch’] says the court’s decision “produces mixed feelings.” Find out why, in Camp Verde Bugle. http://bit.ly/2pCRLfk

Blandford Homes purchases Mulberry Master Plan Parcel 5 Read more

Portland on the Park comes alive as new residents move-in Read more

Skanska Completing Work on New Dexcom Facility in Mesa Read more

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