The Dealmaker: 4/24/2017

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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.





[OPINION]: Don’t be fooled by smear campaign against APEX. (Disclosure: Rose Law Group represents APEX Motor Club.) In his piece for InMaricopa, president and founder of Private Motor Sports Group, Jason Plotke, expresses gratitude to Mayor Price and the Maricopa City Council for “wisely” approving APEX. He details how the project will “significantly” benefit the area and praises the council for having “sided with the people of Maricopa and against lobbyists and lawyers funded by an unnamed client outside the community who wanted to kill the motor club.”

SPRING BROKERS: REAL ESTATE GONE WILD? – Phoenix real estate market looking up, ASU survey concludes. “[The Spring Brokers Forum Report] included a survey of 180 commercial real estate agents and brokers, active in the multi-family, retail, industrial, land/housing, investment, and office segments of the Phoenix market.” KEY QUOTE: “There are a number of people who believe that the new administration is going to give us 24 more months of expansion, especially in Arizona.” Survey highlights at AZBIGMEDIA.

Nontraditional property types enjoying success. AZBEX recaps its 2017 Phoenix Metro Development Summit where city officials and industry “heavyweights” discussed “where the Valley stands in the current commercial real estate cycle — and where it’s headed, particularly in the areas of “Advanced Manufacturing,” “Healthcare,” “Assisted & Senior Living,” and “Sports Entertainment.” (Noted developments included Lucid Motors and Phoenix Mart.)

Plan for 178 homes near Saguaro Park West may find smoother path.  “A plan to build… homes on the historic Lazy K Bar Guest Ranch is headed to a public hearing… more than two years after a similar proposal was rejected twice by the Marana Town Council…. [D]evelopers have found a way around a statute that previously required the proposal to get support from a supermajority of Town Council members.” Check out the maneuver developers used that could render “neighbors’ opposition moot” and require just a “simple majority… for the plan to pass” — at Arizona Daily Star.

Flagstaff student housing wins in court. “The main argument… was whether a commercial block type building, like The Hub [a 591-bed student housing complex], is allowed under the parcel’s zoning…” Check out arguments from “both sets of attorneys” and get details on how “case law required [that code] ambiguities be decided in favor of the private property owner” — at Arizona Daily Sun.

Existing home sales highest since 2007. NAR chief economist, Lawrence Yun: “Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year.” Mortgage News Daily has the national numbers and regional breakdowns, plus much more from Yun as well as some advice for first-time buyers from NAR President William E. Brown.

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

Nearly 32,000 Arizona jobs at stake in Trump budget. “On the campaign trail, Donald Trump responded to voter discontent with Washington by repeatedly pledging to reduce the size of government. But if he does succeed in significantly shrinking the federal workforce, most of the cuts will likely be felt outside the Capital Beltway… See where and how vulnerable regional economies might be to reductions” — in this Governing “review of the most recent Office of Personnel Management (OPM) figures.”

EAT, DRINK & BE EMPLOYED – Arizona’s jobless rate drops to 5% amidst robust hiring. “About 20,000 new people got jobs in each of the first three months of the year, compared with about 5,000 per month in the first quarter of 2016, said Doug Walls, research administrator at the Arizona Office of Economic Opportunity.” Tucson Sentinel reports that much of this “robust hiring” took place at “restaurants and bars.”

Border lawmakers balk at Donald Trump’s wall request. But surely there must be at least one or two representatives from the region who “expressed support” for President Trump’s wall “funding request,” right? Nope, not a one, according to a WSJ survey. In fact, one Texas rep takes a completely opposite approach, saying, “There is no way in hell I support the request for $1.4 billion… My view on the wall is that we should bulldoze the existing structures.”

Government shutdown would create mortgage roadblocks. “That’s because buyers looking for mortgage approval could hit paperwork roadblocks if the shutdown furloughs workers at the IRS or Social Security Administration. That’s what happened in October 2013, the last time… a 16-day shutdown… gummed up the works of the U.S. housing market.” CNBC takes a look at “how another shutdown could make buying or selling a home even more stressful.”

TEACHERS DROP OUT – Arizona’s teacher shortage has reached ‘crisis levels,’ report finds. “According to… an upcoming report [‘Finding & Keeping Educators for Arizona’s Classrooms] from Arizona State University, 42 percent of state teachers hired in 2013 left the profession within three years, while 74 percent of school administrators said their campuses are experiencing a shortage…” Why are so many teachers dropping out? Read about it at KTAR

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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