The Dealmaker: 4/28/2017

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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 okays next step of S. Central light rail. “[The] City Council approved a $50M agreement with Valley Metro to fund final design and pre-construction… on the five-mile extension on Central… between Jefferson… and Baseline…” Mayor Stanton: “That means we are closer to more transit-oriented development projects coming to those neighborhoods, more jobs and more educational opportunities for residents.” AZBEX

Scottsdale City Council OKs subdivision rezoning application. (Disclosure: Rose Law Group represents the developer of this project.) “The exact plot location is on the corner of north 84th street and east Black Mountain Road. The applicant’s request is to rezone the subject site of 45 acres to establish a 31-lot single-family subdivision.” Scottsdale Independent

ROOT, ROOT, ROOT FOR THE HOME… Housing facility for MLB players and others may find a place at Peoria Sports Complex. WANTED: “[S]omeone to develop a proposed project named Stadium View on nine acres of land adjacent to…16101 N. 83rd Ave…. which would house the teams during spring training, as well as other baseball players in development throughout the year. The housing would also be available to the public.” YourWestValley has further details on the concept along with the “Economic Opportunities” it would bring.

DUDE, WHERE’S MY RANCH? – Marana planning commission moves Lazy K plan forward. “For the third time since 2014, [the] planning commission has voted to recommend approval for a controversial plan to turn a historic dude ranch into a 178-home subdivision…. The proposal would rezone the Lazy K… to allow for… four times the density currently allowed… [It] will [now] go before the Town Council, which has already rejected the proposal twice.” But maybe not this time, thanks to a savvy maneuver by developers, a move which — according to the Arizona Daily Star — one resident at the commission meeting referred to as “devious.”

Life is good for U.S. home sellers. “Homeowners who sold in the first three months of this year saw an average price gain of $44,000 from purchase… That’s the highest gain since 2007.” Attom Data Solutions senior vp Daren Blomquist: “Low… supply has helped… to create competitive markets where bidding wars and above-asking price sales are common.” And what markets have the “highest average percent return on the previous purchase price”? See the list at CNN Money.

Homeownership ready to rise after hitting an all-time low. “[T]he number of new owners jumped by more than 850,000… The 1.1 percent year-over-year gain in owners was also the biggest since 2006…” Trulia chief economist, Ralph McLaughlin: “I was starting to get depressed that we would never see any optimistic news… But now these are signs that we may have hit bottom.” Tap to Bloomberg for the factors behind what McLaughlin calls a “significant reversal.”

Meager listings prompt pending home sales slip. “The National Association of Realtors Pending Home Sales Index… dipped to 111.4, a 0.8 percentage point drop from February’s 112.3.” But as Inman reports, “signing activity remains high and the small drop is not for lack of demand.” Get Lawrence Yun’s insight plus the PHSI regional breakdown, here —>

Mortgage experts agree: There is no housing bubble. “Darius Bozorgi, Veros CEO, Mike Fratantoni, Mortgage Bankers Association chief economist, and Douglas Duncan, Fannie Mae chief economist, joined HousingWire on a webinar on Wednesday to discuss what’s next for the housing market and mortgage nation.”

Homeownership in the crosshairs of latest tax plan, say Realtors®. National Association of Realtors® President William E. Brown has issued a statement, firing back on a tax proposal which “would effectively nullify the current tax benefits of owning a home for the vast majority of tax filers.” You can read his full statement at the NAR site

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

[EXCLUSIVE] Former Arizona schools chief opines on politics, vouchers, Secretary DeVos and Common Core. John Huppenthal shares his views on these and other matters with Senior Reporter/Writer Phil Riske, who catches up with the former Superintendent of Public Instruction for an interview in Rose Law Group Reporter.

How Arizona fixed its broken child welfare system in 2 years; Kaine Fisher, partner and director of Family Law at Rose Law Group, comments. “The number of children entering the… foster care system grew 92 percent… At one point, caseworkers were handling more than seven times the recommended caseloads…. The backlog [reached] about 16,200.” And now? It’s “under 700 and shrinking.” One Dept. of Child Safety official calls the turnaround “nothing short of amazing” and credits Gov. Ducey’s “new management system.” Kaine Fisher: “I have been closely following the progress of the backlog since the news broke that a major problem existed a couple years ago.  There has been a dramatic improvement since then and the current administration should be commended for their hard work in working toward solving this tough issue.” Read the story in Governing.

[OPINION] Central Arizona Water Conservation District plan is a risky gambit. Arizona Department of Water Resources director Tom Buschatzke argues that the Central Arizona Water Conservation District’s “‘flexible approach to managing water savings in Lake Mead’… takes a short-term view… and fails in the long run.” What sort of “Drought Contingency Plan” does Director Buschatzke favor instead? Find out in Arizona Capitol Times

Early bird candidates take flight for 2018 election.“The 2018 election is more than 18 months away, but candidates for statewide seats are starting campaigns earlier than usual…. Challengers from both parties have either formed campaign committees or hinted at running against Republicans Gov. Doug Ducey, Secretary of State Michele Reagan, and Superintendent of Public Instruction Diane Douglas.” But is anybody paying attention? Arizona Capitol Times

OFF-THE-WALL LEGISLATION – California bill would blacklist contractors who build Trump’s border wall. “SB 30 is one of two bills taking aim at contractors who choose to work on the border wall. Assembly Bill 946… would force the state to drop its pension investments in any companies involved in the project.” Todd Bloomstine of the Southern California Contractors Association supplies the KEY QUOTE: “This is precedent setting… What next unpopular project would we blacklist for contractors?” Governing.

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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