The Dealmaker: 4/3/2017

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Peoria increasingly appealing for development. In a recap of last week’s 2017 Peoria Investment Forum, AZBEX throws the spotlight on Economic Development Services director Scott Whyte and his remarks regarding “available and pending opportunities, and what differentiates Peoria from the Valley’s top-of-mind hot spots like Tempe Town Lake and Norterra in north Phoenix.”

NEW ‘HEIGHTS’ – Senior village in southeast Tucson getting new housing development. “Residential development around the Arizona Senior Academy floundered during the housing crisis but… local developers have reignited home construction. Developer Dabdoub Acquisitions and homebuilder Miramonte Homes have broken ground on the first of 110 planned homes in the village, near Old Spanish Trail and Camino Loma Alta.” Get details on ‘Altura’ (which in Spanish means “height”), and view a slideshow at Arizona Daily Star.

City of Tucson pores over University of Arizona deal for off-campus complex. Tucson City Councilman Steve Kozachik has called for a “formal legal review” of the agreement between UA and American Campus Communities — to “build an Honors College complex, including a 1,000-bed dorm, north of the campus” — over concerns that the deal will “allow the private developer to sidestep zoning regulations” and that the development could be “taken off the city’s property-tax rolls.” Arizona Daily Star.

Buying a home will be harder than ever this spring. “This spring’s home-selling season will be he most frenetic in years,” according to the WSJ. “And It isn’t just hot spots… but also sleepier locales like Minneapolis…” Which is where, according to this report, “80 attendees” showed for an “open house for a three-bedroom bungalow priced at $265,000.”  Said the Keller Williams realtor “of the would-be buyers”: “You can see in their face, they just look distraught… You just almost want to hug them.”

Homes are selling 8 days faster this spring, says “According to… Manager of Economic Research Javier Vivas, the median days on market for homes are the lowest they’ve been since the end of the recession, despite booming prices. ‘Calendars might say spring is only a week old, but we’re already in the thick of the most frenzied spring homebuying season on record…”  How many days on average is Javier talking about? And what kind of “fever pace” is expected “as the spring season goes into full swing”? Find out at Inman.

Lower house prices lead to higher student loan default rates. According to a study by the National Bureau of Economic Research, “borrowers living in zip codes where home prices fell more dramatically” during the Great Recession “were more likely to default.” However, according to MarketWatch, the “study doesn’t indicate that the risk of a student loan default is directly connected to the value of a borrower’s home.” So what exactly does the study indicate? —>

Cameron’s $5M + deals of the day –

Arizona’s one-of-a-kind Kentucky Derby Party returns May 6th at Turf Paradise –

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

Court Rich, Rose Law Group senior partner and director of renewable energy department, talks to NPR Weekend Edition. “Some worry that President Trump’s rollback in climate policy will hurt renewable energy. But in Arizona, a state that has embraced solar energy, those in the industry say the outlook is still bright.” Listen to the segment, “Solar Power Advocates Undeterred By Trump’s Climate Policies,” here:

EXCLUSIVE: The State has no duty to protect your property against naturally occurring fires. By David McDowell, partner and director of Rose Law Group Litigation Department. “In a pair of cases brought by property owners who suffered property damage stemming from the 2013 Yarnell Hill fire, Division One of the Arizona Court of Appeals, held the State does not owe property owners a duty to protect their property against a naturally caused fire.” David McDowell looks at the case and the reasons for the court’s rejection, in Rose Law Group Reporter.

Lucid plant gets air quality permit. “Pinal County Public Information Officer Joe Pyritz noted that this permit does not allow Lucid to start ‘turning dirt’ but simply means the county has signed off on Lucid’s plans for the environmental controls in the plant.” Pinal Central also has a tidbit about a “Business Insider article… that reported Lucid will be taking on Tesla Motors in an expanding Chinese market.” —>

A real estate boom, powered by pot. “Commercial real estate developers say they have never seen a change so swift in so many places at once. From Monterey, Calif., to Portland, Me., the new industry is reshaping once-blighted neighborhoods and sending property values soaring…. [F]actories, warehouses and self-storage facilities are being repurposed for the cultivation and processing.” KEY QUOTE: “The landlord knew he was sitting on a gold mine.” (Or perhaps an Acapulco gold mine?)The New York Times has the story.

Construction companies fairly confident about the future. “While U.S. construction firms’ expectations for 2017 have become less optimistic, the majority of industrial and commercial construction contractors still expect growth this year, according to the latest Associated Builders and Contractors’ Construction Confidence Index.” Get a breakdown of the survey’s three indices along with insight from ABC’s chief economist, at Multi-Housing News.

Roads to Discovery: ASU researchers tackle the future of transportation. “What technological advances should we take into consideration? Will autonomous vehicles go mainstream soon? Which materials are best from sustainability and longevity standpoints?” (Until self-driving cars are proven safe, how about coming up with technologically advanced padding material that will not only protect passengers but also help to muffle screams?) Navigate to AZCentral for a “look at ASU’s role in answering the nation’s biggest transportation questions.”

Bill to exempt tribes from some labor oversight draws union concerns. “Tribal leaders called on Congress Wednesday to exempt their governments and government-run businesses from oversight by the National Labor Relations Board, a right they said is enjoyed by every other government in the country…. But critics of the bill said it would remove any protections tribal workers might have, by letting tribes freeze out labor unions and leaving workers nowhere to turn for help.” Cronkite News.

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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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