The Dealmaker: 4/5/2017

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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.






Expect more East Valley development — about 700 acres worth. “The Phoenix-Mesa Gateway Airport Authority has had plans to develop the 700 acres of land it has northeast of the airport since 2012. But on March 21, the [FAA] gave the green light for that development…” Head to PBJ to find out what the PMGAA has planned for a site that up to now “has been nothing but dirt.”

Phoenix lags behind in construction job competition. PBJ’s Mike Sunnucks calls the growth “pedestrian” and our rank among major metros “not so swift.” Why? Because just “2,100 construction jobs [were added] between February 2016 and February 2017.” What Phoenix competitor “gained the most construction jobs”? How do we compare to some of the other metros? Check it out here:

Demand for acquisition, development capital picks up. KEY QUOTE: “There’s plenty of capital out there for the big publics to access through their structures, but just as demand is outpacing supply on the new home availability front, there’s also a huge demand for capital among builders that exceeds the supply of it in the market right now.” In Builder.

Have rents finally hit the peak? “The pace of rising rents is slowing in many of the priciest markets…” A Bay Area “real estate pro” notes: “Two or three years ago, people were willing to pay anything to get into an apartment because there were a limited number.” Find out where “rents are cooling” the most, plus access these two reports: “Is the Rent Too High? Renters May Be in Luck in These Cities” and “Where Investors Are Upping Rental Costs” — at REALTORMag.

New home sales price history. With graphs aplenty (three, actually), Eye on Housing takes a look at how “price distribution of new home sales has changed… over the last ten years.” The article cites “higher regulatory costs” as one major “driver” of price increases; however, a couple of naysayers in the comment section see it a bit differently. 

Mortgage lenders optimistic even as demand subsides. “The share of lenders recently surveyed in Fannie Mae’s Mortgage Lender Sentiment Survey® who believe ‘the economy is on the right track’ burst through to a survey high in the first quarter of 2017…” For details along with a statement about the “survey highs” from Fannie Mae chief economist Doug Duncan, go to RISMedia.

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!

McKeighan: Great Hearts investment offer is one worthy of exploration. (Disclosure: Rose Law Group represents Great Hearts in working with the City of Scottsdale to help develop a public park.) “DMB… deeded… land at 91st Street and Trailside View to the City in 2003 for a park. The site has been vacant ever since… Great Hearts Academies is offering to pay $4.5 million for the development of the park.” Additionally, the city “would control the site, and Great Hearts would pay a proportionate share of the ongoing maintenance — a typical arrangement between Scottsdale and the public schools that use its fields.” In his Scottsdale Independent piece, resident Jace McKeighan spells out why this proposal, with “a partner willing to bring this much capital to develop a public amenity,” should be viewed as nothing less than positive

McCain condemns GOP nuclear option to confirm Trump’s Supreme Court pick. Sen. McCain: “That after 200 years — at least 100 years of this tradition where the Senate has functioned pretty well — they think it would be a good idea to blow it out. No, whoever says that is a stupid idiot…” So does this mean that McCain will NOT “vote to end a filibuster by Senate Democrats and confirm Judge Neil Gorsuch”? Find out at KTAR, and see what else Sen. McCain has to say about what he calls a “dark day” in U.S. history.

County prosecutors leaning hard on governor to veto civil forfeiture bill. According to this Howard Fischer report, Maricopa County Attorney Bill Montgomery said “there’s nothing wrong with the current ‘preponderance of the evidence’ standard,’” and that “the entire controversy has been ‘generated by groups on the right who have also used it for fundraising.’” But what’s the “real reason” Montgomery is pressing for a veto? And is Gov. Ducey listening? Arizona Capitol Times.

Senate panel asks experts if border wall is best approach to security. “None of the lawmakers or witnesses at [Tuesday’s] Senate hearing rejected a wall entirely. But many were like Sen. Heidi Heitkamp, D-North Dakota, who noted that ‘there’s been no one who’s come before this body suggesting that we need to build a concrete wall completely across the border.’” Further coverage of the hearing at Cronkite News, including remarks about the “Yuma sector” from the “former deputy chief of the U.S. Border Patrol.”

Even ‘The New York Times’ notes closing of ‘Tent City.’ “[T]he outdoor jail that stood as the last remaining symbol of Joe Arpaio’s long, turbulent tenure as sheriff of Maricopa County, will close in the coming weeks.” The new sheriff in town, Paul Penzone, puts it this way: ’Starting today, the circus ends, and the tents come down.’” Meanwhile, Sheriff Joe has a few ‘closing’ remarks of his own. —>

Veto override for HOA bill thwarted for now. “House leadership Tuesday blocked an effort by Rep. Ken Clark (D-24) to override Governor Doug Ducey’s veto of HB2321, a bill which would bar homeowner association members from combining their voting rights to choose a single board member.” Read why Governor Ducey vetoed it, here:

Luxury Apartments Close in Off Market Transaction for $25M Read more

Over 600 People Attend Grand Opening at Iconic New Rosewood Grove Read more

CableOne Gifts $100,000 for Hance Park Amphitheater Read more

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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