The Dealmaker: 5/22/2017

Phoenix is a triumph, but challenges remain. This headline encapsulates Phoenix Mayor Greg Stanton’s address at last week’s Bisnow Phoenix New Construction and Development event. (And the mayor credited much of that success to use of the “GPLET economic development tool.”) AZBEX’s Roland Murphy has coverage of the event, which included panel discussions by local industry pros on “Experimental Development” and “Hot Projects” in and around the Valley. http://bit.ly/2q3GlVP

Queen Creek annexation puts dent in San Tan’s incorporation hopes. “Last week the Queen Creek City Council approved the annexation of two properties in San Tan Valley: the Banner Hospital at Ironwood and a portion of the ‘J-curve’ on Hunt Highway at Empire Road…. While its annexation into Queen Creek will bring additional jobs and revenue to the municipality, the loss of the hospital [leaves supporters] of an incorporation effort in San Tan Valley… with fewer reasons to justify such a move.” PinalCentral. http://bit.ly/2qNbNGS

Another student-housing project about to rise in Tucson. “Landmark’s first student-housing project in Tucson was The Retreat…” This summer, the Georgia-based developer will begin construction on its second project, “The Mark… at Broadway and Park Avenue [which] will be made up of one eight-story building, two four-story buildings [and] will include a resort-style pool, study lounge with adjacent computer lab, fitness center…”  Further details and rendering at Arizona Daily Star. http://bit.ly/2qcM3jm

Home sales expected to soar through 2018. (Same expectation for home prices?) “In 2017, the number of sales of existing homes… is expected to rise about 3.5%… Sales of brand-new homes… are expected to jump 10.7%…” Head to realtor.com® for insight from economists Yun and Kirchner; also find out where “[b]idding wars have gotten so bad… that buyers are driving up prices 30% over asking.” (HINT: It’s a city out West.) http://bit.ly/2qa4WEk

Custom home building market growth slows. That’s the conclusion of NAHB based on its “analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey.” Chief economist Robert Dietz looks at the numbers and has market share expectations for custom home building “in the quarters ahead” at Eye On Housing. http://bit.ly/2qNkvoH

Tax reform could deliver a tax hike for homeowners: New research. (NAR president William E. Brown calls it a “raw deal.”) “While most individuals would see a tax decrease under such a proposal, the study [“Impact of Tax Reform Options on Owner-Occupied Housing”] estimates that many middle-class homeowners could in fact see a net average tax increase…. of $815.” And the NAR-commissioned report has found even more provisions that could negatively impact homeowners. See what those are, here: http://bit.ly/2q3FUuQ

‘Breathtaking’ view highlights coming interstate linking Las Vegas, Phoenix. “The first interstate linking Las Vegas and Phoenix will ease traffic congestion and offer a spectacular vista above Lake Mead…” Read the story and take a video tour of I-11’s ongoing construction, in Las Vegas Review-Journal. (DID YOU KNOW… “Las Vegas and Phoenix [are] the only two neighboring U.S. metropolitan areas with populations greater than 1 million people that do not have a connecting interstate”?) http://bit.ly/2rJdjrK

Cameron’s $5M + deals of the day – http://bit.ly/2r9W0mD