The Dealmaker: 5/22/2017

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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 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



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


Affordability grows as incomes inch up. File this under “In Case You Missed It”…  Last week we brought you a Mortgage News Daily report on the NAHB/Wells Fargo Housing Opportunity Index. This week, it’s RIS’ turn. Click through for the numbers along with a look at the least/most affordable major/small housing markets. http://bit.ly/2rJdROk

A contrarian view on the death of the mall. “[I]t appears hedge funds are positioning their bets for another great American mall die-off, something increasingly described as Wall Street’s next ‘Big Short.’…  But not everyone believes the retail bloodbath will cause an impending mall die-off.” Enter “Bruce Flatt, CEO of… Brookfield Asset Management,” who says that “reports of the death of the mall are greatly exaggerated.” Read what this Canadian contrarian wrote in his “first quarter letter to investors” regarding the non-demise of “brick and mortar retail” — at Forbes. http://bit.ly/2qcNXQQ

NUTJOB-GATE – Sen. McCain softens ‘Watergate’ statement on Trump administration turmoil. “Sen. John McCain… on Sunday walked back earlier comments that the controversy surrounding investigations into potential collusion between associates of President Donald Trump and the Russian government had reached ‘Watergate size and scale.’” Check out Sen. McCain’s ‘walk back,’ and also see what he had to say about President Trump calling FBI Director Comey a “real nutjob.” http://bit.ly/2rIVLfr

CONES AHEAD – Billion-dollar windfall boosts East Valley freeway upgrades. “The timetable for… projects was accelerated… as a result of an unexpected surplus that gave [the Maricopa Association of Governments] an extra $1.8 billion…” MAG senior engineering manager, Bob Hazlett: “If you haven’t seen a construction cone lately, you’re going to be seeing a lot of construction cones soon…” Where? East Valley Tribune has a list of some of the “major projects.” http://bit.ly/2qNoMsh

Arizona, other states, depend highly on federal funding. “[Governing] has compiled data… showing how much of each state’s budget is tied to federal aid across select major spending areas.” (The report calls Arizona’s budget one of the “most dependent on the feds.”) Tap through for a ‘state-by-state look at how welfare, education and roads could be impacted by the next budget that Trump signs.” http://bit.ly/2r9UxwA

SPEAKING OF DEPENDENCY… Survey: Arizona in Top 10 states for drug abuse. “A study by WalletHub.com found that Arizona has the eighth-highest rate of drug abuse among all 50 states and the District of Columbia. The survey, titled ‘Drug Use by State: 2017’s Problem Areas,’ examined 15 data points, tallied them up, and came up with rankings.” The Daily Courier has the findings –> http://bit.ly/2qP3rww

Strong Phoenix Multifamily Market Sees Vacancy Drop and Rents Rise During First Quarter Read more

Rosewood Homes Wins “Small Volume Builder of the Year” Award at 32nd Annual MAME Awards Read more

Blandford Homes purchases Mulberry Master Plan Parcel 5 Read more

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