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‘Luxury homebuyers can get more home for the money in Peoria, West Valley,’ featuring real-estate consultant Jim Belfiore. AZCentral looks at the luxury home trend in the West Valley, a region where, according to Jim Belfiore, “You can get a lot more home and a phenomenal piece of property on land that has topography and views at a price point that you cannot get in Scottsdale.” http://bit.ly/2qgAJ5G
Canadian developer adds to West Valley holdings with $10M buy. Melcor Developments seems rather fond of Yuma Road. That’s where the “Canadian developer and homebuilder” bought “120 acres” back in 2014. Now it has purchased “196 acres… near Yuma and Perryville…. [The land] is zoned for 578 single-family homes.” But don’t look for development to start anytime soon. Find out why in PBJ. http://bit.ly/2rdYYGO
Mesa’s latest Main Street, light rail improvement project. “Metro light rail is being extended from Mesa Drive and Pioneer Park down to Gilbert Road. The city also plans to bring in new developments and adaptive-reuse projects. As part of that, Mesa is embarking on a $7.6 million renovation of Pioneer Park…” What sort of improvements will Pioneer Park see for that much coin? PBJ has makeover details. http://bit.ly/2qgEuIE
Renters warm to homeownership, despite affordability concerns. “Renters are staunchly in favor of homeownership, and, though they have concerns about their ability to afford a home, more now believe it is easier to qualify for a mortgage.” HOWEVER: “One factor could pose a setback.” Find out what that is (and more) in this RISMedia report on “the latest SCE Housing Survey.” http://bit.ly/2qLUOnZ
Brand Report: Confidence in real estate market rises. More survey results brought to you by RISMedia — these from “Berkshire Hathaway HomeServices’ latest Homeowner Sentiment Survey.” One KEY FINDING? “Optimism notwithstanding, uncertainties related to rising interest rates persist, especially among millennials…” http://bit.ly/2qgBfk8
Why millennials are (partly) to blame for the housing shortage. “[Young people] want to live closer to transit, restaurants and their workplaces.” The impact? “As builders have shifted focus toward trendier urban markets and away from cheaper suburbs, they have produced less [but pricier] housing overall than they otherwise might have.” The WSJ looks at the problem and what can be done about it (e.g.,“fewer land-use restrictions”). http://bit.ly/2qdf5QR
Mortgage volume drops 4.1% in latest week as younger buyers bail out. BULLET POINTS: “Mortgage applications fell…. Purchase applications dropped…. Refinance volume also declined… [MBA’s] weekly tally was nearly 16 percent lower than the same week one year ago.” CNBC: “The drop may be due in part to higher home prices and, in turn, fewer entry-level buyers able to afford a home. “ Tap through for all the numbers –> http://bit.ly/2qLBmbc
Cameron’s $5M + deals of the day – http://bit.ly/2qgVtdD
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Howard Fischer: A one-man news machine. “If you had $5 for every story Howard ‘Howie’ Fischer has reported for Arizona readers, you’d be doing quite well,” writes Senior Reporter/Writer Phil Riske in the intro to his interview with Capitol Media Services’ Howard Fischer. It’s an insightful read, especially if you’re curious how “the dean of the Capitol press corps” is able to “grind out” so many stories each day. Check it out in Rose Law Group Reporter. http://bit.ly/2qS9mTJ
Facebook fines in France are a warning to American businesses operating in the EU. In the wake of a French committee’s sanctions against Facebook, Lauren Reynolds and Daniel Gauthier, who are focused on cybersecurity and privacy issues, explain what businesses “that collect [online user] data should” do to “avoid running afoul of the many applicable international data protection laws” — in Rose Law Group Reporter. http://bit.ly/2qLU4iI
Ducey signs tax break, vetoes student journalists freedom of the press. “House Bill 2191 will increase by $10 million the tax credits available for investors in small businesses.” Meanwhile: “SB 1384… would have clarified First Amendment protections for student journalists.” So why would someone who “supports free-speech protections” reject such a measure? Find out and see what else the governor okayed and nixed in “Monday’s bill blizzard,” at AZCentral. http://bit.ly/2qgNopt
Republican redistricting is taking a beating in the courts (again). “[F]ederal courts have been litigating a steady stream of gerrymandering claims. And most of the electoral maps the courts have knocked down were drawn by Republicans. (‘Monday, North Carolina became the third GOP-controlled state legislature in a row to get its map-drawing skills declared illegal by the Supreme Court.’) The Washington Post has a “a rundown of the redistricting landscape — and how it could affect our elections.” –> http://bit.ly/2qgDpk0
Unemployment in the U.S. is falling, so why isn’t pay rising? “Usually wage growth accelerates when the job market is tight: Employers have to pay more to attract and retain workers.” Bloomberg takes a look at eight “possible explanations’ why that hasn’t been happening. One theory involves the “Phillips curve,” which this report calls “effectively dead,’ and describes it as “look[ing]… like a Jackson Pollock drip painting or the footprints of a staggering drunk.” (One major difference between the two? No one would be foolish enough to pay upwards of a $166 million for the footprints of a staggering drunk — unless, of course, those footsteps were painted by Pollock.) http://bit.ly/2qdgOFM
Diverse interests came together in 1980 to pass Arizona’s groundwater law; Thomas Galvin, Rose Law Group land use and water law attorney, responds. “About 275 people turned out… in downtown Prescott Wednesday evening.. for the… premier of ‘Groundwater, To Enact a Law for the Common Good’ — a 26-minute film that documents the [‘long and contentious’] history of Arizona’s 1980 Groundwater Management Act.” The Daily Courier has an overview of the film, along with reactions to it that show such “contentiousness is far from over.” Meanwhile, here is just part of Thomas Galvin’s response: “The architects of the law set in motion a policy initiative that helped usher in unprecedented growth while at the same time facilitating more water conservation on a yearly basis. The discussions about the Groundwater Management Act actually underscore the need to update and modernize water conservation policies for a new generation.” Read more here: http://bit.ly/2rPVuq3
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