The Dealmaker: 5/1/2017

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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.





West Valley cities reach pre-recession revenues. “[Avondale, Goodyear, Peoria] are reaching revenue levels they hadn’t seen since the Great Recession.” AZCentral dubs Peoria’s estimated revenue level a “decisive rebound.” With an assist from WOCHIT, this report looks at revenue figures for these cities along with some of the “notable projects” that are expected to benefit.

Coolidge mayor focuses on budget, accomplishments in address. “Mayor Jon Thompson touted the work the city of Coolidge has done across the board over the past year (e.g., working with Saint Holdings on building an inland port), but also spoke frankly about the financial struggles that have persisted (e.g., potentially having to pay a MILLION bucks to seal a landfill!).” Get the full rundown of the mayor’s State of the City address at Pinal Central

Shaping Eloy through investments. “Public Investment First, then Private Follows”? The City of Eloy is hoping to “spur private development” in downtown with a “$7.5M City Hall.” It’s an area where “[m]any storefronts are vacant along Main Street and the existing municipal facilities are showing their age.” Details on this ‘future-proofed’ project and its potential impact for the area, at AZBEX.

The real estate market sees promise and peril in Trump, says ASU expert. “Mark Stapp, [‘director of the Center for Real Estate Theory and Practice’], says commercial real estate brokers are optimistic about… moves to cut regulations and the push to cut corporate, personal income and investment taxes. But Stapp said those in the real estate industry he interviewed… also have some concerns about the impact of Trump’s promise to roll back free trade deals.” PBJ talks with the ASU prof.

Ducey signs HOA transparency bill, but maintains government shouldn’t micromanage HOAs. “Governor Doug Ducey on Friday signed legislation [HB 2411] that requires more transparency in… [HOA] meetings by mandating public comment before votes and setting up tighter rules for public meeting notices. The governor had avowed his administration would not be in the business of regulating HOAs and he had earlier vetoed a bill banning cumulative voting in HOAs.” So what’s up with signing the bill? —>

Phoenix Councilwoman Debra Stark adjusting to political rough-and-tumble. “[Councilwoman] Stark sat down with The Arizona Republic… to talk about her plans for the district and thoughts on entering politics after a career in civil service.” As this piece notes, the District 3 councilwoman is “focused on combating homelessness, closing blighted alleys and filling vacant shopping centers.”

Real estate industry sounds off on Trump tax plan; mortgage interest rate statements ‘political rhetoric, says real estate consultant Jim Belfiore. “President Trump’s proposed tax plan has been met largely with disapproval from the housing industry, with several constituents concerned about a change that would double the standard deduction — and, in effect, invalidate the tax benefits of owning a home.” But Jim Belfiore sees it differently: “It doesn’t diminish the American Dream; it enables more people to reach the American Dream.” For Jim’s full comment on this RISMedia report, tap through:

More young people choosing homeownership. “[M]ore new U.S. households in the first quarter chose to buy homes than to rent, suggesting a long-term decline in homeownership rates might be coming to an end…. First-time buyers made up 32% of the market in March, up from 30% a year earlier, according to NAR.” Says one 28-year-old new homeowner: “I was sick of throwing money away into rent.” The Wall Street Journal.

Homeownership rate stable. “U.S. homeownership rate was 63.6% in the first quarter 2017, which is statistically no different from its last quarter reading of 63.7%. The rate… appears to be stabilizing after reaching a cycle low of 62.9% in the second quarter of 2016.” For results from the “Census Bureau’s Housing Vacancy Survey” along with an array of charts & graphs that break it all down, click to Eye on Housing.

Cameron’s $5M + deals of the day –

Arizona’s Best Kentucky Derby Party returns this Saturday  to Turf Paradise –

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

MINE-BOGGLING – Mining expansion leaves Florence community uneasy. (Disclosure: Rose Law Group represents Southwest Value Partners in their fight to prevent this mine from opening in the middle of a master-planned family community.) Cronkite News looks at the fight over “permitting issues and environmental concerns… in Florence, where residents [along with the town, Pulte, and SWVP] have been working… to block [the Florence Copper mine].”

CRACK HOUSES’ – Unstable ground: How earth fissures wreak havoc on Pinal County [VIDEO]. “Areas… are riddled with earth fissures that can open up at any moment. Some residents live in constant fear of the fissures in their own backyards…” One resident calls the crazy-looking cracks “scary and devastating.” And, according to Cronkite News, “officials say they’re powerless to do anything about it.” In addition to the main video, this report also features another in which you can take “a 360-degree tour of a Pinal County fissure.” Pretty wild.

Special report: The changing face of Arizona. “‘Development in the Desert’ examines key aspects of Arizona’s growth, from Tucson to the Phoenix metro area to Sedona. Cronkite News reporters interviewed experts in fields ranging from technology to traffic and the people most affected by Arizona’s growing pains.” Lots to explore in this one!

[OP-ED] Arizona water director: I won’t support CAP board’s drought plan. In case you missed our mention of it last week… AZCentral has picked up this piece from Arizona Department of Water Resources director Tom Buschatzke, who argues that the Central Arizona Water Conservation District’s “‘flexible approach to managing water savings in Lake Mead’… takes a short-term view… and fails in the long run.” As he puts it, the flex approach “doesn’t hold water.” See what sort of “Drought Contingency Plan” Director Buschatzke favors instead. —>

Democrats fight back against Dodd-Frank replacement act. “Financial Services Committee Democrats are not going to let the Republicans easily shut the door on discussing the Financial CHOICE Act, the Republican-led act to replace… Dodd-Frank…” According to HousingWire, having just one committee hearing on the matter “did not sit well” with Dems. So they had their own hearing — “a Minority Day Hearing” — with their own “panel of witnesses” to “educate the public about some of the harmful repercussions” of what Rep. Maxine Waters, D-Calif. called “the Wrong Choice Act.”

Here’s how area members of Congress from Arizona voted on major issues in the week ending April 28. HOUSE measures: One Week’s Stopgap Spending, Control of U.S. Copyright Office, Disclosure of Trump Tax Returns, Fannie Mae/Freddie Mac/Public Information, Congressional Oversight of President Trump. SENATE measures: Rod Rosenstein Confirmation (as Deputy Attorney General), Alexander Acosta Confirmation (as Secretary of Labor), Sonny Perdue (as Secretary of Agriculture). Vote breakdown at Voterama—>

Blandford Homes purchases Mulberry Master Plan Parcel 5 Read more

Portland on the Park comes alive as new residents move-in Read more

Skanska Completing Work on New Dexcom Facility in Mesa Read more

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