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DOWNTOWN RENTS: HIGH ‘N’ RISING – Downtown Phoenix struggles with affordable housing in midst of development. “There are only 18 affordable units available per 100 renter households in Metro Phoenix…. Downtown Phoenix specifically has even higher rent than Metro Phoenix.” What’s hindering the expansion of affordable housing and what’s being done about it? Check out the Cronkite News report at ADI. http://bit.ly/2qsHUMx
Popular Scottsdale shopping center sells for $31M. CBRE Group, Inc., completed the sale of Scottsdale Towne Square, a 162,259-square-foot grocer-anchored center at… Scottsdale and Thunderbird.” CBRE’s Bob Young calls the 14-acre site “well-positioned for redevelopment.” Get buyer/seller info and other details at AZBIGMEDIA. http://bit.ly/2pZ409C
SETTLE-HING – Scottsdale pays $2.5M to appease condemnation concerns. “City Council has approved the payment… to settle a dispute between what appears to be a group of local landowners alleging the municipality unlawfully pursued condemnation of a portion of collectively owned property eyed for the relocation of a fire station.” Scottsdale Independent also reports that the settlement will “ultimately end the litigation that erupted in the case: City of Scottsdale v. Hing.” http://bit.ly/2qswb09
‘Silver Shovel’ groundbreaking of Crismon Gateway Village. “[The] new upscale mixed use retail and restaurant development is on Crismon and Baseline [in Mesa].” SVN Advisors Mary Nollenberger describes it as “a collection of the most unique and highly sought after businesses to provide our loyal community of followers a place to relax, renew, and call home, close to home.” More buzz over Rick Richmond’s development in RED. http://bit.ly/2pxtDwE
How self-driving cars will profoundly change real estate. KEY QUOTE: “When the first driverless car is on the road, I think people will start thinking about zoning changes.” CNBC takes a looks at some of the major changes that experts expect, from home garages to gas stations to entire residential communities equipped with sound-proof traffic barriers capable of completely muffling screams of panicky driverless passengers (kidding on the back-half of that last one). http://bit.ly/2qFwtNG
Economist finds home size trends are reflecting a shift in the market. “[A]verage home size grew by more than 13%… by the start of 2014. At the same time, the difference between median new-home prices and median existing-home prices expanded.” In Builder, NAHB chief economist Robert Dietz gives a positive spin on “the market changes that have since taken place.” http://bit.ly/2p94Dt2
HPI IS MIND-BLOWING – Another home price report defying the odds. “Home prices measured by CoreLogic’s… (HPI) posted their largest gains in nearly a year in March, continuing to confound the company’s own forecasts.” CoreLogic’s Dr. Frank Nothaft: “With a forecasted increase of almost 5 percent over the next 12 months, the index is expected to reach the previous [2006] peak during the second half of this year.” And what region saw the strongest gains? Tap to Mortgage News Daily. http://bit.ly/2p9rq7U
Here’s the real state of the housing market. “On the third day of Mortgage Bankers Association National Secondary Market Conference and Expoi n New York City, three economists [Freddie Mac’s Sean Becketti, Fannie Mae’s Doug Duncan, and MBA’s Mike Fratantoni] took the stage to explain their view of the housing market, and their forecast for 2017.” HousingWIre coverage teases: “Is a recession on the horizon?” http://bit.ly/2pIpMxd
Cameron’s $5M + deals of the day – http://bit.ly/2pYY8Nm
Arizona’s Best Kentucky Derby Party returns this Saturday to Turf Paradise – http://bit.ly/2p8RGzC
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Strife ahead as FY18 budget takes shape. “A Republican budget plan set for its first vote today would give Arizona teachers a pay hike more than double what was proffered by Gov. Doug Ducey. But Democrats want to double that again. And they may just have the leverage this year to get their way.” Much more on this and other budget “speed bumps,” from Capitol Media Services’ Howard Fischer at Arizona Capitol Times. http://bit.ly/2qFIu61
Grand Canyon draws nearly $1 billion in economic benefit. “[A National Park Service] report showed that nearly six million people visited the Arizona tourist attraction last year, spending $648.1 million in nearby communities. That spending helped fund 9,779 jobs.” And where did “half of that spending” come from? The answer, along with other results from the report, at KTAR. http://bit.ly/2p9pigx
Growing pains on roads across the state. Part of the Cronkite News special report “Development in the Desert,” this piece takes us on a road trip across the state (metaphorically speaking) to examine the impact of crumbling highways and increasing traffic — in places such as Sedona, where it can take “seven minutes to make it through a stretch spanning three-quarters of a mile going southbound on State Route 89.” http://bit.ly/2p6lKe2
Arizona utility regulator seeks federal support for embattled coal plant. “Andy Tobin is urging increased support from state utilities and the federal government to help keep the Navajo Generating Station coal-fired power plant running. Tobin suggested a compromise that would allow the current owners to keep the plant running for five more years to provide time to find new buyers who could run it for decades.” AZCentral. http://bit.ly/2qsHy8v
THE STATE OF COPPER – Despite recent market drops, officials still see bright copper future. “Copper is one of the pillars of Arizona’s economy, but steadily falling demand on world markets has depressed prices and caused ripples that are felt in the state and as far away as [an] East Coast scrap yard…. But industry officials are taking the long view.” Cronkite News. http://bit.ly/2oYaC7L
Mohave County supervisors reveal expensive laundry list of funding issues. “Supervisor Jean Bishop said the county is headed into a period of having to make difficult financial decisions, especially with the threat of further ‘sweeps’ of county funds by the state Legislature. Her top concern is water in Mohave County. The county needs to take every avenue possible, including hiring legal counsel, to make sure residents have a safe and abundant water supply…” The Daily Miner. http://bit.ly/2pZeQfJ
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