The Dealmaker: 5/3/2017

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