The Dealmaker: 5/4/2017

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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.





WATT’S HAPPENING – Infill developer sells out Tempe project, hopes to replicate in Phoenix. “Watt Communities has sold [all 51 units] at its… Dorsey Lane… townhouse project on Broadway Road between Rural and McClintock.” Watt CEO Steve Pritulsky: “[The sales pace] makes us feel very optimistic about the additional projects in our Phoenix-area pipeline.” Check out the projects (“$73 million worth”) and view interior/exterior shots of Dorsey Lane in a 10-image slideshow at Phoenix Business Journal.

NEXT PHOENIXMART PHASE: GOOD TO GO – PhoenixMart sewer gets nod from council at lower cost to city. “[Casa Grande] will pay for extension of the line under Interstate 10 near Kortsen Road and AZ Sourcing [PhoenixMart’s parent company] will pay for the construction of the line from there to the project site.” And how much is the city estimated to save from this “modified agreement”? Find out at Pinal Central.

Eloy considers new park on Main Street, a ‘gateway’ into the city. “Tentatively called Triangle Park due to the shape of the plot of land it’s on, the plans… would include a mural stretching across the old theater, some shade and vegetation and a potential information post for a historic walking tour of the town…. While council seemed excited about the idea of the park, some reservations were had about funding and the condition of the Dust Bowl Theater…” Read why and see renderings at Eloy Enterprise.

UP CAVE CREEK WITHOUT A JOB – Cave Creek votes 5-2 to not renew town manager’s contract. “There have been recent discussions… regarding [Town Manager Peter] Jankowski’s performance and council was set to decide whether or not to renew his employment agreement for another year.” On Monday, council made that decision: “Jankowski’s employment will terminate at the end of June.” Find out how the votes shook out among council members, in Sonoran News.

Just one-third of U.S. homes are back to their values before the recession. Tucson home prices figure prominently in this MarketWatch report which takes a look at recent Trulia data showing “just 34.2% of homes have returned to the peak levels registered before the onset of the recession in 2008.” The KEY (and somewhat depressing) QUOTE: “It could be another eight years before all homes recover their value.”

First-quarter GDP may be cool, but housing market downright balmy.  That’s the assessment from NAR Chief Economist Lawrence Yun, who has this to say to lead off his opinion piece for The Hill: “GDP growth is not strong, but the housing market is more than fine. So fine that my forecast for the year is upgraded. Existing-home sales will rise by 3.5 percent and home prices will get a 5-percent boost in 2017.”

An uptick in housing starts matters to buyers. “A high number of homes, whether old or new, will decrease prices for all homes…” While not exactly flash-worthy news, the following tidbit from a Moody Analytics economist may be: “‘By the end of 2017, we expect housing starts to be closer to 1.7 million,’ a 10 percent increase from a year earlier.” For more highlights from “What Are Housing Starts, and Why Should Home Buyers Care?” (along with a link to the full article), tap to REALTORMag.

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!


Mayor sees freeway as West Valley bonanza, not a threat to Ahwatukee. “Phoenix Mayor Greg Stanton sees [the new 202] as a gateway to a new Silicon Valley… ‘We are creating the South Mountain Technology Corridor… an area complete with modern business parks for advanced manufacturing, business services and emerging industries…. a Price Corridor of the West Valley.” More Loop 202 touts from the mayor, plus Ahwatukee officials talk about “a proposed new Character Plan for the community,” in Ahwatukee Foothills News.

WHAT A RUSH! – Capital for buying, upgrading legal marijuana business property increases. “Last year businesses… growing or dispensing marijuana raised about $475 million… This year the figure has already hit $225 million… Those businesses are using most of that money either to buy or upgrade indoor and outdoor farms and stores…” According to one investment-bank exec: “There’s now a rush among real-estate investors to acquire these legally built facilities.” The Wall Street Journal.

Obamacare helped make a 50% dent in personal bankruptcies. “Other factors, including new bankruptcy laws, a rebounding economy and tighter credit requirements, also likely helped…” Furthermore, there is “no way to know what made the biggest difference in [the] drop,” and “bankruptcies actually began to decrease before [Obamacare]… Still, the health care law in all likelihood played a major role.” Find out how in this MarketWatch look at a Consumer Reports analysis.

Arizona budget, university-bonding plan face uncertain votes. “The fate of a $1 billion bonding plan for Arizona’s public universities… remained uncertain ahead of [today’s] key… votes at the Legislature. Days of behind-the-scenes deal-making had gathered more Republican support, including after a small income-tax cut was added to the proposed budget.” AZCentral reports that “denying universities the money could trigger legal action.” 

UofA hopes new student fee for athletics can be game changer. [The 89-year-old Arizona Stadium] is the biggest of the 20 athletic facilities the UofA hopes to renovate by implementing a mandatory $100 undergraduate fee and an optional $50 graduate fee for incoming classes. However, among more than a dozen students interviewed [by Cronkite News], fewer than half knew of the bill and even fewer knew its details.” And there were some who, predictably, “expressed displeasure.” Read about it at Arizona Capitol Times.

TROUBLED WATERS? – War of words flares in Arizona over Lake Mead water. “Despite recent signs of discord” sparked by “dueling opinion pieces” — one from CAWCD board members Alexandra Arboleda and Mark Taylor, the other from Tom Buschatzke, director of the Arizona Department of Water Resources“Southern Nevada Water Authority chief John Entsminger said he is confident… a multistate agreement aimed at storing more Colorado River water in Lake Mead… will still get done.” Las Vegas Review-Journal.

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

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

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