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How are housing markets doing, really? Real estate consultant Jim Belfiore assesses Phoenix market. RISMedia looks at the Truila report that we brought to your attention yesterday which shows “34 percent of homes have values that exceed their peaks from before the recession.” Meanwhile, here’s what Jim Belfiore has to say about values in our neck of the woods: “The local Metro Phoenix Area housing market has improved immensely since housing values hit bottom in early 2011. Still, all value that was lost has not yet been regained in most submarket areas.” When are “Phoenix-area submarkets… likely to reach pre-bust housing peaks”? Tap through for Jim’s answer. http://bit.ly/2p50kmA
Remodel behavior. “This year, many of the Valley’s shopping destinations will be undergoing renovations — some major, some minor, but all with the intention of creating more user-friendly hot spots for retail therapy.” Phoenix Magazine has the rundown of the “Nips and Tucks” happening to a few of the more high-profile shopping malls in the Valley. (NOTE: In case you were wondering, this article makes no mention whatsoever of Nordstrom’s getting any sort of new “rack.”) http://bit.ly/2qAoZQ0
Construction cam lets viewers track Phoenix Raceway project. (Disclosure: Rose Law Group represents Phoenix International Raceway.) “[T]he [DC Solar Construction Cam] will let fans follow the project on a ‘beam-by-beam’ basis [as] transformation of the 53-year-old venue take[s] shape.” Raceway President Bryan R. Sperber: “[This] is only going to heighten the anticipation for November 2018. There are going to be plenty of milestone moments to come over the next 19 months, and we encourage all fans to check it out.” So check it out! Access the link at AZBIGMEDIA. http://bit.ly/2pJoC4i
Downtown Scottsdale 2.0 analysis describes future possibilities. “About 50 people attended an early morning meeting May 3 to hear about the findings of… a 10-month long study aiming to plan the future of downtown and Old Town… Born out of a five-year strategic plan for the city’s tourism and events department, Scottsdale 2.0… includes an… analysis… focusing on maximizing economic performance and enhancing a desirable, vibrant downtown.” Head to Scottsdale Independent for detailed coverage of the two-hour “brainstorming” event. http://bit.ly/2pi45RD
Scottsdale citizen petition seeks curbing of 118th Street extension. “More than 300 signatures have been gathered to convince city leaders to rethink the connecting of 118th Street from Ranch Gate Road to Dynamite.” Does “completion of 118th… go… against the spirit of the local character area plan,” as one resident contends? Or is completion “critical” and “obviously necessary”? Find out in this Scottsdale Independent report. http://bit.ly/2pdWkLC
Glendale no longer Detroit. “It wasn’t long ago that Glendale stood on the brink of financial ruin. The city ended its 2012 fiscal year with a negative-$26.6 million fund balance….The Wall Street Journal compared the struggling city to then-bankrupt Detroit.” AZCentral examines how “[n]ew management and conservative budget decisions have since pulled the city from the financial pit and are working to ensure history doesn’t repeat itself.” (BTW, didn’t Kim Jong-un mention the Motor City in one of his recent nuclear threats, saying that he would make the “entire USA look like Detroit”?) http://bit.ly/2pJ7Ke2
Suburbs see rental boom. “From 2011 to 2015, suburban areas outpaced urban areas in renter household gains in 19 of the 20 largest U.S. metros,” according to a new Rent Café study. “Phoenix saw an increase of 23 percent in renter households in 2015 than in 2011, while renter households in its urban areas grew by 14 percent.” KEY QUOTE (courtesy of Captain Obvious?) “[C]heaper rents may be one major factor driving new renters to the suburbs.” REALTORMag. http://bit.ly/2q7TMUc
Rose Law Group hiring Part-time Legal Receptionist – http://bit.ly/2pOHQ71
Arizona’s Best Kentucky Derby Party tomorrow at Turf Paradise – http://bit.ly/2p8RGzC
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Arizona lawmakers approve $9.8 billion spending plan. Here’s the nutshell version… “Arizona teachers will get a small raise. The state’s universities may take on more debt. High-achieving schools will get more funding.” Arizona Capitol Times also has the meatier version. —> http://bit.ly/2pOH8X7
Scottsdale leaders weigh tax hikes as budget forecasts millions in deficits. “The proposed budget forecasts [record] levels of sales tax revenue, but a five-year forecast predicts millions in deficits… which has some leaders calling for an increase in sales tax, property tax or both.” Kathy Littlefield and other council members unpack the “root of the problem” and go deep into the weeds on how to “bridge the gap” — at AZCentral. http://bit.ly/2pOLv4A
DEAD-FRANK? – House panel passes Republican measure gutting Dodd-Frank reforms. “[T]he Financial Choice Act, would repeal the Volcker rule that prohibited banks from speculating in the markets [and] effectively neuter the Consumer Financial Protection Bureau” — although, as MarketWatch notes, this new measure’s “toughest test could come in the Senate.“ http://bit.ly/2pJwMK5
Paving the way for CANAMEX, highway of the future. And it’s the Sonoran Institute along with students from ASU, UofA, UNLV that have done much of this “paving,” by coming up a design “that will not be outdated by the time it’s built.” What they’ve envisioned for I-11 and put into renderings not only looks like something ripped out of a sci-fi flick, but a FUTURE sci-fi flick! Check out the images in Cronkite News, and learn more about this (proposed) “super interstate highway that stretches from Arizona’s border with Mexico to the U.S.-Canada border in Montana.” http://bit.ly/2p51tKU
Poll: Nearly two-thirds of Arizona voters do not want US-Mexico border wall. “Sixty-two percent of respondents to the [KTAR News/OH Predictive Insights] poll indicated they do not want the wall. Thirty-seven percent said they supported the wall, while 1 percent either did not know or refused to answer.” MISSED OPPORTUNITY? KTAR should’ve characterized those who “did not know” as being “on the fence.” http://bit.ly/2p5cfRl
Lawsuit settlement signals end of current redistricting commission. “The resolution of the final lawsuit marks the end of a tumultuous redistricting process that included years of litigation, partisan infighting, allegations of misconduct, three lawsuits against IRC’s [‘donut hole’ or ‘bagel’] maps and the impeachment of its chairman, which was later reversed by the Arizona Supreme Court.” And Jeremy Duda has the detailed recap on all of it, at Arizona Capitol Times. http://bit.ly/2pOvs8Y
Phoenix Rising soccer team hires Goldman Sachs to help with new stadium. “Phoenix Rising plays at a temporary stadium on the Salt River Pima Maricopa Indian Community at a site near the borders with Scottsdale and Tempe…Goldman Sachs will serve as the structuring agent to help with a permanent stadium aimed at helping with bringing an MLS team to the Phoenix market.” (Sure, it’s a little corny, but we can’t resist couching it this way: “Goal-man Sachs with the save!”) More at Phoenix Business Journal. http://bit.ly/2pJs0Mu
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