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The Dealmaker: 6/15/2017

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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




Neighbors raise concerns over Sunnyvale ‘sober home’ proposal in Paradise Valley. (Disclosure: Rose Law Group represents the neighbors on Sunnyvale Drive fighting to preserve the residential character of their neighborhood.) “Along Sunnyvale Road… is a row of million-dollar homes that, for years, has been a picturesque representation of suburbia… A Blue Sands Recovery Center… at 7102 E. Sunnyvale Road [is] threatening [to change that]…. The proposed property is owned by Tom Hopkins, a best-selling author and sales expert” — and as one concerned neighbor puts it: “He has had the house on the market for quite some time and he is trying to rent it out for a drug rehab. There is no zoning in Paradise Valley for businesses — I don’t want a business with 10 drug-addicted men on my street. This is not what the neighborhood was designed for. We are going to fight it.” Paradise Valley Independent. http://bit.ly/2sEcJik 

Emery: drug rehab next door in the Town of Paradise Valley? In an opinion piece for Paradise Valley Independent, town resident Gary Emery expresses his concern over having Blue Sands Recovery Center as a neighbor: “Tom Hopkins my neighbor and the owner of 7102 E. Sunnyvale Road, was informed by letter that any such use constitutes a ‘business’ and would therefore be a violation of our deed restrictions, which covers a much larger area and not just the eight that received notice.” Additionally, Mr. Emery notes that: “[T]here are 25 rehab choices within a 15 minute drive of this proposed location.” http://bit.ly/2sEosxn 

DEVELOPMENT ON TRACK – Infill apartments, townhouses, creative offices coming to light rail stop in Phoenix. “The six-story project is at Central and Willetta… Hunt Cos., Tilton Development Co., Civitas Capital Group and Ryan Cos. are developers and owners of the 1.56-acre site…. The [‘transit-oriented‘] development includes 227 apartments, five two-story townhouses and two creative office suites.” PBJ. http://bit.ly/2rw13yq

City council approves north Scottsdale residential development. “During a June 13 Scottsdale City Council meeting… officials and municipal leaders were walked through a request to make myriad changes to 80 acres of land at 118th Street and Jomax… to allow for a 51-lot, single-family subdivision… [By a vote of 7–zip], the city council approved four detailed criteria to move forward [with the Toll Brothers’ ‘luxury residential neighborhood’.]” Details in Scottsdale Independent. http://bit.ly/2stFca1 

Hundreds of new homes coming to San Tan Valley. “The San Tan Groves subdivision would allot for up to 462 residential lots on nearly 153 acres… near the intersection of Hunt Highway and Thompson Road… Last week the Pinal County Board of Supervisors approved a zoning request allowing for [the] large development.” Get developer/builder info and view the layout at PinalCentral. http://bit.ly/2rlcvIQ

Early-stage delinquencies lowest in more than 17 years. “[CoreLogic’s] Loan Performance Insights Report shows that… loans that were 30 to 59 days past due… declined to 1.7 percent in March… the lowest rate since January 2000.” CoreLogic chief number cruncher Frank Nothaft and President and CEO Frank Martell weigh in on the data, while Mortgage News Daily’s Jann Swanson has figures for states with the highest and lowest delinquency rates. http://bit.ly/2rvQM54

Peoria deputy city manager approved as new city manager. “Peoria City Council approved Deputy City Manager Jeff Tyne as the new city manager to replace Carl Swenson, who announced his retirement May 15… He beat out Deputy City Manager Julie Arendall, who started with Peoria as the director of human resources from July 2012 to November 2015.” More on Jeff Tyne in YourWestValley. http://bit.ly/2rvLJln

Cameron’s $5M + deals of the day – http://bit.ly/2sfbMdr

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

THE MESA SUPERSONICS? – Boeing plans to shift hundreds of jobs to Arizona. “The work shifting to Mesa, Arizona [from the ‘Puget Sound area’ is]… part of Boeing’s intense corporate drive to cut costs, which is largely responsible for the loss of more than 18,300 Boeing jobs in [Washington] state since the most recent employment peak in fall 2012.” The Seattle Times. http://bit.ly/2sE4p2d

Google is spending $30 million on housing for Silicon Valley employees. First, Apple, Facebook and Twitter. Now, because of soaring housing costs in the Bay Area, “Google… is paying… to provide temporary, prefab housing for 300 of its employees.” How steep are area housing costs? “San Francisco rents have jumped by almost 50 percent since 2010, while home prices have increased 98 percent since… 2009.” And get this: “[S]ome residents making six-figures can qualify as ‘low-income’ and receive subsidies.” How crazy is that!?! (Unless by “six-figures” it means  $9876.54 a year or something. Unlikely.) More on this at CNBC. http://bit.ly/2s5EUpg

Parched by drought, Lake Mead water levels could lead to statewide water limits. “[A] lingering, nearly two-decade long drought in the Colorado River… could restrict water use ranging from farmers’ crops to how many households receive water.” This Cronkite News report includes a troubling photo of “calcium rings around Lake Mead” that show just how far the water levels have declined “since 1983.” And just how many more feet do levels have to drop before “water to Arizona will likely be cut”? Let’s put it this way: It’s less than the height of Stephen Curry. –> http://bit.ly/2rlm4aK

State’s attorney: Initiative law challengers’ claims are ‘not genuine.’ “HB 2244 requir[es] judges to void initiatives not in ‘strict compliance’ with all election laws.” Now, as Capitol Media Services’ Howard Fischer reports, “Attorneys for the state… contend that the claims of those who contend the new law will harm future petition efforts are ‘fanciful and not genuine’…. [making] anything the challengers have to say in court legally irrelevant — and legally inadmissible.” Arizona Capitol Times. http://bit.ly/2stGUIz

Getting your butt out of bed in Scottsdale. What are the “top five cities for night owls”? The “top five cities for early risers”? Realtor. com® “scoured city data” and has the results. (Speaking of sleep, here’s a helpful DEALMAKER TIP: If your boss ever gets on your case for falling asleep at work, just explain that you’ve always thought of it as your “Dream Job.”) http://bit.ly/2rvGIt5

Meritage Homes Purchases platted lots at Sunset Farms 99th Avenue and Broadway, Phoenix Arizona Read more

CBRE Report Highlights Retailers Collectively Opening More Than 1,700 Stores Read more

AV Homes Acquires West Valley Property for Sunleya Development Read more

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  • Published: 9 months ago on June 15, 2017
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  • Last Modified: June 15, 2017 @ 3:41 pm
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