[EDITORIAL] Big little lies: From Monterrey to Paradise Valley. (Disclosure: Rose Law Group represents the neighbors on Sunnyvale Road fighting to preserve the residential character of their neighborhood.) This hard-hitting piece from Arizona Progress & Gazette draws a real-life, Paradise Valley parallel to the HBO miniseries Big Little Lies, which “chronicled the fictitious underbelly of money, mothers and mayhem in Monterrey, California.” PV’s main characters? An enabling real estate broker named Banovac and a “globe-trotting, seminar-loving, self-described sales guru” named Hopkins. The setting? Hopkins’ house on Sunnyvale Road. The plot? The sales guru is “seeking to rent it out to a California drug rehab outfit named Blue Sands” — and neighbors are “rallying against” it. http://bit.ly/2tFFQP7
TURBOCHARGING CHANDLER – Aircraft parts supplier breaks ground on N. Chandler Corridor HQ. “Turbo Resources officially broke ground on its new global headquarters at Westech Corporate Center, at Arizona Avenue and Palomino Drive.” Turbo Resources touts a “family-oriented approach,” evident from the company’s “choice to stay in Chandler in part out of a desire to keep [its 47] employees close to home.” East Valley Tribune has more, including the customary shovel-ready photo featuring a young girl — was it “Bring Your Daughter to Groundbreaking Day”? It’s a shot that seems to underscore even more Turbo’s familial approach. http://bit.ly/2tFy4EP
Bankers predict rebound in new home sales. “[A]pplications for new home purchase mortgages increased 4 percent from April on a non-seasonally adjusted basis, and were 15 percent higher than in May 2016. On a seasonally adjusted basis MBA anticipates the monthly increase at 8.6 percent.” MBA’s research vp Lynn Fischer looks ahead to new home application “activity throughout the balance of this year” — in Mortgage News Daily. http://bit.ly/2siJIYC
Housing starts, permits drop in May. “[S]tarts… fell 5.5% from April to a seasonally adjusted annual rate of 1,092,000, 2.4% behind the pace of May, 2016… Building permits also fell in May, dropping 4.9% from April to a rate of 1,168,000, 0.8% below the May 2016 rate.” Head to Builder for the regional breakdown along with a “dismayed” Lawrence Yun sounding the alarm on the widening “discrepancy between housing demand and housing supply.” http://bit.ly/2tFJs3E
May housing market sets new records for low supply. “The number of homes for sale fell 10.9%, marking 20 straight months of year-over-year declines, though the number of homes newly listed for sale in May increased 3%. May also saw the lowest month supply with 2.7 months…” More Redfin findings in Builder. http://bit.ly/2st4wLk
The top 10 issues facing the real estate industry in 2017. “[A]t the National Association of Real Estate Editors… conference in Denver, [Counselors of Real Estate] chair Scott Muldavin unveiled a list of the 10 challenges the industry will face.” And Mudavin wasted no time getting to the top issue, because, as he puts it, it’s “an issue that permeates almost all the other issues,” and that is (SPOILER ALERT): “Polarization and political uncertainty.” Details on the “No. 1 challenge” — and all the rest — at inman. http://bit.ly/2rNG4Cz
Dealmaker BONUS: Harvard report raises housing supply, affordability issues. “The Joint Center for Housing Studies (JCHS) at Harvard University has released its latest report on the State of the Nation’s Housing. The report, is a snapshot of housing and housing issues.” Get highlights along with a link to the full report at Mortgage News Daily. http://bit.ly/2rNJDZc
Cameron’s $5M + deals of the day – http://bit.ly/2sI1J36
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Tempe taxpayers may pay for homeless camp fire that damaged museum; Adam Martinez, Chairman of Rose Law Group Real Estate Litigation Department, comments. “The state, which owns the [Historical Society Museum], filed a claim… in Superior Court… claiming the city breached its contract to maintain the Green Line riparian area [in Papago Park] west of the museum that burned. The city knew of the threat posed by homeless camps in the area but did not clean them up as requested by museum officials, said the claim…” AZCentral. Adam Martinez: “Certainly does not sound good for the city if the fire started (and) spread because of the overgrowth…” http://bit.ly/2st30Zu
Tesla gets dealer license in legal victory. “Tesla wasn’t allowed to let potential customers take test drives, and couldn’t even tell people how much its electric cars cost. Prospective customers had to get pricing information online and had to buy their cars without ever getting a chance to get behind the wheel. Now, [‘thanks to a dealer license granted last year by the Arizona Department of Transportation] anyone can drop in, talk prices and take a Model S for a spin.” But the Arizona Automobile Dealers Association has an issue with the license. Find out why in Arizona Capitol Times. http://bit.ly/2sixY8k
ADOT praises freeway progress, says blasting still under study. “[ADOT] spokesman Dustin Krugel told AFN… that freeway developer Connect 202 Partners ‘is in the process of evaluating whether it will be necessary to conduct limited controlled rock blasting within the Pecos Road segment’” (Actually, the only sort of ‘blasting’ going on right now is coming from “freeway opponents” who are waging a “last-ditch effort to stop construction of the 22-mile thoroughfare.” ) AFN has a drone’s-eye view of some of the “swift progress” happening on the freeway ADOT calls “a critically needed transportation project for Valley motorists.” http://bit.ly/2rNOt8S
Many I-10 projects in state’s updated 5-year plan, but not Casa Grande-Chandler stretch. “A number of I-10 improvement projects are included in the [state’s updated five-year transportation] plan and have been accelerated. Widening the freeway between Casa Grade and Chandler is not one of them.” While PinalCentral doesn’t go into why the widening of that particular stretch of freeway was excluded, it does have “a list of major projects in the plan.” Check it out! http://bit.ly/2rJlUhN
Ducey touts NAFTA, wants role in upcoming trade negotiations. “[Gov. Doug] Ducey and other Republican lawmakers in Arizona have praised [NAFTA], which they said has brought billions in new trade to the U.S. While he backs ‘free and fair trade,’ however, Ducey said he is not opposed to a revised version if the pact can be improved… [And he] told a U.S.-Mexico diplomacy conference [that] he expects the state to have a ‘seat at the table’ in any upcoming trade negotiations.” Cronkite News. http://bit.ly/2sLpE2a
BIPOTISANSHIP – Senators introduce bill to end federal medical marijuana prohibition. “U.S. Sens. Rand Paul (R-Kentucky), Corey Booker (D-New Jersey) and Kirsten Gillibrand (D-New York) introduced… [t]he… CARERS, Act [which] would… allow… the possession, production and distribution of medical marijuana in states with established marijuana laws… The introduction of the bill comes days after news that Attorney General Jeff Sessions wrote a letter to leaders of Congress asking that they undo protections for the industry under the Hinchey-Rohrabacher Amendment.” MarketWatch. http://bit.ly/2ssXHcB
Water district’s proposed tax hike dies in contentious hearing, but fees will rise [VIDEOS]. A camera was rolling as things got a little testy when “domestic water clients” voiced opposition “over the tax that many said could push residents out of their homes — and the water district out of business.” The lens also captured the awkward silence as TFID “Chairman Patrick Lacey motioned to approve the [11.52 percent] tax” and no other board member seconded the motion — causing the “proposed levy” to die and the packed hearing room to erupt into thunderous applause. Find out what kind of increase WAS approved and WATCH the videos at inMaricopa. http://bit.ly/2sI8bHk
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