Belfiore explains why rental home communities are on the rise around Phoenix. Real estate consultant Jim Belfiore says “there’s a market movement away from apartment renting in light of new [single-family home] rental communities.” Jim also points out that although “renting is hot… another trend may be emerging.” Find out what that is and get Jim’s estimated number of “for-rent units” that are currently “in the development pipeline” — at PBJ. http://bit.ly/2rdYLPu
New Phoenix-area communities target low-income seniors. “The Bridgewater Assisted Living community at Third Avenue and Indian School… is set to open early next year. Older adults are moving into a project by the same developer this month in Deer Valley. A third project will break ground in Avondale later this year.” AZCentral has details on all three projects, along with ground-level and drone’s-eye renderings of the downtown facility –>
http://bit.ly/2ra4tqw
Surprise council denies Mattamy plan downtown by 4-3 vote. “A majority of negative opinions from public commentary and a lengthy presentation by Mayor Sharon Wolcott in opposition to the… project at Surprise Civic Center led into a divided city council denying the developer’s plat…” YourWestValley has coverage of Tuesday’s “three-hour-plus” turndown that had “more than 20 public speakers,” and which “appears” to have thrown “the development of…. downtown Surprise into limbo.” http://bit.ly/2rUGqIX
‘I WANT MY MUMMY (MOUNTAIN VARIANCE)!’ – Paradise Valley Board of Adjustment continues variance for large hillside home. “The Board… voted 4-1 to issue a continuance… to a variance… pursued by Steven and Deborah Moak on a proposed 6,300-square-foot hillside home. [N]eighbors of the… property… took to Town Hall Wednesday… to voice their opposition to the project eyed for a 1.03-acre lot on Mummy Mountain.” Check out their comments and view a rendering of the proposed home at Paradise Valley Independent. http://bit.ly/2sc9L4Q
How much Arizonans, other residents need to afford rent. In a piece sure to make Milton Friedman, Henry Hazzlitt, Frédéric Bastiat, F. A. Hayek and a host of other free-market economists roll over in their graves, WaPo takes a look at the findings from a new report by the National Low Income Housing Coalition. The report’s key ‘takeaways’? “There is nowhere in this country where someone working a full-time minimum wage job could afford to rent a two-bedroom apartment”; and one-bedrooms are “affordable in only 12 counties located in Arizona, Oregon and Washington states.” (Note: This article makes not a whit of a mention on how roommates or freeing up land for development might factor into such findings.) http://bit.ly/2sL3MRp
Declaration: It’s a seller’s market. So declares Fannie Mae Senior VP and Chief Economist Doug Duncan, based on data from the latest Home Purchase Sentiment Index. According to the HPSI, “the net share of Americans who said that now is a good time to buy a home reached a record low (27 percent)… while [those] who stated that it is a good time to sell… reached a record high of 32 percent.” To put it another way… Buy? Low. Sell? High. For a breakdown of HPSI and its six components (with graphs galore!), move to Mortgage News Daily. http://bit.ly/2re5J6R
More than 1/3 of single-family home sales were by first-time buyers. (Given its ‘primary’ focus, this piece from Builder could very well breathe new life into the bromide, “a first time for everything.”) According to Genworth Mortgage Insurance’s “inaugural First-Time Homebuyer Market Report” — which “traces the first-time home buyer market back to 1994” and is the first of its kind to “track home sales to first-time home buyers on a monthly basis,” and is also the “first report to separately identify first-time home buyers enabled by low down payment mortgages” — first-time home buyers “are jumping into the market, with both feet.” http://bit.ly/2scw1LI
Cameron’s $5M + deals of the day – http://bit.ly/2rJlVAu
As a supplement to the Dealmaker, we thought you might enjoy these articles!
House passes bill gutting Dodd-Frank rules governing Wall Street. House Speaker Paul Ryan says it “delivers regulatory relief.” House Democratic Whip Steny Hoyer calls it “dangerous.” It’s the “Financial Choice Act,” a bill that “would allow banks to opt out of some regulations… and would repeal the Volcker rule that barred banks from speculative trading.” MarketWatch has more on the bill and its chances in the Senate. http://bit.ly/2rUH0Xr
HIGH[ER] EDUCATION – Medical marijuana should be barred on campus, top attorney general says. “[AG Mark Brnovich] wants police to be able to arrest people for having marijuana on college and university campuses, even if they have a state-issued card allowing them to buy and use the drug. [Brnovich] contends the Arizona Court of Appeals erred earlier this year when the judge voided a 2012 law which made possession of the drug on campuses a crime.” By Capitol Media Services’ Howard Fischer in Arizona Capitol Times. http://bit.ly/2t3jeHX
Ignore that call from “Apple” about an iCloud breach; Lauren Reynolds, Rose Law Group litigation attorney, who focuses on privacy and data breach issues, stresses ‘verification.’ Have you or someone you know received a phone call lately from “Apple Support” scamsters claiming that there’s been a security breach involving your iCloud account? Macworld lays out a list of “tells” that will help you spot such fraudsters. And Lauren Reynolds offers this: “Many cyber-security threats require action on an individual’s part to be triggered… It is of the utmost importance that individuals take the time to confirm sources of links and phone calls prior to acting on them.” http://bit.ly/2sLv8ae
Arizona recognized as top state for economic competitiveness. “Site Selection magazine 2017 Prosperity Cup… ranked [us] #1 most competitive state in the mountain region, and Area Development magazine has awarded Arizona a 2017 Gold Shovel Award as the top state in economic development…” Projects that helped us ‘bring home’ the gold range from “aerospace [Tucson’s Raytheon] to finance [ADP] to manufacturing [Lucid Motors in Casa Grande].” Way to go AZ! Sorry other states. Maybe next year. http://bit.ly/2r3nGFZ
AND NOT TO RUB IT IN BUT… Chandler company built successful missile interceptor. “An interceptor that successfully took down a missile over the Pacific Ocean on May 30 was built by Chandler’s Orbital ATK… The test was designed to prepare for a missile strike by North Korea.” East Valley Tribune. Since Kim Jong Un is an NBA fan, if he ever sends missiles our way perhaps he’d appreciate Marv Albert doing the “play-by-play,” which might go something like this: “Here’s Kim Jong going baseline to the Pacific Rim. Ohhh! Orbital ATK with the REJECTION!” http://bit.ly/2relfjr
Mother of a metal. “[I]n a tale of money, power, success, danger, development and destruction,” Phoenix Magazine chronicles copper’s past — and also looks ahead — at what’s planned to be “the biggest copper mine in the U.S.” http://bit.ly/2sLNiZw
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