Phoenix enters deal to sell downtown Sheraton hotel for big loss. “The city signed a letter of intent… to accept the offer and negotiate a purchase contract. But the deal [with Florida-based investment company, TLG] faces criticism from some council members concerned about the loss to taxpayers.” How much of a loss? It “could exceed $100 million.” (And based on an early tally, guess what else could soon exceed 100 million: The number of comments rolling into AZCentral slamming this deal.) http://bit.ly/2sUAVKh
Three of Phoenix’s Chateau on Central urban mansions go up for auction later this month. “The multistory urban [brownstone] mansions in Chateau on Central, located across from the Phoenix Art Museum, are all listed for $2.495 million [and the] highest bidder on July 27 gets to pick one of the three.” AZCentralhas details on all three along with a 100-image slideshow. (That’s how big these places are!) As the highest bidder, which one would you pick? We’d love to know. http://bit.ly/2uWkfmZ
Off-market multifamily sells for $180,000 per unit. How did the deal for “MODE @ 22nd Street Apartments” go down? “‘The Buyer contacted us initially looking for help acquiring value-add multifamily investment opportunities in the Phoenix market,’ says Matt Morrell, Investment Advisor at Vestis Group and the lead broker for this transaction. ‘Eventually, the buyer asked if we would consider selling any of our MODE properties ‘off-market’ and a deal was struck on 22nd Street.’” Real Estate News Daily. http://bit.ly/2sUE2Sf
Live Nation enters into partnership for new downtown Phoenix venue. “Beverly Hills, Calif.-based Live Nation Inc. subsidiary House of Blues Entertainment… has entered into a partnership with Phoenix’s Charlie Levy and his promotion company Stateside Presents for Levy’s upcoming downtown music venue The Van Buren.” House of Blues prez Ron Bension: “What a great opportunity to build a new [1,800 seat] state-of-the-art club while partnering with the area’s pre-eminent independent operator.” View the rendering and get further Van Buren details in PBJ. http://bit.ly/2tjGtNK
Tons of steel installed as first freeway span takes shape. “Crews installed 17 girders for the bridge at the future interchange of the freeway and 17th Avenue and started on Monday to do the same thing at the freeway’s future interchange at 40th Street.” Check out the “girderiffic” photos and some “other developments related to the freeway” in Ahwatukee Foothills News. http://bit.ly/2ue1SMC
Jones-Gordon School request approved by Paradise Valley Planning Commission. “The [private school’s] SUP request is for a minor amendment to allow first through 12th grade, instead of the allotted 340 pre-kindergarten through eighth grade allowance… Many neighbor and resident concerns included the amount of high school students who would be allowed to drive to school.” What ultimately got the request approved? Plenty of “[e]dits and stipulations.” Paradise Valley Independent. http://bit.ly/2ujuYd5
Scottsdale Airport breaks ground on $27M renovation. “The project includes the addition of two executive hangars, a new Aviation Business Center with larger restaurant and meeting space, and a veterans memorial… The project is slated to open by 2018.” Reno details and renderings at PBJ. http://bit.ly/2sV1XkI
Study shows need for ‘workforce housing.’ “The assessment, according to Maricopa Development Services Director Martin Scribner, underpins the necessity for ‘affordable housing’ which is important to drawing in young professionals in need of low-maintenance rentable living spaces. Unfortunately, Scribner said, the term ‘affordable housing’ is often seen as a dirty word that needs to be redefined.” inMaricopa. (Additionally, doesn’t EVERYONE look for “affordable housing”? Who goes out looking for a home, thinking, “Ya know, honey, we could really use something totally unaffordable… with a big backyard, white picket fence, and guaranteed to get foreclosed on.”) http://bit.ly/2uWytnY
10,000 new homes? Deep Well Ranch project could bring thousands to Prescott. “[This week] the Prescott City Council heard a presentation on a master plan for the 1,800-acre Deep Well Ranch project, a mixed-use development planned on vacant ranch land along Highway 89 between Prescott and Chino Valley.” Developer Jim Chamberlain of Chamberlain Development: “The commercial economic engine of things we’re going to bring is significant — maybe never before seen in the City of Prescott.” The Daily Courier. http://bit.ly/2vhkp7N
Navajo Nation may buy Yavapai Ranch for $60M. “Negotiations between the owners of Yavapai Ranch and the Navajo Nation are underway for the sale of 17,544 acres in the western area of Yavapai Ranch… The property lies… about 40 miles north of Prescott… Ranch manager Fred Ruskin said he is in negotiations all the time with different people about various pieces of the ranch.” Tap to The Daily Courierand find out what’s drawing potential buyers in to, as ranch manager Ruskin puts it, “kick… the tires on the west side.” http://bit.ly/2tQNIP7
Board gives Rocking K South Community Facilities District go-ahead. “The Pima County Board of Supervisors voted 4 to 1 to approve a development and intergovernmental agreement with the Rocking K South Community Facilities District and Rocking K Development Co… to issue bonds to fund public infrastructure… The District covers more than 2,000 acres near Old Spanish Trail and Valencia Road on the far southeast side of Tucson. Rocking K Development Co. has plans to develop a master planned community on the property.” Real Estate Daily News. http://bit.ly/2tQNBTs
Town of Sahuarita awarded $3 million federal grant for tech center development. “[T]he Sahuarita Advanced Manufacturing and Technology Center (SAMTEC) [is] a multi-tenant facility that will provide flexible high-tech space to local businesses… According to estimates, the project is expected to create 75 new jobs, retain 31 jobs and generate $500,000 in private investment.” Real Estate Daily News. http://bit.ly/2vhiz6W
Pima County Board unanimously supports protecting Air Force and National Guard missions. “Supervisors Tuesday voted unanimously to enter an agreement with the [U.S.] Air Force and Davis Monthan Air Force Base to work on behalf of the base to protect it against encroachment… The DM encroachment agreement is part of [a DOD] program… which seeks to prevent, remove or mitigate incompatible land uses that restrict training, testing and operation of military installations, which can improve opportunities for mission growth.” Real Estate Daily News. http://bit.ly/2unLvhi
NOW YOU SEE IT, NOW YOU DON’T – Amazon quietly reveals possible expansion into real estate. “As shoppers scoured Amazon’s website on Tuesday for its annual Prime day deals, the online shopping giant quietly disclosed a new [‘Hire a Realtor’] service coming soon to its users, which would embark into the world of real estate and turn it into a competitor with Zillow and Redfin.” However, a HousingWire Update tells us that, just as quietly as the notice appeared, it vanished. http://bit.ly/2tj88hU
Jobs data and the labor shortage. “Open job postings among hiring construction employers have slipped for a few months. So what does it say about labor capacity and demand?” Builder. http://bit.ly/2tjo3MY
Positive opinion of housing’s investment value highest in decade. “The National Association of Realtors’® (NAR’s) 2017 National Housing Pulse Survey found that 84 percent of Americans now say purchasing a home is a good financial decision, the highest percentage since 2007… Yet despite this positive attitude, many respondents expressed concerns about housing affordability.” Mortgage News Daily. http://bit.ly/2vhHo2A
Fed stands ready to slow down rate hikes if inflation stays low, Yellen tells Congress. • Fed Chair Janet Yellen told Congress that the central bank is keeping its eye on inflation • The central bank is missing its 2 percent target, with inflation currently running around 1.4 percent (Wait, what about the article summary? Not when you have bullet points to work with! Thanks CNBC!) http://bit.ly/2tNVTNL
What agents should know about the rise of ‘silver splitter’ divorces;Kaine Fisher, partner and director of Family Law at Rose Law Group, comments. “[W]hile divorce is becoming less common for younger couples, ‘gray divorce’ is on the rise: Among U.S. adults ages 50 and older, the divorce rate has roughly doubled since the 1990s.’ Why? And what should real estate agents know about this group of potential homesellers?” From an Inman (subscription) report.Here’s just a snippet from Kaine Fisher: “There are many complicated family dynamics that can lead to divorce in every age group. Each case is different. Each case presents its own variety of challenges. I wouldn’t want it any other way.” http://bit.ly/2vhweek
Dealmaker BONUS: The best deal going: Privatize U.S. public lands. Steve Hanke, “a professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute,” gets intellectual backing from Nobelist Vernon L. Smith, Austrian economist Friedrich von Hayek, and President Ronald Reagan in making a strong case for “privatization of “the Federal government’s vast holdings of commercial public lands.” In Forbes. http://bit.ly/2t8is0L
Trial on citizen initiative restrictions gets underway. In Arizona Capitol Times, Capitol Media Services’ Howard Fischer recaps Wednesday’s testimony before Maricopa County Superior Court Judge Sherry Stephens regarding HB 2244 and this new state law’s “strict compliance” mandate. http://bit.ly/2vhPsAy
Arizona furniture company wins trademark suit in federal court; Chair of Rose Law Group intellectual property department, Jeremy Kapteyn, comments on ‘remedies.’ “Stone Creek sued Omnia Italian Design, which had manufactured leather furniture… for the Arizona company but eventually started using Stone Creek’s logo on furniture it sold… [T]he 9th U.S. Circuit… sided with Stone Creek, [calling it] ‘slam-dunk evidence” of infringement.’” Cronkite News. Jeremy Kapteyn: “The high cost required to obtain this result in an appellate proceedings, given the egregious misappropriation of their trademark by the infringer, is unfortunate. However, Stone Creek may still be able to recuperate some of their costs of enforcement…” (BTW, it did not escape us, the fact that this case involves furniture and that Jeremy serves as ‘Chair.’) More from Jeremy here: http://bit.ly/2ujjWos
Audit: Ex-DES chief stockpiled ‘excessive’ amount of ammo, guns for own police force. “The Arizona Department of Public Safety conducted the investigation that produced a 783-page ‘Firearms Program Audit.’ It claims [the Department of Economic Security], with [Director Tim] Jeffries in charge, purchased 88,600 rounds of handgun ammunition and 55 handguns.” Jeffries: “This report is disjointed, disingenuous, deceitful and dishonorable… Other statements are categorically slanderous, and I do plan to take issue with them.”AZCentral. http://bit.ly/2sUMUr1
OBAMA? SOMETHING TO ‘CROW’ ABOUT? OR JUST YELLIN? – ASU’s Crow, Obama, Yellen potential contenders for Harvard president job. “Harvard University has officially launched its search for a new president to succeed Drew Faust. [Arizona State University Michael] Crow’s name is included among potential Harvard presidential contenders put together by the Boston Globe… That list also includes former U.S. President Barack Obama and Federal Reserve Chairwoman Janet Yellen.” Check out what the “Globe had to say about Crow” in PBJ. http://bit.ly/2tNLcuI
Newsmaker BONUS: A new state bidding war is brewing to make Elon Musk’s new Tesla SUV model. “Western states, including California, Texas, Nevada, New Mexico and Arizona, are likely to make bids to win a Tesla Model Y crossover SUV plant planned for 2019.” CNBC. http://bit.ly/2uWNOoj
