The Dealmaker: 7/18/2017

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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




Housing market in Phoenix ranked hottest in the country. How hot? “No. 1 out of 100 local markets around the U.S. in the 2017 National Housing Forecast.” Find out the “top reasons” that we are so hot and check out some of the cities that aren’t as hot as we are, in Arizona Business Daily.

June’s top home sale goes to former Sprint exec for $6.9 million. “The home [‘11039 E. Saguaro Canyon Trail in Scottsdale’] was sold by Jeffrey L. Kemp to Daniel R. Hesse [‘former president and CEO of Sprint Nextel’].” PBJ has a 30-image slideshow of the home, plus the “list of the remaining homes that made up the top 10 sales.” (BTW, no truth to the rumor that this home was 50% less than what Verizon and AT&T execs paid for their homes.)

Report: Phoenix’s retail sector slows in second quarter. “Absorption of retail real estate in Greater Phoenix slowed during the second quarter, but investors were busy purchasing retail properties. The mid-year retail research report released by Colliers International in Greater Phoenix forecasts improvement in the retail sector for the second half of 2017.” Highlights plus a link to the full Colliers report at AzBigMedia.

Phoenix’s rise as a secondary and tertiary market. “[China Life and ElmTree Funds’] recent $950 million portfolio deal for 48 properties across 20 states signifies a shift in foreign investment strategy away from traditional gateway markets [San Fran, L.A., N.Y., Boston] and into secondary markets like Phoenix.” Read about it at AzBigMedia.

Off-market 16th Street corridor shopping center in Midtown Phoenix sells. “Hinton Place Plaza, an 8,865-square-foot neighborhood shopping center, located at 2814 N 16th Street and 1539 E Edgemont Avenue [sold] for $375,000 ($42 PSF).” And it looks like this property will undergo a full makeover. Details in Real Estate Daily News.

Pollack: A mixed picture. But the Monday Morning Quarterback reassures us that it’s “not unusual for economic data to be mixed at this stage of the business cycle. Nor does it indicate that there is a significant problem with the economy. It simply means that not every indicator will be rosy from here on out.” MMQ has more on the “mixed picture” plus data for these “Snapshots”… U.S.: Party Line Consumer Sentiment, Consumer Spending & Credit, Inflation, Retail Sales, Manufacturing & Production. AZ: Resale Homes & Prices, Listing Supply – Phoenix & Tucson.

Phoenix Rising outlines details of shovel-ready MLS stadium plan.“Phoenix Rising FC have, without question, a shovel-ready stadium plan that has the attention of Major League Soccer, and club ownership recently sat down with SoccerNation [in an ‘EXCLUSIVE’] to make clear that they are ready to go.”

Freestanding sign policy proposals prompt temporary sign feedback. “The first of four Surprise [P&Z] presentations dissecting the city’s proposed sign code amendments… brought about three speakers on behalf of realtors and the majority of their commentary was on the negative impacts since the City Council repealed the temporary sign policy in February.” YourWestValley.

First-time buyers turn to Google for advice. “So far this year, Google searches related to buying a first home have surged to 44 percent… up 11 percentage points compared to a year earlier, according to a new study by Chase Home Lending.” KEY QUOTE: “‘I had assumed that we would start to see millennials come [into the market] in force in the next two years’… But ‘they’re already here and buying today.’” At REALTORMag.

Dealmaker BONUS: The cost of a hot economy in California: A severe housing crisis. “The extreme rise in housing costs has emerged as a threat to the state’s future economy and its quality of life… Now here in Sacramento, lawmakers are considering extraordinary legislation to, in effect, crack down on communities that have, in their view, systematically delayed or derailed housing construction proposals, often at the behest of local neighborhood groups.” The New York Times.

Dealmaker BONUS: IN AN AIRPARK NOT SO FAR, FAR AWAY – Exciting Jedi Knight Academy opens in Scottsdale Airpark. “Scottsdale Star Wars fan, Brandon Estrella, has created Saber Knights Academy and Light Saber Shops at 14880 N Northsight Blvd… Saber Knights Academy is a unique concept incorporating light sabers and martial arts to create fun Star Wars themed parties and training lessons.” Real Estate Daily News.

Cameron’s $5M + deals of the day –

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

Democrats steer clear of new Internet privacy bill in Congress; Lauren Reynolds, Rose Law Group litigation attorney who focuses on privacy and data breach issues, comments. “When Republicans used the Congressional Review Act this year to roll back Internet privacy regulations… they found themselves on the receiving end of attacks from Democrats… Following the outcry, Rep. Marsha Blackburn, R-Tenn… thought she had a solution that would please Republicans and Democrats alike: [The Browser Act]… [But] House Democrats have balked…” — The Washington Examiner.  Lauren Reynolds: “The Browser Act addresses data collection of not only Internet service providers, but also companies like Google and Facebook and designates the FTC as the enforcement agency of such privacy requirements. The Act, however, has been unable to get bipartisan support. Both sides of the aisle, however, must realize the importance and urgency of this issue.”

Conservation district wary of governor’s proposals on water. (Disclosure: Rose Law Group is a member of the governor’s Groundwater Committee.) “Arizona water bigwigs are meeting with the governor’s staff in an attempt to unify the state’s voice on water issues and come up with new ideas to conserve and manage water… The meetings could be consequential for the state’s future water supply, as those involved will analyze current laws, policies and practices to see what should be changed.” Arizona Capitol Times.

‘No surprises’ as administration releases goals for renegotiating NAFTA.“The Trump administration took a major step toward renegotiating the North American Free Trade Agreement with the release Monday of a detailed list of objectives for trade talks… At stake for Arizona is $8.3 billion in exports to Mexico and $2.1 billion in exports to Canada last year.” But Cronkite News reports, “there were ‘no major surprises’ and little controversy in the document released Monday.” 

‘Smoking deal’ lands paid circulators for anti-voucher group. When a couple of “petition drives” stopped using “paid circulators” last week, it “left a lot of people who had been working on those petitions and counting on the income in a lurch. [But] they were more than willing to make themselves available [for the anti school-voucher petition drive] — at a relative bargain.” As one petition organizer puts it in Howard Fischer’s report: “We got a smoking deal.” Arizona Capitol Times.

Goldwater Institute asks U.S. Supreme Court to provide equal rights to Native American children. “In this case, two Arizona teenagers are being subjected to the Indian Child Welfare Act, a federal law that sets different rules for child welfare cases involving Native American children… The Goldwater Institute is filing this petition as part of its Equal Protection for Indian Children project, which strives to reform state and federal laws that hurt some of America’s most vulnerable citizens.” More in Rose Law Group Reporter.

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Cameron’s $5M + deals of the day

Cameron Carter, Director of Rose Law Group’s Transactional Real Estate Department, thinks you need to know about these transactions in Maricopa County. Price: $27MBuyer:  Tides on 19th Partners, LLC

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