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The Dealmaker: 8/10/2017

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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


Phoenix real estate investment market picks up after slow start. “The most recent three months posted more property sales, higher prices and compressed cap rates, according to a report released by Colliers International in Greater Phoenix. Sales of shopping centers recorded one of the most dramatic increases during second quarter…” Tap to AZRE for an overview of the Colliers’ data along with a link to the complete reporthttp://bit.ly/2uK17HC

Anatomy of the deal: the redevelopment of Mountain Shadows in Paradise Valley. “[O]ld records, a complex zoning entitlement process and [a] property… surrounded by two affluent communities filled with residents who… had an idea… of how the new resort ought to unfold. But amidst the complex redevelopment scenario… was a… 1992 development agreement that ultimately granted extensive density rights to whoever owned the property. Turns out, Robert Flaxman, president and CEO of Crown Realty and Development, knew that all along.” Paradise Valley Independent. http://bit.ly/2usUkqf

Union @ Roosevelt adds 80 more residential units to fast-growing Downtown Phoenix market. “It is the latest in a series of new residential properties in the Phoenix urban core, which have added more than 800 new units in 2017…” Bisnow has a quick-hitting summary of this new  project from MetroWest Development, along with a link to Downtown Phoenix Inc. for a more detailed look (including a 9-image slideshow). http://bit.ly/2uKFnv3

Cave Creek approves site plans for Meritage Homes subdivision, apartment complex. Meritage won approval for a “31-unit subdivision… north of Carefree Highway between 53rd and 54th streets…. Council also approved the site plan for… a 24-unit apartment complex at the [N.E.] corner of Galloway Drive and Cave Creek…” Plenty more items of business in this Sonoran News’ roundup of Monday night’s town council hoedown, including talk of an RFP seeking bids from some qualified cowpokes to produce next year’s town rodeo. So saddle up and head on over! Sonoran News –> http://bit.ly/2vT54Pe

ASU unveils $120M dorm built for engineers — complete with 3D printers, laser cutters and design tools. “The [7-story, 458,000-square-foot] 1,600-person co-ed residential community was designed specifically for ASU’s Ira A. Fulton Schools of Engineering students in mind.” For further details and an “inside peak” into this new community for brainiacs, tap to PBJ. http://bit.ly/2utAgAh

Warehouse District AKA Rail Row: Downtown Phoenix’s Warehouse District is in the midst of a renaissance. Once the “hub of the Valley’s railroad-based agricultural shipping industry,” the Warehouse District “now has its sights set on a comeback with the recent revitalization of the old warehouses that once held lettuce, grapes, citrus and more.” Phoenix Magazine. http://bit.ly/2uK17HC

Halt freeway work, opponents again ask court. “Opponents of the South Mountain Freeway have asked an appellate court panel to prevent blasting and further bridge construction in the Ahwatukee segment of the controversial thoroughfare… [They state] that blasting ‘will permanently destroy valuable aspects of the environment.'” However, the President of the opposition group also confessed: “I’m not overly optimistic about this one…” More in Ahwatukee Foothills News. http://bit.ly/2vSYZRP

PUMPIN’ UP THE VOLUME! – Phoenix Q2 office sales volume doubles Y-o-Y. According to “in-depth Yardi Matrix data“: “A total of 20 large office transactions closed in Phoenix during the second quarter, amounting to $513M in sales volume — making it the market’s best Q2 in five years. The number of deals closed doubled year-over-year, and the dollar volume nearly doubled as well, a sign that investors aren’t losing interest…” Info from COMMERCIALCafé via AZBEX. http://bit.ly/2usZt1y

Canadian snowbirds have outsized impact on Arizona residential market. “According to data compiled by the Canada Arizona Business Council… there are about 100,000 single-family houses and condos in Arizona owned or rented by Canadians.” And “spending about $3,500 each month” these “long-term ‘residential tourists’” have “pumped” plenty of coin “into the state’s economy.” (HINT: The amount would buy about 16,000 Zambonis.) Bisnow. http://bit.ly/2hObY1N

Expensive, slow, frustrating: Renters, landlords have little government support. “The system in Arizona moves slowly and inefficiently whether you’re a landlord or a tenant, those on both sides say… Phoenix and Tempe are among cities with codes that set more detailed conditions landlords must meet, such as a clean property, regular pool maintenance and minimum water temperatures. But no local or state government agency enforces those regulations.” Cronkite News. http://bit.ly/2vTfjSR

Here’s why more Americans don’t want to be homeowners. “[P]ending  home sales, jumped a higher-than-expected 1.5% in June. But according to a recent Experian survey, fewer people are planning on buying… The survey findings also show some consumers have frustrations with the home buying process.” ExperianPR and Consumer Education manager Sandra Bernardo analyzes the findings. http://bit.ly/2hNVoPL

Cameron’s $5M + deals of the day – http://bit.ly/2vIX8zE 

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

2 Senators question effects of a reverse mortgage proposal. “Advocates for the elderly persuaded federal housing officials two years ago to offer more rights and protections to the spouse of a borrower who takes out a reverse mortgage and later dies. Now there is concern [from Sens. Marco Rubio, R-FL, and Catherine Cortez Masto, D-NV] that a small wording change in the Trump administration’s proposed budget request for [HUD] could undo some of those protections…” The New York Times. http://bit.ly/2uKdwLw

Top Trump donor ponies up to take out Flake. “Robert Mercer… who was intimately involved in Trump’s rise… is contributing $300,000 to a super PAC supporting former state Sen. Kelli Ward, who is challenging Flake in a Republican primary next year.” POLITICO reports that “[t]ies between the Mercer family and Trump run deep…” http://bit.ly/2vSRvzc

THE TROON HURTS – State’s legal bill reaching $500,000 to defend ex-PSPRS staff in Desert Troon civil suit. “The state’s legal tab is nearing a half-million dollars to defend four former high-level Public Safety Personnel Retirement System employees who alleged wrongdoing over real estate investments and then were sued by Scottsdale-based Desert Troon, which managed those properties… Troon’s suit accuses the four former PSPRS workers of engaging in a conspiracy to defame and falsely disparage senior management at Troon and the pension system. The four have denied the allegations.” (Must be a touchy topic — lots  of “declined to comment” in this report from AZCentralhttp://bit.ly/2hOetBd

[OPINION] Throwing money at businesses has been a bad idea since the start. “While spending public resources to lure private companies and the jobs they bring has mushroomed in recent years, the idea is actually pretty old,” observes Mark Funkhouser in his piece for Governing. Maintaining that the practice of corporate tax breaks was “a bad idea then” and “remains a bad idea today,” the former Kansas City mayor argues “for a more effective way to spur economic development.” –> http://bit.ly/2vIRX2z

Indian Child Welfare Act harms Native American children through separate and unequal set of rules, new Goldwater Institute paper argues. “Escaping the ICWA Penalty Box: In Defense of Equal Protection for Indian Children… delves into the history of and the rationale behind… a law that gives tribal governments power to control the fate of abused, neglected, or abandoned Indian children. While ICWA was enacted with the goal of preserving and strengthening Native American families, [the] paper discusses several landmark ICWA cases that illustrate the damage the law can do to Indian children, families, and tribes.” Read on in Rose Law Group Reporterhttp://bit.ly/2vJkFQW

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McCarthy Building Companies updates Mingus Union High School Read more

Phoenix Investment Real Estate Market Picks Up After Slow Start Read more

Phoenix Multifamily Market Remains Strong Despite Seasonal Uptick in VacancyRead more

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  • Published: 7 months ago on August 10, 2017
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  • Last Modified: August 10, 2017 @ 6:47 pm
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