The Dealmaker: 9/20/2017

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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




Michael Pollack will attempt world record for 3-D advertising museum. (Disclosure: Rose Law Group represents Michael Pollack in various capacities.) Real estate “re-developer” Michael Pollack started collecting advertising statutes when he was 14. Forty-plus years and 6000 pieces later, “an official adjudicator from Guinness World Records will begin counting” the vast collection “which is currently housed in Pollack’s 3-D Advertising Museum…” According to AZ Business Magazine, counting will commence on September 28th. So expect a Dealmaker update on it by October — that’s how long it may take!

Hines gains zoning entitlements for Asteria Highlands in north Scottsdale. “[International real estate firm] Hines has gained entitlements on two portions of [40 acres on the SW corner of 128th St. and Alameda] allowing the land to move from two zoning stipulations to one providing for a density increase from 13 to 31 lots.” Scottsdale Independent.

Affordable housing in Tempe focuses on veterans’ needs. “Of 50 living units [at Valor on Eighth], 45 will be offered at inexpensive rental rates with preference given to U.S. veterans…” Tempe’s vice mayor and Army veteran, Robin Arredondo: “Valor on Eighth has been one of the most collaborative, inspiring projects I have been privileged to help advance.” Get more info on the project and view the rendering at Arizona Business Daily.

Most expensive home sales in Phoenix. Featuring homes that combined for a sales total of $12 million, Arizona Foothills Magazine presents a “scroll-show” of the Valley’s top ten home sales from the past week.

ZILLOW VS. PRACTICE – A majority of U.S. households could – in theory – afford to buy a $300K, newly built home. “Almost 60 percent of U.S. households earn enough money to theoretically buy a typical, newly constructed home priced at about $300,000…” This report from Zillow explores “the impact of higher home prices on the number of Americans who could theoretically obtain a qualified mortgage, assuming the 43 percent debt-to-income ratio alone.” –>

You CAN afford that apartment (according to this chart). “For many market-rate renters, incomes appear to be keeping up” — and Bloomberg has a “Median-Rent-to-Income Ratio” chart to prove it!

Five Star President and CEO: Housing microbubble ahead. At the annual rally of the Federation of Certified REO Experts, Five Star President and CEO, Ed Delgado served up this rosy outlook: “Regional or microbubbles will start to burst — pay attention to Denver, Dallas, San Antonio, Las Vegas, Phoenix, Los Angeles, and San Francisco… Delinquency will rise and foreclosures will increase.” More on this uplifting forecast at DSNEWS.

August unemployment dips; const. loses 600. “Arizona’s seasonally adjusted unemployment rate dipped… to 5.0 percent, down from 5.1 percent in July… Construction statewide lost 600, and the sector maintains a net gain of 1,000 for the year.” For a breakdown by segment and by city tap to AZBEX.

A time to declare war on labor shortages. “Some building business leaders are taking action — locally and nationally — to address the skilled workforce challenge.” But Builder’s John McManus stresses: “More need to to the same.”

Here’s everything going on with Phoenix’s Chinese Cultural Center.Phoenix New Times brings us up to speed on “the now-defunct Chinese Cultural Center site [that] is set to become the headquarters for True North, a Scottsdale-based private equity firm.”

Historic Preservation Commission gets back into gear. Monday’s agenda items included: Renegotiation of terms on a “$250,000 grant”; “expansion of the 30-day hold on demolition permits”; and the formation of “two new subcommittees.” Downtown Devil is into the details. –>

General plan amendment shot down by neighbors and divided Cave Creek Council. “The first item on [Monday night’s] agenda was a general plan amendment application… for a land use change from medium density residential to Desert Rural.” But for the applicants who were seeking the change in order to “raise 65 animals, including cattle, chickens and turkeys” on a “5.83 parcel,” it all went downhill from there. Sonoran News.

Proposed West Park designs being considered by Queen Creek Technical Review Committee. “Shade structures. Landscaping. Lighting. [The] Committee is reviewing these proposed elements and others for the new 30-acre West Park to be built… near Ocotillo and Sossaman roads.” Queen Creek Independent. 

Goodyear changes vote-tallying system to cut election costs. “The change means the city will no longer count ‘over votes’ or ‘under votes’… making it easier, in some situations, for candidates to secure the 50 percent plus one vote needed to win in the primary.” It means that folks running for office won’t have to invest extra time and campaign dollars for a runoff race (like Goodyear City Councilman Brannon Hampton did), and the city won’t have to pay “nearly $90,000 to hold the runoff election.” AZCentral. 

Cameron’s $5M + deals of the day –

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

Court ruling validates rights in same-sex marriages, will have ripple effect. “Saying all marriages are created equal, the Arizona Supreme Court ruled [Tuesday] that the spouse of a gay woman who has given birth is entitled to the same parental rights as if she had been a man.” Capitol Media Services’ Howard Fischer reports in Arizona Capitol Times that the  “ruling is a broad victory in the rights of gays — and not just involving questions of divorce and child custody.”

Amazon rejects Tucson’s gift of a 21-foot saguaro cactus. “Amazon has rejected a 21-foot saguaro cactus that a Tucson economic development group sent to the online giant in hopes of luring a second company headquarters to the city.” AZCentral reports that “Amazon tweeted Tuesday to the group, Sun Corridor Inc., that the company cannot accept gifts — ‘even really cool ones.’”

Virtual reality could be Diamondbacks’ next preparation tool. ‘When a player puts on a VR headset specially designed for MLB use, he will see one of two things: what they normally see during batting practice or in the batter’s box during a game.” Cronkite News. (Dealmaker IDEA: Maybe some techie could tweak this “feel and visualization tool” so that the D-Backs could also experience virtual Chase Field repairs!)

The next big technology to transform government. “It’s called blockchain [and it’s] ‘going to have a huge impact on how we do business, accounting, auditing — anything that has a data lineage to it.’” Governing takes a look at this type of “distributed ledger technology” that some say will have “a bigger impact than the Internet.”

McCain coy on new GOP health care bill that Flake, Ducey are backing.“Sen. John McCain, a key vote in the failure of the last Obamacare repeal attempt, refused to say Tuesday how he will vote on a new GOP plan, which is being supported by his fellow Republicans, Gov. Doug Ducey and Sen. Jeff Flake…. McCain did not rule out a vote for the bill, however…” Cronkite News.

Phoenix is fastest-warming city in US, meteorologist says; drinking water in danger. KTAR: “Both Phoenix and Yuma were, on average, one degree hotter in August compared to the same time period last year… But [meteorologist Eric Holthaus] said the rising temperatures is not the only threat facing Phoenix: Up to 20 percent of the Colorado River… could dry up by 2050.” SUGGESTION: Holthaus, Five Star CEO “Mr. Microbubble” (mentioned above) and Debbie Downer should all start hanging out together.

Studio Ma-designed Great Hearts Academies opens to students Read more

McCarthy Building Companies updates Mingus Union High School Read more

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

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September 2017