The Dealmaker: 9/22/2017

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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


Market Report: More than half of U.S. homes have rebounded to pre-recession peak values; real estate consultant Jim Belfiore explains Phoenix market lag. While Denver, Dallas, and Nashville have the “highest share of homes that have fully recovered in value,” Zillow’s Home Value Index finds that Phoenix is among the markets where “less than 10 percent of homes” have rebounded. Jim Belfiore: “Metro Phoenix Area home prices fell much more than prices fell in other parts of the country, so the recovery of prices is taking longer here. Full recovery — back to highs hit in early and mid-2006 — should not be expected in most areas for another 12 to 24 months.” For a full report on the Zillow Index, click it:

Subdivision in Anthem marketed to new builder. (Disclosure: Rose Law Group represents Southwest Value Partners.) “Anthem’s ‘Unit 37,’ west of Hunt Highway and south of the proposed extension of Merrill Ranch Parkway, is owned by Southwest Value Partners. It is planned for 130 single-family lots on 33 acres.” Florence Reminder reports that final plats for the subdivision, “which will introduce a new developer into Anthem at Merrill Ranch, were approved by the Florence Town Council Monday.”

Most expensive home sales in Phoenix Arizona Foothills Magazine is out with an ALL NEW scroll-show of “the Valley’s top home sales from the past week (9.11.17 – 9.17.17). The combined sales for the top 10 of the past week was over $13 million,” which is up from the previous week, when the combined sales totaled $12 million.

Wolf Springs Ranch rezoning request granted by Scottsdale City Council. “Despite some opposition from nearby residents… City Council… approved the rezoning of a 20-acre plot of land [at the corner of Cactus and 94th St.], paving the way for a new [40-lot] residential development.” The driving concern among nearby residents: Access. (A concern made all the more apparent thanks to an in-depth Dealmaker investigation which discovered 21 instances of the word “access” scattered throughout this Scottsdale Independent report. Great work, Word Count Team!)

Lot of happenings on the south side of Glendale. “If you think you’re seeing a lot of 2 x 4s coming out of the ground and a few rooflines changing around the Westgate area, your eyes are not deceiving you,” Glendale Star reassures us, in a report that takes a close look at some of the major projects underway on the south side of town.

Continuing care spurs Glendale development surge. Glendale Economic Development team member Carolyn Hu touts the city’s continuum of care achievements — from its many “options for completely independent living, assisted living, and memory care,” to the “astounding amount of new building space in the assisted living category.” In Glendale Star.

Mesa looks at area around Fiesta Mall as employment hub. The City Council has “officially adopted the Southwest Redevelopment Area Plan.” The plan “includes ways the city can leverage the district’s proximity to major employers like Banner Health and Maricopa County Community College to turn the region into a major employment hub.” East Valley Tribune has further details and an image of the ginormous “Study Area,” which “includes areas along Southern Avenue surrounding Fiesta Mall along with a stretch of land along Country Club Drive roughly between Broadway Road and U.S. 60.” 

Foreclosures rise in Houston post Harvey. “Houston’s housing market has been busy in recovery mode following Hurricane Harvey. The devastating storm has left many citizens without housing and no options in Houston. The housing market is running out of options as well. Prior to Harvey, foreclosures in Houston were up by 67%.” Builder.

Home prices rising twice as fast in cities with highest natural hazard risk. “[N]ot surprising given that homes near… ocean beaches are more desirable and expensive than their counterparts in landlocked subdivisions surrounded by strip malls. But the analysis also considered homes in areas prone to tornadoes and earthquakes.” Tap to Builder for key takeaways from ATTOM Data Solutions’ 2017 U.S. Natural Hazard Housing Risk Index; plus, access the link to the complete report, in which you can check out the natural hazard heat-mapped risks for cities and counties in Arizona. 

SPEAKING OF HAZARDS… County affirms: Casa Grande Domes must come down. “Pinal supervisors voted to affirm [findings that the] Domes are a safety hazard and must be demolished.” Meanwhile, PinalCentral reports that the manager of the domes has claimed the “county was “bullying’ him,” and that “the buildings are safe and should be left for the ‘owner’s use and enjoyment.’” Fair enough. But have you seen these dilapidated things? What kind of enjoyment could the owner possibly get from them? — unless he and his pals happen to get their kicks by hanging out there and playing something called “Whoever Gets Tetanus First, Wins!”

Good neighbor? Grand Canyon University wants to move Phoenix park. “[GCU] is offering to build a new park for residents who live in the neighborhood surrounding its campus… The gift would come with a cost: The community would have to give up Little Canyon Park… The university would get additional campus space to build classrooms and dormitories.” But, as AZCentral reports, “some neighbors are saying ‘No, thanks.’”

Water problem called ‘dire’ in New River & Desert Hills. “With well levels dropping and their supply of trucked-in water being cut off at the end of this year… [a]bout 150 rural homeowners attended a sometimes contentious community meeting on Sept. 19 to better understand their plight and hear about potential solutions.” North Phoenix News.

A tale of two perspectives: the Scottsdale Desert EDGE. “A proposal to bring a desert-appreciation venue to the inside edge of the McDowell Sonoran Preserve appears to have created a rift in Scottsdale that has been felt in nearly every corner of the ‘The West’s Most Western Town.’… At issue: whether or not Scottsdale voters should have a say in the final decision on whether or not the center gets built within Preserve boundaries and a growing fear that a project approval can set a precedent for commercial development within protected lands.” Scottsdale Independent.

Campus museum honors Colangelo, ‘godfather’ of Phoenix pro sports.“Wednesday, a museum honoring [Jerry Colangelo] opened at Grand Canyon University… The museum houses the sports treasures Colangelo has won, been awarded, or honored with over his time [50 years!] as general manager of the Phoenix Suns, Suns owner, builder of America West (later Talking Stick Resort) Arena, founding partner of the Arizona Diamondbacks, Phoenix Mercury and Arizona Rattlers, and helped bring the Phoenix (now Arizona) Coyotes to the Valley. ” KTAR 

Here’s how to save a dying suburb. “Data including population loss, high and rising poverty rates, and declining inflation-adjusted household incomes reveal many suburbs of these cities are facing distress.” CityLab looks at a “new Manhattan Institute study suggest[ing] that in order to save some dying suburbs on the outskirts of cities, those inner-ring suburbs should merge with the central city…” — in Builder

Brokerage closes first bitcoin home purchase in Texas. “Kuper Sotheby’s International Realty finalized the purchase of a newly built custom home in Austin. The home includes grand entertaining areas, a kitchen fit for a chef, lavish master suite, and a finely landscaped backyard, according to Kuper Sotheby’s, and was purchased for an undisclosed sum.” This report is from HousingWire, but you can begin reading it in Builder.

5 candidates vie to fill Mesa City Council spot after Winkle ousted. “The council unanimously voted to remove first-term Councilman Ryan Winkle in August after he pleaded guilty to a DUI in Tempe.” Curious about the five finalists? AZCentral has a bit of info that “the contenders included in their council applications.” –>

Cameron’s $5M + deals of the day –

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

BREAKING NEWS: McCain to oppose Graham-Cassidy, likely sinking Obamacare repeal:

WARNING: Do not mess with my sense of world order. A recent trip to the local market turns Senior Reporter/Writer Phil Riske’s world upside down, totally FREAKING HIM OUT. Find out why in Phil’s chuckle-worthy piece for Rose Law Group “Growlery.”

BeyondTrust names the 5 deadly sins related to why data breaches occur, and how to fix it; Lauren Reynolds, Rose Law Group litigator focusing on cybersecurity, stresses increased ‘oversight.’ “After surveying nearly 500 IT professionals from around the world, [Phoenix-based cybersecurity software provider BeyondTrust] wanted to understand why IT organizations still struggle with [breaches].” PBJ has BT’s five deadly sins, and stats behind each.” Lauren Reynolds: “[B]usinesses should be implementing more oversight with regards to passwords, admin capabilities, updates and patches to systems, access to those systems, and knowledge of the risks.”

Napolitano has hopes for NAFTA talks, despite U.S.-Mexico climate.“Former Arizona Gov. Janet Napolitano thinks there is a deal to be had in the current renegotiation of NAFTA, if the deterioration of relations [and, of course, a WALL ] between the United States and Mexico doesn’t get in the way of finding common goals.” Cronkite News.

Arizona stands to lose $1.7 billion under Graham-Cassidy, budget analysts say. “That $1.7 billion difference — a 35 percent change compared to current law — could affect the approximately 80,000 Arizonans now getting care under a federally funded expanded Medicaid program.” Capitol Media Services’ Howard Fischer reports that this “is only part of the financial setback the state would suffer if the proposal awaiting a Senate vote is enacted,” in Arizona Capitol Times. (Also available, this from AZCentral: “’Staring death in the face,’ McCain will be smart about health-care bill, congressman says.”)

Bookworm governor – a study in the words of leaders. “Gov. Doug Ducey doesn’t read much fiction. But five books focused on management, team-building and conservative politics top his list of works that have influenced him as a CEO and governor.” Arizona Capitol Times reporter Rachel Leingang serves up short summaries of the books you’ll “need to read to understand how Ducey approaches his job.”

Population growth means a city is thriving, or does it? “Public officials and reporters alike adopt the myth that bigger is better.” Governing looks at how “that’s not always the case.” (Report includes a passing reference to the Valley of the Sun.)

Ex-NFL star Aaron Hernandez had ‘severe’ CTE brain disease. “Relatives of the 27-year-old former athlete had asked that his brain be tested for CTE after his body was found hanging in a Massachusetts prison where he was serving a life sentence for [murder].” Hernandez’s attorney, Jose Baez: “It was the most severe case [Boston University researchers] had ever seen…” Reuters (Also see: “Aaron Hernandez’s CTE diagnosis heightens the NFL’s brain trauma crisis,” in The Guardian.)

Tribal leaders urge colleagues to consider marijuana businesses to boost revenue. “Tribal leaders from California and Washington discussed Thursday the potential opening of legal marijuana businesses on tribal lands. Several members of the National Indian Gaming Association attended the meeting and touted the financial and health rewards.” Cronkite News reports that it was “mentioned at the conference that marijuana businesses have the potential to be more lucrative than running a casino.”

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September 2017