The Dealmaker: 10/5/2017

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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



REALTOR® Good Neighbor winners unveiled. (Disclosure: Rose Law Group represents Those Callaways.) Good Neighbor Awards recognize those who have made an impact through volunteer work.” And not only did finalists “JoAnn and Joseph Callaway of Those Callaways Real Estate in Scottsdale” earn honorable mention in this year’s awards (they “have raised more than $1.25 million” for The Salvation Army “through a program that increased donations of big-ticket items to thrift stores’), but they also received the MOST VOTES!  As a result, Those Callaways will receive an additional $2,500 bonus donation for The Salvation Army (on top of the $2,500 earned for being an honorable mention).” From all of us here at Dealmaker to Those Callaways — a hearty CONGRATULATIONS!

[OPINION] Yes on Propositions 416/417. Championing propositions that “would finally facilitate much needed infrastructure enhancements to the Apache Junction and Gold Canyon area,” Apache Junction Mayor Jeff Serdy urges others to vote yes as well. Calling the two props an “opportunity to finally get in the game,” he issues a word of warning that the “chance may not come around again for a long time.”

Blueprints leading to Villas at Cheney Estates passes Planning Commission rigor. The Town of Paradise Valley planning powers that be have given their collective blessing to the proposed triangle-shaped residential neighborhood abutting Scottsdale Road and Camelback Golf Club.” Rod Cullum: “It’s been a journey to get here…” For a rundown of that journey (along with the blueprints), tap to Paradise Valley Independent.

Predicting home price appreciation. “Veros Real Estate Solutions, an enterprise risk management, collateral valuation services, and predictive analytics provider, said residential market values are going to continue their upward trend for the next 12 months in every market — even if it’s just slightly.” Get highlights and link to the full Veros FORECAST (including metro-Phoenix data) at DSNEWS.

County Stadium District approves contract for $3.75M in repairs for Chase Field. WAY TO GO, D-BACKS! (And last night’s wildcard win wasn’t too shabby, either. See below.) “Chase Field will undergo renovations this offseason as the Maricopa County Stadium District Board of Directors approved a contract that will allow $3.75 million of additional stadium improvements.” MCSD: “The Diamondbacks agreed, as they have in the past, that the [‘steel and concrete repair work’] approved by the board today should be priorities.” Scottsdale Independent

Phoenix approves sale of downtown Sheraton for $255 million. “[Which is] about $50 million less than what the city owes on it. The buyer, TLG Phoenix, an investment company based in Florida, will receive a $97 million tax break and $13 million to use for renovations” AZCentral reports that for “a majority of the council, the decision to sell was based on a desire to get taxpayers out of the hotel business.” Phoenix Councilwoman Thelda Williams: “For me, it’s time to stop the bleeding.”

Prospects of WestWorld of Scottsdale appear to hinge on public investment. “Scottsdale City Council is expected to consider at its Oct. 10 meeting nearly $1 million in improvements to WestWorld of Scottsdale. The funds would primarily support two key events: Barrett-Jackson — The World’s Greatest Collector Car Auction and the Arabian Horse Show… While the numbers show [the facility] continues to function at an operational deficit… officials believe the investment is worth the cost.” Read why, in Scottsdale Independent.

Chinese Cultural Center fight: ‘Show me the money.’ “[David] Tedesco is CEO of True North Cos [which] bought the Chinese Cultural Center earlier this year and wants to redevelop the mostly empty 44th Street development… Opponents of the redevelopment have taken their effort to Phoenix City Hall, social and traditional media and the courts to try to stop changes… [and have] made public offers to potentially buy the development.” But PBJ reports that Tedesco “is frustrated” as the “fight over the development continues.” He says it’s time for them to “step up and prove they have the financial ability to buy and operate the development.”

Petition circulates to slow down rebuild construction at Hopi Elementary. “More than 1,000 Hopi Elementary School community members have signed a petition to stop the construction to rebuild their school, set forth by a $229 million bond last year. Issues anchoring the petition range from the overall look and design of the school, to flooding concerns along with traffic and parking questions.” Scottsdale Independent has the story along with a VIDEO featuring a drone’s-eyevirtual tour of the proposed design.

Town of Florence, Pinal County make deal on business park. “A development agreement to build a new ‘Innovation Pavilion’ [IP] campus north of the Florence Library and Community Center was approved Monday by the Town Council.” Casa Grande Dispatch has further details on the agreement along with an illustrated visual highlighting “major components” of the IP campus, which is “designed to promote entrepreneurship and innovation and attract skilled Millennial residents.”

Lap pool, new park proposed with Flagstaff sales tax hike. “A group of citizens has proposed asking the Flagstaff City Council to place a question on the 2018 ballot that would create a one-eighth-cent sales tax.” Arizona Daily Sun reports that “three projects, estimated to cost $14.8 million in total, are the only three formally proposed to be funded by the tax, should the measure pass. However, a total of $43 million worth of projects have been discussed as other ideas to be funded.” –>

Ahwatukee scores well in study of nation’s prosperity. “The Economic Innovation Group… recently released “The 2017 Distressed Communities Index,” which analyzes a range of economic factors in communities across the country and ranks ZIP codes and cities using a cumulative distress score. Ahwatukee ZIP codes ranked well in the study as 85044, 85045 and 85048 are listed as some of the most prosperous in Phoenix.” Further Index data plus more touts about it, in Ahwatukee Foothills News.

Trades and talent: A new era of attraction. “We kid ourselves to say that talent is not out there, and that young people these days, simply are not interested in the business, the trade, the livelihood, and the culture of building homes and communities for people,” writes Builder’s John McManus in a piece that looks at how “human capital” has “move[d] up among strategic priorities for the near and longer-term health of housing’s recovery.”

SPECIAL REPORT: Trade schools look to attract young workers. “Young Americans’ reluctance to work in construction is fueling the industry’s labor problems.” KEY (slightly out of context) QUOTE: “It’s kind of like those shows you watch where there’s a tidal wave, and the scientists know it’s coming, and nobody gets a boat ready.” Builder

Private residential construction spending rises in August. “NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $520.9 billion in August, 0.5% up from downwardly revised July estimates. It was the fourth consecutive monthly increase after a dip in April.” Data details and factors behind the gains at Eye On Housing.

Time to renovate the mortgage interest deduction. That’s the position of Redfin economist Nela Richardson, who actually doubles-down on that headline, writing that the “MID is in dire need of an update”; and that it “should be restructured to help working class and middle-income families become homeowners, instead of helping the wealthiest among us.” Read her piece at Redfin

Dealmaker BONUS: ‘Can you do that quietly?’: 5 dumb things people say while renovating their home. “Renovating a home can be a daunting endeavor, but it’s often made that much worse when you throw in a homeowner whose head isn’t screwed on straight.” Realtor. com® rolls out a “few ignorant questions and comments” that contractors have “heard on the job that you should never, ever repeat.” (Also included for your entertainment: Photo of contractor, on-site, face-palming over such ignorant comments.)

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

[OPINION] How an obscure trade law could kill 50,000 solar jobs. “To say the future is bright for solar energy is an understatement — but the federal government may be headed in a direction that would help investors from China, Germany and Qatar who own failed U.S. companies at the expense of tens of thousands of American workers. All this would be unbelievable if it wasn’t true.” By Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association, in AZCentral’s “My Turn.”  (RELATED, from ADI: “Court finds Arizona Corporation Commission “secreted” records on smart meters.”)

Archie Rivals: With heroes galore, D-Backs rock Colorado in thriller, move on to LA. The D-Backs will “open a best-of-five series at Dodger Stadium on Friday night” after an “11-8 win over the Colorado Rockies in the National League wild-card game. It took so much for them to get there.” (Including an RBI triple from relief pitcher Archie Bradley, whose beard didn’t slow him down one bit as he rounded the bags and slid into third, totally pumped.) Get the recap and WATCH highlights at AZCentral

WALL-TO-WALL COVERAGE – Democrats’ bill would block land seizures to build Trump’s border wall. “Arizona Rep. Ruben Gallego and Texas Rep. Beto O’Rourke, who drafted the Protecting the Property Rights of Border Landowners Act, said they plan to introduce it next week, hopefully with some Republican support.” AZCentral reports that the legislation “would prevent Texans from surrendering their land for President Donald Trump’s U.S.-Mexico border wall.” (A click-through will also get you these RELATED items — all from KTAR: “House committee approves legislation with $10B in border wall funding”; “Arizona Sen. Flake introduces compromise bill for DACA, border”; “Phoenix lawmakers urge feds to extend DACA renewal deadline.”)

Las Vegas shooting: Where Arizona members of Congress stand on gun legislation. “The massacre in Las Vegas does not appear to have shifted the ideological fault lines on gun legislation that separate Arizona’s congressional Democrats and Republicans… Arizona GOP members back easier access to silencers and travel with guns, while two Democrats suggest legislative steps should be taken to address mass shootings.” AZCentral.

Judge can’t tell lawmakers how much money to give schools, attorney says. “[Attorney] Brett Johnson acknowledged that the Arizona Supreme Court ruled more than two decades ago that the state has an obligation to ensure that schools meet minimum adequacy standards for everything from building safety to equipment needs…. But Johnson told Maricopa County Superior Court Judge Connie Contes that she is powerless to rule on a claim by school districts that the amount of money now being provided by the state is inadequate.” A Howard Fischer/Capitol Media Services report in Arizona Capitol Times

Newsmaker BONUS: From the Rose Law Group Growlery: My kitchen drawer from Hell. In another “in a series of articles about the pleasures and vagaries of retirement,” Senior Reporter/Writer shares some very amusing gripes about the “small drawer containing 44 years worth of everything from spatulas to bottle openers to whisks to ice cream scoop.”

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October 2017