The Dealmaker: 10/6/2017

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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 moves forward on plan to relocate Camelback Mountain trailhead. (Disclosure: Rose Law Group represents property owners adjacent to the Phoenician who oppose having a public restroom located in their backyards without any public notice or discussion.] “[Property owners] along Cholla Trail have complained for years about the trailhead, which has no restroom or other facilities and attracts about 11,000 hikers a week…” Now, in the wake of a council “vote to study the costs and details” of relocating the trailhead, Rose Law Group litigator, Evan Bolick, says “Those living adjacent to this proposed new trail are considering all of their legal options.” The story in Phoenix New Times.

Most expensive home sales in Phoenix. It’s Friday, which means it’s time once again for another installment of “Sales of Homes Most People Can’t Afford.” Arizona Foothills Magazine has the top 10 sales for the week 9.25.17 to 10.1.17. Total sales reached “over $20 million,” which is down a bit — or down a “pretty penny” depending on your financial situation — from the previous week’s $22 million.

Litchfield Park home prices coming off 2-year plateau. “Single-family home prices in Litchfield Park have taken a breather in the past 30 days. The average sales price for the community is $367,000 this week, down from a peak of $415,000 at the beginning of this year.” The Arizona Report has a breakdown of the area’s real estate stats — and a little Litchfield history to boot.

The future’s bright for senior housing In Phoenix; healthcare’s even trickier. <– That from industry execs at the recent Bisnow “State of Phoenix Healthcare & Senior Living Development event.” The execs say that “developing the kinds of space residents (and their adult children) want, in the places they want to be, is going to be challenging,” and that, in the future, healthcare” will be less about shiny new facilities and more about the community.” More here:

Tempe neighborhood struggles to hold onto its identity, resist gentrification. “Residents of the Mitchell Park neighborhood of Tempe are fighting to hold on to the character of their community. Pressure from real estate developers, increasing population and gentrification are pushing at the edges of the neighborhood, trying to find their way in.” State Press.

Lender helps mortgage borrowers crowdfund down payment. “CMG Financial, a privately-held mortgage banking firm, has launched HomeFundMe — a pilot crowdfunding service that’s the first to receive approval from Fannie Mae and Freddie Mac. Buyers who use HomeFundMe can collect money for a down payment and then receive a mortgage from CMG Financial…” Tap to Builder to find out how it works.

Fewer Boomers are mortgage free.Builder examines a slice from Fannie Mae’s “Housing Insights,” which shows that “Boomers are unlikely to be mortgage-free at retirement at the same rate as their predecessors.”

Chinese Cultural Center: Opponents say they offered $13M to buy development. “The battle over the future of the Chinese Cultural Center continues to have its twists and turns…” Thomas Simon, spokesperson for groups opposed to the center’s redevelopment, says “[the groups] are ready to buy [the center] now.” And True North CEO, David Tedesco, is “open to selling the development.” However, as Tedesco’s spokesperson, Jason Rose, points out in this PBJ report, the “purported ‘offers’ made before… couldn’t be taken seriously.”

Subcommittee approves lot sale, partnership with ASU. “[The Downtown, Aviation, Economy and Innovation subcommittee has recommended] city council authorize to issue a Request for Proposals for the sale and development of the land located at 30 N. First St…. The subcommittee also recommended city council approve entering the partnership with Arizona State University’s Center for Entrepreneurship and Innovation.” Details on both of these deals in Downtown Devil.

Maricopa City Council approves permit for wood grinding near Apex. (Disclosure: Rose Law Group represents Apex Motor Club.) “[D]espite the legal dilemma born out of the CUP granted [Apex], the [wood grinding] property owner decided to follow the same route… Multiple courts, including the Arizona Supreme Court, ultimately sided with the city and [Apex], saying the property owners’ right to utilize an older county code is a vested property right. The same legal argument, established by precedent, also protects the owner of the land that Arizona Wood Grinding and Recycling sits on.” InMaricopa

Sedona P&Z hears new hoteliers’ pitch. “During a Thursday, Sept. 28, conceptual hearing before [Sedona P&Z], owners of the Oxford Suites hotel chain, and their representatives discussed the [project’s]… proposed mix of uses including lodging, restaurant/bar, retail, multi-family residential and efficiency housing apartments. The project, located on six acres on State Route 89A, across from Soldier Pass Road, is being called The Village at Saddlerock.” Red Rock News

Residents urge town to keep up the fight against Florence Copper.(Disclosure: Rose Law Group represents Southwest Value Partners in its fight to stop the mine from locating in the middle of the Pulte Merrill ranch family community.) “Council members said the town will continue fighting to prevent the Florence Copper Project from operating, despite the recent dismissal of their federal appeals.” Councilman John Anderson: “‘We’re not giving up the battle.’ Several citizens also urged the town to stay the course.”  Florence Reminder

Mayor: Coolidge headed in “right” direction. Mayor Jon Thompson talks growth, water access, infrastructure improvements, and the importance of Props 416 and 417 to the region — in Coolidge Examiner.

Phoenix Mayor Greg Stanton announces run for Congress. “In a video announcement Thursday, Stanton declared his candidacy for the congressional seat currently held by Rep. Kyrsten Sinema, D-Phoenix, who is challenging Republican Sen. Jeff Flake.” AZCentral reports that “Stanton’s departure would likely trigger multiple other Phoenix elections. (“Likely trigger”? More like WILL trigger. See next item.)

Councilman Daniel Valenzuela announces he will run for Phoenix mayor. “Just two hours after Phoenix Mayor Greg Stanton launched his campaign for Congress, Councilman Daniel Valenzuela announced his intent to run for the top city office. If successful, Valenzuela would be the first Latino Mayor of Phoenix. He is a Glendale firefighter and has served on the Phoenix City Council since 2012.” The Republic.

Harkte running for Chandler Mayor. “[Chandler Vice Mayor Kevin] Harkte announced he is officially running for Mayor. He’s served on City Council since 2011, and serves regionally on economic, transportation and human services boards with the Maricopa Association of Governments and the Regional Public Transportation Authority.” (Also available with a tap, this RELATED item from East Valley Tribune: “Chandler councilwoman hoping to succeed her son in Legislature.”)

What the September dip in jobs, rise in wages means for interest rates, inflation, stocks. “The U.S. economy lost 33,000 jobs in September [while] hourly earnings for U.S. workers were up 12 cents.” PBJ’s senior reporter Mike Sunnucks tells us what it means. –>

Cameron’s $5M + deals of the day –

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

For Republican leaders in Congress, the headaches keep mounting. And, as this New York Times piece points out, the political pain is particularly acute for Arizona Sen. Jeff Flake who, after having “already drawn a formidable Democratic opponent in Representative Kyrsten Sinema,” could now face another challenger in Arizona lawyer, regent and Great Hearts Academies founder, Jay Heiler: “Mr. Heller said… that he is considering a run against Mr. Flake… [and that] the state should have a senator who gives full support to Mr. Trump.”

Secretary of State: Arizona’s election hacking was ‘much ado about nothing.’ On two separate occasions last year the FBI and Homeland Security said that “hackers believed to be directed by the Russian government breached Arizona’s state election database… But Matt Roberts with the Secretary of State’s office said both instances of hacking did not affect the state’s voter registration database — or affect the state at all.” KTAR

Voting along party lines, state Senate Ethics committee opens inquiry into Democrat Miranda. [The Arizona Senate Ethics Committee] voted 3-2 on party lines to pursue an investigation of Sen. Catherine Miranda, D-Phoenix, based on an ethics complaint filed by a Gilbert resident [who alleges a violation of signature gathering laws]. GOP Sens. Kimberly Yee, Judy Burges and Steve Montenegro cast the votes in favor of the investigation.” Arizona Capitol Times.

No end near after 4 decades of water rights litigation. “After 44 years, the adjudication of water rights in Arizona is still far from being resolved, and water policy experts say that resolving these competing claims is essential to providing certainty about water rights.” Arizona Capitol Times.

Mohave County fighting CAP proposal to buy, move water to Tucson, Phoenix. “The agency that operates the CAP wants to spend $34 million on farmland and water rights from a rural slice of northwestern Arizona along the Colorado River to slake the thirst of growing Tucson and Phoenix… But the agency is meeting fierce resistance [as opponents] say the water transfer could bleed the economy of small towns along the Colorado River.” Arizona Daily Star

Arizona Department of Education forcibly removes reporter asking to inspect records. “The agency’s security guard told [an Arizona Center for Investigative Reporting] reporter he was trespassing and pushed him out of [‘its Capitol Mall offices’] after the reporter asked to speak with ADE staff about inspecting public records [i.e., ‘the latest school letter grade records’]. Arizona law explicitly requires that government agencies allow ‘any person” to inspect public records “at all times during office hours.’” (Also available, this RELATED item from Arizona Capitol Times: “State Board of Education, ADE withhold school performance data from public.”)

Despite outreach efforts, 42,200 immigrants fail to meet DACA deadline.“The Oct. 5 deadline was set last month when the Trump administration announced plans for an ‘orderly wind down’ of the Deferred Action for Childhood Arrivals program… The roughly 42,200 who did not meet the renewal deadline join more than 600,000 other DACA recipients who will see their coverage expire beginning March 5, unless Congress intervenes.” Cronkite News.

Newsmaker BONUS: Can the Diamondbacks derail the Dodgers’ World Series dreams? “These two NL West foes find themselves in the National League Division Series… The Dodgers have everything to lose here, since anything other than a World Series appearance will be another disappointment. The D-backs, meanwhile, they’ve outpaced expectations all year and they’ll tell you there’s no reason to stop now.” Yahoo Sports previews the series, which gets underway tonight 7:31 p.m. on TBS. (RELATED: From AZCentral: “Bickley: Diamondbacks playing with house money in LA, and that makes them dangerous.”) GO D-BACKS!!!

Final 21 platted and engineered lots at La Canada Ridge in Oro Valley sell for $2.3 million Read more

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

McCarthy Building Companies updates Mingus Union High School Read more

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October 2017