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The Dealmaker: 11/30/2017

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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





Vote tallies for Propositions 416 and 417 approved by supervisors. (Disclosure: Rose Law Group represents a coalition of property and business owners throughout Pinal County who have worked to bring new transportation infrastructure to the county.) It’s official! Queen Creek Independentreports that the Pinal County Board of Supervisors canvassed the results of the Nov. 7 election at the Nov. 15 meeting…” We’ve said it before but now we can OFFICIALLYdo so: Let’s go build some roads!

New to market: 6 projects you need to know. “Here are six projects [w/ details and renderings] that were recently finished or broke ground in Arizona, as seen in the November/December issue of AZRE magazine”: 

Phoenix wants to regulate sober-living homes, but can it? “By March, the city could require sober-living homes to obtain a license… and abide by certain standards.” AZCentral reports, however, that the “requirements… could land the city in legal turmoil [if they run afoul of the Fair Housing Act].” But Jordan Rose, president and founder of Rose Law Group who, along with Evan Bolick at RLG, has been successfully handling these fights for neighbors in various Arizona municipalities, makes this important point: “While local government has some legal limitations to prevent an outright ban of these facilities in neighborhoods, there are many things nearby neighbors can do to stop one from locating next door. The federal law doesn’t mean they can be anywhere.”

Phoenix mayor honors First Place Phoenix. “The Phoenix Mayor’s Commission on Disability Issues has recognized First Place Phoenix with its Architectural Award… Mayor Greg Stanton: “Congratulations to First Place-Phoenix for stepping up and creating a space that supports, respects and advocates for people with autism and other neuro-diversities.” AZRE reports that the “$15 million, 81,000-square-foot” facility at “3001 N. Third Street” is “opening to residents in early summer 2018.” More here:

Prescott City Council approves Deep Well Ranch. “In three consecutive 6-1 votes… the council OK’d the related rezoning, airport-area plan, and development agreement that will allow the 1,800-acre Deep Well project to go forward under a master plan. The project has generated considerable debate in the community — especially on the 10,500-home cap that is included in the master plan.” The Daily Courier.

Rents consume increasingly larger percentage of incomes. “Currently, the median U.S. rental requires 29.1% of the median monthly income. However, in the years leading up to the housing bubble, renters spent just 25.8% of their income on housing. That means renters are spending $1,957 more on rent in 2017 than they would be if the percentage had remained the same.” See how much more Phoenix renters having to shell out, in Builder.

New mortgages allow renters to buy with tiny down payments. “Home Partners of America, a rent-to-own company, is offering a new mortgage product to tenants that applies some of the appreciation in their home’s value during the time they have lived there toward reducing the down payment. In areas with even modest home-price appreciation, that could reduce the down payment requirement to almost nothing.”®

5 housing trends to watch for 2018.  After debating the matter into the wee hours of the morning here at Dealmaker HQ, we’ve decided against revealing ALL 5 trends from®’s 2018 National Housing Forecast. However, we can tell you, without fear of spoiling anything, that the “big wild card for 2018 will be any impact from the proposed tax reform legislation.” Check out the full forecast in REALTORMag.

Growth rate for residential construction loans picks up. “The volume of residential construction loans increased by 2.4% during the third quarter of 2017, marking 18 consecutive quarters of growth. While the year-over-year growth rate has slowed, the uptick in the quarterly growth rate is good news for home building.” NAHB chief digit-dude Robert Dietz has all the data, in Eye On Housing.

FHFA increases conforming loan limits for 2nd straight year. “The FHFA announced Tuesday that it is increasing the conforming loan limits from $424,100 to $453,100 for 2018… [T]he FHFA noted [that] home prices are on the rise, which necessitates a second straight yearly increase… For a full look at the conforming loan limits, by county, click” to HousingWire.

How the Van Buren became a precedent-setting example of Phoenix preservation. A $250,000 rehabilitation grant. A 30-year historic preservation contract. A request to slice in half the payback time for the grant. Check out how they all factor into the Van Buren becoming “a precedent-setting example of the city’s interest in working with preservationists,” in Phoenix New Times.

Business owners fight Phoenix Rescue Mission expansion plans. “The mission plans to add three new buildings to accompany the existing structure on the mission’s property at 35th Avenue and Cocopah… Phoenix approved the mission’s use permit in September, but neighbors are appealing… [citing] increased foot traffic, ‘excessive vagrancy’ and ‘degrading of property values’ as examples of the expansion’s adverse effects on the area.” AZCentral

Pickleball lights plan puts two HOAs at loggerheads. “Some residents of the 56-unit RD1 HOA are upset that the Ahwatukee Recreation Center — which itself is a homeowners association — plans to install lights on its four pickleball courts.” One RD1 homeowner says “it’s bad enough… that [residents] have to put up during the daylight hours with the sound of whiffle balls getting whacked by paddles. ‘Now we’re going to lose the few hours of peace we have remaining…’ ” In AFN. (And just when Dealmaker was planning to suggest that an array of nighttime pickleball courts might be a viable option for the defunct Ahwatukee Lakes Golf Course! Oh well.)

Judge says Queen Creek annexation in Pinal can go forward. “San Tan Valley residents filed a petition in Superior Court earlier this year, attempting to thwart an ordinance the Queen Creek Town Council passed in May to annex 35 acres near Ellsworth Road and Empire… Plaintiffs argued the annexation petition was invalid because it was signed and dated at different times and by different representatives.” But a Pinal County judge “dismissed [that] effort to invalidate” the annexation. San Tan Valley Sentinel has the here’s why.

Coolidge City Council gives go ahead for general plan amendments. “The amendments, first proposed in mid-November alongside the annexation of approximately 857 acres of land on Cornman Road, are part of an effort to ease the rezoning process for incoming manufacturing companies working with Pinal Land Holdings.” Details on the “three major amendments” in Coolidge Examiner.

Florence RV residents object to setback changes. Florence Reminder reports that “the setbacks as proposed will leave… residents with just 540 square feet on which to put a park model.” Says one RV resident: “We’re just kind of wondering where we go from here.” (On the bright side, as an RV owner, wherever he goes, at least he’ll always be at home!)

CoreNet Global event spotlights how technology impacts CRE. “[T]here could not be a better time to discuss the convergence of Corporate Real Estate, Facility Management and Technology.” And that’s just what AZRE does — discuss it all — in its recap of the “Inaugural ‘Thought Leadership in Real Estate and FM Technology’ Symposium [held recently] at Wells Fargo Financial in Chandler.” –>

Canada takes softwood-lumber complaint to the World Trade Organization. “The lumber fight has added a complex new wrinkle to the ongoing NAFTA negotiations, as the U.S. is simultaneously asking to kill the NAFTA panel system that handles softwood cases.” Toronto Star.

Cameron’s $5M + deals of the day –

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

McCain a yes on tax reform, boosting Republicans. “Sen. John McCain (R-Ariz.) said [today] that he will support the Senate Republicans’ tax plan, which GOP leadership wants to pass this week.” To read his statement of support for the “far from perfect” tax plan, tap to The Hill.

A river runs through Biggs hearing. “[Pima County cattle rancher Jim] Chilton was one of two Arizonans invited to testify Wednesday on the Waters of the United States rule, an Obama administration plan to streamline regulation of waterways. Critics charge that the plan, which never took effect, just muddied the waters and Chilton called it a ‘form of tyranny.’… Rep. Andy Biggs, R-Gilbert, [who] chaired [the] House subcommittee meeting, called [WOTUS] “one of the biggest federal overreaches in modern history.” Cronkite News.

Far beyond a water balloon fight. Joanna Allhands observes that  “almost everyone with a stake in Arizona water policy is fighting over it.” The Republiccolumnist lays out several “good news/bad news” scenarios, all culminating into something that she admits “scares me more than it should.”

Drilling down into education funding pits governor against ‘left-wing’ group. “Gov. Doug Ducey is fighting back against a report by a left-leaning research group [‘the Center for Budget and Planning Priorities’] that shows Arizona is spending less on K-12 education today than before the recession when inflation is taken into account…” Gov. Ducey: “That’s a false report… It’s up 10 percent since 2015…” As for the spending figures, Capitol Media Services Howard Fischer does the “drilling down” in Arizona Capitol Times.

[GUEST COLUMN] To the bad actors, she says, grow up and stop it. “For generations, the locker room talk, a hand on a knee, an uncomfortable hug, sexual jokes, office flirtations, unwelcome propositions, and hundreds of other actions and harassing words and sexual misconduct have been allowed.” And Rep. Maria Syms, R-Paradise Valley has had enough. Read what Syms says about the “need to get back to civility” in Paradise Valley Independent.

Arizona Treasurer Jeff DeWit heading to space. “Jeff DeWit has been nominated to oversee the finances at NASA, the White House announced Wednesday… DeWit said his ‘deep love for the state of Arizona and the opportunity to keep serving the wonderful people here at home is something that constantly tugs at my heart. This is definitely a tough decision.’ ” And who would be required to replace him? (RELATED: “Arizona GOP Sen. Kimberly Yee running for state treasurer,” also at AZCentral .)

Millennials tell poll it’s time for a new major political party. “A new NBC News/GenForward poll reveals that the majority of millennials are unhappy with the current political landscape, including President Trump and both national parties.” Do such poll results really matter? Axios thinks so.–>

Institute says automation may wipe out 1/3 of America’s workforce by 2030. “In a new study that is optimistic about automation yet stark in its appraisal of the challenge ahead, McKinsey [Institute] says massive government intervention will be required to hold societies together against the ravages of labor disruption over the next 13 years.” Axios. 

Newsmaker BONUS: ASU set to crow about football coach hiring. “Indications on Wednesday, as [former NFL coach Herm] Edwards made the rounds on national and local sports talk radio, was that he would be offered the job unless [school President Michael] Crow vetoes the move because of negative feedback from key boosters.” AZCentral Sports.

Christopher Todd Communities Introduces Unrivaled Technology Package in Rental Living Read more

Phoenix Office Market Slows in Third Quarter Read more

First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller SurveyRead more

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November 2017