The Dealmaker: 11/14/2017

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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



RTA to jump-start future north-south Pinal freeway. (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.) “The future freeway, designed to provide a more direct path between central Pinal County and the East Valley, has been on the drawing board for years although it has no construction budget. Part of the answer may be in the two transportation measures, Propositions 416 and 417, which [were] approved on Nov. 7.” For details on jump-starting the future six-laner, plus a map of “Florence’s preferred route” and a link to a list other projects in the RTA plan, tap to PInalCentral.

Real Estate Q & A: Can an HOA prohibit a short-term vacation rental? Unsure if your CC&Rs allow you to rent out your “single-family residence” as a “vacation” residence? Rose Law Group Litigation Department Chairman Adam D. Martinez — who’s been on a bit of a vacation himself, from Dealmaker, that is — returns to look at what Arizona law has to say about vacation rentals vis-à-vis HOA’s, in Rose Law Group Reporter.®: Housing boom is officially back. “Out of the country’s 50 largest housing markets, 31 have returned to their [housing price] levels during the last housing bubble.” On the flip side, Tucson was one of “three markets [that] remained more than 20 percent below their 2006 highs.” Compare “today’s market dynamics to those of a decade ago,” and find out what® says is different “this time around” — at REALTORMag.

How the Lennar, CalAtlantic deal impacts the nation’s biggest markets. “Once Lennar’s acquisition of CalAtlantic is complete, the combined company will be the country’s second-largest home builder in terms of closings [‘based on the 2017 Builder 100, which uses 2016 data’]. So what kind of impact will the acquisition have on closings in Phoenix? –>

Facebook launches massive push into real estate listings. “Facebook announced last week that it is significantly expanding the real estate listings section on its Marketplace… And while the feature is ‘rolling out gradually’ for home sales, Facebook is going full force into rental listings, via partnerships with Apartment List and Zumper.” HousingWire.

Phoenix Landmark condo owners fight $15,000-plus HOA assessments — and win. When a bill arrived in May, informing Landmark condo owner Francine Hardaway that her building’s A/C “needed a major fix, and her share to pay for it was $18,000,” she “freaked…” In their co-written AZCentral piece, Catherine Reagor and Jessica Boehm look at what unfolded following that ‘freak-out,’ including a legal fight and subsequent court ruling siding with Hardaway and her fellow condo owners — and how the “controversy isn’t over yet.”

Tiny homes bringing big business for developers. “Coconino County is one of the first jurisdictions nationwide to set up regulations specifically designed for tiny houses… In the months since [approving the regulations], Amanda Acheson, the county’s sustainable building program manager, has been contacted by ‘at least a couple people a day’ who are interested in building or living in a tiny home.’ ” And Arizona Daily Sun reports that one Flagstaff-based development firm is even “working on a planned community of about 30 tiny homes to be built near Kachina Village.”

VA asked to prioritize Arizona veteran homes. “Last week, Governor Doug Ducey asked the U.S. Department of Veterans Affairs to prioritize the construction of new Arizona State Veteran Homes [one in Yuma; the other in Flagstaff]. Arizona State Veteran Homes provide skilled nursing and rehabilitative care for aging and chronically ill veterans and their spouses.” ADI reports that “state funds have been appropriated” for the planned facilities, but they “await matching dollars from the VA.”

Mortgage payments could increase by 11% over the year. “Economic forecasts suggest that mortgage payments, which increased by nearly 10% over the past year, will increase by more than 11% before August 2018, according to CoreLogic.” Access the full forecast in Builder.

New Arizona company to build Tempe headquarters, hire 500 workers. It was just over a month ago that Dealmaker mentioned the report on “engineering and manufacturing leader, Benchmark Electronics,” having selected a Tempe location for its HQ. Now, AZCentral reports that the groundbreaking for “the new headquarters, on Rio Salado Parkway at the southwest intersection of Loop 101 and Loop 202,” is Thursday — and Gov. Ducey is “scheduled to attend.” READ ON:

Are malls too cheap to ignore? “Mall operators are in the bargain bin, and some big-time investors are picking them over… Brookfield’s $14.8 billion bid to buy the rest of GGP is fueling expectations that other operators of so-called class-A malls are becoming acquisition targets.” The Wall Street Journal (Subscriber Content).

Pollack: Positive economic picture despite unknowns. The Monday Morning Quarterback informs us that, even with uncertainties surrounding the Trump tax plan, “recent data has generally beat expectations” and “consensus forecast for both this year and next year increased last month.”  Check out data for these MMQ ‘Snapshots’… U.S.: Blue Chip Consensus Forecast, Consumer Sentiment,  Debt (Credit Card, Student Loan, Auto), Mortgage Rates. AZ: Cromford Report & Active Listing – Greater Phoenix, Resale Activity, Resale Median Price & Days on Market.

Polo Championships gallop mightily into Westworld of Scottsdale.Scottsdale Independent has the rundown along with pics from The 7th Annual Bentley Scottsdale Polo Championships, which “returned to thunderous excitement at WestWorld of Scottsdale Saturday, Nov. 11.”

Dealmaker video BONUS: Watch: Phoenix-area real estate agent vs. rattlesnake. “A real estate agent in Scottsdale, Ariz., was trapped inside an open house recently when a two-and-a-half-foot-long diamondback rattlesnake greeted him at the front door in an aggressive stance and refused to budge.” YouTube via REALTORMag.

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

Arizona mayor picked as a ‘public official of the year’ by ‘Governing magazine.’“Each year, Governing honors outstanding public officials who have made an indelible impact on the lives of the people they serve. This year’s nine honorees are outstanding examples of the strong determination, the bold ideas and the incredible amount of grit it takes to get things done in government.” So which Arizona mayor is among the honorees?

The tragedy of American politics’: Follow the money in Tempe politics. “Campaign donations from zoning attorneys and developers are common practice in Tempe… It’s not unusual for contributions to come in advance of, or after, votes on the donors’ projects.” And while such donations aren’t against the law, Thomas Volgy, a poly-sci prof at [U of A] calls them “grossly unethical” and “the tragedy of American politics.” However, pushback to those notions comes from one such contributor mentioned in this AZCentral report, who had this to say about a donation that she made to Vice Mayor Robin Arredondo-Savage: “It’s not a story.”

Number of women who accuse Rep. Shooter of sexual harassment climbs to 9. “Tara Zika, a 26-year-old business development director at risk management firm Ashton Tiffany, said [Republican state lawmaker Don] Shooter, 65, made inappropriate sexual comments and gestures at her several times over the course of one day at the League of Arizona Cities and Towns conference in August 2017.” Arizona Capitol Times.

Jeff Flake: ‘No doubt’ I’d support a Democrat over Roy Moore.’ “Sen. Jeff Flake, R-Ariz., said Monday that he would vote for Democrat Doug Jones over Judge Roy Moore in the Alabama special election for Senate and would support expelling Moore if he wins.” Flake’s KEY QUOTE: “I would literally — if I were in Alabama — I would run to the polling place to vote for the Democrat.” Washington Examiner.

Phoenix, Phoenixes or Phoenices? Petitioner worries new Utah school mascot’s name will invite crude jokes. “Farmington resident Kyle Fraughton argues that the plural of Phoenix is too similar in sound to male anatomy… Fraughton launched an online petition Friday asking Davis School District to rethink its choice of ‘The Phoenix’ as the mascot for Farmington High School.” The Salt Lake Tribune (As for inviting “crude jokes,” we were going to suggest that readers insert their own, but then realized that doing so, phrased as such, might play right into petitioner’s hands.)

Phoenix Office Market Slows in Third Quarter Read more

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

Phoenix Industrial Market Surging with Activity Read more

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November 2017