The Dealmaker: 11/27/2017

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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


Proposed north central Phoenix luxury apartments spark neighborhood clash. “[Wood Partners] wants to transform 12 aging rental homes and a vacant piece of land near Seventh Street and Maryland Avenue into a 245-unit luxury apartment complex… [While the proposed project boasts over 200 supporters], a band of homeowners… say the apartment complex… would not fit with the neighborhood’s character and would increase traffic… They’ve garnered nearly 1,000 signatures on an online petition opposing the project.” But could a “compromise” be in the works? AZCentral.

Pinal County surplus property auction Dec. 14. “These are lots the county owns and are looking to get back on the tax rolls… The range of the opening bids [for the ‘eight different lots’] start from as low as $650 to as high at $172,000.” Apache Junction Independent has details on each lot, plus info on the auction time and place.

Despite talk, there’s no sign of metro Phoenix housing bubble.AZCentralreal estate reporter Cathrine Reagor tells us that when she hears the “housing bubble tag attached to the Phoenix-area housing market now,” she feels “more skepticism than dread” — and so do the experts she talked to. –>

‘Underwater’ homes are drying up. “At the end of the third quarter, there were 4.6 million U.S. properties considered seriously underwater, which is down by more than 1.4 million properties from a year ago… That marks the biggest year-over-year drop since the second quarter of 2015…” Curious how much negative equity still plagues certain ZIP codes in Arizona? Check out the heat map results at REALTORMag.

Most expensive home sales in Phoenix. It’s time once again for another installment of “Sales of Homes That Leave Many Folks Feeling Crummy About Where They Live.” Arizona Foothills Magazine has the “Valley’s top home sales from the past week (11.13.17 – 11.19.17),” during which combined sales totaled “over $13 million.” That’s DOWN a staggering $13 million from the previous week!

[OP-ED] Dear Amazon: Don’t put your second headquarters in Glendale.While Glendale city manager Kevin Phelps says that he would “love to have Amazon as a partner,” he also argues that the city “might not be [Amazon’s] strategic choice” since the online retail gargantuan is “needed more elsewhere.” But could it be that what Phelps is really doing in his “Open Letter to Jeff Bezos” is engaging in a bit of, shall we say, reverse Amazonology? AZCentral.

Baby boomers, like millennials, are flocking to rentals offering a ‘hands-free’ lifestyle. Bullet-pointed for your convenience: • Baby boomers are the fastest-growing group of renters • More than 5 million baby boomers are expected to rent their next home by 2020 • Many boomers want amenity-rich full-service buildings like millennials, brokers tell CNBC

Phoenix-Mesa Gateway Airport Authority selects master developer for 360-acre Gateway Aerospace Park. “The Phoenix-Mesa Gateway Airport Authority Board of Directors voted unanimously to select Mesa SkyBridge, LLC, as master developer for the Gateway Aerospace Park.” Gilbert Mayor Jenn Daniels, Mesa Mayor John Giles, and PMGAA director of communications, Ryan Smith, talk about the new agreement with SkyBridge and the economic benefits the project will bring to the area, in Queen Creek Independent.

Bitcoin is creeping Into real estate deals. “The real-estate industry is taking its first steps in adopting cryptocurrencies and the technology that backs them in what could eventually produce important changes in the way property is bought and sold… [S]everal U.S. states already have changed laws to allow the technology to be used in property deals.”®

Payson adopts dark sky ordinance. “Town Council adopted several ordinance changes… that bring the town’s lighting code into compliance with the International Dark-Sky Association. The council hopes the move attracts tourists to the [Main Street] area…” However, Councilor Janell Sterner sees the move in a different light, saying that “she walks Main Street almost every night and has never seen tourists out at that time looking at the stars.” Payson Roundup.

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

Nearly half of Arizonans polled give thumbs down on Trump’s tax reform. “Forty-four percent of those polled said they disapprove of the plan… The poll… was conducted by Hart Research Associates, a firm that has helped Democrats, and the survey was distributed by the liberal advocacy group Americans for Tax Fairness.” Meanwhile, AZCentral also reports that “Sens. Jeff Flake and John McCain… have not clarified how they plan to vote on [the tax reform legislation].”

Sex in the newsroom. “In the wake of ‘CBS Morning’ host Charlie Rose’s firing and New York Times reporter Glenn Thrush’s suspension… many news organization were trying to figure out how better to handle workplace problems in the future. For the most part, news organizations fell back on reminding their employees about their current policies and resources.” POLITICO.

A gap in policy: What if regular citizen is sexually harassed by legislator?“A draft policy on sexual harassment is now the blueprint for an Arizona House investigation of allegations nine women have made against Rep. Don Shooter, R-Yuma… The Arizona Capitol Times analyzed the draft sexual harassment policy, and spoke with [House Speaker] Mesnard and House Rules Attorney Tim Fleming, to try to answer basic questions about how the process will work…”

But what if she’s pregnant? Comments on minimum age to marry by Kaine Fisher, Rose Law Group partner, director of Family Law. “[A] proposal by Rep. Michelle Ugenti-Rita, R-Scottsdale, would make it illegal… to issue a marriage license to anyone younger than 18. Specifically, H2006 would undo laws that allow anyone age 16 or 17 to marry with permission of a parent.” — Arizona Capitol Times. Kaine Fisher says it’s “incomprehensible to think the legislature has not establish[ed] a minimum age regarding the right to marry…” For Kaine’s complete comment along with the rest of Howard Fischer’s report, go here:

This isn’t Halloween, so show your face, proposed law demands.“Thinking of wearing a Trump mask to a political demonstration? A chicken suit to a protest? Or even fake nose and glasses to a public event? A proposed new law [‘crafted by Rep. Jay Lawrence, R-Scottsdale’] could send you to prison for a year — and a dozen times longer if you or someone else at the event was involved in property damage.” A Capitol Media Services/Howard Fischer report in Arizona Daily Star.

Supreme Court cellphone case puts free speech – not just privacy – at risk. “On Wednesday, the Supreme Court will consider whether the government must obtain a warrant before accessing the rich trove of data that cellphone providers collect about cellphone users’ movements. Among scholars and campaigners, there is broad agreement that the case [Carpenter v. United States] could yield the most consequential privacy ruling in a generation.” The Guardian.

If you raise them, they won’t come, says state’s top attorney. “Arizona Attorney General Mark Brnovich announced Wednesday he is against a new National Park Service proposal that would raise fees [‘$70 per vehicle, from May until September’] in 17 parks, including the Grand Canyon.” Brnovich: “[W]e have to preserve our national treasures in a way that doesn’t limit access and potentially destroy local economies.” KTAR. 

Potential race for who would invest Arizona’s money is already nasty. “Tom Forese, the Republican chairman of the Arizona Corporation Commission, called on Sen. Kimberly Yee, R-Phoenix, to stop lying about him. Forese is running for state treasurer. Yee is considering a run and was recently provided a newly created award from the current treasurer, Jeff DeWit, who said Forese was ‘sleazy.’ ” More on the matter in Rose Law Group Reporter.

Some governors up for reelection don’t want Trump involved. What sayDucey? “[T]he question of the president’s role in the 2018 election was a topic of discussion at the meeting of the Republican Governors Association earlier this month… [S]ome who were there were concerned about negative feelings about Trump spilling over into their own races. As for Gov. Doug Ducey, he “did not attend” the meeting, but was asked about “his own views” last week.

Leaving the office for dirt under the fingernails. “For only the second time in the last century, the number of farmers under 35 years old is increasing… This new generation [‘of highly educated, ex-urban, first-time farmers’] can’t hope to replace the numbers that farming is losing to age. But it is already contributing to the growth of the local-food movement and could help preserve the place of midsize farms in the rural landscape.” A WaPo report via TheDenver Post.

Want to keep and recruit teachers? Bump their pay by 15 grand, suggests Arizona Town Hall. “Members of the 110th Arizona Town Hall are recommending that the state spend around $900 million more a year to raise teacher pay by an average of $15,000 in order to recruit and keep teachers… [The report] also recommends closing loopholes in the corporate income tax system, creating a statewide property tax, creating a sales tax on energy that is sold out of state and on tourism and entertainment activities.” Arizona Daily Sun.

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November 2017