The Dealmaker: 12/1/2017

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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




AS SEEN ON ACTV! – After a quarter of a century, Arizona still trying to get a handle on private land issues [VIDEO].With ‘less and less private land under private ownership,” the “Study Committee on Private Land Acquisition Wednesday recommended to the full Legislature extension of the study for another two years and ‘full disclosure’ of conservation easements, property owners and appraisals on private lands.” Senior Reporter/Writer Phil Riske recaps the session, which can also be viewed in its entirety (as seen on ACTV), at Rose Law Group Reporter.

The great American single-family home problem. “Building more housing, more densely, could help address a widespread economic challenge. A fight over one lot in Berkeley, Calif., shows how tough that could be.” (Hat tip to Scottsdale Planning Commissioner Larry Kush who brought this New York Times piece to our attention, noting, “This article should be required reading. Home ownership is fundamental to a healthy society.”)

1 month left to sell before possible tax hike; Rose Law Group Partner and Transactional Dept. Director, Cameron Carter, weighs in. REALTORMagdetails why “sellers who haven’t lived in their house for more than five of the last eight years will want to act quickly regardless of the [tax reform] version that is approved [i.e., the House or the Senate version].” As Cameron Carter says: “Homeowners and real estate investors alike should pay close attention to the tax reforms currently being debated as this is just one of a number of important changes that could impact them in coming years.” And one way to start doing that is with NAR’s interactive chart which shows “the estimated impact of tax reform on home values across the country,” including in Arizona. Check it out before it’s too late! –>

Ironwood Crossing files annexation application with town of Queen Creek. (Disclosure: Rose Law Group represents Fulton Homes) “The town of Queen Creek has scheduled a public hearing Dec. 6 to hear comments about the proposed annexation of the Ironwood Crossing residential subdivision in San Tan Valley.” And with the “lower cost of municipal services” being a chief selling point, some folks in the Fulton Homes master-planned community are eager to buy in — “anxious,” as Queen Creek Independent reports, “to become part of the town.” Much more on the annexation prospects and process here:

Cities that have recovered most since the recession. “After considering multiple economic factors, like [median home value], unemployment and income growth, SmartAsset has created a list of the cities that have recovered the most since the recession.” Visit Builder to find out how Phoenix stacks up.

Most expensive home sales in Phoenix. Or as some like to call it: “Sales of Places Where When Lawn Sprinklers Start, You Can Actually See Water Dropping in Lake Mead.” Arizona Foothills Magazine has the “Valley’s top home sales from the past week (11.20.17 – 11.26.17),” during which combined sales totaled “over $16 million.” That’s an UPTICK of $3 million from the previous week.

Where people are likely to move. “ATTOM Data Solutions Thursday released its Q3 2017 Pre-Mover Housing Index, which shows that the markets with the highest pre-mover indices during the third quarter — predictive of strong sales activity in the fourth quarter” — and Builder has the heat-map results for Arizona.

Study says Phoenix is the top city to relocate, start your business. “A booming real estate market,” wages, and proximity to ASU were among the contributing factors that “propelled the city to the top ranking.” See what other Arizona cities made the top 30 and access the complete Commercial Cafe report, at KTAR.

Final major reconstruction phase underway at Sun Devil Stadium. “In less than a week since the Territorial Cup, the stadium field has been covered with dirt and construction vehicles moved into place… Now comes the east side rebuild followed by more interior finishing in 2019 to bring the project to a close…” AZCentral has complete details on this “third and final major phase,” plus a 230-image renovation slideshow, along with a timelapse video showing eight-months of renos squished into 2 minutes.

‘Central Park of Prescott.’ “Prescott City Council approved the purchase of 160 acres of the Storm Ranch North for a price of $2 million… The purchase was the result of more than a year of negotiations between city officials and Storm family members Ed and Virginia Seaver, Eleanor Huddleston, and James Harvey. The result… will be the permanent preservation of acreage that fronts nearly a mile of Prescott’s popular Peavine Trail” — what Virginia Seaver says is “kind of the Central Park of the Prescott area.” The Daily Courier.

Eloy to hire an economic development specialist. “Community Development Manager Jon Vlaming came before the council on Monday to explain why it would be a good idea to authorize the position… ‘We… believe that this full-time person could assist with responsibilities at the airport as well as providing some support back to community development activities and planning and zoning,’ [he] said.” Eloy Enterprise.

Glendale’s bond rating goes up again. “FitchRating increased the city’s bond rating to its highest rating of AAA for general obligation bonds (ULTGO)… [City Manager Kevin Phelps said] the designation reflects the decisions by the mayor and council over the past several years… [e.g.] the council’s focus on economic development and relationship building with critical business partners has brought strategic growth and stability.” The Glendale Star.

The surprising state with the highest hidden flood risk. CoreLogic reports that “[t]housands of homes that sit outside designated flood zones still face moderate to high risks.” The Wall Street Journal examines the report which also “looks at the risk on a state-by-state basis.” As for which state has the “highest hidden flood risk,” one look at the illustration for this subscriber content piece and it’s a dead giveaway. 

Cameron’s $5M + deals of the day –

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

BREAKING: Senate GOP reaches SALT and pass-through tax rate deals. from Law360. up the Republican tax plans.If you’re a bit confused about tax reform and the respective proposals from the House and Senate, then check out the easy-to-digest chart. (Now if only our Rube Goldberg-like tax code were as simple to understand…) –>

Arizona’s economy remains robust, it’s just ‘downshifted a bit.’ And with no recession insight! That is according to economists speaking at the forum sponsored by JPMorgan Chase and ASU’s W.P. Carey School of Business in Phoenix on Wednesday. Click through for coverage of the event and access this RELATED piece, also from AZCentral: “However, studies show NAFTA repeal could threaten $5 billion in Arizona exports, 236,000 jobs in state.”

Plenty not to like about it, say opponents of requirement to work for Medicaid benefits. “The requirement calls for people receiving health care through the Arizona Health Care Cost Containment System to be working, looking for work, training for employment or going to school in order to get benefits… Critics of the work requirement have questioned how it would be administered and noted the expense of monitoring whether people are complying.” Arizona Capitol Times.

Come January, a clash over solar panels. “The solar panel dispute comes at a time when senior [Trump] administration officials have been signaling their intention to take a much tougher trade stance toward China, where most solar panels are made… China opposes the move… Solar panel installers, developers of utility-scale solar panel power generation projects and others connected to the industry also oppose broader tariffs.”  The New York Times.

Elon Musk just built a football-size battery in 2 months. “[Today], the state of South Australia plugged in a 100-megawatt lithium ion battery the size of a football field, attaching it to its shaky power grid in a massive bet on renewable energy… Elon Musk had [promised that] ‘Tesla will get the system installed and working 100 days… or it is free.’ THE WEEK has more on the project along with a brief VIDEO about the battery, which “Musk says will power 30,000 homes for an hour during a blackout.”

Treasurer has plenty of time to pack his bags for Washington. “Arizona Treasurer Jeff DeWit ended speculation about a potential U.S. Senate run by accepting a job with the Trump administration [as the CFO of NASA]… DeWit said he hopes to work with Ducey to find someone to replace him…” However, that may be easier said than done, as Arizona Capitol Times reports, the two “have butted heads, particularly over Proposition 123.”

Did someone try to kill co-owner of Prescott newspaper? “The co-owner of The Daily Courier was poisoned with what could have been lethal doses of thallium and other chemicals, according to leading toxicology and medical experts. After experiencing prolonged, unexplained illness with severe symptoms earlier this year, Joseph Soldwedel, who is also co-publisher, sought medical treatment and forensic laboratory testing.” And Soldwedel “said he has a good idea of who might be behind” it.

Newsmaker BONUS: Rose Law Group Reporter Top 10 Pre-filed Bills for 2018 Legislature. While most folks probably spent Thanksgiving enjoying a feast with family and friends, it looks as though Phil Riske spent his thanklessly digging into what our state lawmakers have planned for the new year. Here’s what the Senior Reporter/Writer’s painstaking investigation unearthed:

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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