The Dealmaker: 12/7/2017

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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





Ideal location of new Pinal freeway up for debate. “The North-South Freeway… is designed to make travel to and from the Valley easier for Pinal County residents, extending down from U.S. 60 in the Coolidge-Florence area toward Interstate 10 in the Eloy area… ADOT’s first proposed route follows a course somewhat similar to [Coolidge’s] preferred alignment, running through projected commercial and industrial areas including land currently owned by Pinal Land Holdings… While the final word on the road’s alignment won’t be decided for another several years, [ADOT] is already welcoming public opinion on the matter.” Casa Grande Dispatch.

Scottsdale City Council approves all major General Plan applications.(Disclosure: Rose Law Group represents Bell Group Self Storage.) Scottsdale Independent is out with its report on news Rose Law Group Reporter broke a couple of days ago: Passage of the Bell Storage proposal, a project which Mayor Jim Lane says “voting against… would be absolutely to the determent what will eventually come.” The council also approved two other General Plan amendments: “For a seven-lot subdivision named Siena Estates; and [for] a single-family residential neighborhood with a land-use designation and district map amendment for 7676 E. Pinnacle Peak.”

Public to see Tempe Character Area plan. “The plan details design guidelines and placemaking principles for the Downtown Tempe, Rio Salado | Town Lake, Arizona State University and NW Neighborhoods…” And while the “actual draft document” was unavailable to AZBEX “as of press time,” Roland Murphy was somehow able to get his hands on a “copy of the planned PowerPoint presentation.” Nice goin’, Roland! Check out his review here:

SWEET’ SURPRISE! – Surprise officials unveil project plans: Partners, residents discuss revitalization efforts for Original Town Site.“Redevelopment efforts began in 2015… Since then, city officials have conducted surveys and charrettes in the community to gather input and ideas… Councilman Ken Remley, who “hosted [the] presentation,” calls the latest revitalization plan — which includes preliminaries for “affordable apartment homes” and an “urban village” — “a pretty sweet-looking proposal.” YourValley.

How Gov. Ducey’s $1 billion bonding bill will be spent. “The goal is to make sure Arizona’s public universities… have research and education facilities that can launch new discovery, attract new investment and educate students in new ways with more modern technology…” AzBigMedia’s David McGlothlin has full details on the “Bonding Bill’s Proposed Project List,” along with projected estimates for their economic impact, plus info on how “public-private partnerships will be used” to make it all happen.

Where are the builders? In a Wall Street Journal ranking of 250 of “the nation’s most effectively managed organizations,” not one “is a home building enterprise.” Builder’s John McManus explores “[w]hat it might take for home building organizations to measure up among America’s most effectively managed firms.”

2018 housing forecasts. Go back to the housing future with Calculated Risk’s Bill McBride, as he reviews housing forecasts from the previous five years, and then serves up a collection of forecasts gathered (so far) for the upcoming year.

Ellie Mae: More single, female Millennials are buying homes.’ “60% of women who were listed as the primary borrower in October were single, compared to 42% of men,” according to Ellie Mae’s latest “Millennial Tracker.” HousingWIre’sadvice? “[M]arket your mortgage products accordingly, everyone.” –>

Construction spending rises in October; flat YoY. “Nonresidential construction spending rose 2.1 percent in October, totaling $717.6B on a seasonally adjusted basis, according to an Associated Builders and Contractors analysis… The level of spending, however, remains virtually unchanged from a year ago.” ABC Chief Economist Anirban Basu: “The U.S. economy is humming… It is likely that construction growth will pick up further next year due to numerous factors…” AZBEX.

Tax plan crowns a big winner: Trump’s industry; Rose Law Group corporate business attorney, Carey Herbert, comments. “After a frenzy of congressional action to rewrite the tax code, salesclerks and chief executives are calculating their gains… And perhaps the biggest winner is the industry where President Trump and his son-in-law, Jared Kushner, made their millions: commercial real estate.” The New York Times via CNBC.

Bipartisan praise for REALTOR® role in tax, other debates. “House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Senate Banking Committee member Heidi Heitkamp (D-N.D.) joined the [NAR] at its Washington offices… to talk about tax reform, mortgage finance reform, and other issues. The two shared one important point of agreement: REALTORS® are playing a crucial role in the making of federal polices (sic) that affect real estate…” In REALTORMag.

How Congress’s tax plans could kill a million affordable homes in a decade. “The final tax bill that goes to the White House could have very little effect on housing affordability — or it could gut mechanisms for encouraging it.” CityLab.

[OPINION] Sherf: Paradise Valley is a ‘top community where people want to live.’ “This fall Paradise Valley received the Voice of The People Award for ‘Excellence in Foundations of Livability’ from The National Research Center…” In PV Independent, Town Council member David Sherf gives the town and the people he serves a well-deserved pat on the back for winning the kind of award that he says “validates why people choose to live here.”

Surprise to vote on purchase of Circle City Water Co. Arizona Business Daily reports that it’s “a move that could grow the city’s allocation of Colorado River water by over 38 percent.” But will “Surprise water customers or tax payers” have to foot the bill for the purchase? –>

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

The GOP tax plans, side by side. Having trouble understanding the tax changes in the House v. Senate plans? Tax Notes sorts it all out. (If this subject matter — but particularly the headline — strikes you as a bit too dry for a tap-through, we’re wagering that the following headline doesn’t — it’s  related item from POLITICO: “ ‘Holy crap’: Experts find tax plan riddled with glitches.”) Read ‘em both, here:

Lawmakers accused of sexual misconduct are running up the legal tab at taxpayers expense. “Taxpayers are picking up the tab for accused lawmakers’ legal costs as three Arizona state legislators face investigation for alleged sexual misconduct or harassment [one of whom has now been cleared; see below]… The Arizona House of Representatives will cover lawmakers’ legal bills [‘to the tune of $300 per hour’] for the first phase of the inquiries.” And AZCentral reports that “at least one legislator” says “it’s a waste of public funds.”

Rios cleared of ethics accusations. “The complaint came from state Rep. Ray Martinez, D-Phoenix, who claimed House Minority Leader Rebecca Rios had an improper relationship with a former deputy sergeant-at-arms, whom he claims was later forced to resign. He also claimed she was involved with a lobbyist… The head of the Ethics Committee, Eddie Farnsworth… said the complaint didn’t violate any rule or law so the matter was closed.” So what was the complaint REALLY about? azfamily

Senate hopeful Sinema joins many others urging Sen. Franken to resign.“U.S. Rep. Kyrsten Sinema, D-Ariz., has broadly joined the chorus of Democrats [including Democratic National Commitee Chairman Tom Perez and U.S. Sen. Kirsten Gillibrand of New York and Kamala Harris of California] calling on Minnesota Senator Al Franken to resign. Franken is expected to step down… after facing allegations of unwanted advances from women…” — PBJ. (UPDATE: Franken announced today that he will, indeed, step down — “in the coming weeks”!!) Also check out this RELATED opinion piece from MEDIAite (we almost said “MOORE HERE–>”): “Why are No Republican Senators Calling for Al Franken to Resign? (Update)”

Jerusalem decision divides Arizona’s people in Congress. “Members of Southern Arizona’s congressional delegation were split along party lines in their reaction to President Donald Trump’s decision to recognize Jerusalem as Israel’s capital and to relocate the U.S. embassy there from Tel Aviv.” See what they’re saying about the decision, in this report from Arizona Daily Star.

Arizona as seen through a British camera lens. “In 1979, British photographer David Hurn was awarded a UK/US Bicentennial Fellowship to photograph in America. With the whole country to choose from, he opted to focus on Arizona… Check out Hurn’s photos in The Guardian.

Newsmaker BONUS: Rose Law Group Hero of the Week: Not a hare was burned. Rose Law Group recognizes an act of heroism performed on a Ventura County highway during the raging Southern California wildfires. –>

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