The Dealmaker: 2/21/2018

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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






Taylor Morrison debuts $200K homes in West Valley. “The Greer Ranch development is opening with 42 homes at Cactus Road and Sarival Avenue in [Surprise].” Tap to this PBJ paywall piece for (a bit) more info on these new homes and Arizona’s entry-level market in general.

Entry-level entrée. Builder’s John McManus on “William Lyon’s acquisition of RSI” and how it “reflects the urgency among builders to activate first-time buyer strategic and operations models as the Millennial moment of truth fullydawns.”

First look inside The Ritz-Carlton Paradise Valley. Five Star Development has “unveiled images of the resort’s common areas, rooms and suites as well as Estate Homes, the 39 multimillion-dollar residences that will be available for purchase this spring.’ Feast your eyes on AZRE’ 16-image slideshow, which includes a rendering of a pool that “will span nearly 400 feet, making it one of the longest resort pools in North America.”

Phoenix sees major rejuvenation ‘between the Sevens.’ The “region between Seventh Avenue and Seventh Street throughout Downtown, Midtown and Uptown” is “becoming an increasingly attractive place to work and play as new commercial real estate projects take shape.” AzBigMedia has images and the rundown for 8 of the latest multifamily, retail, office and hotel projects, including The Curve on Melrose, The Osborn, and The Grid.

Payson learns what makes downtown Phoenix area cool. Hoping to “learn from the experience of other communities,” Payson “is partnering with the Urban Land Institute Arizona District Council, which organized a tour of Valley downtowns that have transformed once-blighted areas. This is part IV in [Payson Roundup’s]series covering that tour.” KEY QUOTE: “Ten years ago, Roosevelt Row looked a lot like Payson does today in some ways… We say that it is so ugly it’s cool again…”

U.S. residential market enjoys new home construction gains in 2018. “[A] surge in… multifamily production pushed overall housing starts up 9.7 percent in January 2018 to a seasonally adjusted annual rate of 1.33 million units…” World Property Journal has the regional breakdown, plus NAHB Chairman Randy Noel and Chief Economist Robert Dietz both weigh in on the upbeat data — and so does NAR Chief Economist Lawrence Yun who calls it “terrific news…”

80 years and counting: More storage, please. Step back in time with NAHBNow for a fascinating look at The 1938 Book of Small Houses (Simon and Schuster) which shows that “prospective home buyers in 1938 expressed preferences for many of the same features and amenities favored by today’s home buyers.” Topping the late-30’s home buyers’ “list of pet peeves”: There is “not enough closet space”! (How Twilight-Zoney would it be if the major complaint back then was: “Slow Wi-FI”?)

Camelback Road among the most expensive streets in America. “Camelback Road (within the Camelback Corridor submarket) commands… a 44.9 percent premium compared with the rest of the market.” While the Corridor continues to cater to and “attract [mostly] traditional companies” and “investors,” it is the “next top four most expensive streets in the Valley after Camelback” that are “attracting technology companies en masse.” For a look at all of these streets, plus 10 other “desired offices addresses,” i.e. the “Most Expensive Streets in the U.S.,” head to AZRE.

Building 6 of The Reserve at San Tan breaks ground. “The Reserve at San Tan, a 50-acre office project located east of Gilbert and Germann roads in Gilbert, broke ground on phase three this week.” AZRE reports that “Building 6 will… consist of two three-story, Class A multi-tenant office properties…” Tap through for further details on this Orsett Properties’ development, and check out a shot of the ceremonial dirt turning, which features a hard-hatted band of local dignitaries, including Gilbert Mayor Jenn Daniels.

Resident input collected at FAA’s Scottsdale meeting. “While historic neighborhoods in Phoenix are excited about the changes the [FAA] has proposed [for ‘westward flight paths out of Sky Harbor], Scottsdale residents are hesitant…” At a recent meeting, Scottsdale residents had the “chance to see the newly proposed paths [and] talk to the FAA about the proposed changes.” But Scottsdale Independentreports that, for at least one attendee, the experience was a bit bumpy.

A TWO-PORT STORY – Douglas Council updated on Port Project, Amazon Distribution Center. Last week, the City of Douglas received a post-project update from its consultant, who said in part: “$42 million is slated for the downtown modernization of the existing port — plus $50 or $60 million more… is being sought out for the construction of a new port of entry… “ Douglas Dispatch has more on this “Two-Port Solution,” plus news regarding “ongoing efforts to communicate Douglas’ possibilities as an Amazon Fulfillment distribution center site.”

Avondale awarded Gold by Healthy Arizona Worksites program. “The city of Avondale has received [a ‘HAWP prestigious Gold award]’ for efforts that positively impact the health and well-being of Avondale employees, their families and the community by implementing comprehensive worksite wellness strategies.” Gov. Doug Ducey “will be formally recognizing awardees at an event in May.” More about the honor and Avondale’s achievement in West Valley View

Pollack: Few signs of significant issues. Looking deep, The Monday Morning Quarterback sees very little chance of an economic fumble or interception — and then hits us with data for these ‘Snapshots’ –> U.S.: Tax Cut Optimism & the Stock Market, Retail & Food Sales, Manufacturing & Trade (w/ chart), Consumer Price Index & Inflation, Industrial Production, Housing. AZ: Listings & Median Sales Prices – Greater Tucson.

Cameron’s $5M + deals of the day – 

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

Growth of AI could boost cybercrime and security threats, report warns; Rose Law Group Cybersecurity, Privacy and Emerging Technologies Chairman, Troy Roberts, comments on how ‘tech leaders have been ringing the AI warning bell for years.’ “Experts say action must be taken to control artificial intelligence tech,” reports The Guardian. Troy Roberts’ view? “This report more clearly identifies the malicious human element, and the resulting threats that AI — like any new technology — poses when in the wrong hands. Now is the time for policy makers to examine AI issues with a calculated and informed approach, while keeping in mind the extraordinary benefits AI has to offer society.”

Arizona leaders say Trump’s infrastructure plan falls short. “The Trump Administration on Feb. 12 published an outline for updating or replacing aging roads, dams, bridges and other critical infrastructure, but the federal investment falls short of what many would like, say several Arizona notables.” Among “Arizona notables” voicing their views to PBJ: ASU transportation & land-use professor David King, and Valley Metro CEO Scott Smith. Read the report in Rose Law Group Reporter 

Proposed vehicle fee would fund road maintenance. The bill, HB 2166, which passed the House on Tuesday, would “levy a new fee on all vehicles sufficient to finance the $120 million annual cost of operating the Highway Patrol.” So what does funding the Highway Patrol have to do with road maintenance? Find out in this Capitol Media Services/Howard Fischer report in Arizona Daily Sun

Arizona Republicans shoot down gun bump stocks ban. Republicans have rejected a Democratic maneuver to force a vote on a proposal banning so-called bump stocks or accessories designed to accelerate the rate of fire of semiautomatic rifles. MORE in Rose Law Group Reporter. (RELATED, from Arizona Capitol Times: “Lawmakers call on Ducey to form task force to prevent school violence”; and from PinalCentral: “Ducey: Don’t expect one governor to come up with a school safety plan”; and “Pinal lawmaker blames video games for school shootings.”)

2 Arizona schools to join national walkout protest of gun violence.“Students from at least two Arizona high schools have indicated they will participate in planned walkouts to pressure legislators to pass gun reform.” Cronkite News also reports that “[o]fficials from Hamilton High School in Chandler and Highland High School in Gilbert did not respond to requests for comments on Monday.” (RELATED, in Rose Law Group Reporter: “Arizona Republicans shoot down gun bump stocks ban” and from POLITICO: “Will the Parkland Kids Change the Gun Debate?”)

Trent Franks still a factor in race to replace him. “Republican strategists say the former congressman is still well-liked among GOP voters in Arizona’s 8th District… Franks appeared briefly in an ad for one of the candidates as voters head to the polls next Tuesday in the primary election to replace him… [This] despite the allegations that he repeatedly asked female staffers to carry his child as a surrogate.” (Also from Roll Call: “Candidate for Franks’ Seat Denies Receiving Topless Photos.”)

[IN-DEPTH] Adrian Fontes’ fight to fix Maricopa County’s broken election system. “Fontes, a brash, outspoken attorney… took over the top elections job in January 2017… He’d been elected because he’d promised to clean up the office, which had recently become the subject of a Department of Justice investigation and was being sued by multiple groups alleging widespread voter suppression.” A Phoenix New Times’ profile of  Adrian Fontes and some of the “roadblocks” he’s had to face trying to straighten things out as County Recorder.

Americans hit the brakes on self-driving cars. “Self-driving cars are often seen as the next evolution in driving. However, Americans are deeply apprehensive.” That according to “Americans’ Likelihood of Using Self-Driving Cars” (‘from a Northeastern University/Gallup survey of Americans’ attitudes toward artificial intelligence and its effect on their lives and work’). The survey indicates that “[m]orethan half of the U.S. public (54%) says it is not likely to use the vehicles.” Full survey results here:

Dear Mr. President: We oppose further uranium mining of our lands. “Navajo Nation Vice President Jonathan Nez joined Arizona State Rep. Eric Descheenie and six other runners on a run to the village of Supai on February 14 to collect handwritten letters from the students of Havasupai Elementary School.” The letters, “addressed to U.S. President Donald Trump,” were written “in response to speculation that he plans to lift a 20-year ban on uranium mining in the greater Grand Canyon region.” Native News Online.

Fourth quarter existing home prices up 5.3 percent; nearly two-thirds of markets at all-time high Read more

Trophy High Rise in Phoenix’s Central Corridor Sells for $80.7 Million Read more

William Ryan Homes opens sixth neighborhood In Goodyear’s Estrella By Newland Communities Read more

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February 2018