The Dealmaker: 2/28/2018

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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





Apache Junction City Council approves Bella Corona housing project. “The layout for an 83-lot Bella Corona subdivision of single-family homes has been approved for 10.61 acres near South Ironwood Drive and West 20th Avenue…” KEY QUOTE provided by the project’s “excited” rep who, apparently, couldn’t wait to get everything rolling, telling the council even before its 7-0 vote: “Tractors are on-site now.” Apache Junction Independent.

Metro Phoenix home valuations are on the rise. But will property taxes climb too? ATTENTION homeowners: Your property valuation reports are ready! They will “determine how much you pay in taxes, but not this year.” And should the figures on the government form look a bit off, don’t freak. That’s the basic advice from real estate reporter Catherine Reagor, who brings a bit of clarity when it comes to understanding “one of the most convoluted property tax systems in the U.S.” — at AZCentral

Multifamily rental rates on the rise in Greater Phoenix. Per a report from Colliers International in Greater Phoenix: “Asking rental rates rose 6.8 percent in 2017… as demand for apartments keeps pace with the growing inventory of units.” Highlights from the report, including Colliers’ predictions for the Phoenix multifamily market in 2018, at Rose Law Group Reporter

Riding the tech wave in Phoenix. “The city is reinventing itself as a tech hub driven by a diverse economy, welcoming young professionals and investors looking for higher yields in secondary markets… Development is not slowing down, as population growth and a thriving job market are fueling demand.” Get an overview of the Yardi Matrix report and access the full forecast at Multi-Housing News.

LAID BACK HPIs  – Home prices start to slow their gains. “As usual, S&P CoreLogic Case-Shiller, Black Knight, and the Federal Housing Finance Agency all posted different numbers reflecting their different universes and methodologies, but all showed… that gains in housing may be leveling off.” Mortgage News Daily.

Alliance Residential grows portfolio to more than 100,000 units.“Currently managing more than 440 properties nationwide, Alliance has close to 15,000 units in Phoenix, where the company recently doubled its corporate headquarter space.” More on the “nation’s second largest multifamily developer and seventh largest multifamily manager” — and its portfolio — at AZRE.

Mesa City Council approves initial agreement to bring ASU downtown. “The intergovernmental agreement… plunges Mesa into a familiar debate over whether ASU is the missing piece in reviving its downtown… More than a dozen people spoke at [Monday night’s] two-hour meeting, rare for a Mesa council meeting.” AZCentral. 

Scottsdale luxury resort named among best hotels in nation. “The Canyon Suites at The Phoenician was forty-sixth best hotel in the nation.” And what doesU.S. News & World Report say was one of the reasons it gave the hotel this ranking? Find at at KTAR.

Kingman ordinance encourages commercial development. “City Council Tuesday unanimously approved an ordinance to waive commercial building fees… While Kingman’s commercial development hasn’t boomed as of late, Interim City Manager Jim Bacon noted that down the line the ordinance could have significant fiscal impacts.” Kingman Daily Miner.

110MW solar project proposed in Yuma County. The Yuma Solar Energy Project (Invenergy, LLC) “would sit on approximately 680 gross acres of land” located “just east of” Yuma and “adjacent to the Barry M. Goldwater Air Force Range.” AZBEX reports that the “amount of power that could be generated at this facility is the equivalent of powering 25,845 homes.” (Or, to use another example ripped right from today’s headlines: It could generate enough power to heat all the hot water that Hope Hicks currently seems to be in.)

Maricopa Future Cities team takes home award at nationals. “Future Cities is a national competition where middle school students research, design and build cities of the future…. The team ‘Innovacia’ from Maricopa Wells Middle School won the award for ‘Most Sustainable Environmental Practices.’ ” More at Maricopa Monitor. Nice job, team!

Cameron’s $5M + deals of the day –

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

Lesko leads hotly contested District 8 race in early returns. Former state Sen. Debbie Lesko had and kept a commanding lead over a crowded Republican field in the hotly contested special election to replace former Rep. Trent Franks… The unofficial returns gave her the win, and Democrat Hiral Tipirneni won the Democratic primary. Cronkite News/Rose Law Group Reporter.

Top secret intel: Russia compromised seven state websites, including Arizona’s. <— That is what “senior intelligence officials told NBC News.” HOWEVER, Arizona Sec. of State spokesperson Matt Roberts “said the state had not been told that ‘ANY Arizona voting system has been compromised, nor do we have any reason to believe any votes were manipulated or changed. No evidence, no report, no [ничего].’ ” (NOTE: We took a bit of comedic license with that quote. The bracketed word is actually Russian for “nothing.”)

Legislature feels it needs a ‘code of conduct,’ albeit vague about specifics.“Following the ouster of one representative and the revelation of suggestive text messages between a former senator and a staffer, a committee will draft a code of conduct governing the Legislature.” And while the announcement “offered few details about the specific goals of the committee,” reporter Katie Campbell has some info on its “bipartisan, bicameral” makeup, in Arizona Capitol Times.

Ex-Flagstaff city manager to receive $92,000 in severance. “Former Flagstaff City Manager Josh Copley [who resigned February 7, saying he’d ‘been treated unprofessionally by members of the city council’] will receive nearly $92,000 in severance pay, despite a provision in his contract that states if the city manager resigns voluntarily, he or she is not entitled to severance pay… ” No wonder the man looks so happy his pic at Arizona Daily Sun! —>

It’s raining cats and dogs . . . well, not so much cats. New York Times“science writer at large” James Gorman on why scientists love to study dogs (and often ignore cats). (Also from “The Gray Lady,” this RELATED item: “Barbra Streisand Cloned Her Dogs. For $50,000, You Can Clone Yours.”).

Rosewood Homes earns 6-Awards at 22nd Annual Elliant Homebuyers Choice Awards Read more

Multifamily Rental Rates on the Rise in Greater Phoenix Read more

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

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February 2018