Two well-known Arizona business names team on new multifamily development. What: Noria, a 237-unit luxury apartment complex • Where: In Chandler, at McQueen and Germann • Who: Robson Communities & P.B. Bell Cos. • More: In this PBJ paywall piece. AZRE. http://bit.ly/2sth494
How the new tax reform act helps multifamily. Douglas Fisher, “an owner of one of the most active real estate investment brokerage firms” in the Windy City, confesses that he’s “not a tax expert by any stretch.” He adds, however, that he “can speak somewhat to the legislation’s tax benefits to, and potential implications for, [his] clientele.” And speak he does, citing changes to “rules governing depreciation,” and “pass-through entities” as “especially beneficial” — in this piece at Multifamily Executive. http://bit.ly/2szFGNq
MINORITY REPORT – Fourth quarter gains in homeownership by race and ethnicity. “[A] recent release from the Census Bureau’s Housing Vacancy and Homeownership… shows that the US homeownership rate increased to 64.2 percent in the fourth quarter of 2017.In addition to this overall result, unpublished tables from the [report] contain a homeownership rate for ‘all minorities,’ which also improved.” Eye On Housing graphs out all the data. http://bit.ly/2o1iOSh
Is market volatility giving buyers cold feet? “Broken out, mortgage applications for home purchases plunged 6 percent last week.” MBA economist Joel Kan says in REALTORMag that this “may be related to short-term stock market jitters.” Kan adds, however: “We still expect activity to pick up…” Indeed they do! Check out the following upbeat headline ⬇. http://bit.ly/2Ew6y2x
Mortgage Bankers Association predicts sharp increase in new home sales. “[A]pplications for the purchase of newly constructed homes rose 18.4 percent compared to those during the previous January and were up 34 percent from December.” MBA’s VP of Research and Economics, Lynn Fisher: “[W]e estimate that new home sales were running at a pace of 700,000 on a seasonally adjusted annual basis – the highest such estimate in our survey which began in 2013.” MortgageNews Daily via Builder. http://bit.ly/2F4lPIS
Strong January home price growth and declining inventory signal another competitive spring for homebuyers. NATIONAL: “Home prices increased 7.8 percent [YoY]… Sales were down 7.9 percent annually… The number of homes for sale in January dropped by 14.4 percent.’ LOCAL: Get the “market-by-market breakdowns for prices, inventory, new listings and sales” for Phoenix (and other major markets), at Redfin. http://bit.ly/2F26loF
Thrillist highlights Warehouse District growth, completely neglects to mention rest of years-long downtown Phoenix renewal. Phoenix Business Journal Digital Editor Tim Gallen on how “the Warehouse District’s renewal is an extension of what’s been happening north of Jefferson Street since 2008.” Although technically not an op-ed, Gallen’s pithy piece has enough sassitude to make it feel like one. http://bit.ly/2EIDE2t
CONJOINED MARRIOTTS – Peoria Planning Commission gives blessing for new hotel, 200 rooms planned for Bell Road corridor. “The two Marriott hotels [a ‘four story Fairfield Inn and Suites and a four story TownePlace Hotel,’ are] proposed for 3.3 acres at the [S.W.] corner of Paradise Lane and 75th Avenue.” YourValley reports that the “two combined buildings on one site… will be connected by a shared lobby and guest reception area.” READ ON: http://bit.ly/2EtiZfg
Queen Creek breaks ground on Ellsworth Road improvements. “The project coordinates the Town’s improvements with four development related projects… [and] will make Ellsworth Road three lanes in both directions…” AZREalso reports that the “project is just one” in an improvement plan that includes “adding 91 new lane miles through 41 projects over the next 10 years.” More on the project, plus a photo of the ground-breaking ceremony, which features, by our count, 22 hard-hatted, dirt-turning officials. http://bit.ly/2sA6Tzs
Liberty Mutual, Wells Fargo bringing thousands of jobs to Chandler.“Liberty Mutual Insurance will move into an office at the Chandler Airpark… Wells Fargo will lease an additional 190,000 square feet of office space along the Price Road corridor.” That is what Chandler Mayor Jay Tibshraeny announced Tuesday night, in what was “likely… his final State of the City address.” More highlights from the mayor’s address — and reaction to it — in a recap at AzBigMedia. http://bit.ly/2BvFp0W
Closed door meeting on water transfer set. “[In] January, the Mohave County Board of Supervisors fired off an eight-page letter to [the Mohave Valley Irrigation and Drainage District] in opposition to [CAP’s ‘decision to move forward with a $34 million purchase of farmland and the associated water rights’ within the district]. In response, the district has scheduled an executive meeting… to consult with its legal counsel.” County Board chairman Gary Watson isn’t “sure what will come of this meeting” — but he does have his hopes, in Kingman Daily Miner. http://bit.ly/2EvBSyw
Dealmaker BONUS: Fried chicken and champagne? Food truck rolls out at Scottsdale Arabian Horse Show, Feb. 15-25. “Fried & Fizzy is a joint venture between Jason Rose and M Culinary • Rose is co-founder of the [Bentley Scottsdale Polo Championship] and president of Rose+Moser+Allyn, a public-relations firm [and not to mention, husband to RLG’s founder and prez, Jordan Rose]. • M Culinary is one of the Valley’s largest caterers, founded by chef and former restaurateur Michael DeMaria (Michael’s at The Citadel, Heirloom).” Colonel Sanders has NOTHIN’ on Fried & Fizzy. Read about it at AZCentral. Cheers! http://bit.ly/2C22pFV
Keeping those billions of dollars down on the farm. What’s this? A report on all the royalties earned by Joe Walsh for his song “Down on the Farm”? Or is it about a song of the same name, by Tim McGraw? Or perhaps a piece about a World War I-era song that has “Down on the Farm” in its title? NONE of the above. This is a KTAR report on the kind of economic boost our state gets from the business of agriculture.–> http://bit.ly/2GgbYiJ
Bill to prohibit marriage for teens under 18 watered down. “Arizona is in the majority of states that has no minimum age to wed. Instead, teens aged 16 and 17 can marry with the consent of a parent… A House panel voted Wednesday to restrict the ability of teens younger than 18 to marry… but only after lawmakers created a couple of ways around that… for those 16 and 17.” (Or as our Dealmaker Dept. of Sarcasm calls it: “The age at which most folks are well passed sowing their wild oats.”) A Capitol Media Services/Howard Fischer report, in Arizona Daily Star. http://bit.ly/2EJcxnK
Bill: Those who would run for U.S. Senate would have to have nomination from state lawmakers. “[The] House Committee on Federalism, Property Rights and Public Policy approved a measure which would give lawmakers the power to nominate Senate candidates. Legislators from each political party would choose two nominees for each open seat…” Another Howard Fischer report, this one in Arizona Capitol Times. http://bit.ly/2o1iX8a
THE FIX IS IN? – GOP proposal would restructure Arizona redistricting.HOWEVER: “Critics warn that a plan to alter the membership of a commission responsible for drawing Arizona’s congressional and legislative district maps is designed to fail, Arizona Capitol Times reports.” OTOH, Senate President Steve Yarbrough says the “current system is too easily ‘gamed’ by one party,” resulting in an Independent Redistricting Commission where the chairperson “effectively becomes the redistricting czar.” http://bit.ly/2EwLgWJ
Getting worse before it gets better: DEA agent predicts deepening opioid epidemic. “We have to get past the idea of who’s to blame,” says Phoenix DEA special agent, Doug Coleman, who “was among the law-enforcement and health-care officials who met at the second annual Arizona Opioid Summit to discuss solutions to an epidemic that has led to nearly 900 deaths and 5,810 drug-related overdoses in the state since mid-June…” — Cronkite News. (Also, access this RELATED item from npr: “U.S. Surgeon General Says Working Together Is Key To Combating Opioid Crisis.”) http://bit.ly/2o2cVUS
Giffords goes after politicians after Florida school shooting. “Former Rep. Gabrielle Giffords (D-Ariz.) called on lawmakers to ‘find the courage’ to pass legislation following a deadly school shooting at a Florida high school. Giffords posted a series of tweets after the shooting, saying the accounts of the incident ‘strike fear into all Americans.’ ” THE HILL. http://bit.ly/2EJaK28
