24th at Camelback trades for $100 million. CBRE has brokered the largest office sale in metro Phoenix so far in 2018, both by dollar volume and price per square foot. CBRE’s Barry Gabel calls the deal “a testament to the strength of the Phoenix market and its position as a prime office investment market.” More on this “trophy office tower” transaction in Rose Law Group Reporter. http://bit.ly/2JQMCKu
Rural land gives way to town population growth. “[The] southern edge of Gilbert that borders Chandler… is changing… as population growth in Gilbert drives landowners to sell to builders eager to meet growing demand… The area is full of placards from builders like Shea Homes, Toll Brothers and Taylor Morrison touting developments…” East Valley Tribune looks at another new community “on the horizon,” this one from Maracay Homes. http://bit.ly/2JDHVrj
ACC Sides with Johnson Utilities customers over developers. At a recent meeting of the ACC, commissioners considered an “extension of a conditional Certificate of Convenience and Necessity for Johnson Utilities.” Hanging in the balance for developers was a decision that would “affect roughly 1200 acres in a ‘dramatic way…’ ” This go-round, things did not turn out well for developers. SanTanValley.com. http://bit.ly/2HTd7gk
Top 10 threats to real estate in 2019. Counselors of Real Estate is out with its “Top Ten Issues Affecting Real Estate 2018-2019, a list of the biggest threats to the housing market. For the first time, CRE broke its annual list down into current and longer-term issues to watch during the industry’s next year.” Check it out at REALTORMag. http://bit.ly/2latLiD
Most expensive home sales in Phoenix. Arizona Foothills Magazine top home sales 6.4.18- 6.10.18 totaled “over $21 million,” DROPPING nearly as much as the number of De Niro F-bombs fired off at the Tony’s — some 10 million from the previous week! Seen (and not seen) in this installment: Endless views, vaulted ceilings, a huge diving pool, temp-controlled wine room… you know, basically features one would expect to find in the kinds of homes where panic-stricken cries of “HELP!… HELP!” coming from the pool usually mean, “Fetch me another martini, Jeeves.” http://bit.ly/2LRPNC4
Report: Flagstaff rental housing least affordable in Arizona. “A recent report released by the National Low Income Housing Coalition [NLIHC] and the Arizona Housing Coalition showed that of all the large cities in Arizona, Flagstaff has the highest average rental prices when compared to the average wages of a renter.” Arizona Daily Sun runs the numbers, but is this NLIHC study just a bunch of agenda-driven, hyperbolic housing-market hooey? (See below.) http://bit.ly/2Mx6Jiy
A new report exaggerates the problem of housing affordability to push expensive federal interventions. Reason looks into what it calls “audacious claims made in the 2018 ‘Out of Reach’ report from the [NLIHC], which purports to show that millions of Americans can’t afford a place to lay their head, a problem that will only be fixed with a massive infusion of federal cash” — and how the “report ignores the many options available to workers about how they live, work, and spend.” http://bit.ly/2t1oZZ0
Nearly one-third of multifamily development costs stem from regulations. “In fact, in a quarter of cases, that number can reach as high as 42.6%.” Those are the main takeaways from a new NAHB/NMHC report. More findings from the regulatory burden research in NAHBNow. http://bit.ly/2JFlrpL
Judge issues final order on Ahwatukee Lakes. “A Superior Court judge has issued his final order in the Ahwatukee Lakes Golf Course case and directed the current and former owners to pay more than $170,000 in fees to the lawyer who won the case.” An AFN report that’s worth a tap through, if only for a rather droll photo-caption in a snapshot of a sign on the course that warns “trespassers not to jump in the water.” http://bit.ly/2td1dbM
Beet sugar factory’s future remains unclear. “It once was a busy industrial building; it now sits empty, housing old memories dating back to 1906, and odd pieces of kitchen equipment brought in recently to store for a later use.” In TheGlendale Star, “Ray Klemp, who has owned the building since the early 1990s, talks about his vision” for the five-story, red-brick building, located in downtown Glendale. http://bit.ly/2JPVWhF
State conference outlines risks of historic preservation in Florence.“Restoring a cherished old building [is] a meandering journey fraught with great challenges, expenses and risks…” That’s the view of “Florence landlord Gem Cox,” who “was one of five speakers in a forum on ‘Problems, Pitfalls & Economic Feasibility of Rehabilitating 19th and 20th Century Buildings in the 21st Century’ ” at the Arizona Historic Preservation Conference. Read the coverage in Florence Reminder. http://bit.ly/2LRRwr2
Phoenix Mayor Thelda Williams lays out priorities for tenure. “Thelda Williams has only served as Phoenix mayor for two weeks, but she already has her sights placed on two priorities to tackle during her tenure: Public safety and infrastructure.” KTAR. http://bit.ly/2yeA4v7
Meet your Glendale City Council candidates. “Newcomer Ray Strahl is running against incumbent Bart Turner in the Barrel District; incumbent Lauren Tolmachoff is running unopposed in the Cholla District; and incumbent Jamie Aldama is vying against Emmanuel Allen in the Ocotillo District. The Glendale Starrecently sent questionnaires to all candidates… Next week, Ocotillo District candidates’ responses will be featured. This week, read the Barrel and Cholla candidates’ response.” —> http://bit.ly/2JFO3iI
Q&A with Apache Junction mayor candidate Dave Waldron. “Two Apache Junction residents are running for mayor and four for three seats on the council… The Apache Junction/Gold Canyon Independent e-mailed questionnaires to the candidates.” Here’s candidate Waldron’s response: http://bit.ly/2JEcBIV
Final “Fahrenheit Festival” reminder: Special Father’s Day deal for Dealmaker readers! Last chance for Dealmakers to pick up two free tickets to Sunday’s inaugural event at WestWorld, featuring: The “Beat the Heat Race,” the world’s tallest inflatable water slide, fire dancer/breather Burden Blossom, the richest arm-wrestling contest, and jalapeño ice cream. PLUS, free boxes of Hot Tamales candy go to the first 500 kids in attendance! No sweat getting tickets for these and other toasty events. Simply tap to Rose Law Group Reporter, mark tickets with promo code “ROSELAW,” and get ready to beat the heat! http://bit.ly/2LJyaEo
Cameron’s $5M + deals of the day – http://bit.ly/2HT813J
