The Dealmaker: 8/10/2018

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

 

 

 

 

AZ Supreme Court gives rural areas more freedom over water; Rose Law Group land-use, regulatory and water attorney, Thomas F. Galvin, comments on ruling. Thursday’s 4-3 ruling concluded ADWR is “required only to consider whether a developer — or the water company that will serve the area — has a 100-year supply of water beneath its land, the legal right to the water and the financial ability to supply it.” Tom Galvin: “The majority held that if the legislature intended for ADWR to account for federal reserved water rights when performing its legal availability analysis, it failed to do so. Therefore, it’s up to the legislature, instead of the Court, to mandate a requirement.” More from Tom Galvin, plus access to Howard Fischer’s Arizona Capitol Times report, in Rose Law Group Reporterhttp://bit.ly/2M75bPN

EXCLUSIVE: Important water ruling analyzed. Rose Law Group litigator Evan Bolick gives a point-by-point dissection of yesterday’s Arizona Supreme Court ruling concerning water rights throughout the state. Includes link to the opinion. In Rose Law Group Reporter. http://bit.ly/2Mjayun

Mattamy Homes’ land acquisitions span the West Valley. (Disclosure: Rose Law Group represents Mattamy Homes.) “The company recently bought 155 acres of land spanning the West Valley, significantly increasing its presence in the region with the addition of an anticipated 676 new homesites.” AZRE spotlights five Mattamy Homes’ communities across the West Valley where these 676 new homes will be going up. http://bit.ly/2vzs6IX

More markets join the million dollar median home price club. “Over the next year, 23 more cities across the U.S. will make Zillow’s ‘$1 Million City List’ ” The forecasted million-dollar locations, plus find out what Valley municipality has already joined the million dollar club — in Builder. http://bit.ly/2MyT4H3

Most expensive home sales in Phoenix. Arizona Foothills Magazine top home sales, 7.30.18- 8.5.18, totaled “over $20 million,” a FADE of $1 million from the previous week. Imperceptible features in this installment include: High-end appliances, sound-proof media room and a decorative gate. Barely discernible elements requiring some serious zoom include: Granite countertops and an old-world marble floor. Check ‘em out! http://bit.ly/2OshO4u

The 55 best 55+ active adult communities of 2018. Several Arizona developments land on this 55Places “best of” list, including communities in  San Tan Valley, Florence, Mesa, Buckeye and Surprise. http://bit.ly/2MeoDcw  

Homes that float: Why living on the water is making such a big splash.Home prices have buyers abandoning terra firma and opting for “houseboats” or “floating homes” instead, while the cost of land has developers “considering constructing villas and condominium communities in city harbors, canals, and lakes.” Could we someday see an Arizona Foothills Mag feature titled, “The most expensive home sales on Lake Pleasant”? Realtor.com® with the report. http://bit.ly/2OZuQaQ

Here’s why millions of millennials are not homeowners. “The homeownership rate among millennials, ages 25 to 34, is around 8 percentage points lower than Gen Xers and baby boomers were in the same age group.” CNBC looks into a “new report by the Urban Institute” that “tries to explain why.” http://bit.ly/2vC2uLw

Fountain Hills enacts plan to claim unpaid rental taxes. Some property owners who rent out homes and condos haven’t been “paying appropriate sales tax” — what amounts to “tens of thousands of dollars” in lost revenue for the town. As a result, the town has “initiated an audit of rental properties in an attempt to recover rental sales tax.” The Fountain Hills Times. http://bit.ly/2MjjwYC 

Caliente Construction completes $10M Chandler Public Safety TC. The 29,000+ SF, two-story facility features “a 250-seat auditorium with wheelchair lift, lobby, elevator, classrooms, fitness room, defensive tactics room, restrooms, break room, driving and weapons simulation rooms, and locker rooms.” Touting the facility at the ribbon-cutting, Chandler Mayor Jay Tibshraeny called it “a central East Valley public safety hub.” AZRE. http://bit.ly/2Mjo01h 

ADEQ meets with San Tan residents over wastewater plant concerns. “The Arizona Department of Environmental Quality held a series of public meetings in Pinal County and is taking public comment on the expansion of Johnson Utilities’ Section 11 wastewater treatment plant in order to implement suggestions from the public on the permit.” Florence Reminder. http://bit.ly/2OreypQ

NAU buys Granny’s Closet property. “The property is just across West Butler Avenue from campus and nearly adjacent to the Hub…” Arizona Daily Sun reports that because the Arizona Board of Regents has “approved the purchase of the property, the university can utilize the property as it sees fit without having to again seek ABOR approval.” http://bit.ly/2nu8NMS

City extends Gila River Arena management contract to 2026. “After more than two years running the city-owned Gila River Arena, AEG was awarded a five-year extension to continue operating the home of the Arizona Coyotes.” The Glendale Star reports that this “extension will continue the management contract on its original terms.” http://bit.ly/2Mc3PmV


Don’t miss anything… follow multiple winner of the Arizona Republic’s tweet of the week contest, and Senior Partner at Rose Law Group and Director of RLG Renewable Energy Department, Court Rich. http://bit.ly/Court_RichTwitter 

 

 

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


Bribery case ruins careers, leaves question of larger probe. The case (“dubbed ‘Operation Ghost Lobby”) against former ACC Gary Pierce, his wife Sherry Pierce, lobbyist Jim Norton and utility owner George Johnson has been dismissed. But “one thing jurors never heard about was the larger investigation from which [that case] stemmed” — “Operation High Grid.”  Although an Arizona Cap Timessubscriber piece, Rose Law Group Reporter has posted a decent chunk of it. —>  http://bit.ly/2MnpszW

Citing ugly politics, Steve Smith tells GOP rival Wendy Rogers to quit Arizona’s CD1 race. Smith’s call for Rogers to pack it in comes “after she suggested in ads and on a website that [Smith] worked with a modeling agency linked to sex trafficking.” But there’s no quit in Rogers. Not only has she refused to walk away, but she has also “doubled down on her attacks.” AZCentral http://bit.ly/2ntJavO

New custom homes at Talking Rock – Outlaw series Read more

Pulte meets East Valley housing demand with pre-sales at Cadence Read more

$5,056,000 multi-family land transaction In “Washington Street Corridor” Read more

 

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