The Dealmaker: 11/26/2018

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





Company sues Johnson Utilities over failed land deal. “CMG 900, a company based in Delaware, is… faulting Johnson Utilities’ poor water service as the cause for its inability to sell property to homebuilders in Pinal County, according to a civil complaint filed in court last week.” STVS.

Existing-home sales suffer largest annual drop in four years; real estate consultant Jim Belfiore zeroes in on Phoenix. “The latest data offered a mixed picture of a market that isn’t in free fall but also is far from robust.” That’s the national, overall perspective from WSJ (Subscriber Content). In comments focused on our neck of the woods, Jim Belfiore tells RLGR: “In Phoenix, both new and existing homes sales are down, as buyers have begun to adjust to a new mortgage interest rate reality.” Get much more insight from Jim, plus access the WSJ report here:

Fulton Homes opens Sirona in Chandler (Disclosure: Rose Law Group represents Fulton Homes.) • Starting in the upper 300,000’s • Ranging from 1,693 to 3,000 sq. ft. • At Pecos & Cooper • Fulton President Norm Nichols: “This is one of the last parcels of land in Chandler to build single-family.” • The full Sirona rundown • At AzBigMedia

Arizona Forward helps Rio Reimagined begin to take shape. The 58-mile project, an idea kick-started by the late Sen. John McCain and one that “would require buy-in from multiple municipalities,” is “closer than ever to becoming a reality,” thanks in large measure to Arizona Forward, the organization that brought “everyone together” and helped them “connect the dots.” AzBigMedia.

Maricopa receives award for housing plan. Congratulations to the City of Maricopa! which has been honored with the American Planning Association’s “Master Plan” Award for its “Housing Needs Assessment & Housing Plan” — “a comprehensive study to assess the City’s current and future housing needs, as well as to develop a plan for the future.” InMaricopa.

Huge Benson development near San Pedro River gets federal OK. News dropped last week via AZRE regarding Villages at Vigneto, the “28,000-home” community from El Dorado Holdings. Here’s more on the development, including info on the reinstatement of a “crucial permit” that is key to allowing the project to move forward, courtesy Arizona Daily Star

Most expensive home sales in Phoenix. Arizona Foothills Magazine top home sales (11.12.18-11.18.18) totaled over $24 million, REBOUNDING some $2 million from the previous week. Home features highlighted but not necessarily visible in this week’s SLIDESHOW include: Dual island chef’s kitchen, a negative-edge salt-water pool and a master spa retreat.

Flagstaff housing sales dip after setting records earlier this year. “After a record number of housing sales earlier this year, the market seems to have shifted substantially as the number of houses sold in town is down for the fourth consecutive month.” Arizona Daily Sun.

Don’t get grinched by HOA holiday light rules. “More than half of all Arizonans live in an HOA,” and many have “guidelines for what and how homeowners can decorate.” AZCentral real estate columnist Catherine Reagor serves up some pointers on how festive-minded homeowners can stay plugged in while avoiding hefty fines.

Scottsdale uses zoning district map amendment to make way for hotel“Originally, the development plan called for a mixed-use development called Diamondback Commons” near Thomas and 73rd St. “Instead, the new owner wants to build a three-story hotel with 44 guest rooms and two residential units.” Scottsdale Independent.

Downtown Glendale faces identity crisis. “City Manager Kevin Phelps is proposing bold ideas meant to bring more people and business downtown year-round.” But with downtown merchants “in a bit of a war now — with city officials, and with one another” — these “bold ideas” have been put “on hold.” AZCentral.

Tempe Streetcar project will boost bustling downtown. Both Sunbelt Holdings and Arizona State University were early supporters of the Tempe Streetcar project. In AzBigMedia, Sunbelt Holdings Senior VP Heidi Kimball and ASU exec Morgan Olsen discuss the project, which promises to “provide a solution to some of the transportation issues in downtown Tempe.”

Flagstaff passes climate change plan; What does it mean for developers? “While many ideas suggested in the plan would not take much money or staff time to set up,” there are “aspects” of it that “bear another kind of cost” as far as developers are concerned. Arizona Daily Sun.

Gila River leader aims to help reach water deal. “The Gila River Indian Community is entitled to about a fourth of the Colorado River water that passes through the Central Arizona Project’s canal…. Because it holds this large water entitlement, the community has become a key player in efforts to unblock stalled negotiations in Arizona…” AZCentral.

No Arizona drought plan in sight as deadline looms. “[A]ll signs indicate that intrastate water talks, which are largely happening outside the public eye, have become strained in recent weeks. And time to produce an agreement is running out.” Arizona Cap Times.

315-mile trail around Maricopa County completed. “Nearly 20 years after the idea was born and 15 years after development began, Maricopa County has finished a 315-mile trail that circles the entire county.” AZCentral has the story and a map of the trail, which could “soon” feature spurs extending to Wickenburg and Buckeye.

Mission Royale Golf Club: New owner, new restaurant, new attitude. “Harry Sailor purchased Mission Royale Golf Club last year. Since then, he said he’s made many upgrades to the course, the pro shop and the restaurant,” which have “transformed not only the physical appearance but also the culture” at the Casa Grande course. CG Dispatch.

Surprise’s new mayor has been around a while. He’s ”been a councilman since 2008 and served as vice mayor twice.” He’s Skip Hall, the new mayor of Surprise. Learn a bit about Mayor Hall in AZCentral

Colorado architects seeking to create “apartment effect” for younger homebuyers. “In an order to attract young buyers accustomed to living in apartments and save money, builders are trying to make new homes look more like apartments. That means more open designs and simpler finishes.” The Denver Post.

Salt Lake Chamber pushes ahead with affordable housing blitz, but some cities are still hesitant. “Folks from the business group have crisscrossed the state’s fastest-growing counties since July, chasing face-to-face meetings with members of up to 50 city councils to brief them on the numbers, trends andconsequences behind a historic gap in available homes. So far the delegation has gotten a mixed reception…” SL Tribune.

10th Annual AZ DealMakers – January 11, 2019. Don’t miss out on the BIGGEST homebuilding industry event for real estate forecasting and analysis, featuring the best speakers in the industry, including Meritage Homes Chairman & CEO Steven J. Hilton and Christopher Todd Communities CEO Todd Wood. Plus, Belfiore Real Estate Consulting President & Founder Jim Belfiore provides an Overview on Housing. For the full list of speakers & panelists, along with registration info for Arizona Housing: Growth, Its Costs, Challenges & Opportunities, tap on! 



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

Google reveals plans to monitor our moods, our movements, and our children’s behavior at home. PJ Media looks into Google patents for its “smart-home products that are capable of eavesdropping on us throughout our home” via “sensors and cameras mounted in every room to follow us and analyze what we’re doing throughout our home.”

Phoenix ranks high in sin, says report. WalletHub compared more than 180 U.S. cities across 37 key indicators of evil deeds” — “from violent crimes per capita to excessive drinking to adult entertainment…” (ALSO, from KTAR: “Arizona ranks No. 5 in number of immigration laws enacted.”)

A more moderate Arizona Legislature seeks common ground. “The close split in the Legislature has leaders in both parties stressing the need to find common ground for fear that the growing divide at the Capitol, and in Arizona, will lead to gridlock.” AZCentral.

Court upholds registration requirement for petition circulators.“Wednesday’s ruling most immediately explains the decision the justices made months ago to block a vote on the ‘Outlaw Dirty Money’ proposal. But the implications go far deeper, providing a legal road map for others who want to challenge ballot measures.” A Cap Media Services/Howard Fischer report in PinalCentral.

Midterms turnout prompts proposals for election law changes. “Arizona’s prolonged vote count has borne a batch of proposed law changes designed to speed up the process and instill more confidence in the system.” Arizona Cap Times(Subscriber Content).

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November 2018