The Dealmaker: 11/29/2018

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





[OPINION] Misconceptions are plentiful over treatment of opioid addiction. (Disclosure: Rose Law Group represents Community Medical Services.)  In an effort to dispel “misconceptions held by both our state leadership and by other behavioral health providers” regarding the treatment of opioid addiction, Community Medical Services CEO Nick Stavros answers some questions that were raised at recent hearings “before both the House and the Senate Health Committees in support of the governor’s proposal to address the state’s opioid epidemic.” In Arizona Capitol Times

Fulton Homes closes on land for 1,700 Queen Creek homes. (Disclosure: Rose Law Group represents Fulton Homes.) Having closed earlier this month, Fulton has started development on Barney Farms. President of Fulton Homes, Norm Nicholls: “For 89 years, [the Barney Family] has farmed on this land and we plan to honor that tradition by turning the [500+ acres] into a farm-themed community.” And that includes stocking the lake with fish for resident anglers! AzBigMedia.

KB Home opens community in Gold Canyon. 47 one-story homes • Four distinct floor plans • Starting in the low $200,000s • Further details on KB’s Peralta Canyon community • In Builder

Affordable custom builder moves into Arizona. “Adair Homes, an on-your-lot builder that specializes in affordable custom homes, announced that it is expanding into the Arizona market with new branches in Phoenix, Tuscon, and Tempe.” Builder. 

State Trust Land in Phoenix, Gila Bend and Mesa, appraised at a combined $28.815 million, to be auctioned. Three parcels totaling 186 acres will be auctioned by ASLD early next month. The standout parcel consists of 140 acres at the SW corner of Dove Valley and Paloma Parkway in Phoenix. Minimum bid? $22.575 million. The two other properties aren’t too shabby either. For complete auction info see the news release in RLGR.

Billionaire investor Jorge Pérez plans $500M move into Phoenix market. “In all, Related Group co-founder, chairman and CEO Pérez said his company is looking at 20 sites around the metro area. ‘We have rated cities across the country, and that research showed that one of the top cities for us, right now, is Phoenix.’ ” More from Pérez in AzBigMedia.

Phoenix and Glendale have some of the smallest apartments in the U.S.Either that, or Phoenix and Glendale have some of the TALLEST people in the country — at least that’s what it looks like from the photo in this report at AZRE. Check it out, and also see how much square-footage (or lack thereof) landed these two Valley cities among RENTCafé’s “top 20” places with the “smallest rental apartments in the nation.”

Camp Verde may approve rezoning for small home community. If approved, “two parcels totaling 2.46 acres at Nichols and Fain” would be “combined” to make way for “a single project site” that would include “26 site-built housing units, ranging from 400- to 800-square feet.” CV Bugle also reports the project “is being referred to as Wee Hollow.” Perfect!

Phoenix among top housing markets to watch in 2019. “The [Trulia] analysis, released Thursday, highlights the 10 markets poised for growth in the coming year. Phoenix ranks No. 7 on the list…” Get report highlights and access the whole enchilada in this NON-paywall piece at PBJ.

Homeownership for older millennials quickly becoming a thing. “It appears millennials are growing older and wiser, and the eldest in the generation are buying homes more and more, as the younger ones continue to push up demand for rentals.” HousingWire takes a look at recent research on the matter, from both Ernst & Young and Wells Fargo.

2019 predictions: Worsening affordability, commutes, natural disaster losses. Other forecasts include “Amazon HQ2 ‘losers’ ” and “Home value growth,” as Zillow gazes into its crystal ball for this 2019 housing-market snapshot.

Glendale to close Glen Lakes Golf Course for good after temporary reopening. After approving a temporary, 90-day reopening of the course, the Glendale City Council on Tuesday “agreed it will be best to sell at least a portion of the land for development, after hearing from residents about what they want for the property.” AZCentral.

SAM’S: A SHELL OF ITS FORMER SELF – Graycor transforms former Sam’s Club into HUB 317 Distribution Center. The Graycor Construction Company has turned Sam’s Club at 48th St. and Madison into what now “represents almost 225,000 square feet of Class A shell space ready for immediate tenant improvement and move-in.” The project is DPC Companies and Confluent Development’s “first development partnership in the Phoenix industrial market.” AZRE.

Pima County to allow medical marijuana cultivation in additional zones.“Pima County [BOS] has approved a zoning amendment to allow designated medical marijuana caregivers to cultivate medical marijuana in certain zones…. The changes better align the Pima County code with the City of Tucson’s code to provide a more consistent set of rules in the region governing medical marijuana caregivers.” RED News.

Scottsdale OKs Pima Road Bridge widening project across Arizona Canal. “The construction manager-at-risk construction phase services contract [is] with FNF Construction Inc., in the amount of $2,441,093.46, for the bridge widening as part of the Pima Road, Krail to Chaparral project.” More on the project, plus a drone’s-eye view of the location, in Scottsdale Independent.

Sedona’s ‘No Drone Zone’ signs don’t obey FAA law, can’t be enforced by USFS, Sedona Airport. Signs have sprouted around Sedona warning dronautsthat operation of their unmanned aerial vehicles is prohibited, “despite the fact” that “neither the USFS, nor municipal, county or airport governments have the legal authority to regulate airspace.” Red Rock News. 

Southern Nevada home prices up more than twice national rate. The latest S&P CoreLogic Case-Shiller index shows that “Southern Nevada prices were up 13.5 percent year-over-year in September,” and “Las Vegas’ price growth was fastest among the 20 markets listed in the report for the fourth straight month.” Las Vegas Review-Journal. 

Utah Supreme Court: Residents’ vote to block development at old Cottonwood Mall stands. “A ruling in favor of the referendum, [Ivory Homes] has said, could have far-reaching impacts on development issues across Utah and create new hurdles for developers aiming to increase the state’s housing stock.” Deseret News.

Catch-all: The ongoing saga of the most famous U.S. bridge’s steel net.When the Golden Gate Bridge was under construction in the 1930s, there was a “movable safety net installed under active work areas.” Now, “officials have decided to erect yet another net, this one with the potential to save the lives of those who try to commit suicide by jumping.” ConstructionDIVE.

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!

Jon Kyl readies fast getaway after just two months in Senate. The Arizona Republican is “widely expected to depart at the end of the 115th Congress,” after “accepting Gov. Doug Ducey’s appointment to succeed the late Sen. John McCain in early September.” Washington Examiner reports  Kyl has talked to Gov. Ducey “about his future” and that, according to Kyl, they “to have some more” discussion.

Conservative economist urges Arizona to pass on windfall from tax conformity. “In an op-ed… Jonathan Williams, the chief economist at the American Legislative Exchange Council, wrote that Gov. Doug Ducey and Republican lawmakers should conform Arizona’s tax code with the federal Tax Cuts and Jobs Act. Williams wrote that Arizona should use the extra revenue that would generate to cut other taxes…” Arizona Mirror.

Suicide and drug overdoses again reduce. U.S. life expectancy. Life expectancy has dropped “for the third year running,” and the “suicide death rate” reached “its highest level in 50 years.” These “sobering” stats are brought to us by the Centers for Disease Control and Prevention. More from this grim report in The Daily Beast

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November 2018