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The Dealmaker: 12/20/2018

Posted by   /  December 20, 2018  /  No Comments

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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

 

 

 

 

City explains tourist tax for renovations to Talking Stick Resort Arena. (Disclosure: Rose Law Group represents the Phoenix Suns.) The City of Phoenix launches an information site talking about the tourist tax already being collected that would be used to fund repairs to the nearly 30-year-old Talking Stick Resort Arena. After almost 30 years and 40 million visitors, the building needs some work….! http://bit.ly/2EA0vwA

$15 Billion in anticipated Opportunity Zone investment identified by NCSHA; Dan Gauthier, Rose Law Group transactional attorney handling many Opportunity Zones, comments on O-Zones wide-ranging investment potential. “The National Council of State Housing Agencies has released a significantly expanded third edition of its Opportunity Zone Fund Directory featuring 53 Qualified Opportunity Funds representing nearly $15 billion in anticipated investment in designated high-poverty neighborhoods.” Dan Gauthier: “Although the early focus of Opportunity Zone investments tends to be on commercial real estate (CRE), the scope of potential investment goes far beyond CRE…” Read Dan’s complete comment and the full NCSHA report here: http://bit.ly/2V1dFZf

Vociferous residents turn noses up at Scottsdale’s Rockbar patio renewal. (Disclosure: Rose Law Group represents Rockbar.) With Rose Law Group Senior Partner and Co-Founder Court Rich in Rockbar owner Alex Mundy’s corner, Scottsdale City Council approved an “outdoor dining license agreement” for the establishment during the recent hearing. This Scottsdale Independent recap of that hearing involves just about everything, including the kitchen sink (and oven!). http://bit.ly/2T1fS5f

Analysis: Home affordability in Pinal County tanks. “Pinal County had the lowest home affordability index in Arizona  in the third quarter, according to an analysis of 440 counties by ATTOM Data Solutions.” That finding is news to us here at Dealmaker HQ, and raises a bit of skepticism. Check it out in Arizona Business Daily and see if it hits you the same way. http://bit.ly/2QGgUaj

Lakeside Province home Maricopa’s most expensive sold. “Sellers took $6,000 off the asking price to sell” this home on West Snowbird Ln. in Province. InMaricopa has a rundown and pic of the single-story lakeside property, plus info on the city’s other four top sellers. http://bit.ly/2UZlLlj

Why home buyers are getting frustrated. “More consumers are upbeat about the economy. But so far that hasn’t turned into a major boost in sales because incomes aren’t keeping pace with home appreciation.” Could Opportunity Zones be the key to fixing this affordability disconnect? REALTORMag. http://bit.ly/2EwDvPf

Existing home sales unexpectedly rise in November. Economists had predicted a “0.6 percent” drop, but sales increased by 1.9 percent. However, CNBC wastes no time in whiplashing us back in the other direction, noting that sales also “recorded their biggest annual decline in 7½ years, adding to other data that have painted a grim picture of the housing market.” http://bit.ly/2BzzYMG

Phoenix is the nation’s second-hottest rental market. Average rent here  has zipped past “$1,000 for the first time, according to a report from RentCafe.” See what parts of the Valley are leading the rent-increase charge — and which ones are lagging behind — in Phoenix New Times. http://bit.ly/2T42mxS

P.B. Bell founder announces retirement. AZRE reports on the announced retirement of P.B. Bell Chairman and Founder, Philip B. Bell, with remarks from President and CEO, R. Chapin Bell, who will lead the company when his father steps down. http://bit.ly/2rN10Md

From Keith Richards to Paul Manafort: The biggest celebrity real estate stories of 2018. Forbes reviews this year’s celeb real estate happenings: “Oscar winners, Hall-of-Famers in both sports and music, reality television stars and, of course, what’s a year in real estate without a fair bit of drama.” http://bit.ly/2EHOJ4i

Club West Golf Course put up for sale. “Three months after regaining ownership of the Club West Golf Course, Wilson Gee has put it up for sale.” And while Gee contends he has “no support,’ from the HOA and that many homeowners “don’t want [him] running things,” AFN reports the move “may be putting him on a collision course with the HOA board.” http://bit.ly/2EHBDUq

BITING THE ‘BISCUITS’ – The other Club West casualty. “When owner Lloyd Melton opened it in the clubhouse that overlooks the lake, many residents rejoiced that they had a Biscuits that was a lot closer than the other Ahwatukee Biscuits on Elliot Road near 48th Street. The joy didn’t last long.” AFN. http://bit.ly/2A8GUjY

CUSD uncertain what to do with former Kenilworth School building. “For seven years Calvary Chapel church has leased from the Coolidge Unified School District the building that used to house Kenilworth School on Coolidge Ave.” But a “financial issue” (as well as a proposed freeway), “could change the fate of [the] cherished historic school building.” Coolidge Examiner. http://bit.ly/2SZInAd

U-Haul proposes, retail, rental, storage storefront. U-Haul (AMERCO Real Estate Co.) seeks Wickenburg P&Z “approval of a development review for a proposed U-Haul mini-warehouse, automobile rental and retail facility” on “16 acres” at “the [NWC] of U.S. 93 and Scenic Loop Road.” The proposed development’s finer details in the Wickenburg Sunhttp://bit.ly/2A857Y2

McCarthy picked as GC for $310M Sky Harbor expansion. “McCarthy Building Companies Inc. was recently named the general contractor for the addition of the eighth and final concourse at Terminal 4.” Project info, plus McCarthy’s Southwest Region President Justin Kelton comments on the company’s participation in Sky Harbor’s “phenomenal expansion”— in AZREhttp://bit.ly/2GzrnzH

Eloy council gets update on transit study. Heading to “Casa Grande for health care and shopping” are the “top two uses for a transit service, as decided by Eloy residents,” according to an Eloy Transit Feasibility Study presented Monday to the Eloy City Council. Eloy Enterprise has the presentation overview. http://bit.ly/2T1XdpP

Cameron’s $5M + deals of the day – http://bit.ly/2Gtsq49 


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! http://bit.ly/2LAvclq 

 

 

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

 


A toaster on wheels to deliver groceries? Self-driving tech tests practical uses. “Not even half the size of a Volkswagen Beetle, the toylike vehicle had no driver and no passengers. Instead, it held six bags of groceries from the Fry’s Food Store down the road [in Scottsdale]. One observer oohed and aahed over how cute the car seemed.” The NY Times. http://bit.ly/2CpixjQ

McSally Senate appointment makes Grant Woods’ 2020 run more likely.  “ ‘I think it makes it more likely because, as you can tell, I’m not a big fan of (McSally’s) and how she conducted this last election,’ [Woods] told KTAR News 92.3 FM’s Bruce St. James and Pamela Hughes on Wednesday.” (RELATED, fromArizona Cap Times: “Sinema to be state’s senior senator; McSally pledges to work with former foe.”) http://bit.ly/2QEQRQF

Arizona teachers who talk politics will be fired if new bill passes.AZCentral reports on the news Dealmaker mentioned Monday: A bill introduced by Rep. Mark Finchem proposing a “code of ethics for educators that would include provisions forbidding the spread of political and religious messages in public district and charter schools.” The very idea has some here at Dealmaker HQ roaring “Are you kidding me!?!” http://bit.ly/2rO9XFi

State reverses course on pursuing criminal charges for fake signatures.“The Secretary of State’s Office won’t refer allegations of signature forgery and fraud that plagued the past election season to state prosecutors despite proclaiming there was ample evidence to seek a criminal investigation.” Arizona Cap Times.  http://bit.ly/2QJSooo

Court rejects Burns’ bid to unearth APS campaign spending. A judge has “rebuffed the efforts by Bob Burns to launch a probe into whether one or more of his colleagues on the [ACC] acted improperly in supporting a rate increase for [APS] because the company provided financial support for their political campaigns.” However, Cap Media Services’ Howard Fischer reports: “Even if Burns does not appeal, this may not be the end of the matter.” Arizona Cap Times. http://bit.ly/2QFYiXL

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