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The Dealmaker: 7/15/2019

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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

Metro Phoenix home prices set new record, still no signs of a crash; real estate consultant Jim Belfiore comments on ‘demand wildfire.’ The “market is hot and sales are soaring” but we are NOT in “bubble” territory, reports Catherine Reagor in AZCentral. • Jim Belfiore tells RLGR that “low mortgage interest rates are once again fueling a demand wildfire.” So what’s likely to happen when rates rise again? Jim has the forecast. -> http://bit.ly/2XQoQV9

Pinal County has ‘severe shortage’ of affordable housing. “Somewhere down the road we need to have a work session to understand fully what we can and cannot do to influence or help development of affordable housing.” And it looks like that work session may have already begun, as that remark from Supervisor Todd House helped spark a discussion on the matter at a recent BoS meeting. CG Dispatch has the recap. http://bit.ly/2JI6n81

Arizona ULI selects new board chair. Congratulations to our friend Heidi Kimbal! The senior VP with Sunbelt Holdings has been “selected as the new chairwoman of the Urban Land Institute, Arizona District Council for a two-year term that began July 1.” PBJ. http://bit.ly/2JBgX1P

Shea Homes’ Azure plan lets sunshine in. (Disclosure: Rose Law Group represents Shea Homes at Azure in Paradise Valley.) Builder showcases the “Residence 1 floor plan and model home” that “have been named Best Single-Family, 3,500 to 4,500 square feet at the 2019 Gold Nuggets Awards.” http://bit.ly/2Lm7T32

KB opens Phoenix community. • Park Meadows II • 34 one-story homes • 3 floor plans • 1,500 to 1,950 sq. ft. • From the mid $200s • Near Manzanita Park • More inBuilder. http://bit.ly/2XKfgrp

Scottsdale approves third amendment to Museum Square purchase agreement. The latest amendment “adjusts several deadlines” in the purchase agreement for the 7.34-acre parcel, “which the city will convey to ARC Scottsdale Holdings” for the development of a “hotel, residential units and open space.”Scottsdale Independent. http://bit.ly/2Y21hwt

Phase two of McMillan Mesa development sees completion. “While the first phase of the development contained 23 units, by the end of this year [Phoenix-based developer Dave Cavan] said they will have completed 133 units on the 15-acre parcel.” And Pine Cliff Bungalows isn’t the only development Cavan has planned for the area. Daily Sun. http://bit.ly/30yRPhS

Residents hope to start Flagstaff’s first cohousing project. Bea Cooley, Macy Kiim “and about a dozen other residents” have “hopes of starting a cohousing community in the Flagstaff area with over 30 houses.” But first, they’re gonna need to find some land. Daily Star. http://bit.ly/2Y6MqRE

Ranking Arizona: Top 10 commercial real estate developers. Kitchell, LGE Design Build and Ryan Companies US make up Ranking Arizona’s top three. So which one snags the top spot? Tap to find out. http://bit.ly/2Y2AKPP

Which metro Phoenix city expects the largest revenue increase? “Some economists are looking for indicators of a slowing economy as the country enters its longest period of expansion, but Valley cities don’t seem too worried.” See which cities are forecasted to fret the least when it comes to raking in the revenue, atAZCentral. http://bit.ly/2XJ8Ed9

Maricopa celebrates opening of SR 347 overpass. “The heat did not stop Maricopa city officials, federal and state officials, Arizona Department of Transportation, school board members and residents of Maricopa to celebrate the official ribbon cutting of the SR 347 overpass.” Maricopa Monitor. http://bit.ly/2NXUDnn

Micro-hospital slated in Cave Creek. Cave Creek Hospital is proposed for a 4-acre property on Carefree Highway between 52nd and 53rd streets. But first, a rezone. Reporter Mike Sunnucks has the details in RLGRhttp://bit.ly/2YSOutr

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

Click here for 2019 Arizona Legislative News

Federal lawsuit challenges law to regulate signature gatherers. Attorney Sarah Gonski is asking U.S. District Court Judge Susan Bolton to “strike down a statute that can invalidate otherwise legitimate and qualified signatures on an initiative petition.” But to paraphrase Howard Fischer in his AZ Cap Times report: “Good luck with that, Gonski!” http://bit.ly/30CsKTo

Facial recognition tech Is growing stronger, thanks to your face. “Dozens of databases of people’s faces are being compiled without their knowledge by companies and researchers, with many of the images then being shared around the world, in what has become a vast ecosystem fueling the spread of facial recognition technology.” NYT. http://bit.ly/2Y6bvfl

Glendale council will ask voters for 55% pay raise in November special election. “The increases would put the salaries of Glendale’s elected officials near the top compared with other large cities in metro Phoenix.”AZCentral. http://bit.ly/2JxQqm6

He took down dams, freed wolves and preserved wildlands. Bruce Babbitt is still at work. “On a 6-mile hike, the former Arizona governor and Interior secretary reflects on his career, politics, and why conserving wilderness matters.” AZCentral. http://bit.ly/2JyeUeX

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