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The Dealmaker: 12/02/2016

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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.
Construction starts on uptown Phoenix luxury apartments. “[The 233- unit] Peak 16 [is] located on 16th and Colter… [Developed] by… VanTrust Real Estate [and designed] by… ORB Architecture, the four-story, wood-framed, podium deck development sits on nearly four acres and is planned to be finished in March 2018.” Rendering, amenity details, and info on Vedura Residential’s involvement — at AZBIGMEDIA. http://bit.ly/2ghqMkf

Phoenix apartments sales hit record $4.5 billion. “And there is still a month to go in 2016,” writes Mike Sunnucks, whose report in Phoenix Business Journalbreaks down recent sales “data from ABI Multifamily.” His report also features ABI Multifamily Research Director Thomas Brophy on whether or not the data marks a turning point for “real estate investors and landlords [who have been] bullish on multifamily.” http://bit.ly/2h2Y1ff

Seaport shipping container designers building second project on Portland Street. “StarkJames LLC is building The Oscar at [Portland and Second]…. It will include nine one-bedroom apartments, two live-work units and a commercial unit. The latter ones are geared toward artist and creative tenants.” (One retail tenant they should definitely try to get? The Container Store. How perfect would that be!) Further details and shots of how construction is coming along, in Phoenix Business Journal. http://bit.ly/2gVtg80

Paradise Valley Town Council reviewing Ritz-Carlton final plat. “The final plat is for a 66-lot development over 23.83-acre plot of land close to the intersection of Indian Bend Road and Mockingbird Lane in Paradise Valley.” Paradise Valley Independent notes that “town staff recommends the town council approve the final plat of land but with some stipulations.” See what those stipulations are, here —> http://bit.ly/2gIPqes

SIMONSON SAYS – Arizona seeing a steady increase in construction jobs. “‘Arizona has always kind of been a boom and bust state,’ said Ken Simonson, chief economist at The Associated General Contractors of America. ‘This is getting to be more and more of a boom.’” For Bureau of Labor Statistics seasonally/non-seasonly adjusted construction figures, plus what Simonson says is behind this “current construction boom,” click to KTAR. http://bit.ly/2h2Yga8

How privatizing Fannie Mae and Freddie Mac could affect home buyers.“Steven Mnuchin, [the pick] to be the new Secretary of… Treasury [and a man who seems to be lacking a vowel in his last name] told Fox Business that [Fannie Mae] and [Freddie Mac]… will be restructured and privatized.” Despite this articles’ disclaimer that there are scant “[d]etails on what a restructuring could entail,” Realtor.com’s Clare Trapasso still looks ahead to some possible impacts “when these two organizations are freed from government control.” http://bit.ly/2gIW97U

Heads up homeowners: Mortgage interest deduction on Trump’s chopping block. ‘We’ll cap the mortgage interest, but we’ll allow some deductibility,’ said Steve Mnuchin.” CNBC’s Diana Olick looks at how the deduction “benefits far fewer taxpayers than one might think,” and also why “real estate industry leaders oppose any changes… [d]espite the small number of borrowers a cap would affect.“ http://bit.ly/2fPgw6R

Cameron’s $5M + deals of the day – http://bit.ly/2h2TKbH
Because you are an informed person, as a supplement to the Dealmaker, we are providing you 3 (sometimes more/less) non-real estate related articles we thought you might enjoy!
ALL BETS ARE OFF? – Tohono O’odham say proposed casino deal not likely acceptable to tribe. “Attorneys and officials of the Tohono O’odham Nation are throwing cold water on the deal proposed by Gov. Doug Ducey over the future of a Glendale casino, suggesting the tribe will take its chances in court than agree to what the state is offering.” For details of the rejection and how it left the “governor’s legal council” puzzled, see the report by Capitol Media Services’ Howard Fischer in Arizona Daily Star. http://bit.ly/2h2ULAq

WHEN AUDITORS PAY A VISIT… City tourism audit critical of Experience Scottsdale’s high pay, lack of focus on city. “[T]axpayers spent more than $30 million on the city’s contract [with Experience Scottsdale, formerly the Scottsdale Convention & Visitors Bureau] for tourism promotion over the last four years.” But, as Parker Leavitt reports in AZCentral, “the public may not be getting as much as they should out of the deal…” Audit details (including recommendations), plus Experience Scottsdale’s side of the story, here—> http://bit.ly/2g16fmt

Burns responds to APS settlement offer: No thanks. And what’s behind the rebuff? Arizona Capitol Times reports that “APS and its parent company, Pinnacle West Capital Corp., wanted [Arizona Corporation Commissioner Bob Burns] to agree to drop his quest for disclosure of potential political spending conducted by the companies in previous years. In exchange, APS would support new disclosure rules on future expenditures…” Click through for the full story, which includes highlights from Burns’ “strongly worded 6-page letter from his attorney.” http://bit.ly/2gISCqp

Crowdfunding campaigns, social telethons, and vinyl: Vulfpeck pulls off the ultra-modern album drop. A Forbes three-page feature on Jordan Rose and Court Rich’s first cousin Jack Stratton, his “minimalist funk” band Vulfpeck, and how they “have made a name for themselves with what many would consider out-of-the-box strategies to spread the word about their work”– most recently by using a Kickstarter campaign to fund the album The Beautiful Game. http://bit.ly/2gQzXJG

Newsmaker BONUS: Rose Law Group Reporter Top 10 List of Recent Fake News Stories. We end this week with a little bit of fake news of our own, a humorous piece brought to you by Senior Reporter/Writer Phil Riske. Enjoy! http://bit.ly/2fTO27c

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group.  Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others.  The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Belfiore Real Estate Consulting is Arizona’s leading housing market research firm.  The company couples its surveys of up to 350 new home subdivision sales personnel monthly with resale and public data, as well as the perspectives of leading development, homebuilding, lenders, brokerage, real estate law, contractors, and investors to report on and forecast residential housing market conditions.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.