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The Dealmaker: 2/14/2017

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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 $107.652M Sagewood expansion. “Sagewood [in Phoenix] is currently a 292-residence, luxury senior living community… The expansion will add 24… homes, an additional assisted living facility, and an event center….” AZRE makes a point of mentioning that Sagewood is located “near the Musical Instrument Museum.” Interesting, because the cul-de-sac in the rendering (sort of) brings to mind a banjo. Check it out and let us know if you agree. Or if you think we’ve lost our minds. http://bit.ly/2lHd1lr

Scottsdale developer moves into new segment with Pinal project. “Josh Simon’s… firm has mostly specialized in infill and retail projects but is now moving into medical…. [SimonCRE] has bought 2.4 acres… for… a new Sun Life Family Health Center…. near downtown Florence.” Simon says: “It’s exciting and rewarding to watch our relationship with Sun Life grow into something that will benefit the area’s residents and strengthen the standard of healthcare in the town of Florence.” Further deal and development details at Phoenix Business Journal. http://bit.ly/2kn4TGE

Coyotes-ASU deal dead, but team still looking in East Valley. So what if there’s not much NEW info in this East Valley Tribune piece on the continuing saga of the Coyotes and their quest for a new arena (other than perhaps Coyotes president Anthony LeBlanc on “creating the one of the most taxpayer-friendly arena projects in the country”)? The article is still worth checking out, if only for the RENDERING of the arena — even if you’ve already seen it. Pretty awesome-looking. But getting it built? That may take the development equivalent of a “Miracle on Ice.” http://bit.ly/2ldgTK6

Pollack: President Trump, for better or worse. The Monday Morning Quarterback rolls out some of the pressing economic issues facing the new administration, noting that “[h]ow these issues are addressed will go a long way in determining how successful the President’s plans will be.” Plus… U.S.: Credit – Revolving & Non-Revolving, Consumer Sentiment, Mortgage Rates w/Chart, Single Family Home Prices. AZ: Home Prices – Phoenix & Tucson, Home Permits – Greater Phoenix,  New Homes Prices vs. Resale Home Prices w/Chart, CBRE Industrial-Office-Retail Market Data. http://bit.ly/2kncPaE

Troubled Navajo housing agency’s board to be replaced following azcentral series. “The Navajo Nation’s embattled housing agency is set to get a new, smaller and more qualified board of commissioners under reform legislation signed by tribal President Russell Begaye.” (BTW, it’s interesting that a Republic investigation may have helped bring about these changes. With any luck, the Republic will also do a series on the D-Backs starting rotation and similar types of changes will follow!) http://bit.ly/2lgiT48

Lenders now must report more information about your mortgage to the IRS. “[Y]our lender must now disclose more information to the IRS about your loan, including the amount of the outstanding principal balance at the beginning of the year, the origination date of your mortgage and the address of the home securing the loan.” And, according to The Washington Post, ignoring or overlooking these “key differences in this year’s [Form 1098]… could trigger an audit by the IRS.” http://bit.ly/2lghHxB

Dealmaker BONUS: Happy birthday, Arizona! 7 reasons Arizona is a great place to live and work — or, better yet, move to. In celebration of Arizona’s 105th birthday, Governor Doug Ducey “today published a new op-ed at Medium telling the world why Arizona is so special… ‘to [him] and to the nearly seven million people who live here.’” —> http://bit.ly/2ktI0fJ
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!
Utilities vote to close Navajo coal plant at end of 2019. “[T]he Navajo Generating Station coal-fired power plant near Page… has been more expensive to run than natural-gas-burning plants… Environmentalists cheered the decision to shutter one of the biggest polluters in the nation…” Meanwhile: “The closure will affect not only about 430 workers at the plant but also another 325 at Peabody’s Kayenta Mine 80 miles away…” Read the full report and WATCH “[m]ine employees and officials talk about [the impact of] the possible closure of the Kayenta Mine” — at AZCentral. http://bit.ly/2ktSITl

Senate takes small step toward limiting teen drivers’ cell phone use. “The Senate on Monday agreed to make it illegal for new teen drivers to either talk on their phones or text. They also could not manually input destinations into phones or GPS devices while driving.” So why characterize it as just a “small step”? “[Because] the restrictions apply only to the newest drivers, meaning those with learner’s permits or in the first six months after getting a license. After that, any restrictions would disappear” — leaving teen drivers free to text, talk, and crash into stuff. More about SB 1001 and what else it “forbids,” in this report from Capitol Media Service’s Howard Fischer at Arizona Capitol Times. http://bit.ly/2ktRI1M

Futurist: Next generations may ask ‘Why would you ever let a human drive the car?’ With “Ford… General Motors… Waymo and Uber…  testing their driverless cars in Arizona,” Cronkite News talks with ASU’s “Futurist in Residence” about how the “current car seat generation and on will have a completely different perception of human drivers,” to the point that “children born 50 years from now” might also be asking, “What are stop signs?” http://bit.ly/2lggqGE

Legislature taking up major civil asset forfeiture reforms. “In the wake of [an] investigation that found lax oversight of the state program that allowed Arizona law enforcement agencies to seize $200 million from people suspected of committing crimes and spend more than half of it on general operations, the Arizona Legislature is considering a measure that would fundamentally alter how police agencies can take a private citizen’s money or property.” For details on HB2477, including its “significant… change [in] the evidentiary standard that police and prosecutors must meet when seizing money or property,” click to AZCIR. http://bit.ly/2kGO2u9

CBRE Completes $10.55 Million Sale of Desert Canyon 200 Read more

HonorHealth Anchored Medical Complex Trades for $10.6M Read more

Phoenix Multifamily Market Closes 2016 With Slower Activity Read more
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.