Is 16th Street the newest commercial real estate hub? AzBigMedia takes us on a 16th St. stroll, through various projects, properties, and possibilities, from Indian School to Highland up to Camelback, and finally winding us back to where we began: “So again, is 16th Street the newest commercial real estate hub for real estate development?” The answer to that comes in the form of yet another question: “As an investor, what are you waiting for?” http://bit.ly/2rNcwJQ
Pollack: Interest rates will continue to rise. But the Monday Morning Quarterback doesn’t seem the least bit FED up about it as he runs through the central bank’s balance-sheet reduction plans, and then looks at the American Health Care Act and its job implications for Arizona. Plus these “Snapshots” –> U.S.: Retail & Food Service Sales, Consumer Sentiment & Prices (w/ chart), Builder Confidence (see below), Manufacturing & Trade Inventories (w/ chart), Industrial Production. AZ: Jobs! Jobs! Jobs! (or lack thereof) – Statewide, Phoenix & Tucson, Single Family Permits – Phoenix & Tucson. http://bit.ly/2sPXe7u
Homebuilder sentiment has dropped decidedly since its surge following the election of President Donald Trump. “[NAHB’s] survey of builder sentiment fell 2 points in June to 67, and May’s reading was revised down by 1 point.” What’s behind the drop-off? And does it reflect builder unease about the Trump administration’s “promise of deregulation”? Find out, plus get component and regional breakdowns for the index, at CNBC. http://bit.ly/2tKdqDu
SUDDENLY THIS SUMMER – Home builders, home sellers suddenly shy. “Something inside whispered to me / You’d better move in carefully.” (“He’s So Shy” The Pointer Sisters) “[A] building slowdown” coupled with “not enough” owners (and investors) “wanting to sell… raises questions about whether a key driver of U.S. growth has fallen into a ditch.” As the Motels sang, “Sometimes I stay too long… Sometimes it frightens me.” But perhaps the subhead to this MarketWatch piece puts it best: “Scene set for real estate boom, but nobody seems to want to party.” BTW, wasn’t that a lyric in the Beastie Boys’ “Fight For Your Right to Party”? http://bit.ly/2sMgWQA
Plunge in housing starts to create emergency? Yesterday we mentioned that NAR chief economist Lawrence Yun was “dismayed” by the Commerce Department’s report of 5.5 drop in housing starts for May. And he was. However, what Yun actually said was that he found the housing start report, quote, “befuddling.” In any event, REALTORMag has more from Yun on the possible “housing emergency” while NAHB’s Granger McDonald and Robert Dietz’s chime in with more upbeat perspectives. http://bit.ly/2sPV0ES
2 reports indicate strong chance of housing downturn. HousingWire’s Editor-in-Chief Jacob Gaffney takes a look the two reports, one from the site Econoday and the other from Standard & Poor’s. Although Gaffney shares the dim outlook presented in each of the reports, describing them as “toned with darkened notes,” there are quite a few in the comment section who aren’t at all on board with his assessment. One poster says that Gaffney’s “article sounds like a fishing expedition for bad news.” —> http://bit.ly/2sxin37
[OPINION] Another part of the real estate market is starting to crumble. “Apartment landlords may have enjoyed the run of a lifetime.” That’s how John Coumarianos (from the investment site Institutional Imperative) winds up his MarketWatch piece, which warns real estate investors to keep a wary eye on the multifamily rental housing market, as “it finally looks like landlords can’t push rents much higher” because “tenants have reached the limits of what they can pay.” http://bit.ly/2sMuUCe
First-time buyers hunting affordable housing are up against property investors… and losing. Dallas Morning News looks at how investors are “hogging the market for low-price homes in some cities, muscling aside entry-level buyers looking for affordable houses…. ‘gobbl[ing] up pretty much anything under $200,000…’” ATTOM Data Solutions Daren Blomquist: “Investors accounted for 33 percent of all single-family or condo sales in 2016, which is the highest number we have ever seen.” http://bit.ly/2sMkna6
REALTORS® predict highest price hikes in West; greater than 5% to 7% in Arizona. “Meanwhile, REALTORS® expect lower price increases in oil-producing states such as Texas: 2 percent to 3 percent over the next 12 months.” For further findings from April’s Confidence Index, tap to REALTORMag. http://bit.ly/2tpnBOs
7 homebuilding trends shaping 2017’s housing market. “A new market dynamic has taken hold, a real estate landscape where 90 people show up to an open house within a six hour period and the seller ends the day with five offers…” Inman presents “seven trends in the homebuilding sphere impacting the housing market as supply and demand drive up housing costs, existing homes aren’t going up for sale and new construction falls short. http://bit.ly/2tpD8hx
Cameron’s $5M + deals of the day – http://bit.ly/2scdvDx
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Rep. Grijalva Joins Smith, Finchem, Leach In Opposition To I-11 In Avra Valley. “In comments submitted to [ADOT’s] I-11 Study Team, [District 3 Congressman Raul] Grijalva… noted that the Avra Valley alternative options would have ‘a negative impact on dark skies, wilderness values, and quality of life for residents of that community.’” Check out Rep. Grijalva’s complete statement (along with quite a few pointed responses to it in the comment section) at ADI. http://bit.ly/2tK4a2j
Corporation Commission ethics code a long time coming as scandal swirls. “Chairman Tom Forese first announced a plan to create a code of ethics one year ago… The conversation about creating a code of ethics reignited again after [Commissioner Gary] Pierce was indicted in May for an alleged bribery scheme….” So what should such a code include? Arizona Capitol Times looks into it. http://bit.ly/2sPZFHa
Lobbyist: Goldwater Institute wants to ‘second guess’ Legislature with regulatory law. “The Goldwater Institute successfully ushered the Right to Earn a Living Act through the Arizona Legislature this year… SB1437 puts limits on… burdensome and unnecessary occupational regulations… But the measure… includes only some of the language that Goldwater… is now pushing” Lobbyists say full approval “would encourage judges to take a more activist-type role…” Details in Arizona Capitol Times. http://bit.ly/2rzYPKj
Ducey administration argues to keep hospital levy paying for AHCCCS care. Is the “money being paid by hospitals to the Arizona Health Care Cost Containment System… a tax”? Or is it “simply an ‘assessment’”? The Ducey administration wants the Arizona Supreme Court to “reject arguments” that it’s a tax. As Capitol Media Services Howard Fischer reports, the “difference is more than wordplay. The Arizona Constitution says taxes can be enacted only with a two-thirds vote of both the House and Senate.” The full story in Arizona Capitol Times. http://bit.ly/2sxlTuz
Supreme Court rules the government can’t refuse to register trademarks considered offensive; ruling leaves questions, says Rose Law Group intellectual property attorney Jeremy Kapteyn. “The result … could doom legal challenges to… trademarks many consider offensive, such as that for the Washington Redskins football team.” POLITICO. Jeremy Kapteyn: “The Supreme Court’s determination that the disparagement clause is unconstitutional is somewhat surprising and begs a better explanation of the legislative history and origins of this long-term statutory exception to trademark registration…” http://bit.ly/2sxzdyT
No age discrimination protections for small political subdivisions, 9th Circuit rules. “[The court] rejected arguments by the Mount Lemmon Fire District that the federal law does not apply to government employers of fewer than 20 workers… 20-person minimum applies only to private employers; it does not apply when the employer is a state or local government agency… [T]he decision… strips what had been the presumed immunity of not just fire districts but other small governments… from these kinds of lawsuits.” By Howard Fischer in Arizona Capitol Times. http://bit.ly/2swZj5d
Ginger Spencer: The woman paid to talk trash. As the official who “oversees all things waste for the nation’s fifth-largest city,” Ginger Spencer talks with Governing about how she is trying to make Phoenix “the most sustainable [city] in the world and to achieve zero waste by 2050.” Listen to the interview here: http://bit.ly/2tKrHjQ
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