Builders blast tax proposal; Realtors not smiling either. NAHB Chairman Granger MacDonald: “The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives…’” Mortgage News Daily reports that NAR “also released a statement critical of the plan,” but that it wasn’t anywhere near as scathing as McDonald’s statement, which “carried the headline, ‘Republican Tax Reform Plan Slams Middle Class.’ ” More here: http://bit.ly/2zamHep
Tax change on mortgages could shake up the housing market. “For most of America, the impact would be minimal… [As for] builders, it will… squeeze the high end of the market, where the biggest profits lie.” And The New York Times reports that the impact of the proposed tax change is already being felt, as Lennar, KB, and Toll Brothers all suffered sharp drops in stocks on Thursday. http://bit.ly/2ysDF8s
Non-bank lenders move non-traditional buyers into ownership. “[N]on-traditional income streams [e.g., from self-employment, commissions, bonuses] may be difficult for traditional lenders to accommodate, but an increasing number of ‘non-bank’ lenders [GuardHill Financial Corp. for one] are allowing these buyers to enter and thrive in the housing market.” A CNN report via Builder. http://bit.ly/2A5YFxY
Maracay Homes closes on $9M land buy in Chandler. “[N]inety-one home sites on a] 37-acre parcel, located at the southeast corner of Cooper and Riggs roads, will be developed into Windermere Ranch, a new, single-family home neighborhood featuring all single-story homes.” Further details on Windermere Ranch in Rose Law Group Reporter. http://bit.ly/2zbbhaz
Scottsdale sober home regulations sprout teeth at commission level; “Spurred by an outcry from local citizens… Scottsdale Planning Commission voted 5-1 to move forward with proposed language for an amendment to the city’s zoning ordinance, specifically residential areas, to address various types of care homes and group homes.” KEY STAT that pops out in this report from Scottsdale Independent: “There’s 109 licensed care homes mapped in Scottsdale…” http://bit.ly/2h923EC
Park Place construction continues under new agreement. “The Town of Fountain Hills and developer N-Shea Group have agreed to a court order that allows construction to continue on the Park Place development downtown.” The stipulation removes the threat that the town would “shut down construction on Phase I of the development based on claims of fees owed by the developer.” Fountain Hills Timesreports, however, that the “town is reserving the right to withdraw the stipulation under [certain] conditions…” http://bit.ly/2AidvSU
Most expensive home sales in Phoenix. It’s Friday! Time for the weekly feature, “Sales of Homes So Pricey They Seem to Holler, ‘If You Lived Here, You’d Be the Butler By Now!’ ” Arizona Foothills Magazine has “the Valley’s top home sales from the past week (10.23.17 – 10.29.17),” during which combined sales totaled “over $19 million,” UP $9 million from the previous week. http://bit.ly/2zuj1VF
Public favors denser housing options for Sedona. “During council’s six-hour meeting [on Oct. 25] regarding four proposed Major Community Plan Amendments, more than a dozen people spoke in favor of the city increasing the density of the number of multifamily units per acre. Council voted 6-1 to do just that, increasing the number from 12 units to an uncapped number.” Red Rock News. http://bit.ly/2yrprVn
See why the office market, commercial construction have slowed down. Colliers International research director Pete O’Neil points the finger at “[e]mployment growth” and “tenant move-outs.” But hat does O’Neil forecast for “fourth quarter absorption”? Find out in PBJ. (Subscriber Content). http://bit.ly/2hB5r8k
Report: New construction starts will increase 3% in 2018. “Dodge Data & Analytics [has] released its 2018 Dodge Construction Outlook… The report predicts that total U.S. construction starts for 2018 will climb 3% to $765 billion.” Head to AZRE for report highlights, including forecasted construction starts for single family, commercial, manufacturing plant, and public works. http://bit.ly/2lMQowB
GLENDAZON? BEZOSDALE? – Glendale part of Amazon bid. The Glendale Star reports that the city is “working with the Greater Phoenix Economic Council and the Arizona Commerce Authority, who have submitted a bid on behalf of Glendale and other member cities in the region…” See what the city is touting in its “proposal welcome letter” in an effort to attract HQ2. http://bit.ly/2zg8FaY
Pima County tries to woo Amazon with 120-acre ‘innovation campus.’ “The county calls it the Sunset Innovation Campus and touts its proximity to the interstate, the University of Arizona, Mexico, the vast cars-free Loop path and the airport, as well as Foothills-area resorts, and housing and shopping.” Read about the county’s pitch and view a rendering of what the Amazon HQ2 “campus could look like on Tucson’s northwest side… along the recently improved Sunset Road west of Interstate 10” — in Arizona Daily Star. http://bit.ly/2iqPFwr
Ahwatukee golf course owner details soured investments. “Wilson Gee and his Japanese investors thought they were getting a great deal… buying Ahwatukee Lakes Golf Course and Ahwatukee Country Club [back in] 2006… [But the] Great Recession would quickly follow, Ahwatukee Lakes would struggle to attract players and Gee’s water costs at Club West would soar.” AFN takes a look at “the downward trajectory of [Gee’s] gamble” as “outlined” in his “testimony last week in the trial involving the future of the now-defunct Ahwatukee Lakes Golf Course.” http://bit.ly/2xWH8rE
Topgolf breaks ground on third Greater Phoenix location. “[The golfing/entertainment facility] broke ground this week at their newest location in Glendale… along the northwest corner of 101 and Bethany Home Road.” AzBigMedia has venue details along with info on the economic impact it’s expected to have. (And check out the pic of shovel-ready officials at the groundbreaking. It’s an image that is in the running for the Dealmaker “Missed Opportunity of the Day.” Shovels? They should’ve been using sand wedges. http://bit.ly/2AgEnmB
Can better water and energy use boost real estate development? The answer is obvious, and Arizona Public Service, Central Arizona Project, Salt River Project, along with Valley Partnership, “all play critical roles” in making it happen. By David McGlothlin at AzBigMedia. http://bit.ly/2A6GnwF
Phoenix approves Colorado River partnership with Avondale. “Mayor Greg Stanton and the Phoenix City Council [have] unanimously approved a new partnership with the City of Avondale to recharge Colorado River water and improve water resiliency and sustainability for both Valley cities.” Details on the agreement at AZ Business Magazine. http://bit.ly/2irvmPk
Arizona Snowbowl: Lots of construction, not much snow yet. A new Hart Prairie Lift. A new pedestrian overpass. Foundation being laid for a temporary restaurant. A new parking lot. Arizona Daily Sun reports that “[c]onstruction work is happening in all directions at the base of Arizona Snowbowl… But eight days before the ski mountain’s previously announced opening date of Nov. 10… [t]he mountain has received only a few dustings of natural snowl…” http://bit.ly/2lJS6yS
Art or eyesore? Peoria man paints home in rainbow stripes. “Ernie Leas’ home in Peoria pops with vertical lines of bright colors painted on his garage and a flashy blue front with fluorescent yellow-painted windows… Most of the people who stop by compliment the new look… But not everyone is so impressed… ” IDEA: For nighttime viewing, Leas should install a blacklight. Sure, it would probably rile neighbors even more, but it would look awesome! Anyway, check out pics of the place and find out what, if anything, the City of Peoria can do about the psychedelic look, at AZCentral. http://bit.ly/2xYlEuv
Trump nominates Powell to lead Fed. “[Jerome] Powell, 64, a member of the Fed’s Board of Governors since 2012, will, if confirmed in the Senate, take over the post from Janet Yellen, whose terms expires in February.” , Tap to Builder for a bit of New York Times background info on Powell. –> http://bit.ly/2zdd10A
Bentley Scottsdale Polo Championships return November 11th and 12th – http://bit.ly/2lIsSBa
Florence ranks high, Casa Grande low in livability study. “The way WalletHub sees it, the two best small cities for living in Arizona are Oro Valley and Florence. And Casa Grande? Not so much.” Capitol Media Services’ Howard Fischer looks at the findings in Pinal Central. http://bit.ly/2zc8RrW
Energy regulator may “cast a lifeline” to coal and nuclear. “Neil Chatterjee, chairman of the Federal Energy Regulatory Commission… said Wednesday the federal government may ‘cast a lifeline’ to coal and nuclear power plants while the government conducts a longterm review of America’s electricity grid… Chatterjee said he was worried that short-term market pressures would shut down coal and nuclear plants and then later on the U.S. would realize it needed that electricity.” Axios (RELATED: “ED3 announces 2018 electric rate decrease of 2%,” at InMaricopa, and “BLM considers nearly 1,000 comments on Kirkland Mine,” in The Daily Courier.) http://bit.ly/2Aj27GL
$10M case: 9th Circuit to hear appeal on Asarco bonuses. “The case stems from a 2014 ruling by a federal arbitrator that Asarco wrongly withheld bonuses based on copper prices to more than 700 employees. Asarco’s unions, led by the United Steelworkers, have said the unpaid bonuses total more than $10 million, plus interest.” Arizona Daily Star. http://bit.ly/2iZ3mGw
The GOP’s hidden 46% tax bracket. <– A report from POLITICO, featuring this teaser subhead: “If you’re rich enough, some of your income is taxed at a rate unseen since the ‘80s.” (A tap will also get you these two RELATED items: From KTAR: “Arizona Gov. Doug Ducey pushes for ‘simpler’ tax code in new op-ed”; and at Axios, “GOP tax bill scores against pro sports stadiums.”) http://bit.ly/2iqIMeg
As tax reform looms, tribal leaders complain about being left out – again.“Tribal leaders told members of the Senate Committee on Indian Affairs that tribes struggle with economic growth because of things like basic federal tax law, dual taxation from state governments and budget cuts from the federal programs… They urged lawmakers to push for legislation that will help Indian Country…” As for Indian Country having a “seat at the table,” Cronkite News reports that “Tribes are… either ignored or they’re an afterthought.” http://bit.ly/2lJtwOJ
White Mountain Apache seek tweak to law to let water project advance. “Tribe Vice Chairman Kasey Velasquez told a House Natural Resources subcommittee that Interior officials do not oppose [a] project [to ‘replace the failing and terminal groundwater well system’], but that they are not sure current regulations allow [it]… The solution, the Apache say, is a one-page bill that would add 17 words to the law to clarify the situation…” (Also from KTAR: “Prospects are bleak for Grand Canyon tram.”) http://bit.ly/2zbcX3D
Whatever happened to local polling? Governing political contributor, Louis Jacobson speaks with “nearly a dozen political experts” on how there are “fewer organizations gauging how citizens feel about their governors” — and why those experts say that “it’s a problem.” http://bit.ly/2zgR7eB
