9-28-07 When you start shopping for a home, it's nice to know just how much home you can afford. Even better, wouldn't you like an edge over other buyers interested in the same home you are? Prequailification provides a "ballpark" estimate of your borrowing power and pre approved provides proof to real estate agents and sellers that you're approved for a specific loan amount.
It is that time of year for most golf courses to overseed for the winter rye. Some course's shut down for a week or two, and some stay open. The winter rye looks great with a bright green color all winter.
9-21-07 If you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they're even give a chance of a showing. This is why I recommend having the property appraised at the time of listing, and when I list your home for sale I'll pay for the appraisal. Pricing the property right from the beginning is that important.
9-17-07 A client asked me over the weekend about construction financing. I explained that most lenders have a one time close package for the construction and permanent financing, here's how it works; For qualified borrowers whose builder has requested that the borrower obtain the construction loan financing for the construction of a primary or second home and requires progress payments.
Features include:
Construction and Permanent financing in one loan
- One application
- One qualification
- One closing
- One set of closing costs
Finance the Land Purchase/Value
Contingency Reserve
- Covers unplanned cost overruns during construction
- Covers unplanned upgrades during construction
Interest Reserve
- Covers the construction loan mortgage payments due during construction.
9-1-07 I hope your enjoying your Labor Day weekend. While golf may be the focus of many Country Clubs or golf communities, many non-golfers are also attracted to the amenities that are included- such as spacious club houses for residents and guests to use for dining, card games, fitness classes or other recreation. There are also swimming pools and tennis courts. A rule of thumb is about a third of the residences play golf.
8-24-07 Number one. The July Statistics show some positive signs in the Tucson real estate market. Pending contracts were up from July 2006 a huge 63% and the active listing inventory decreased 2.94%.
I'm seeing about 0 to 7% drop from the list price to the closing price.
Forty Niner Country Club had a couple of new price reduction's, mainly because the homes were priced to high from the beginning.
The local mortgage lenders I"ve spoke with recently are still making loans and anxious for new customers. This past week mortgage rates drop, however jumbo loans are still high.
8-13-07 The cost of a loan is more than rates and points. Prior to selecting a lender for a specific loan, you should ask what other fees there will be in addition to the points. Within 3 days of application, you'll be mailed what's called a Good Faith Estimate of what the loan will cost. And this is just what the name says. It's an estimate. And, in "good faith," it's as accurate as possible given the information available at the start of the loan process.
8-4-7 What a week for the credit markets and Wall Street. First, the real estate slow down effected Wall Street and the credit markets. Now, the credit markets and Wall Street are having their effect on the housing market. This past week AHM lender had a huge meltdown with their stock dropping below $1.00. The Tucson office of AHM was taken over by Nova Home loans and should be open Monday for business. The big Wall Street banks cut AHM's credit lines and they were unable to fund mortgage commitment's. Credit appears to be tightening, however, credit is just not as loose as the recent past.
I had a client ask me what is a jumbo loan? A jumbo loan is a home mortgage loan over $417,000.00, and has a rate increase of about .5 percent over the rate for a loan under $417,000.00.
7-28-07 The stock market got hit this week in part because of housing,the sub-prime and now the prime mortgage markets. The effect was flight to quality from stocks to treasuries, and when treasury demand goes up the yields drop. When treasuries yields drop mortgage rates usually follow and that is why mortgage rates are lower this past week. Rates are hovering in the low 6% range, depending on points, credit scores etc.. The coming weeks should be interesting with the high level purchase of puts in the stock market, compared to calls, will help keep pressure on the markets and fuel lower rates. Hey, lower rates and lower home prices equals a good time to buy or come off the sidelines and start looking.
7-21-07 Prices per square foot are used in almost every aspect of real estate. The average price per square foot is just over $200 in the areas that I work. The price per square foot is an excellent guide, however, when comparing homes you have to adjust for lot premiums , quality of construction etc.
7-11-07 As a Luxury Home Broker here in Tucson, Arizona I like to keep you informed on current real estate events.
I just received an update from The Hills at Tucson National, and they have four homesites under contract and several near the contract stage. Put this area on your short list.
I just got back from Oro Valley Country Club and while I was there I shot several pictures of the new clubhouse. I will have the pictures on my site soon. The new clubhouse is awesome and with the mature golf course it is a hard combination to beat.
7-1-07 I was at Sabino Springs today, and the golf course is still closed for some repair work to the greens. Additionally, the fairways were airated for?
I stopped in the six casitas in Sabino Springs and finally got to see the inside of one and was really impressed. These units are the best kept secret on the northeast side of Tucson, and Sabino Springs. The units are 2 bedrooms, around 1200 square feet and rent in the low $100 to mid $200 a night approximately.
Sabino Springs has a few lots remaining and excellent resales that range in price from around $300,000 to a million plus.
If you have questions or would like listings sent to you via email call or email me. Thanks in advance for telling your friend's about me. Until we meet, Reid
6-30-07 When the Tucson, Arizona real estate market was red hot 25-40% of the sales were to investors. Now the market is slowing down and my guess is the majority of investors are out of the market. It's back to a real market where buyers are buying homes to live in and enjoy.
Interest rates are in the high 6% percent range, for a 30 year fixed mortgage rate.
6-22-07 A frequent question to surface is about price per square foot, and how it is figured. The Tucson Arizona real estate industry uses a square footage figure for homes that includes the land. In Country Clubs, golf communities and luxury custom built homes the land premium or lot premium can vary by thousands of dollars. Lot premiums are paid for all kinds of reasons, views, location etc.. Also, lot preparation costs can vary. So, when using square footage numbers to compare homes it is best to break out all the numbers then compare. However, it is a quick guide to use, similar to a PE ratio on a stock.
6-14-07 Fledman Mall Properties, a publicly traded company, has retained FBR to find a buyer because it has failed to match industry benchmark returns. Feldman Mall Properties owns the foothills Mall here in Tucson, as well as several other Malls around the country. Feldman reported it's financial results late, citing a lack of proper staff and a material weakness in financial controls. In my opinion, accounting issue's are a red flag. However, Feldman has been around along time and this maybe a bump in the road.
6-7-7 The Biosphere 2, located just north of Tucson, has sold for $50 million. The seller spent $200 million for the project. Pima County approved the property for the development of 1553 homes, a 200 room hotel resort and a 200 acre commercially designated space where the campus is now. Tucson Arizona country clubs, luxury homes, retirement areas & golf communities still shine with all the same reasons they did before when the market was red hot. People come to Tucson Arizona for the casual lifestyle and health. Tucson is still a great place to be no matter what the real estate market is doing.
6-2-07 This week in my travels I have seen some steep price drops, $95,000 in Ventana Country Club, $70,000 in 49er's Country Club, $60,000-$100,000 in Heritage Highlands. Now is the time to start considering jumping into the Tucson real estate market. Can homes go to zero? Let me help you in your search for the perfect Tucson luxury, country club home. Initially I can send you current listings and hot new properties as they come on the market. This will give you a good feel for our market. If you have questions call me at 1-800-997-4701 or email reid@reidtucson.com.
6-1-07 Golf properties or golf communities in Tucson include the retirement areas with golf courses. One of my favorites is Heritage Highlands, located in the northwest part of Tucson, Arizona. The golf course is gorgeous, the clubhouse is awesome and it's in an ideal location, Dove Mountain. The builder, Lennar, has three lots remaining with huge discounts from $60,000 to $100,000. And, don't forget the resale's. If you would like an update on the resale's call me at 1-800-997-4701.
5-18-07 Pima County closed on the 22 story B of A building in downtown Tucson, Arizona. The closing price $24.1 million or approximately $125.00 per square foot . An occupancy rate of 82.5% was reported at the time of sale. I think Pima County came out ahead on this deal, plus they can consolidate offices to one location.
The Arizona state Senate passed SB 1062 by a vote of 27-0, the bill will allow property owners the right to display an industry standard size sign on the owners property. The bill is waiting final vote in the House of Representatives. This bill will stop HOAs from prohibiting for sale signs.
The HOA ( homeowner association ) For Sale Signs issue passed the Arizona Senate and has to pass the House of Representatives. The Senate vote was 27-0 to allow homeowners the right to display on his/her property and industry standard sign.
In northeast Tucson a 6,820 square foot free standing retail building in Colonial Verde Shopping Center recently sold for $1.48 million or $218 per square foot.
5-10-07 A Seattle firm buys La Reserve Villas for $28.7 million or $119,400 per unit. The seller a Canadian firm bought the property in December 2005 for $30.1 million and planned a condo conversion. They dropped their condo conversion plans due to a sluggish condo market. OCH!!
The luxury, distinctive community called " The Hills At Tucson National ", has contacted me to let me know that the 20 homesites on over 33 acres will be released soon. The homesites will be priced from the $400,000's. " The Hills " will be adjacent to the 9th fairway, the 10th hole and the 11th tee box on the Sonoran golf course, which is the second 18 hole course at Tucson National Country Club.
Tucson National Country Club will soon have a new subdivision called " The Hills at Tucson National ". The Hills at Tucson National will feature 20 homesites on over 33 acres of prime golf course property. The homesites are pre- grand opening priced from the $400's. The golf community will have 2 gated entries and private golf cart access to the Tucson National Country Club. I'll keep you updated and if you have questions call me at 1-800-997-4701.
5-4-07 The 55,338 square foot former Albertson's, at 10805 N. Oracle Road just sold for $7.2 million, or $130 a square foot.
The US industrial market got off to a weak start in the first quarter of this year with the vacancy rate ticking up 10 basis points to 8.8% from the fourth quarter of last year. Much of the weakness was in the sector's flex product. The warehouse sector recorded positive net absorption of 18 million square feet.
Hi! I will work with you on an exclusive basis. My knowledge of Tucson and the real estate market will be a definite benefit to you. I have lived in Tucson since 1962 and have sold Tucson real estate for 26 years. If you need a Tucson resale home or a Tucson new home, I can assist you in your search. There are many excellent, well priced, Tucson homes on the market right now. I can help you find that perfect Tucson home for sale. I look forward to working with you.
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Reid Sossong, RPA, Broker
Brian L Beebe, GRI