Reid Sossong, RPA Broker2010 Tucson, Arizona Weekly Real Estate Newsletter
7-29-10 The following is an an update form The Department of Real Estate. This is pretty meaty and worth reading. HB2345: Signs; homeowners' associations; condominiums- With respect to real estate for sale or lease in the condominium, an association shall not prohibit or otherwise regulate any of the following:
July 23, 2010: The following letter is an update on "The Residences at The Ritz-Carlton, Dove Mountain." If you have questions please email me at reid@reidtucson.com.
7-16-10 Sabino Springs has a few remaining choice lots, with excellent views. Located in northeast Tucson, Sabino Springs is home to Arizona National golf club. Call or email me and I'll send you the land listings. Also, the foothills in the north part of Tucson has land available. Plus, building a home now is ideal, because most builders are looking for work. 7-11-10 Tucson, Arizona homes that are priced smart continue to sell fast, while the overpriced ones stagnate on the market. I know it's hard to realize how ugly this market is right now, however, homes are selling. In Tucson it doesn't matter what you "think or wish" your home is worth, it's what the market is doing, and are moving all the time. You need to get it priced correctly from the beginning, otherwise you could play chase the market down. I've seen this happening around Tucson. I know if most sellers ask themselves " would I pay this much for this house?" then the picture becomes clearer. 7-2-10 Have a Happy Independence Day. Remember, with the new MLS when I send you listings you can interact and receive hot new listings as they come on the market. Just let me know and I'll hook you up. 6-25-10 Wow!! The new home sales nationally are the lowest since they have been recording the numbers. Time to buy? If you don't have to sell before you buy a home this could be the time. 6-18-10 Every summer new clients ask me about the summer heat in Tucson, and how locals survive. One way to trim the heat is to do things early in the morning when the temperatures are in the 60's. Then, the other good time to avoid the heat is early evening. However, if you have to do something in the afternoon it's not impossible, unlike being snowed in. And, if you have a pool it helps pass the summer heat. 6-11-10 Dove Mountain located in northwest Tucson, is home to The Gallery Cottages, next to The Gallery Clubhouse and right down the street fro the new Ritz resort and Country Club. The Gallery Cottages have a few resale's available priced in the $330.00 square foot. The Gallery Cottages vary in size from 2200 to 2500 square feet. On spacious large lots with a combination of mountain and golf course views. I'll send you the available listings, just email me. Once you see the photos, numbers, and location of The Gallery Cottages you'll realize the true value. 6-5-10 Sabino Springs, a luxury home community, located in northeast Tucson is surrounded by the beautiful Arizona National Golf course. Homes are selling in the $150-$200 a square foot range. Views from all around the community are spectacular and would make coming home feel great. Let me send you listings in the area, you'll be surprised at the home you get, for the price you pay. Call or email me if you have questions, or if you are planning a reconnaissance trip to Tucson. 5-14-10 Is the Realtor important in your transaction in Tucson, Arizona? Yes, the Realtor is very important from start to finish. In Tucson the Realtors role is extremely important when negotiating all the points in a transaction. An example would be the making sure the inspection period is negotiated to keep everything together, so everyone is informed. Then, what happens if during the inspection the buyer loses his job, or wants to back out? In this case does the buyer get the earnest money back in full? Will the deal fall apart ?And there's more, but I don't want to bore you to tears. I know most people I work with understand my role as a Realtor through the whole process and the benefits, whether you are buying or selling. It's a good feeling when out of town brokers have picked me to represent them in their purchase here in Tucson The new Tucson Association of Realtor Multiple Listing Service is up and running. The new system is called Flex MLS. I have the public hook-up connected today, so you'll be able to search the listings. If you want me to connect an automatic search for you, and you'll receive hot new listings as they come on the market, just call or email me. Don't forget you can look-up you home on zillow.com or trulia.com. Have a great weekend. 5-7-10 North Tucson is many times called the "Foothills", and there are still great lots left. Land, or lots have always been at a premium in the foothills. However, this past week when researching for a client I noticed that the prices are higher than in the past, compared to homes. The sellers may not be aware that home prices have dropped, and that lot prices run 20-30% of the total cost of the home and lot. Also, when looking at lots consider the lot preparation cost that is low on a flat lot and can be half or ? on a challenging piece. Many lots have been on the market for some time. Let me send you the current listings and then hot new ones as they come on the market. With the real estate market that we have now is the time to position yourself. The deals are out there, just email or call me and let's get started. 4-30-10 Tucson, Arizona has a luxury home community in the foothills called Alta Vista that should be on your short list. The views are incredible, both mountain and city with the natural surrounding desert. The area consists of ridges and rolling hills that will blow you away. Homes are definitely in the luxury market and with reasonable prices in the $150 to $215 per square foot range. Let me send you the listings for Alta Vi.sta; Email me at reid@reidtucson.com 4-24-10 Ventana Country Club in Tucson, Arizona is still one of the premier clubs in Tucson. The area is surrounded by dense mesquite trees and awesome mountain views. Truly, the setting is very special. Homes are priced in the several hundred thousand to several million dollar range. I was a member there in the eighties, and can tell you that the Ventana country club is a first class operation. They are constantly budgeting for improvements and it shows. Let me know if you have questions at reid@reidtucson.com. New home sales surged 27% nationally, and everyone is trying to read into the number to see a clear picture. Fact; The new home sales, NHS, are signed contracts that still need to close. The existing home sales are homes that have closed. What data would an appraiser look at? Also, how much do the tax credits expiring soon play a part? And, do you think the tax credit are just taking sales from future months? We'll find out. 4-18-10 The luxury home market in Tucson is showing few bank owned properties in the north, northeast, and northwest. In fact, there are no luxury homes above the $500,000.00 level in the northeast. This maybe why jumbo mortgages are looking better for investors, and as a result lowering the jumbo rates or non-conforming loan rate. So, if you are considering a luxury home here in Tucson now is the time to start getting serious. 4-9-10 The March Tucson Association of Realtors Multiple Listing Service statistics are out and the numbers look awesome. The monthly sales volume is up 62% and the monthly units sold is up 57%. The inventory of homes is still hovering around 6700. The monthly average sales price jumped 2% to $211,000.00. Of course there are still some black clouds still hanging, however, these are strong numbers. 4-5-10 The $6,500.00 tax credit for a repeat buyer of real estate is ending this month. Also, the $8,000.00 tax credit for first time buyers. If you wanted to take advantage of these tax credits the clock is ticking. Call me and I'll help you get the ball rolling. The Fed has stopped purchasing mortgage backed securities. Will the interest rates go up without them buying? I've heard good arguments on both sides; only time will tell. 3-19-10 Tucson's best luxury home community, what's your vote. This week a client asked me the difference between pre-qualified and pre-approved for a mortgage. The terms are being misused on a regular basis, and there is a huge difference in them. The term pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan, maybe. And, pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter for the final stamp. Currently, there are automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? Also, on the buyer's side it is better to be pre-approved when negotiating. 3-13-10 Starting May 1st, 2010 Tucson, Arizona will have a new MLS (Multiple Listing Service), called Flexmls. I took the first course this past week and it really opened my eyes with some of the new features it will have. Additionally, there will be three more classes I'll be taking to learn about the details. I know the new program will still be able to email you current listings and new ones as they surface. The MLS at this time is not sure how the public MLS will change. I'll keep you current as I wade through. If you have questions please email me at reid@reidtucson.com 3-5-10 If you are looking for a home in a Tucson, Arizona golf community let me give you some thoughts. First, consider looking for the country club, golf community. Why? If you don't like the club and golf course, then why buy a house there? Also, when you are looking at the clubs you can eliminate the clubs because of the range of the housing prices, too high or low. Then, focus on the homes in the area. Next, I'll negotiate and get you the best deal possible. Put my 31 years experience to work for you. Let's talk, I'd love to hear from you. 2-26-10 Luxury homes in Tucson, Arizona aren't exempt from the short sale or foreclosure market. In the north, northeast, and northwest areas of Tucson, Arizona the number of luxury home short sale and foreclosed properties in the MLS are about even, at 18 and 19 respectfully. Most are in the northwest, and the least in the northeast. Compared to other areas of Tucson these numbers are low. If you would like me to send you a current list of reo and short sale properties, and hot new ones as they come on the market let me know. I'll hook you up right away. 2-19-10 Tucson, Arizona home of Ventana Country Club, in north Tucson. Located next to the Loews Ventana Resort, the Ventana Country Club is private and since there are 36 holes of golf the members play 18 holes and the resort guest play the other 18 holes. Then, the next day they swap and play the other 18. Ventana is in the foothills with plenty of mesquite trees and breath-taking views. Homes are for sale in the $400,000 to several million. Ventana is first class and one of Tucson's best kept secrets. Tucson is having the "World Match Play," be sure to watch on TV and see our great weather. 2-12-2010 Tucson, Arizona MLS statistics show an increase of 15% in unit home sales compared to last year. The average home price is just over $200,000 and the listing inventory is holding steady in the 6,000 range. The real estate market in Tucson seems to be hitting a bottom, only time will tell. In the mean time many people are buying homes in Tucson at low prices and red hot interest rates and enjoying the Tucson lifestyle. 2-5-10 Tucson, Arizona luxury home broker Reid Sossong, RPA will send you luxury home listings for Tucson. Additionally, he will send you new luxury homes immediately as they hit the market. Wow! What an edge, put it to use. Let Reid know what you are looking for by e-mail, or fill out the questionnaire on his home page. 1-29-10 Luxury homes in Tucson's northwest have many benefits and amenities. The proximity to I-10 and Phoenix make it a quick trip. Tucson's northwest has several hundred homes and lots on the market to choose from. Basically, you have everything in the northwest you can imagine: shopping, medical, restaurants, many golf courses, retail stores, and most services. The northwest is home to some of the area's top country clubs and resorts: The Gallery, Stone Canyon, The Ritz-Carlton, and others. Also, Sun City and Heritage Highlands are two sought after adult communities in Tucson, Arizona. Please feel free to email me your questions at reid@reidtucson.com. 1-15-10 Tucson, Arizona still has land available in north Tucson, or commonly known as "The Foothills." Prices start in the low Hundreds and go to over 3,000,000. Generally, as a rule of thumb you can figure 20-30% of the finished home will be the land cost. Then, you should figure the cost to prep the lot, especially in the foothills of Tucson, Arizona. Let me email you land listings and then new ones as they come on the market. 1-8-10 I'm very excited about starting a new year here in Tucson. Why? To start with the average price of a Tucson home has jumped to $202,000 from $188,000. The home listing inventory seems to have bottomed at around 6,000 listings. Home unit sales have been seasonally going up and Tucson has the best weather in the world. That's right, so email or call me and lets get started. 12-25-09 The green home building movement is slowly moving forward. The goal is to get to net-zero energy use. Net-zero homes make and save as much energy as they use. The cost is still a factor, until the green homes become more common and energy cost climb higher. Merry Christmas to everyone and a Happy New Year. 12-17-09 The average interest rate on a 30 year fixed bumped up closer to 5%, a sign the economy may be improving. 12-11-09 Northeast Tucson is home to Arizona National Golf club and Sabino Springs. Arizona National is a high end daily fee course with memberships available. Having played the course many times I can tell you that this course is always exciting to play. Elevated tee boxes and greens keep you always thinking.The homes surrounding Arizona National are called Sabino Springs. Homes in Sabino Spring are selling for $179.00 per square foot average. The community has a beautiful manned gated entrance that lets you know immediately you have arrived at an exclusive area. And, don't forget there are still a few remaining lots available in the $250,000.00 range for 1-4 acre lots approximately. 12-2-09 Starting January 1st, 2010 lenders will have to HUD's new 3 page Good Faith Estimate. It is suppose to be easier to read and will work in concert with the closing statement. 11-27-09 Luxury homes, broker in Tucson, Arizona. Many of the luxury homes in Tucson are located in Country Clubs, or in the adjacent subdivisions. Most luxury homes are in the north, northeast, and northwest areas of Tucson, Arizona. These are the areas I specialize in and can take you from your first visit to closing on your dream home here in Tucson. Once you spend a winter here you'll see what people have been talking about. 11-19-09 Even though we live in the desert, flooding in Tucson is rare, but has happened. When purchasing a property, as your agent I'll get written flood plain status on the property from Pima County during your due diligence, or inspection period. Interest rates have dropped slightly, and are hovering in the 5% area for a 30 year fixed rate. What is interesting is mortgage applications have dropped. 11-10-09 The Tucson Association of Realtors Multiple listing service will now feature green items regarding properties on the MLS. The following is a list of the green items the MLS just sent me: TUCSON ASSOCIATION OF REALTORS ® MULTIPLE LISTING SERVICE Previously Developed Built on a previously developed site RESOURCE EFFICIENCY ENERGY EFFICIENCY WATER EFFICIENCY CERTIFICATIONS 11-6-09 Tucson luxury homes are mainly in the N, NE, and NW areas of Tucson, Arizona. The north area has the highest average sales price, then the northeast, with the northwest last. In my opinion, they are all great areas with their own character and feel. Luxury homes are selling about off 10 percent of the luxury home listing inventory last month for each area mentioned, which is still anemic. These numbers are nice to kick around, however don't forget the real reasons people move to Tucson: Casual lifestyle, weather and health. 10-16-09 Tucson, Arizona. Jumbo loans are out there. What is a jumbo loan in Tucson? Loans between the amounts $417,000 and $729,750 are called "conforming jumbo," and loans above $729,750 are called "super-jumbo." Fannie and Freddie consider only conforming jumbos, and qualifications for conforming can vary depending on location and bank. Call or email me if you would like some lender names. Also, lenders are hesitant of making loans above the amount that Freddie and Fannie will guarantee, because if a jumbo loan borrower defaults, it's harder for a bank to quickly sell a higher-end foreclosed property. And because Freddie and Fannie don't buy non-conforming jumbo loans, there's less of a secondary market for super-size jumbo loans, and that's part of the problem in the high-end real estate market. 10-9-09 MLS statistics are out here in Tucson, and the numbers don't look bad. The average sale price is just below $200,000.00 and the average days on the market is around 80 days. Also, the house inventory level continues to drop and is in the 6,000 area. Need to find a mortgage lender here in Tucson? Some of my choices would be B of A, Chase, Nova, National City. Call me at I'll give you the numbers to get you started. 10-2-09 Tucson is a laid back low cost place to live. Health and medical are some of the reasons people choose Tucson as a primary residence or 2nd home. The average 30 year mortgage rate dropped this week to 4.94%, and is staring at the all time low. When the Fed helping with rates it could be a good time to get a real estate loan. The $8,000.00 tax credit ends November 30th, 2009. The government is kicking around a possible extension and/or increase in the amount as well as opening the program up to everyone, not just first time buyers. Only time will tell. 9-27-09 Tucson, Arizona Luxury and fine homes broker, Reid Sossong. Recently, a client asked my opinion on having a pre-inspection on their house? Absolutely have a pre-inspection if you are a seller, was my response. Having one eliminates surprises during the inspection period and helps justify your price to buyers. Also, it allows you ( seller ) time to do any repairs the house may need. Then, another thought for both sellers and buyers is to have individual inspections performed. If you think the plumbing could be bad have a plumber come out and do an inspection, or an electrician to check the electrical, or a heating/cooling professional to look at the heating and cooling system. Home inspections benefit everyone in the transaction. Have questions? Email or call me at 1-520-977-8026 or reid@reidtucson.com. 9-4-09 Land Tucson, Arizona. Foothills located in the north side of Tucson, still has over 100 lots available. And, from $120,000.00 to several million.The area has high end restaurants and shopping, plus one of the best school districts. Why not build? With the economy beaten up, pay a little and buy a lot, (I hope you got that). Anyway, now is a great time to build in Tucson, call me at 520-977-8026. 8-29-09 Here are some highlights on the Mortgage Disclosure Improvement Act, "MDIA", that became effective July 30th, 2009:
Please consult with your Mortgage Lender before making any decisions. Also, have your lender write an approval letter for you to use when making an offer on a house. 8-28-09 Tucson luxury homes are still selling, however the bulk of the market is under $500,000.00. The north area of Tucson is considered a higher end area and has many homes for sale in the below $500,000 range. The north side of Tucson has one of the better school districts, Catalina Foothills. So, many folks are taking advantage of the lower homes prices, allowing their kids to go to school in Catalina Foothills School District. 8-21-09 Luxury homes in Tucson, Arizona in the short sale and REO class, are low. Short sales for homes over 1 million show: NW 5, N 4, NE 2. REO homes show: NW 9, N 0, NE 0. In homes under 1 million there are hundreds of short sale and REO properties. And from what I hear, read, and have experienced in the short sale-REO you need a lot of patience, and then some more. Jumbo loans are still in a bunch, because of the secondary market, thus the slow sales for luxury homes. What does that mean? Time to start shopping. 8-13-09 The real estate market in Tucson is seeing many short sale properties that are receiving multiple offers. Many times the property is priced low to encourage multiple offers and create a bidding war. This is just a new twist. Also, don't forget the waiting time usually needed when buying a short sale. 8-7-09 Tucson appraisal update; since the new law " Home Valuation Code of Conduct", A.K.A. HVCC went into effect May of this year, everyone involved in the real estate industry has had concerns. Basically the law puts a brick wall between appraisers and those lenders or banks that hire them. Many lenders are using appraisal management companies "AMCs". This keeps their distance from the appraiser. Appraisers are still allowed to talk to real estate brokers. Chinese dry wall I'm hearing can be a health hazard as well as ruin your home. It appears to be used in homes built in the 2006-2007 time frame. If metals in your house are changing color, you have foul odors, and your eyes and skin are irritated, please have yourself and home checked out. You may want to google it and read up on the topic. Tucson's trustee notices and trustee deeds have increased several fold in the last few years. However, Tucson is way down at around 40th in the rankings. This is good and bad, depending on how you look at it. I think we would all like to see a leveling out or bottoming of the real estate market. 7-31-09 Stone Canyon broker luxury home news update. There are currently 183 members at Stone Canyon. Approximately 100 lots for sale of the 370 that are left. The planned club house is with the architect; he is reducing the plans from 42,000 square feet to 25,000 square feet, what is interesting is the current club house is excellent. Stone Canyon and the Ritz Carlton are at the top of the housing market for Tucson. If you are planning a reconnaissance trip to Tucson, for real estate, call me and I'll answer questions and show you areas of interest. 7-24-09 Realtors are really trying to change the HVCC, the new appraisal code. The appraisers are causing deals to fall apart, wow. With the new rules they can't talk to Brokers, Lenders etc. for input on the area or home. Plus other issues. It seems the pendulum has swung too far and needs to find the right balance. I hope it goes through this process quickly. 7-22-09 Luxury homes in Tucson, homes over $1million are still selling despite the mortgage market. You can get a jumbo loan, loans over $419,000, but, you will pay a higher rate and most lenders are requiring 25-30% down. The days of 5% down and a heart beat are history. Many of the luxury homes that are selling are in the $300 per square foot range and coming off the sales price 3-25%, that is huge compared to the conforming market. Also, the majority of the luxury solds are in the 1-2 million area. 7-9-09 Tucson, Arizona. I heard this week good things about Quicken Loans, regarding jumbo loans. Might be worth a call. Other banks to try would be National City or Chase, for jumbo loans. Listing inventories of homes here in Tucson have dropped to 6,261. That's a big decline from the peak of over 9,000. The Residences at The Ritz Carlton, Dove Mountain, sits on approximately 850 acres. The community density will be around 400 residents, making it ideal for playing golf.The home sizes will be from 1950 square feet to over 5,000 square feet. Homesites' will range from 1/4 to 7 acres in size. Do you want the best Tucson has to offer? The Ritz-Carlton should be at the top of your list. Call me for a private showing at 520-751-8686, or email at reid@reidtucson.com. 7-3-09 Tucson, Arizona; Shopping for a mortgage and want the best rate. First, be sure to compare all current mortgage rates for the similar types 6-26-09 North, Northeast, and Northwest Tucson are areas I love to show and sell homes in.. The solds to listings are in the 10-15% range, on a monthly basis. HVCC, what is this? The " Home Valuation Code of Conduct ", for appraisers, that just went into effect recently and is being fought for many reasons. I'll keep you updated as I hear more on the HVCC. Tucson luxury home agent-broker, call or email Reid at reid@reidtucson.com , or 520-751-8686. 6-19-09 Northeast Tucson is home to Sabino Springs, a manned gated community. Properties are selling in Sabino Springs at a good pace, except land. In fact, northeast Tucson has many land listings for sale, with few selling. The ones that are selling are coming off their price substantially. Back to Sabino Springs; the homes that have sold in the last 6 months, in Sabino Springs, have only come off the sales price an average of just a few percentage points. Nice solid community, worth looking at. 6-11-09 September 23rd, 2008 the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. The Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although, the house will come plumbed for graywater it will be up to the home owner to connect plumbing to a system within the home. 6-5-09 Luxury Tucson, Arizona homes are selling, however slow. This could be your chance to purchase a luxury home at rock bottom prices. In Stone Canyon, one of Tucson's most prestigious areas, the square foot prices have been selling in the $200 plus range. Stone Canyon sales in the last 6 months have all been between $1-2 million; with the homes over $2 million just sitting. Call me at 520-977-8026 and let me answer your questions, it's free. 5-29-09 I was just talking to a client about new mortgages and they said they could get 4.25% on a 30 year fixed rate. Upon further investigation I discovered he was right, at a cost of over $9,000.00. For some people this could actually make since, like if you were going to live in the house for a long time. Bottom line, everyone's situation is different, so shop around and check out a few lenders. What are super-jumbo loans? Usually, these are loans over $1-1,500,000.00. Not ever lender does this type of loan, especially now. A few years ago these loans were considered money in the bank, now they are considered riskier. 5-23-09 Tucson demographics, house value estimates and photos, plus a whole lot more can be found on Zillow.com. Actually, not just Tucson, Arizona but nationally. With house prices dropping you may be shocked to see what your home maybe worth. Zillow is not 100% accurate, but a good starting point. Jumbo rates are still about a point higher then conforming rates. Why? Mainly, the secondary market is slim. 5-15-09 In Tucson, Arizona luxury real estate brokers know vacant land in the foothills ( a.k.a. north Tucson ) is slim. However, Northeast and northwest Tucson still have land available. Many buyers are starting to look at older ranch style homes with flat roofs to demolition. Most cities experience areas that are renovated, and for the foothills in Tucson it is a new experience. Forty Niner Country Club and Tucson Country Club has for the past several years seen several homes that have been torn down or gutted and remodeled. Since the foothills has city and mountain views and an excellent school district,it only makes since to remove old homes and replace them with updated energy efficient new homes. 5-6-09 Tucson Association of Realtors, Multiple Listing Service just released the residential sales statistics for April 2009. The listing inventory has dropped to 6,890. This is off the high of over 9,000. I think some folks are just frustrated and pull their house off the market. Home unit sales are showing 882 for the month, down from a year ago at 1,015 units. Also, the average sales price is at $193,000, down from a year ago when it was at $253,000. That is approximately a 23% drop, ouch! 5-1-09 In Tucson, Arizona, like most cities, home inspections are the norm when selling a house. As a seller, have you ever thought of having a home inspection before the sale? This would allow time for repairs and put your mind at ease knowing that the home will pass the sale inspection. Also, it shows potential buyers that you are serious about the home you are selling. 4-23-09 Tucson country clubs and luxury homes can be viewed from my home page. Go to the upper right corner and click on " New Feature ". You don't have to be a member. The listings are the current homes for sale in the Tucson Association of Realtors MLS. After you review some of the areas give me a call at 520-977-8026. I look forward to hearing from you. 30 year fixed rates inched lower this week to 4.80%. WOW. 4-17-09 Tucson country club homes and land. A client asked me the difference between pre-qualified and pre-approved for a mortgage last week. I hear the terms being misused on a regular basis, and there is a huge difference. Pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan. Pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter. We now have automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? 30 year fixed rate mortgages are still below 5% this week. Many folks, including myself, are waiting for the rates to go lower. 4-9-09 In Tucson, Arizona if you are building or significantly renovating a home on a golf property or a foothills lot and want to avoid the extra cost of two closings (construction loan and permanent loan), then consider a one time close construction loan. One application, one qualification process, one closing, and one set of closing costs. Interest-only payments during construction, the choice of adjustable rate or fixed mortgage products and the option of permanent loan rate protection available for up to 18 months. 4-3-09 According to the Standard & Poor's/Case-Shiller report, based on January indexes, show that home prices have dropped approximately 30% from the high of 2006. Interest rate for the 30 year fixed hit 4.78%, making it the lowest rate since 1971, the year they started tracking the rate. 3-26-09 Why is the luxury market so slow? Part of the answer is the secondary market for jumbo loans, (those loans above $417,000 ), has dried up. So, when lenders make a jumbo loan they have to keep it on their books. This makes it harder to get a jumbo loan, plus the rates are higher. Freddie Mac & Fannie Mae are supported by the government for conventional loans, and lenders for jumbo loans aren't. Maybe because there's no political gain to fund what some people think are " wealthy people's homes." 3-20-09 What another big week in Tucson, Arizona and the country. The Federal Reserve announced it will be injecting more money in the system, 1 point something trillion. Their plan is to lower mortgage rates, and the 30 year fixed did drop below 5% today.Time to start thinking refi, or make that purchase you have been putting off. Remember,Tucson has great weather and atmosphere; with the home market ripe for the picking. Give me a call or send me an email and lets talk. 3-13-09 Mortgage interest rates dropped slightly this last week, to around 5% for a 30 year fixed rate. And, if you do some shopping you'll find rates lower than 5%. The listing inventory in Tucson, Arizona has been shrinking; from above 9,000 to around 7,600. This is a good sign. Did you know? You can buy golf community property in Tucson, Arizona for under $200 per square foot. 3-6-09 In Tucson, Arizona appraisals are considered opinions of value, where residential real estate appraisals compare your home with similar homes that have sold. Keep in mind an appraisal is not the same as a home inspection. Home inspections look for physical imperfections in the home, to be sure it is structurally sound. Grab your piece of Tucson's Paradise; just visit Tucson and see why. 2-27-09 Great news! FHA, yesterday, announced an increase in lending limits for both traditional loans as well as Reverse Mortgages.Pima County was raised from $271,050 back up to $316,250. DON'T FORGET ABOUT THE $8000 TAX CREDIT for First Time Home Buyer. WOW! Did you know you can buy a house with a reverse mortgage? There is a new plan for seniors 62 years and older that allows them to use a reverse mortgage to purchase a home, not just refinance it. Since January 1st the Housing Bill provided FHA with provisions to mirror the reverse mortgage refi program. Questions? Call me. Tucson, Arizona is having great weather for the World Match Play this week. This is one reason they picked Tucson, Arizona for the World Match Play. 2-23-09 Tucson # 1 real estate MLS just released the 2008 MLS stats. Also, they compare the numbers for the last ten years. Some of the more interesting stats aren't that bad. First, total sales units are about the same as in the year 2000. The average days on the increased only 17 days. Then, the average sale price showed an increase of more than 50%, compared to ten years ago. The Tucson market is off the peak, however, it is not off a cliff. If you have never been to Tucson, be sure to watch the World Match Play on TV this week. The World Match Play tournament will be here in Tucson held at the new 27 hole Jack Nicklaus course in Dove Mountain. 2-13-09 The national average on a 30 year fixed rate mortgage fell from 5.25% last week to 5.16% this week. Foreclosures dropped slightly, compared to last month. And, the weather in Tucson is perfect; how about that! Dove Mountain in Tucson is the site of the World Match play. The area has a variety of homes and lots to choose from. Pay a little buy a lot ( I just had to say that ). Sabino Springs is an up scale, manned gated, desert 18 hole golf course community. Prices in Sabino Springs are in the $200 per square foot range. Let me send you the listings from Sabino Springs or contact me at reid@reidtucson.com. The $15,000 tax credit I heard was taken out the stimulus spending package. I'll try to find out more and let you know. 2-8-09 The $15,000 tax credit for all buyers sounds like a good idea. And, it won't have to be paid back. The original deal was half the amount, only first time home buyers, and the money had to be paid back. We'll see what happens. Interest rates spiked on the 30 year fixed rate to around 5.25%. Jumbo loans are still about half a percent high. The World Match play will be in Tucson this month, with the worlds top 64 players. If you are from out of town you can watch the World Match Play on TV and see what Tucson looks like. The World Match Play replaced the Tucson Open, which was one of the oldest stops on the tour. 1-30-09 Tucson luxury home agent, north, northwest, northeast are the areas I specialize. Call me for benefits of each at 520-977-8026. This month I celebrate 30 years in the real estate business, all in Tucson. Let my years of experience and knowledge of Tucson benefit you, call me at 520-977-8026 and let's talk. 1-23-09 Tucson, Arizona. A client asked my thoughts on having a pre-inspection on their house? Yes, absolutely have a pre-inspection if you are a seller. It eliminates surprises during the inspection period and helps justify your price. Then it allows you ( seller ) time to do any repairs. Another thought for both sellers and buyers is to have individual inspections performed. If you think the plumbing could be bad have a plumber come out and do an inspection, or an electrician to check the electrical, or a heating/cooling professional to look at the heating and cooling system. Home inspections benefit everyone in the transaction. Do you have questions? Call or email me at 1-520-977-8026 or reid@reidtucson.com. Remember, one less putt per hole shaves 18 strokes off your score. 1-16-09 Tucson Arizona fine luxury home broker, has just received the December MLS statistics for 2008. As you can probably guess some of the numbers are horrible. The average sales price dropped 22% to $200,000, Wow. Active listings dropped 12% to 7,627 which is good to see the inventory shrinkage, even though the shrinkage wasn't all sales. The number of units sold are about the same. Golf in Tucson has the World Match Play coming to town the last week in February and the first day of March. The event brings the third largest purse on tour and the top 64 players. Want to find out about property in the area? Call me at 1-520-997-8026, and let's talk. 1-9-09 Yesterday, the average rate on 30-year U.S. fixed rate mortgages dropped for a 10th consecutive week, to approximately 5 percent, since the Federal Reserve announced its plan to lower home borrowing costs. Of course there are lenders with rates below 5%, and if you contact me I will give a few names of lenders here in Tucson. El Conquistador Country Club is having a half off initiation fee for a short time. This is a great value at the most active Countr 1-2-09 Tucson fine luxury homes. Are you confused over the difference between pre-qualified and pre-approved for a mortgage. I hear the terms being misused on a regular basis, and there is a big difference. Pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan. Pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter. We now have automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? 12-26-08 I hope you and your family are having a good holiday season. It's year end and I will be updating my spreadsheets for golf and country club fees, and home prices in a few weeks. If you have questions please contact me. 12-19-08 Tucson luxury homes broker agent reports. The US home builder sentiment is still at a record low for December, as the economy is still in a turmoil. The index that tracks builders sentiment is in the single digits and anything below 50 indicates more builders see the market negatively. They, the builders, are really hurting. If ever you were to make a screaming deal with a builder, this could be the time. Also, the fed is purchasing in the market place more treasuries, which is one reason why mortgage rates have been dropping. Ritz-Carlton in Dove Mountain will be opening in January 2009. Also, the Jack Nicklaus 18 hole golf course will be ready to play in January at the Ritz. I'll update you as the project progresses. 12-12-08 Tucson luxury homes broker and country clubs are in included in the Tucson Association of Realtors MLS statistics. Compared to this time last year home sales volume is almost cut in half. The average sales price is $ 215,000 and active listings have dropped below the 8,000 mark, a good sign. Also, new listings to come on board has dropped almost 30%. 12-5-08 Tucson, Arizona luxury home broker Reid Sossong covers the north, northwest, and northeast. Alta Vista in the north area of Tucson is conveniently located to resorts, golf, and just about anything you can imagine. This luxury community allows city and mountain views. Prices range from $200-$400 a square foot. Go to my website reidtucson.com and at the top right of the home page access the mls under new feature and look up Alta Vista. You'll be pleasantly surprised. Let me know what you think. 11-26-08 Happy Thanksgiving, I hope you have a good day. Good news this week, the Federal Reserve injected more money into the system and mortgage interest rates dropped around 1% as a result. Many people will be refinancing, and others will be jumping back into the market with home prices low. 11-21-08 Dove Mountain, has homes starting around $200,000. and up to $4,000,000.. The Gallery Golf Club, located in Dove Mountain, is truly a golf Mecca. Also, the Ritz Charlton is located in Dove Mountain. Call me with questions at 520-977-8026. 11-13-08 Tucson Association of Realtors MLS 2008 October statistics are out. Here's some highlights. The listing inventory is shrinking to below 8,000 from above 9,000, a good sign towards stabilization. The average sales price has dropped to $226,000., probably because the volume and units sold have both fallen slightly. Reid, Yes, I do remember you and Karin. I'm sorry the Saddlebrooke golf didn't work out for you. However, it sounds like Oro Valley CC is much better. You are right in what I said about OVCC, in fact Friday in my weekly news letter I talked about OVCC, all positive. FYI, when I was showing property in OVCC in February of this year the couple at one of the homes indicated initiation to join the club was in the $6,000 to $10,000 range approximately. I thought that seemed extremely low. I never heard the word bankruptcy used. I will file this letter and give anyone I'm working with your information. Let's keep in touch, and thanks for remembering me. Reid, I’m not sure if you remember me, but I wanted to make contact to let you know of something that may be of mutual interest. In late 2000 you showed Karin and I around a number of homes in the Tucson area including Saddlebrooke and Oro Valley. We eventually bought in Saddlebrooke, where we still live. After a few busy golf months, and before they opened The Preserve at Saddlebrooke, we found golf didn’t work well for us here. We joined Oro Valley CC in January 2002 and have been members there since. I recall your mentioning that Oro Valley was one of your favorites and it has proven to be that for us. Last year in a weak moment I agreed to run for the club’s board and had enough enemies to get elected. I’m not sure what rumors you may have heard about the club on your end of town. Two years ago we opened a very nice, new clubhouse. Last year we hired an outstanding GM who has been a breath of fresh air. We’ve heard rumors going around that people think we’re bankrupt. That’s not true, but as with many private clubs these days, we aren’t sitting on a bundle of money. Due to some flaws in our by-laws, we’ve had a number of members “walk away” from their memberships so we have a number of them available for which we aren’t collecting any dues. Because of this, we kicked off a major push to get new members. We’re doing a preview, one year membership. It allows someone to try the club for a year without paying the initiation fee up front. There are some incentives for trying the program. There are also discounts on the full initiation fee if preview members go ahead and join as regular members before the end of a year. I’m sending this in case you encounter new folks moving to Tucson, or others already here, who you think might be interested in trying or joining Oro Valley. I’d appreciate your referring them to me so I can provide them details. If you’re still playing golf and have the time, perhaps we can get you out to the course for a round of golf, lunch and a tour of our new clubhouse if you haven’t seen it. If you’d like to come over or have someone who’d like details about our new program, email me here or give me a call at 520-825-2935. Jeff Roby 10-31-08 Happy Halloween! Oro Valley Country Club is the best kept secret in Tucson. The course is a classic tree lined walkable course with a few water features and elevated holes. A variety of housing in the club area and close to every amenity. Let me send you listings and information on the new club house. 10-24-08 I received the following two emails from the staff at The Residences at the Ritz Carlton, Dove Mountain. Questions? Call me with your Tucson real estate thoughts and questions at 520-977-8026. Thanks, Reid.
10-17-08 In Tucson on Tuesday, September 23, the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although the house will come plumbed for graywater it will still be up to the home owner to connect plumbing to a system within the home. 10-10-08 Real estate in Tucson country clubs, luxury homes. Let me send you, via email, MLS listings of Tucson homes. And, automatically as new homes surface in the market. Also, see my new feature on my homepage to target search golf and luxury homes, and you don't have to sign in, wow. Need help or have questions? call me at 1800-997-4701. 10-3-08 Tucson, Arizona retirement and golf properties are still basking in the sun waiting for a new owner. Low rates and homes you can call home, all at discount prices. Why wait? Remember, Tucson's great weather, atmosphere, and people are just a few good reasons to buy a home here. Questions? Call Reid at 520-977-8026 or email Reid at reid@reidtucson.com. 9-26-08 El Conquistador Country Club is surrounded by 23 subdivisions, each has an individual name. Canada Hills is the community name for all 23 subdivisions. Canada Hills is selling in the $150 a square foot range and sellers are coming off their price 0-7%. This is an upbeat community with two 18 hole golf courses that were recently remodeled. Call me or go to my home under new feature and look up Canada hills. Interest rates jumped this week to a little over 6% on average for a 30 year fixed rate. The number one reason for moving to Tucson is our fall, winter, and spring weather. And, this is a great time of year to play golf in Tucson. 9-19-08 Wow!! What a week, and last week. Could this be a bottom in the housing market? The government take over of FNMA and FMAC last week was monumental. Then, this week a few of the big banks and AIG had their problems. Also, Secretary Paulsen announced the BIG rescue plan to save Wall Street. He mentioned the turn around will start with housing, and with rates below 6% for a 30 year fixed more people will be buying a home. 9-5-08 Stone Canyon is Tucson's high-end Country Club, and for good reasons. The membership cap is set at 390, with 178 current members. The initiation fee is $90,000, and refundable. The temporary clubhouse is nicer than most country clubs, with the 42,000 square foot main club house in the near future. Phase 4 is open with lots available from $500,000 and up. There are new homes starting at $1.2 million and up, call me for details at 520-977-8026. Don't forget the resale homes. 8-29-08 Tucson real estate, land, homes, and mortgages are all available. Lenders are basically going back to the "old" standards used in past, and money is available. Right now the rate on a 30 year fixed conforming loan is approximately 6.5%. Excellent credit scores and other factors apply. And, don't forget the great Tucson weather and laid back atmosphere as some of the reasons to buy a home in Tucson. If you have questions please call me at 520-977-8026s. 8-24-08 Many people, and some Realtors, are confused over the difference between pre-qualified and pre-approved for a mortgage. I hear the terms being misused on a regular basis, and there is a huge difference. Pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan. Pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter. We now have automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? 8-15-08 Tucson is seeing the listing inventory shrink below 8,000. This is good news, maybe even a small signal the housing market is bottoming. Hey, at this point in the market anything positive is refreshing. 8-8-08 The National Association of Realtors broke the news this week that pending sales in June went up 5.3% from May. This blew economists out the door, they expected a decline of 1%. Additionally, this is good for the whole economy. 8-1-08 Tucson, Arizona should feel the housing market improve with the new housing-relief bill that became law this week. The law will have a huge impact on Freddie and Fannie, the largest purchaser of mortgages. They will have an undefined credit line, wow, from the Treasury Department. Also, the FHA will be able to insure as much as $300 billion in new, refinanced mortgages. What does this mean? One of the biggest benefits will be the major banks can sell their bad mortgages to the government. Guess who will be picking up the tab, your right the taxpayer. I better stop now. Have a good weekend. 7-26-08 These rates are approximate for last week, Questions? Please email or call me. Also, take a look at my new feature on my home page. 7-18-08 New home construction starts nationally rose 9% in June. Sounds good, however, it is a skewed number because of New York building code changes July 1st. Builders in that area hurried to get in before that date. If you backed out the irregular number for New York, the number would be in the negative 4% area. 7-11-08 The Tucson Association of Realtors Multiple Listing Service ( MLS ), released the June 2008 residential sales statistics. Here are some highlights; Compared to last year the average sales price dropped to $257,000., down 12%. The new listing inventory has dropped 25% over the last year, this is also reflected in the active listing inventory which shows a 6% decrease. Last, I'd like to mention the "home sales units" which decreased 25%, compared to last year. Inventory levels are shrinking, but not because of home sales. Have we reached capitulation? 7-4-08 Happy 4th of July, and Independence Day. Please go to my homepage and view my "new feature" in green. Let me know what you think. 6-27-08 The summer storms arrived this week in Tucson. This is good news for the golf courses, they have been crying for water. The greens and fairways soaked it up and with a big monsoon season in a few weeks the rough will be thick and the fairways slower. 6-20-08 Interest rates have been going higher, in fact the national average is around 6.5% for a 30 year fixed. I understand that you could probably get a lower rate, I just use this as a bench mark. Mortgage applications are lower and FHA insured loans have soared. The National Association of Home Builders sentiment rating is at the lowest level since it began. Housing starts fell and that may help the resale inventory get absorbed. 6-13-08 Tucson golf properties and Country Clubs represent less than 5% of the Tucson inventory of homes on the market. Additionally, golf communities, golf properties, and country clubs are selling between 5-10% of their inventory. The total inventory for Tucson is approximately 9,000 homes. 6-6-08 Don't forget all the positive reasons people come and make Tucson their home. Weather, atmosphere, casual lifestyle, and low cost of living ( compared to the major cities ), are some examples. The current low interest rates and large inventory of homes, builder incentives all make the real estate attractive for buyers, especially in Tucson. 5-30-08 Tucson golf courses are still in good shape with some signs of browning on fairways and greens. Last week had the last of the cool days for a while, summer is here and the golf will start to play fast, with longer drives and fast putts. Also, the golf fees all around Tucson drop every summer because of the heat and the winter visitors, U of A students have left town. 5-23-08 Tucson, Arizona many people think you don't need to bother getting a home inspected if its being sold "as is". A home sold "as is" should be inspected, so the buyer knows exactly what "as is" means. These homes aren't being sold free of defects, only with defects unrepaired. Many states require the seller to disclose known defects or other conditions that could affect the value of the home, but impose no further obligation. 5-16-08 Tucson Country Club or Country Clubs here in Tucson, Arizona are showing weaker then normal sales, however there are still sales. I have a feeling much of the bad news is behind us and already priced in the market. Interest rates are low mortgage app's are up and inventory's have been shrinking. Plus, the pent up demand will help immensely when the flood gates open. Tuscon Arizona the average sales price of a single family home is $253,000. 5-9-08 The Tucson Multiple Listing Service has changed the days on the market " DOM ", to now read " CDOM " or cumulative days on the market. What this means is when a listing expires and within 30 days the property is listed again, the days on the market will keep counting from the previous listing. This will be more accurate. Also, the Tucson Multiple Listing Service will be changing the MLS map boundaries, N NW NE etc. 5-2-08 The National Association of Realtors is working with Congress to make permanent the new FHA and conforming loan limits, mandated by the economic stimulus package, so that Americans can access affordable financing in all areas of the country. Tucson, Arizona, recently I had a client who confused a comparative market analysis, or CMA, with an appraisal. Real estate agents use CMAs to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraisal price with their CMAS, but an appraiser's report is much more detailed--and is the only valuation report a bank will consider when deciding whether or not to lend the money. Also, banks are using the computer to do an appraisal when processing a home equity loan, to save time and money. 4-25-08 Real Estate 101: Appraisals are opinions of value, and residential real estate appraisals compare your home with similar homes that have sold usually. Remember, an appraisal is not the same as a home inspection. Inspections look for physical imperfections in the home, making sure it is structurally sound and so forth. Jumbo loans are for more money than the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation will fund under its mandate. The Tucson area, loans above $417,000 are considered jumbo loans. What does this mean? You will pay a slightly higher interest rate, usually 1/2% higher. 4-18-08 The following article is from ASHI, the most organized and respected association for home inspectors. I hope you enjoy the article. The photos below were submitted by ASHI Certified Inspectors and published in ASHI's publication, the ASHI Reporter. Photos appear monthly in ASHI's "Postcards from the Field" section. "Some of the most unusual discoveries I've made as a home inspector have happened while I was inspecting dark crawl spaces, attics and roofs," said Brion Grant, 2008 ASHI president. "From time to time, though, I spot some pretty unusual and potentially dangerous issues simply by walking into a room." Shocking Discoveries
Speaking of dangerous electrical situations, take a look at this photo below. ASHI Certified Inspector Matt Fisher of Bloomington, Ind., discovered an electrical outlet inside the shower of this newly remodeled bathroom. He also pointed out that the toilet paper dispenser is inside the tub, too. It All Falls Down
Watch out, that first step can be a little tricky.
When Enough is Too MuchThe owner of this home in Bartlett, Tenn., does not appear to believe in the expression "all things in moderation." There are six hoses connected to the faucet shown here. ASHI Certified Inspector Brandon Dyles said the homeowner was hoping it would pass as a "sprinkler system."
About the American Society of Home InspectorsIn its 31st year and with nearly 6,000 members, ASHI is the oldest and most widely recognized non-profit, professional organization of home inspectors in North America. Its Standards of Practice and Code of Ethics are the industry standard. ASHI’s mission is to meet the needs of its membership and promote excellence and exemplary practice within the profession. For more information, visit www.ASHI.org or call 800-743-2744. 4-11-08 A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when Fannie Mae (FNMA) and Freddie Mac (FHLMC) limits don't cover the full loan amount. 3-28-08 The number one idea that borrowers have about mortgages is that fixed mortgage rates are directly related to moves by the Fed. In reality, fixed rates are tied to long-term interest rates and play in their own park. With conforming rates still under 6 percent, that is hardly a hurdle to a well-qualified buyer. Many banks indeed have tightened requirements, and the days of 100 percent loan-to-value loans for buyers who can't document their income, so-called no-doc, no no loans, liar loans etc. are considered a thing of the past. The real problem is the multiple banks use when lending. This use of a higher multiple has worked against them, causing their capital requirements to increase and hindering their ability to lend. Banks aren't scared, they don't have as much to lend. This is why the Fed is injecting so much money into the system. 3-21-08 The real estate market should be heading in the right direction. The fed has cleared the way for Freddie and Fannie to free up $200 billion for mortgages. They are basically lowering Fannie and Freddie's capital requirements. This caused mortgage rates to drop this week to the mid 5's. Forty Niners had a couple of new listings surface. One for $209 a square foot and the other at $158 a square foot. Sabino Springs had a home close at $258 a square foot. Also, a new listing for sale at $332 a square foot. Canada Hills is around it's old inventory average of about 60 listings. However, the last six months show approximately two homes selling per month. The is weak for Canada Hills. I hope the Fed actions will help, only time will tell. 3-15-08 30yr Fixed 5.875%, 15yr Fixed 5.125% This is a quote from Scott Rich at Nova Home Loans, however, the rates fluctuate daily. 3-14-08 Will the Fed's injections of billions of dollars, or rate cuts next week help the economy? Wasn't it low low rates that helped cause the credit & housing problem. Maybe letting the markets take care of themselves, no , that would be to simple. On a positive note the S & P said this week that they see light at the end of the tunnel for the subprime write downs. The Gallery Golf Club has been a private Club since the 1st of the year. The local inventory of MLS listing shrunk in February over 6% and homes sold decreased over 28% compared to last February. The average sales price for all homes is around $260,000. In my opinion buyers have been coming out and starting to look, which is a good sign. Forty Niners this last week showed no activity. 3-7-08 Mortgage interest rates on a 30 year fixed are hovering in the 6% range nationally. The 15 year fixed is around 5.5%. 2-29-08 Sabino Springs in Tucson, Arizona had one new listing come on the market at 9770 e. Sabino Springs for $949,975.00. Then the home at 5216 N. Sabino Drive closed for $585,000 or $162.77 a square foot, someone got a good deal. Forty Niner Country Club in Tucson, Arizona had zero activity. 2-25-08 The housing market has a big week ahead. Today, existing home sales will be reported, followed by new home sales on Wednesday along with luxury home builder Toll Brothers. 2-23-08 Tucson, Arizona has a new housing development "The Residences at The Ritz-Carlton," located in Dove Mountain. Approximately 324 homes are on line to be built around two golf courses linked to Ritz-Carlton Golf Club. Homes will be in the millions and land for custom homes starting at $750,000. Property owners will be required to join the Ritz-Carlton Golf Club at a cost of $100,000, plus monthly dues etc... The Match Play Championship currently being played, this weekend at The Gallery, will move next year to the Ritz-Carlton Golf Club. Questions? Call me at 520-977-8026. 2-22-08 Tucson, Arizona and nationally when they talk about housing starts the numbers can include multifamily housing, which is a volatile sector and can skew the results. Almost, all the housing numbers can be spun. Forty Niner Country Club showed zero sales this last week. Sabino Springs this past week saw three homes go into escrow. When they close I will report the numbers. The MLS statistics just came out for last month and the number of homes sold dropped 36% from a year ago. However, the average sales price only dropped 2.23% to $272500 for all residential types. Listing inventories decreased, but are still high. 2-15-08 I hope you enjoyed Valentines Day yesterday. Also, Arizona, which became the 48th state in 1912, celebrated it's birthday yesterday on V-Day. Mortgage interest rates are still in the 5.5% range. Yesterday, Ben Bernanke indicated the Fed will lower key rates in order to keep the economy stable. 2-8-08 Note:Appraisals are opinions of value, and residential real estate appraisals compare your home with similar homes that have sold. Remember, an appraisal is not the same as a home inspection. Inspections look for physical imperfections in the home, making sure it is structurally sound and so forth. 2-1-08 Mortgage interest rates on the 30 year fixed inched slightly higher this week to around the 5.6% range. Remember, this is an average. I'm seeing the Tucson real estate market bouncing all around with a high number of homes coming on the market and an equal number of homes expiring, with many of the homes that expire coming back on the market as a new listing, which skews the market. Forty Niner Country Club had a couple of homes expire and come back on the market this week. Sabino Springs put the home at 5216 N. Sabino Hills drive in escrow. Coming Soon to my website, with the professional computer help and knowledge of Bob Zucker and Jeremy Logsdon, I plan on having listings for specific Country Clubs and Luxury Communities for quick and easy searches for areas of interest. I'll keep you updated. 1-25-08 Forty Niner Country Club had one of the few townhomes in Forty Niner's come on the market for sale with a price of $375,000. Also, a SFR fsbo came on the market, call me for details at 520-751-8686. Sabino Springs, home of the Arizona National Golf Club, had a listing withdrawn from the market after 167 day's on the market " DOM ". The property is located at 5253 N. Sabino Springs Drive. The Federal government wants to throw taxpayer's a kernel in the form of a tax rebate. What's interesting is the package includes an increase in the FHA loan amount and the jumbo loan limit. This would have a significant impact on the real estate market. 1-18-08 Golf property and country clubs in Tucson have fees to join or play golf. I just updated my spreadsheet online with the new costs. Also, I can send you a copy. When you purchase a home in Tucson, only you can call to have the utilities put in your name. I know from trying to help clients. Forty Niner Country Club had two new listings surface this week. 12340 E. Cape Horn at $620,000 or $237 a square foot, and 1931 N. Wentworth at $649,000 or $197 a square foot. Sabino Springs had a listing expire. There are several properties on the golf course with excellent views. The listing inventory and new listings for the Tucson MLS are both shrinking. Home sales and unit sales are both down. The average home price is hovering in the $260,000 range. Credit is still available and interest rates remain low, below 6%. I have seen a few bank listings on the market, and I'm sure that trend will continue. Each bank has different problems to solve and from my experience if you can give them what they want, an easy sale, you can get a screaming deal. 1-12-08 Scott Rich at Nova home Loans told me today that a 30 year fixed is at 5.50% and a 15 year is at 5.00%. These are really good rates, especially with early signs of the market bottoming. Remember, no one comes out and announces a market bottom. I have been working on my annual update for the golf fee spreadsheet and plan on having it online soon. The biggest surprise last year was Oro Valley Country Club initiation fee bottoming at $6,000. Forty Niner Country Club this past week only showed one expired listing, and this is the third time for the property at 12342 E. Goldpan Place after 92 days on the market. Sabino Springs had a new listing at 5286 E. Canyon Rise for $439,000 or $433 a square foot. Also, two listings expired. 1-4-08 Forty Niner Country Club had the listing at 12518 E. Barbary Coast Expire, after 111 day's on the market. Then the house at 12410 E. Barbary Coast expired after 151 day's on the market, then it came back on the market at the same price $629,900, and a new clock ticking for days on the market. Sabino Springs had two new listings, one 5168 N. Pinnacle Point for $255,000 and 5347 N. Ridge Spring Place for $519,500.. 5168 N. Pinnacle Point was on the market for 181 days prior to relisting. The weather has been a little cold in the morning, however this is perfect for golfing this time of the year. Tucson, Arizona Real Estate Newsletter Archives:
Reid Sossong's Real Estate Home PageCopyright 2010. Reid Sossong, RPA, Broker, Tucson, Arizona. EMOL.org All rights reserved. |
Cottonwood Properties, Inc. and I are pleased to announce an important development at The Residences at the Ritz Carlton, Dove Mountain. The debt on the community, including the Jack Nicklaus Signature Golf Course and The Ritz-Carlton Golf Club has been restructured and a new partnership formed.
Property Owners and Members will continue to enjoy the wide array of amenities and impeccable service. The community continues to feature miles of world-class hiking trails, unparalleled access to the fabulous new 250-room resort and spa, dedicated “members-only” access to the Jack Nicklaus Signature Golf Course and the facilities of The Ritz-Carlton Golf Club. For the third year in a row, the Club will play host to the World Golf Championships-Accenture Match Play Championship, featuring some of the best golfers in the world.
Electrical outlets come in all shapes and sizes, but even John Fryer, an ASHI Certified Inspector from Oakland, Calif., was stumped by this unique contraption. While Silicon Valley (the site of this finding) is lauded as a premier location for creative minds and innovation, this improvised design is more dangerous than ingenious.
ASHI's founder, Ron Passaro of Bethel, Conn., advised the owner of this home to take caution when walking out this door.
Each year, ASHI emphasizes the importance of winterizing outdoor faucets as part of an ongoing winter maintenance regimen. While inspecting this home in Hopedale, Mass., however, ASHI Certified Inspector Ron Cook concluded that this homeowner did not heed the Society's advice.
The images above are a few examples of the real life discoveries ASHI Certified Inspectors have uncovered over the last year. By working with a home inspector, homeowners can identify potentially dangerous fixes that might compromise the structure and integrity of their home and pose immediate and long term safety risks to its inhabitants. While most homeowners only consider home inspections when buying or selling a home, home safety inspections are the perfect way for a concerned relative to keep a loved one, such as an aging parent, safe.