2007 Tucson, Arizona Weekly Real Estate Newsletter

11-23-07 Forty Niner update this week includes one home sold at 11823 E. Wagon Trail for $390,000,or $165 a square foot, Wow someone got a good deal. 12342 E. Goldpan and 1825 N. Wentworth were withdrawn and released. A new listing surfaced at 1931 N. Wentworth for $649,000 or $198 a square foot. If you would like listings on these or the entire neighborhood contact me at reid@reidtucson.com or 751-8686.

Sabino Springs had one new listing surface this past week at 5251 N. Spring Canyon for $449,900. or $222 a square foot. Sabino Springs fetches a higher square foot price than Forty Niners Country Club, probably because most of the homes are newer.

Home warranty contracts are typically purchased at the time a home is listed for sale, or is sold. In addition, even if the home is not for sale, homeowners can purchase their home warranty directly from the company. Most contracts are eligible for renewal annually.

11-16-07 Forty Niner Country Club had two properties close this last week, 2002 N. Klondike Drive and 12430 E. Cape Horn Drive. Klondike sold for $196 per square foot or $610,000, $30,000 less than the list price. Cape Horn sold for $224 a square foot $ 620,000, or $19,000 less than the list price.

I just received an email from IRI updating me on the clubhouse remodel. If you would like me to email you a copy let me know at reid@reidtucson.com.

Sabino Springs had one property come on the market and another property go into escrow. 5216 N. Sabino Hills Drive is now for sale for $699,900 or $194 per square foot. Next, 10132 E. Sabino Greens Drive went into escrow, I'll let you know the final numbers when it closes.

1-9-07 49er Country Club update for this week shows 2 price reductions, one at 1825 N. Wentworth dropping $50,000 and 12342 E. Goldpan $10,000. One home went into escrow at 11823 E. Wagon Trail, I'll let you know when it closes and give you the sale price etc.

Sabino Springs brought aboard three new listings to the market. The first is located at 5101 N. Pinnacle Cove, the second one is located at 5128 Fairway Springs and 9780 E. Springridge Place. Additionally, one home went into escrow located at 5358 N. Canyon Rise Place. Questions? Call me at 520-751-8686 or email me at reid@reidtucson and I'll answer your questions and email you information.

The Fed (not part of the Federal Government ) is considering letting the Federal Government guarantee jumbo mtg's. Jumbo mortgages are mtg loans over $417,000. This would help existing loans getting ready to reset or help with new purchases.

Toll Brothers is still bleeding with net orders in the latest quarter sinking 35% from a year ago. One of their reasons was tighter lending for the drop in orders, that is consistent with what I just reported about the jumbo loans. We'll have to wait and see what happens.

11-2-07 Forty Niner Country Club Update for the last week shows 2252 N. Klondike ( located just below the 2nd tee box ) closed on 10-29-07 for the asking price of $485,000 at $186 per square foot. Then, over on 2024 N. Donner the listing expired after 153 days on the market and down the street at 2131 N. Donner the listing was withdrawn from the market. Questions? Feel free to call Reid at 751-8686 anytime.

Sabino Springs Housing Update saw a price reduction on the home at 5347 N. Ridge Spring Place to $537,00 from $550,000, or $232 per square foot. The home at 5111 N Pinnacle Drive expired after 183 days on the market, however, it immediately resurfaced at the same price and a new days on the market clock will start again at the MLS. Another expired listing at 5101 N. Pinnacle Drive occurred after 203 days on the market. That wraps up my update and I look forward to meeting you someday.

Real Estate reminder of the week concerns the closing date. In Tucson, Arizona closing takes place when the documents are recorded, not when you signed the papers. If you have any thoughts or ideas you would like me to discuss please call me at 761-8686 or email me at reid@reidtucson.com.

1-26-07 Sabino Springs, located in northeast Tucson, Arizona, is showing 9 sales in the last six months and 18 active listings, according to my records. Average days on the market is 87 for the sold listings, and 82 for the active listings. For the market we are currently experiencing these results are great. Let's look at some other numbers for Sabino Springs, how about the average sales price; homes sold $572,000, active $548,000 and when you think about these numbers it reflects the current market. When priced right the seller may have to negotiate some in this environment, however the home will sell and not join all the other over priced homes in the expired listing camp. Want to stage your home for quick sale, go to my home page and click the link at the top of the page and find out the three most important ways to stage your home for sale.

10-21-07 Fory Niner Country Club housing update, Tucson, Arizona. Currently, there are 16 properties for sale in Forty Niner Country Club, which suggests a normal level for the area. The average price per square foot is $213.00, with the average day's on the market running about 81 day's. The solds for the last 6 month's are 16 homes, with several more waiting to close. The average price per square foot for the sold's comes in at $202.00, with the average day's on the market at 60.

Want to know the three most important things when staging your home for sale? Then, go to the top of my homepage and click on the link.

10-12-07 The whole mortgage mess is turning into a real made for TV political extravaganza. And, with the elections a year away many things can happen. The government wasn't going to bail out anyone and inflation was the big concern. Now, the politician's are tripping over each other with ways to solve the financial problems.

The local real estate market from my point of view is still moving, albeit slow. I have written a few deals recently and the sellers seem to not want to face reality and lower their price, or they don't watch the news. I spoke to a couple of appraisers and they agreed that this market is just as hard as couple of years ago when the market was on a rampage.

10-6-07 What does a home inspection include?

The standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.

The number one question in the Tucson, Arizona real estate market is " how's the market doing"?

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.

6-16-07 I just received the May Tucson Association of Realtors Multiple Listing Service statistics. Looking at this report makes me think things are turning around here in Tucson, Arizona. Days on the market was 61 for May 2007, the lowest time we've seen this year. The average home price for all residential types increased 4.22% to $280,589.00. Remember, real estate markets are local, I know nationally we hear differently. The listing inventory has increased 15% since last year.

Mortgage interast rates jumped again this week, because of the rise in the yield of the 10 year note. I guess China doesn't like are treasury notes as much.

6-7-7 Have you considered a luxury home lot? The timing could be right with lot inventory levels high and the custom home builders looking for work. The north, northeast and northwest areas of Tucson have land available with prices starting in the $200,000.00. range. I can help you locate the right builder and architect in addition to the perfect lot. Give me your email address and I can send you listings on available lots and new ones as they come on the market, or call Reid Sossong at 1-800-997-4701.

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.

5-18-07 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.

5-10-07  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. Questions? Call me at 1-800-997-4701.

5-4-07 Let me send you luxury home listings via email. Area, price range and square footage for the home  are the main search criteria that I need. I can do searches by radius from a certain address, mls number or tax code. Also, searches can be done by subdivisions and communities. Communities are areas like Canada Hills that have many subdivisions, but people say they live in Canada Hills not the actual subdivision. Call me at 1-800-997-4701.

4-29-07 Luxury resale home's over $1,000,000 total 86 for the northwest part of Tucson. That's not a big number, considering the size of northwest Tucson, Arizona. The majority of home are priced in the $1-2 million range with square footage numbers from several hundred dollars a square foot to $1,000 a square foot.

Mortgage rates dropped this week a fraction on a 30 year fixed rate mortgage. According to Freddie Mac the national average is at 6.17% for the 30 year fixed.

Did you know? About one in eight adjustable rate loans are in foreclosure, with a quarter of those being subprime. The foreclosures total $325 billion and more than $300 billion in subprime ARMs is due to reset during the next two quarters.

4-20-07 According to Freddie Mac the bench mark 30 year fixed rate home mortgage fell this week to 6.17%, from 6.22%. The 15 year fixed dropped to 5.89%.

Luxury resale homes in north Tucson over $1 million hit 135 this week. The majority of the homes are priced in the $1 million to $2 million range. The Catalina Foothills School District is located in north Tucson and is ranked 1st or 2nd consistently in testing. Many upscale restaurants and shopping centers are in north Tucson. Also, three Country Clubs are in the north area of Tucson; La Paloma, Ventana and Skyline. One of my favorite restaurants is Hacienda Del Sol, great food, history, views and atmosphere. Call me for more information on the Country Clubs, Homes and area. Don't forget, I can send you current listings and new listing as they surface on the market, via email. Let me know if you want my relocation magazine, maps, spreadsheets and The Buyer Advisory from the Department of Real Estate with all kinds of information and websites.

4-13-07 Luxury homes sold in Tucson, Arizona usually are listed in the Tucson Association of Realtors Multiple Listing Service. The statistics for all property types was just released for March 2007, which include luxury, distinctive fine homes. Home unit sales showed a decline of 20% from March 2006. Average days on the market has moved up to 67 days. The active listings increased 25% from a year ago.

4-6-07 Have you considered a luxury home lot? The timing could be right with lot inventory levels high and the custom home builders looking for work. The north, northeast and northwest areas of Tucson have land available with prices starting in the $200,000.00. range. I can help you locate the right builder and architect in addition to the perfect lot. Give me your email address and I can send you listings on available lots and new ones as they come on the market.

3-30-07 Stone Canyon is Tucson's premiere Country Club, featuring a world class 18 hole desert style golf course. On the west end of Stone Canyon they are developing a 42 acre community called Tuscan Estates. The homes will be 3,000 to 3,900 square feet with a Tuscan architectural style. Stone Canyon offers lots for sale for custom built homes, as well as resale homes. Call me for more details at 1-800-997-4701

3-24-07 The Tucson Association of Realtors Multiple Listing Service home sales statistics for February were just released, which include luxury, distinctive fine homes. Pending home sales hit a new high since June of 2006. Average days on the market is 65 for February, an increase from a year ago of 44%. The average sales price came in at $258,377.00. a six percent decrease from a year ago.

3-18-07 Luxury, distinctive fine homes listed in the The Tucson Association of Realtors Multiple Listing Service all indicate the days on the market, or DOM. Additionally, the property history shows if the property has expired before and been relisted.

3-11-07 Alta Vista is a luxury, distinctive, fine community located in north central Tucson. Resale homes are for sale in Alta Vista in the price range of $1,500,000, or $300-$350 a square foot. North central Tucson has rolling foothills with great views of the city and mountains.

2-28-07 As a Realtor here in Tucson, Arizona my number one priority is helping you with your real estate needs. That's why I enjoy writing this newsletter, to inform you of the real estate market here in Tucson.

The northeast side of Tucson, Arizona has some real values on rare approximate 4 acre lots with older homes built on the land.

Did you know that you can get a Golf Villa in Ventana Canyon Country Club for under $500,000. Ventana features two 18 hole golf courses and a first class clubhouse.

2-17-07 Distinctive, fine luxury homes photo's are displayed on this website for Tucson, Arizona. Go to my homepage and look in the index under photo gallery. There are photos for north, northwest and northeast Tucson. Additionally, I have photo's for the country clubs and golf communities homes and the club houses.

2-10-07 Luxury homes are all around Tucson, Arizona. The North section of Tucson has the most luxury homes followed by the Northwest and then the Northeast. Luxury, distinctive fine homes are defined by price, amenities lot location etc. Let me send you a Realtor map with the sections of Tucson broken down for you, so when I send you listings you will be able to match the listing and location.

2-4-7 Tucson, Arizona recently reached the million mark in population. Which means more people and companies will plan on locating in Tucson, Arizona for all the reasons people here already know. Great weather year round, casual lifestyle and a low cost of living. The yearly absorption for Tucson is 20,000 to 25,000 people.

I was at Dove Mountain this week and they are going ready for the World Match play event in a few weeks. It looked like they set up corporate tents on each hole.

The annual Gem and Mineral Show is here in Tucson for several weeks and is a positive injection to our economy. People come from all around the world to attend the Gem and Mineral Show. All the hotels and resorts are filled and when you go out to eat the restaurants are busy.

1-26-07 Interest rates have been climbing again this week and are hovering in the 6.5% range for a 30 year fixed.

The National Association of Realtors reported yesterday that sales of existing homes for 2006 totaled 6.48 million. That's 8.4% less then 2005 when the boom was peaking and 40% of the sales were investors or vacation homes. New home sales reported today a 17% drop for 2006. Is that good or bad ? What if you are a buyer?

1-20-07 Tucson Country Club is a true classic Country Club, founded in 1947. Featuring a tree lined mature golf course and a full service club house. Several dining rooms, locker rooms, spas, massage, exercise facility and barber shop are included. Great atmosphere, great food and people make up Tucson Country Club. Resale homes start in the $500s to several million dollars.

The Tucson Association of Realtors Multiple Listing Sales Statistics are out for December 2006. Sales volume levels decreased from a year ago 22.55%. The average sale price decreased 2%, not to bad. Average days on the market increased 64% to 64 days. Active listings increased 56% to 8,518. WOW, you really have your choice of homes.

1-12-07 If you are sitting in cold country with snow and bad weather stop procrastinating and make the move to Tucson, Arizona. Our weather and lifestyle is second to none. You can count on one hand the number of days in a year that the weather would stop you from playing golf. Tucson has all the amenities for most people's needs; International airport, medical facilities, malls, dining etc.... Call me and let's get the process started 1-800-997-4701.

1-8-07 I just received a letter from The Gallery Golf Club, they will be raising their membership February 1, 2007 to $75,000. The Gallery will be the host of World Match Play Championship in February.

I will be updating the numbers on my golf and home spreadsheets.

1-6-07 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.

Remember, I'm a real estate broker for Tucson and surrounding areas. If you are looking for a luxury distinctive fine home, or a golf or country club community please contact me at 1-800-997-4701 or reid@reidtucson.com.