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2-5-10 Tucson, Arizona is home of the " World Match Play", coming to Tucson in a few weeks. Be sure to watch and see how nice our weather is this time of year.
1-22-10 Skyline Country Club here in Tucson, Arizona has memberships available for around $8,000.00 initiation fee for a full membership. In Tucson there are only a few equity Country Clubs left, and Skyline Country Club is one of them. They have a new fitness facility. Located in north Tucson, most homes in Skyline Country Club have awesome city views. Homes are priced in the $300,000.00 to just over a million. Also, they have a few remaining lots. If you have questions please email me.
1-15-10 Arizona, Tucson is in prime time for golf. With the daily highs in the 70's makes for perfect golfing weather here in Tucson, Arizona. Most courses this fall and winter season in Arizona are in great shape, even with some of the clubs hurting because of the economy. I played a course recently that was in poor shape, can you guess which one?
Did you know that in Tucson, Arizona you can purchase a home in several golf communities in the $100 to $200 per square foot range. Yes, it is true. With home prices down and low interest rates it doesn't get any better than this.
1-8-10 In Arizona close of escrow usually means when the deed has recorded. This is when the buyers receive the keys to the property. In the old days, people would go to closing at the title company, sign all the paper work and then get the keys that day. Now everyone signs several days before the close of escrow. With the current way many people have a hard time waiting until the property closes to receive the keys. This can be especially true if there is a delay and the property closes after the date on the contract.
12-25-09 Merry Christmas from Tucson, Arizona where the sun shines bright. If you are planning a golf trip to Tucson and have made tee times factor in frost delays, which could bump your tee time up. Our morning's in Tucson have been cool.
12-18-09 Tucson is home to Tucson National Country Club and resort. Amazingly, there are still lots available , and only one has sold in the last few months at a fire sale price. The Hills at Tucson National is located on the east side of Tucson National Country Club in a gorgeous rolling elevated area. Lots are in the 1 acre range. Want more information? Call or email me.
12-11-09 The year is getting closer to the finish line. With all the negative events happening in the world, 2009 for real estate here in Tucson has been slowly improving. The tax credit has helped, along with low interest rates, and a drop in housing prices. In 2010, one thing that could be unleashed is the pent-up demand. People who are waiting until, " The market gets better "are coming off the sidelines because they realize this could be the bottom of the market. Bottom line is people need to move for reasons besides interest rates and the economy. Also, the country clubs are crying for new members.
12-2-09 After the 1st of the year lenders will be required to use HUD's new three page Good Faith Estimate. It will be simplified and require lenders to state everything up front. Also, the HUD-1 closing statement will be revised so buyers can compare the GFE and the closing statement.
11-27-09 In Tucson the Ritz-Carlton at Dove Mountain will be ready for its first guests on December 18th! This awesome hotel will feature 250 guest rooms with 31 individual suites and casitas. Some one to multiple-bedroom detached suites will be tucked away in the Wild Burro Canyon. This hotel will feature three great dining selections, along with three spectacular swimming pools and a can't wait for Ritz Kids Program. I welcome you to come out to Tucson and see the Jack Nicklaus Signature Golf Course that is home to the Accenture Match Play Championship with The Ritz-Carlton Resort. They indicated to me in an email that the Charter Member program is in place for the first 25 owners in the community, and will have exceptional benefits up to $375,000, including a full golf membership. The home sites will be starting in the low $600,000s and residences start at just one million dollars. Also, I can show the other resort properties in Tucson to compare, send me an email and let's get started on your trip to Tucson.
11-20-09 Tucson's best keep secret for country clubs is La Paloma. Well, maybe not according to their sales, which are on fire. Wow! It has a great location for Tucson and an unmatched setting for the clubhouse and golf courses. That, and homes are selling in the $200.00 plus per square foot range. Also, the Westin La Paloma is adjacent to the Country Club. Call me and let's talk golf, Tucson and the wonderful homes that are here in Tucson.
11-09-09 I was at Del Webb Rancho Del Lago yesterday. There are 12 gorgeous models to select from, and just under 1,000 lots. The models are approximately 1200 to 2800 square feet. The area is a classic Del Webb subdivision with quality in the air, and the feeling you know things will be right. The golf course, Rancho Del Lago, is separate and open to the public. I have played Rancho Del Lago many times and give it a thumbs up. However, for the number of homes that will be built in the whole area makes it less attractive for the active golf that plays several times a week, but for the occasional golfer it would probably work. If you have questions call or email me.
11-05-09 Tucson, Arizona MLS statistics for October are out and total days on market are at 71, however 41.2% are between 0 – 30 days. The top three methods of financing are FHA at 358, Conventional at 299 and Cash at 226, Wow!! FHA is coming back, maybe because of the $8,000.00 tax credit? Isn't this what started all the problems in housing; Low down payment and a tax credit for first time buyers? The other numbers are staying consistent, with the housing inventory hovering around 6,000.
10-16-09 In Tucson and the country, the $8,000.00 tax credit on first time buyers of homes is about to expire on December 1st, 2009. Obama wants to extend the credit. Question? If this is extended, will it just distort the market?
The 3 year ARM loans made in late 2006 and the start of 2007, (the peak) will be resetting and the folks who have these loans will see their payments increase. Additionally, the chances are the mortgages on these properties are higher than the houses are worth.
Reverse mortgages are lees attractive, because of the market, lenders are reducing loan amounts. FHA, the backer of reverse MTGs is regrouping as losses increase.
If you are considering a short sale, save some time and find out if the loan on the property is insured or guaranteed. Why? If the lender will be paid in full if the buyer defaults they'll just wait.
10-9-09 Tucson Association of Realtors MLS statistics are out for September. The numbers are starting to look better, is it a bottom? Maybe. The inventory level is at almost the 6,000 mark, wow! Most of the other numbers are staying consistence and the average days on the market is around 80.
Overseeding is almost over and some courses have reopened for play, cart paths only. When I walk in the morning I can smell the fertilizer off the ninth fairway in the crisp morning air, what a feeling.
10-2-09 Del Webb will soon be opening a new retirement community in Rancho Del Lago. It will have all the great features Del Webb usually offers, plus the Rancho Del Lago golf course and restaurant. I'll keep you updated, or call me if you have questions at 520-751-8686.
Interest rate on the 30 year fixed went below 5% this week and is looking at the low set back in April.
9-27-09 The golf mecca of the world, Tucson, has many options to choose from when looking for a golf property home. Examples: Private, semi-private, gated, manned gated, open to the public, walking allowed, trail fees, holes per homes ratio, etc.. First, it's best to find a club and course that you like. Then, find the home either in or out of the community. Of course this is not in stone, and there are variables. However, this is a good starting point. Put my thirty plus years selling real estate here in Tucson and golf property knowledge to work for you. Call me at 520-751-8686, or email me at reid@reidtucson.com and let's discuss you plans.
9-4-09 Golf news Tucson, Arizona update for the fall and winter season. Over seeding with winter rye begins in Tucson at the golf courses the end of September, or beginning of October. Some courses shut down for a week or two. Cart path only is the rule during this time. I love the winter rye, nice and green, and great to play. Tucson has a large selection of homes an townhomes, in and out of the Country Clubs. Call me at 520-977-8026 and I'll get you hooked up to receive the MLS home listings. This will give you a better idea of the golf community prices here in Tucson, Arizona. Stay on course. Reid
8-28-09 Winter weather is just around the corner, and Tucson is the perfect place to be for the winter and golf. Also, the real estate market condition here in Tucson allows you to get into a golf community from the 200s. Prices are right and interest rates are low, so take advantage. Call Reid at 520-751-8686.
8-21-09 Golf in Tucson is great year round. Yes, even in the summer; if you know what your doing. The few basic things needed for summer play are: plenty of water, a well brimmed hat, and sun screen. Concerning the course, with dry fairways, your ball will usually run a long way, especially if you hit a right to left, or draw, shot that has over spin. One of my favorite courses is Arizona National, located on the northeast section of town. It was formally Raven Golf Club. Anyway, the fairways can have a lot of run in the summer, because of the slope it sits on and the elevated tee boxes.
Sabino Springs is the name of the housing community surrounding Arizona National. With reasonable prices, excellent views, and a manned guard gate, it should be on your short list of places to home shop.
8-14-09 The following is part of senate bill 1148, regarding for sale signs on real estate:
- Be it enacted by the Legislature of the State of Arizona:
- Section 1. Title 33, chapter 4, article 3, Arizona Revised Statutes,
- is amended by adding section 33-441, to read:
- 33-441. For sale signs; restrictions unenforceable
- A. A COVENANT, RESTRICTION OR CONDITION CONTAINED IN ANY DEED,
- CONTRACT, SECURITY AGREEMENT OR OTHER INSTRUMENT AFFECTING THE TRANSFER OR
- SALE OF ANY INTEREST IN REAL PROPERTY SHALL NOT BE APPLIED TO PROHIBIT THE
- INDOOR OR OUTDOOR DISPLAY OF A FOR SALE SIGN AND A SIGN RIDER BY A
- OWNER ON THAT PERSON'S PROPERTY, INCLUDING A SIGN THAT INDICATES THE PERSON
- IS OFFERING THE PROPERTY FOR SALE BY OWNER. THE SIZE OF A SIGN OFFERING A
- PROPERTY FOR SALE SHALL BE IN CONFORMANCE WITH THE INDUSTRY STANDARD SIZE
- SIGN, WHICH SHALL NOT EXCEED EIGHTEEN BY TWENTY-FOUR INCHES, AND THE INDUSTRY
- STANDARD SIZE SIGN RIDER, WHICH SHALL NOT EXCEED SIX BY TWENTY-FOUR INCHES.
- B. THIS SECTION APPLIES TO ANY COVENANT, RESTRICTION OR CONDITION
- WITHOUT REGARD TO THE DATE THE COVENANT, RESTRICTION OR CONDITION WAS
- CREATED, SIGNED OR RECORDED. THIS SECTION DOES NOT APPLY TO TIMESHARE
- PROPERTY AND TIMESHARE INTEREST AS DEFINED IN SECTION 33-2202.
8-7-09 First time home buyer question has come up in conversation this week and if you are interested in the program call you accountant or Irs. However, if you would like some initial information and links, visit http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit_how_to
and this should be helpful. Here in Tucson the afternoon clouds have been rolling in, so this cools things off and makes for perfect golf conditions.
7-30-09 The summer rains here in Tucson have been weak, however, there is some humidity and the bermuda grass is starting to take off without the rain. Usually, in August the rough is thick and deep, so you really need to watch your ball or have plenty of extra balls.
This week I was asked how far have real estate home prices dropped? And, the answer, in my opinion is about 32% since the peak a few years ago. So, with rates low, housing prices down, and country clubs making deals, now is a great time to buy a golf course property. Could prices go lower? Maybe, but how much before things start going up again. I know, I know if any of us knew when the bottom was we'd be rich.
7-24-09 If you have never played " The Pines" golf course in Tucson you should put it on your list. Formally called The Links, it now features a few of the holes being played in an old quarry. Another course I like is Arthur Pack, which is owned by the county, it is always a fun course to put in the mix.
FHA loan limits are around $316,000 for our area and allow a buyer to put put down only a few percentage points. The 203b is the most common and straight forward. The reason I'm mentioning this is because you can buy in a golf community for less than you could a few years ago. Just a thought. Call me or talk to your lender for more details.
7-22-09 Thinking of Tucson, Arizona and wonder about the golf. Here in Tucson you can play golf year round, and right now many of the clubs have the ultimate specials for memberships and summer play. The summer rains will soon have the courses nice and green again, with some humidity, however, not like other areas. Also, the bugs here aren't as bad as other areas.
7-9-09 Entering the second half of 2009 here in Tucson we saw June finish the 1st half with some positive results. The average sales price was up by 3%, doesn't sound like much, but it is positive. The home sales volume soared, up over 14% compared to May. Also, unit sales volume increased a huge 11% . Now that the year is half over let's look at the inventory level that has been consistently dropping; and currently at 6,261 listings compared to over 9,000 at the peak.
7-3-09 Golf properties and Country Clubs, broker or agent, in Tucson are in a prime time. Why? Well, membership initiation fees at some of the clubs have dropped significantly. Example, Tucson Country Club $7,000, or Oro Valley CC $4,000. These are unheard prices and a sign of the times. Also, square foot prices for homes in all the golf or country clubs are low, many below $200. Not sure what to think? Then, give me a call and let's talk. Call me at 520-751-8686, or email at reid@reidtucson.com.
6-26-09 Tucson Country Club: Tucson's hidden oasis. Great club, great golf course, and great housing. First, let's talk about the golf course. The only course in Tucson that is separate from the housing. That's right, only a few fairways have homes on them. Also, the course is a traditional tree lined walking course that is challenging for all levels. The entire community features lush vegetation and country estates. Many of the homes were built in the 1950s and have been updated. Square foot prices are showing $150-250 for solds in the area. Tucson Country Club is the most central of all the country clubs, yet when in the area you feel like you are in the country. Let me send you listings, just email me at reid@reidtucson.com.
6-19-09 May is now behind us and June is moving forward. When you look back at May and the year to date statistics you see more of the same in 2009. Listing inventory continues to fall, closings shot up about 60 units from April, pending inventory dropped 42 units from April. You haven't seen the dramatic drops of last year. Then, look at the new chart that measures inventory against new sales. The two numbers have been closing in on each other since January. Some economists say 2 quarters equals a trend. Keep an eye on June and remember " The trend is your Friend. "
Summer golf is here in Tucson. So, be sure to take plenty of water or sport drinks with you and wear a full coverage hat. Don't forget the sunscreen.
6-11-09 Heritage Highlands is now accepting people 50 years old and up, WOW. That means I qualify. If you are looking for a retirement active adult community, be sure to put Heritage Highlands on your short list. Questions? Call me, lets talk.
Saddlebrooke Ranch is a new active adult community outside of Tucson. They have planned 5800 homes when built out. Currently, there are 9 models to choose from. I'll update you as new information surfaces.
"The Residences at Ritz-Carlton", is moving along and plans to open the resort in December. There are 27 holes of golf with only 400 homes planned, this is low. As a property owner, you have to belong to the country club. Initiation fee of $100,000 is 80% refundable. The services are to many to mention, give me a call if you would like to discuss The Ritz or Tucson.
6-6-09 Tucson,Arizona mortgage update, Reid Sossong,RPA. The mortgage bond prices fell again this week pushing mortgage interest rates considerably higher. Personal income, outlays, construction
spending, ISM Index, and payrolls data came in stronger than expected. This did little to help the already shattered bond market. Oil prices continued to escalate hitting over $70/barrel. The Fed attempts to keep rates in check were not very effective as selling pressure continued. Bernanke tried to calm the markets by reiterating forecasts of tame inflation but his words fell on deaf ears among bond traders.
Today, was an excellent example of the divergence between the unemployment rate and payrolls figure along with the risk of floating into important data. Unemployment rose to 9.4%, higher than the expected 9.2%, while non-farm payrolls dropped to 345,000, not as much as the expected 520,000 decline. Mortgage bond prices fell and rates spiked higher. Bond traders hoped the report would provide a solid indication that the labor market remained weak. Unfortunately it left more uncertainty. The unemployment figure is derived from a household survey while the payrolls number comes from an employer report.
Oil prices have risen considerably stoking inflation fears amid record debt levels. As a result, the low mortgage interest rates that everyone considered a given have quickly gone away. The Fed continues to purchase mortgage bonds in an effort to keep mortgage interest rates low but they face a daunting task as the selling pressure continues. The Fed still has over $700b marked for purchasing additional mortgage bonds. The question remains whether that will be enough to help rates turn lower.
6-5-09 Tucson, Arizona Now has "The Residences at The Ritz-Carlton," in Dove Mountain. Featuring eight flowing floor plans to fit your lifestyle. They have a design staff that will make your residence come alive, a reflection of your family and your lifestyle. Homes in "The Residences" will range from 1,900 to 5,400 square feet with prices beginning at $1.25 million. These homes will be built in two neighborhoods. Homesites are also available. The Ritz is home of The World Match Play, and of course the golf is second to none. Let me send you information, just email me at reid@reidtucson.com
5-29-09 With all the negative news about real estate today, don't overlook the positives. What positives? Think about it, interest rates are low, housing prices have beaten down, homes are still the same, golf courses haven't changed, and locally here in Tucson the lifestyle and weather can't be beat.
5-23-09 I hope your having a good Memorial Day weekend. It's the start of summer, in my opinion, and the summer fun. Golf is still possible in Tucson, you have to be smart about how you prepare to play. First, wear sunscreen for obvious reasons. Then, be sure to wear a hat, the bigger the better. Next, be sure you have plenty of water and electrolyte drinks. Also, early morning or evening play is the best.
5-15-09 Tucson, Arizona, is a golf Mecca. I had several clients this week who asked about a comparative market analysis, or should they get an appraisal. Real estate broker's provide CMAs to help home sellers determine a realistic asking price. Experienced brokers 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 money. Additionally, banks are using the computer to do an appraisal when processing a home equity loan, to save time and money.
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 Country Club in Tucson. Plus, a variety of housing at affordable prices surround the two 18 hole courses.
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.
I have had the chance to mix in some golf the last couple of weeks and the weather and courses have been unbelievable. I guess that is why people move here for the winter.
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%.
Interest rates have been falling and may fall further, the buzz I hear is in the 4.5% range. We'll have to wait and see.
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.
Tucson National Country Club update: I received an email from the rep. of the subdivision.
"Thanks for your interest in The Hills at Tucson National. This gated community consists of 20 custom homesites on 33+ acres adjacent to the Sonoran Golf Course at the Omni Tucson National resort. The lots range in size from just over 1 acre to over 2 acres and have spectacular mountain and golf course views." Call me for more details at 520-977-8026.
The following emails concerns Saddlebrooke and Oro Valley Country Club. If you are thinking of joining either club please read.
Reid,
Thanks for the note back. Our club President had overheard someone telling a friend not to join Oro Valley because we were bankrupt. He also heard from a friend that the rumor was going around that he'd resigned in a huff. Neither were true. It's amazing how these rumors go around.
I think back in February our initiation fees were in the $10,000 to $12,000 range. I haven't stayed on top of all the sales prices, but I think we had a couple go for around $7,500 a couple of years ago.
The promotion I emailed you about has set the initiation fee at $16,000. If a person signs on for the preview membership and decides to join as a regular member by March 31st, their initiation fee would be $9,900. If they paid in 3 installments, they'd pay $11,000. If they wait until after the 31st, they'd pay the $16,000. Thanks for talking positively about OVCC in your newsletter- anything positive helps. It's a great course with a great group of members. Now that we have a professional Club Manager I think the things which were weaknesses will get straightened out.
I'll stay in touch. Jeff
On Nov 2, 2008, at 1:56 PM, Reid Sossong wrote:
Hi Jeff,
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.
Thank you for your inquiry into The Residences at the Ritz Carlton, Dove Mountain. Sales are underway and the golf course and clubhouse are on schedule for a January 17th opening. The Residences offer everything from Villas and single family homes from 1700 sq ft to over 5000 sq ft to custom home sites from 1 to 7 acres. Prices ranging from $1,250,000 to $3,000,000. Please let me know if you would like to schedule a visit to the property or if I can answer any questions for you.
Dear Mr. Sossong,
We have received your internet inquiry and want to thank you for your interest in The Residences at The Ritz-Carlton, Dove Mountain. The new Ritz-Carlton community will be the ultimate in luxury living in the foothills of the scenic Tortolita mountain range. With 36 holes of Jack Nicklaus Signature golf, world-class Ritz-Carlton services, and a PGA-sponsored tournament, The Residences offer a place to call home and an unparalleled, luxury lifestyle.
We invite you to come and explore this beautiful community, see the progress we have made, and learn about our exciting new Charter Member program. This limited-time opportunity is only available to the first 25 purchasers. The Charter member program will include up to $500K in benefits, such as complimentary golf membership in the exclusive Ritz-Carlton Golf Club, and up to 8 years of prepaid golf club dues.
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.
Tucson fall golf season is here, and most courses have begun overseeding. This is a great time of year for golf, cooler weather and the holiday season approaching.
Questions? Call me. 520-977-8026.
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 520-977-8026.
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.
The weather in Tucson is humid from the summer rains. So, if you plan to get in some golf time be sure to take plenty of water.
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,
30 Year Fixed Conventional 6.50% 6.613%
15 Year Fixed Conventional 6.00% 6.113%
JUMBO
30 Year Fixed 7.125% 7.226%
15 Year Fixed 6.875% 6.976%
The Ritz-Carlton hotel located in Dove Mountain is half way completed. The 850 acre, $500,000,000 resort will feature 250 rooms, four stories, and a 324 housing development called The Residences at The Ritz-Carlton. The 1st 27 holes of golf are complete and will be the site of the World Match Play in 2009.
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.
Luxury homes new construction, spec homes for the nw, ne, n, area's of Tucson total around 40. Some have been on the market for awhile and are screaming for an offer. If you are thinking of a home in the $750,000 and above range now could be the time to start looking. The deals are out there.
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?
Tucson has a best kept secret in the La Paloma Country Club. Remember, the old real estate saying " location, location, location," well La Paloma fits this description. Find out more about La Paloma, call me at 520-977-8026.
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.
I will be improving my site soon with exciting new features.
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.
Most of the time it takes the trained eye of a professional home inspector to identify defects or potential hazards within a home. On some occasions, however, certain maintenance issues are easy to spot. Each year, the American Society of Home Inspectors (ASHI) releases unusual home inspection discoveries from the field. This year, to remind consumers that April is National Home Inspection Month, the Society is sharing some of its most unusual, yet obvious, finds.
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
 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.
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.
"When I look at this picture, I can't help but wonder what was going through the contractor's head when he installed that outlet," said a puzzled Grant. "The outlet doesn't even have a ground fault circuit interrupter. Sometimes a shower is all you need to jump start your morning ... but this seems extreme."
It All Falls Down
 ASHI's founder, Ron Passaro of Bethel, Conn., advised the owner of this home to take caution when walking out this door.
Watch out, that first step can be a little tricky.
 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.
When Enough is Too Much
The 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."
 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.
About the American Society of Home Inspectors
In 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.
Fannie Mae and Freddie Mac are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender.
Currently, this limit is $417,000. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range.
The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.
The March MLS stats for Tucson Arizona Association of Realtors came out this week. The home units sold decreased 32% from a year ago, however the pending contracts rose 18% from a year ago. Also, the listing inventory shrunk by 10%.
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.
All eyes will be focused on the Fed meeting next Tuesday. Most analysts predict a 75 basis point rate cut following the consumer price index data showing tame inflation. Others are less certain that inflation is in check and view the 0.5% decrease in the energy price component of the consumer price index with some skepticism. Oil prices remain high and the dollar weaker, which do little to help inflation expectations and "limits flexibility" as Fed Chairman Bernanke indicated earlier this year.
Keep in mind that a Fed rate cut does not automatically mean mortgage interest rates will improve, as has been evident from recent history. The Federal Reserve has direct control over the level of short-term interest rates. The Fed's influence over longer-term interest rates is less certain. Market volatility is likely.
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.
Sabino Springs had one property go into escrow. When homes close I'll report the final closing price and square footage price.
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%.
The golf courses in Tucson Arizona are looking good with the winter rye holding up. Not to many frost delays this year, which is nice. Nothing like a frost delay to mess up the whole day.
The Gallery Golf Club in Dove Mountain will be raising it's initiation fee April 1st to $80,000.00 from $75,000.00. Simple supply and demand. Oro Valley Country Club initiation fee has dropped over the last year, even with an excellent new Clubhouse etc., and a well manicured golf course. Hard to figure.
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.
Forty Niner Country Club was quiet this last week. However, my family and I went to the all you can eat prime rib night Friday at the clubhouse, it was ok. For the price it was excellent.
Sabino Springs had a price increase and decrease this last week with 5216 N. Sabino Hills Drive falling into escrow.
All the talk about credit tightening is somewhat true, however mortgage money is still available and at excellent rates. I'm waiting for the government to start throwing money out of helicopters.
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.
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