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 1-800-997-4701.
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.
12-28-07 Happy New Year to you and your Family.
Forty Niner Country Club had a closing this last week, 2020 N Fennimore Ave.. The home was listed for $875,000 or $226 a square foot, and sold for $807,000 or $209 a square foot. The property was on the market for 99 days.
Sabino Springs was quiet, however the real estate season for Tucson is just around the corner.
Northwest Tucson Country Clubs have some exciting thing in the future. The Ritz-Carlton Golf Club at Dove Mountain will feature a 27 hole golf track designed by Jack Nicklaus. The community encompass 850 acres with the 27 hole course to be completed this year, followed by an additional 9 hole track in 2010. Tucson National Country Club features 36 holes of championship golf. Additionally, some of the casitas have been razed to make way for new golf villas and others are being renovated. It's all very positive.
12-21-07 Sabino Springs and Forty Niner each saw a couple of homes go into escrow ths last week. I'll update you on the numbers after they close, since agents can't disclose the sales price until after the closing.
Merry Christmas and happy holiday's to you and your family.
11-30-07 49er Country Club had a very positive week with one new home on the market at 2341 N. Fennimore for $638,780 or $195.00 per square foot, sounds like it is priced to sell. Also, 49er had two homes go into escrow, 11610 E. 49er Fairway and 2020 N. Fennimore. When these homes close I will update you on the numbers for each.
Sabino Springs had some nice activity also, 5176 N. Fairway heights came on the market for $450,000 or $205 a square foot. And, two homes sold ( closed and funded ), 9820 E. Spring View Place sold for $462,500 or $223 a square foot and 9750 E. Sabino Estates Drive sold for $860,000 or $258 a square foot. If you would like more details call me at 520-751-8686, I'm easy to talk with, whether you are buying or selling.
I've been reading several housing reports this past week and it can get confusing, however, the bottom line is all real estate is local, and the truth is the homebuilders are all hurting and giving phenomenal deals, there are many homes on the market, credit is tightening ( unless you have good credit), but homes are still selling. If you are thinking of selling or buying call me at 751-8686 and I can help you wade through the confusion.
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.
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.
6-10-07 I played del Lago Golf Club on Tucson's southeast side and like other courses I've played recently the summer sun has burned the grass out in areas. This makes the fairways and greens hard and fast, however, at del Lago some of the greens were slow because they didn't cut them low, protecting them from the summer sun. del Lago Golf Club is surrounded by the community of Rancho del Lago, comprising numerous subdivisions. The housing varies from lot size to design, however it is all good in my opinion. The golf course is great, BUT, they don't offer memberships, just an annual pass. Call me for more details about the area.
6-7-07 Tucson Arizona country clubs, luxury homes, retirement areas & golf communities still shine with all the same reasons they did before when the market was red hot. People come to Tucson Arizona for the casual lifestyle and health. Tucson is still a great place to be no matter what the real estate market is doing.
6-1-07 Golf properties or golf communities in Tucson include the retirement areas with golf courses. One of my favorites is Heritage Highlands, located in the northwest part of Tucson, Arizona. The golf course is gorgeous, the clubhouse is awesome and it's in an ideal location, Dove Mountain. The builder, Lennar, has three lots remaining with huge discounts from $60,000 to $100,000. And, don't forget the resale's. If you would like an update on the resale's call me at 1-800-997-4701.
5-18-07 The HOA ( homeowner association ) For Sale Signs issue passed the Arizona Senate and has to pass the House of Representatives. The Senate vote was 27-0 to allow homeowners the right to display on his/her property and industry standard sign.
5-10-07 Tucson National Country Club will soon have a new subdivision called " The Hills at Tucson National ". The Hills at Tucson National will feature 20 homesites on over 33 acres of prime golf course property. The homesites are pre- grand opening priced from the $400's. The golf community will have 2 gated entries and private golf cart access to the Tucson National Country Club. I'll keep you updated and if you have questions call me at 1-800-997-4701.
5-3-07 Let me send you immediately hot new Country Club or golf course properties as they come on the market. I can do several searches by radius, areas, subdivisions and communities or a specific address. A few search criteria that I'll need is area, price and square footage range. Question's? Call me and let's start sending you listings today, so you'll see the great opportunities Tucson has to offer. 1-800-997-4701.
4-20-07 The average mortgage interest rate fell this week to 6.17% for a 30 year fixed rate, according to Freddie Mac. They're saying the rate dropped because of moderation in inflation rates. Just don't eat or drive a car.
Starr Pass Country Club is located on Tucson's west side, close to downtown and I-10. Currently the Starr Pass Country Club features 27 holes of golf with an additional 9 holes planned for the future. Full golf membership is $30,000 to join and $458 a month. Resale homes start in the $300,000 to a million plus.
4-13-07 The Tucson Association of Realtors Multiple listing service just released the March statistics. Home unit sales decreased 20% from last March. Average days on the market is up to 67 days. Active listings increased 25% from March 2006. The average sales price for all property types has been gyrating since last year, settling in March 2007 at $275,000.00.
4-6-07 Oro Valley Country Club, located in northwest Tucson, is Tucson's best kept secret. It features a traditional tree lined 18 hole golf course and a brand new clubhouse and fitness center. A variety of housing choices are available in the country club as well as surrounding areas. Check out my photo gallery on Oro Valley Country Club and let me know your email address so I can email you the current listings and new ones as they come on the market.
3-30-07 Tucson National Country Club has a new 9 hole desert course which is a bit of a challenge after playing one of their tree lined courses. Tucson National Country Club has luxury, fine distinctive homes as well as townhomes on several fairways. Tucson National Country Club is close to I-10 , all kinds of shopping, restaurants and services. Tucson National Country Club was the home of the Tucson Open until this year when the World Match Play came to Tucson. Tucson National is a golfer's dream, with excellent practice facilities and the course where the Pro's played for years.
3-29-07 The greens on many of the Tucson area golf courses are becoming very slick. With daily temperatures raising and the afternoon winds it's easy to see why.
The big question that I get asked frequently is " how bad is the real estate market out there?". Well, it is a buyer's market ( less buyers than sellers) and that's not a bad situation for the buyer. The market is not as crazy, compared to two years ago which makes it a normal market. I lived through the early eighties real estate market and this doesn't compare. I'm starting to sound like an old guy. Anyway, I hope you have a good day.
3-22-07 I just received the February sales statistics from the Tucson Association of Realtors Multiple Listing Service. Average days on the market show 65. Average sales price for all residential types is $258,000. Unit sales decreased from last year 13.8%. Pending contracts werer higher than the last half of 2006.
3-18-07 Tucson, Arizona is home of The Tucson Association of Realtors Multiple Listing Service. One Question I'm frequently asked is what does DOM mean on a listing? This applies to golf communities, country clubs, retirement communities as well as all the MLS listing's. DOM means " Day's on the Market ". That seems pretty straight forward, however, if the listing expires and the property is relisted the clock starts all over. But wait, the property listing on the computer shows the MLS history, so you can see a more accurate picture.
3-10-07 This past week DR Horton's CEO made a grim housing forecast for the rest of 2007. The builders are hurting and jumping though hoops to move inventory. My favorite Active Adult Community is Heritage Highlands, great golf, manned guard gate, in Dove Mountain and near the Gallery Golf club, fantastic clubhouse and housing.
2-28-07 My number one priority as a Realtor, or real estate agent is to satisfy your real estate needs here in Tucson, Arizona. Please fill out the questionnaire on this site and I'll start sending you listings or help answer your questions. Also, you can call or email me at reid@reidtucson.com or 1-800-997-4701.
I just updated some of the country clubs on my spreadsheets for the golf fees and costs. Arizona National Increased to $50,000 from $32,000. Arizona National has several memberships available. La Paloma is now $45,000 from $37,000 and in my opinion is the most centrally located country club here in Tucson.
2-17-07 Country Clubs for Tucson, Arizona and golf communities, retirement communities are seeing price changes in housing costs and membership fees for the country club or retirement community. I'm in the process of updating my spreadsheets for golf and housing costs for these properties. My services as a real estate broker here in Tucson, Arizona include finding the perfect home in the golf community or country club. Also, I can show you homes outside the country club.
2-9-7 Skyline Country Club, in Tucson Arizona will begin a $2.3 million renovation this spring. Skyline Country Club opened in 1961 and has had several upgrades over the years. Most of the renovation will happen within the clubhouse. The only golf course improvement that I heard of will be to the driving range, adding an additional 25 yards and going to grass instead of artificial turf mats. It all sounds positive and should bring in some new members. The course is short by today's standard, but challenging.
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.
1-8-06 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.
12-27-06 Tucson Arizona weather update; Phenomenal. Mortgage insurance is now deductible, of course there are a few exemptions. Before you make any decisions consult your advisor.
12-16-06 I'm a real estate broker here in Tucson, Arizona and love working with clients from out of town. I work the country club, retirement areas and luxury communities.
After the first of the year the World Match Play will be held right here in Tucson and will replace the Tucson Open that was one of the oldest stops on the PGA Tour. I'll keep you updated.
12-8-06 Tucson Arizona country clubs, luxury homes, retirement areas & golf communities still shine with all the same reasons they did before when the market was red hot. People come to Tucson Arizona for the casual lifestyle and health. Tucson is still a great place to be no matter what the real estate market is doing.
Mortgage rates for the 30 year fixed are 6.11%, which is the lowest since January of 2006. Some national builders are seeing their stock price move up. Not a bad sign.
12-01-06 The new home and existing home sales were reported this week. New home sales dropped in October 3.2% nationally. Existing home sales jumped in October, driven by price declines that brought more buyers out. The national housing sector seems to be bottoming with low rates and price declines and inventory levels back at a more normal reading.
11-18-06 Tucson, Arizona is starting to see the real home buyers and sellers. The flipping day's are over and the screaming deals are here in Tucson, Arizona. Low interest rates, high resale inventories, builder incentives. October housing starts dived 14.6%, a six year low. Additionally, housing permits fell to the slowest pace in nine years. Some people are seeing the light and realizing the main reasons people move to Tucson ( weather, casual atmosphere etc.) and that now could be the best time to buy.
11-03-06 Tucson, Arizona is where my office is located, and Tucson, Arizona is my home town and the place I grew up and have been in business for 27 years. I love Tucson, Arizona.
Mortgage rates averaged nationally on the 30 year fixed this past week 6.3%. I have had a few people ask me why I report the average when you can get a lower rate? Simple, because the average is consistent. Sure you can probably get a lower rate, however, the average gives you a general feel for the market.
About 40% of new home sales are canceling. Wow!!
10-25-06 The National Association of Realtors reported today that existing homes sales dropped in September. Inventory levels are raising, however, real estate is a local market issue and some areas are worse than others. Example; I heard that in a number of areas in Florida property owners can't get property insurance, and the lawyer's will tell you there are no rights in getting property insurance.
10-21-06 Interest rates are still low. Builders are making allot of concession's. I'm seeing a high number of price reductions. And, in the areas I spend my time in ( Country Clubs, Golf communities, retirement area's and Luxury homes ) I'm seeing a mixed market with a high level of homes on the market for over 120 days and many expired listings. However, the market is not dead and prices have not fallen off a cliff. This is a classic buyers market and if you are a buyer you should start looking around.
10-16-06 Interest rates may have hit bottom again and with inventory levels raising and a large number of price reductions currently, buyers may want to come off the sideline and start looking.
Forty Niners Country Club has a few remaining lots left that are ideally located near the 10th and 18th holes. Both the 10th and 18th are par 3's with water features. I believe these lots are a real sleeper. Call me at 520-751-8686 for more details.
The new buzz word for FSBO is FSBUS. That stands for "For Sale by Unrepresented Seller." And, when you think about it that's an accurate description.
10-7-06 A new credit scoring company called VantageScore has been created to compete with the Fair Isaac Company. The big three do not support VantageScore and we will have to wait and see how the new company fits into the picture.
Most of the golf courses have been overseeding the last few weeks and many have been coming back online to play, although the course will not be in perfect shape for awhile. Cart path only seems to be the rule.
The Arizona Association of Realtors has developed the Loan Status Report " LSR," which is required to be included in any offer made using the Arizona Association of Realtors Resale Residential Contract.
As of July 1st, 2006 a new rule took effect which requires any person transferring a property served by an onsite waste water treatment facility to have an inspection of the facility performed prior to the transfer.
9-29-06 Previous housing slowdowns have come on the heels of economic weakness accompanied by job losses and rising interest rates, the current market slowdown has an economy that continues to move along at a respectable pace. The explanation for this anomaly and slowdown is caused by higher home prices. Sales are not cooling because there are no buyers in the market; sales are cooling because buyers are waiting for prices to fall.
9-22-06 The August residential sales statistics are out from the Tucson Association of Realtors Multiple Listing Service and the listing inventory is up 113% over last August. Home sales are down about 23%. Average days on the market is 53. The big one is the average sales price which increased slightly over last year, however it is down from the $307,000.00 peak this year to $268,000.00 in August.
9-2-06 Mortgage rates dropped again this week in Tucson, Arizona and have been in a little by little effort. Tucson Arizona has the big mortgage lenders like Countrywide and National City, and Tucson Arizona has numerous smaller mortgage companies. In Tucson Arizona, like most cities, its not the company but the agent and service.
Saddlebrooke has two new floor plans that have come on board, making a total of twelve and they are offing some pre sale pricing on these plans. Prices start in the $340s. The Preserve Home Series, also a part of Saddlebrooke, is one of Arizona's upscale locations with home prices starting in the $670s. Saddlbrooke is located in northwest Tucson Arizona and is an Active Adult Community. Oh, Did I mention Tucson, Arizona?
8-27-06 I love reading the newspaper articles about home prices declining. Yes, home prices are declining and every day in the MLS I'm seeing allot of price reductions. This could be good or bad, depending on if your buying or selling. Also, mortgage rates have been dropping and many folks with adjustable rate mortgages " ARM's " are refinancing. Most of the investors are out of the market and the market is stabilizing. Remember, investor's were 25% of the market not to long ago.
8-17-06 I was at Oro Valley Country Club the other day and the new clubhouse is almost finished. They indicated that it will be open in a few weeks. It looks like it will be very positive addition to a beautiful area and golf course.
Jumbo mortgages are start at $425,000 and have a slightly higher interest rate.
Housing starts for June fell 2.5%, the 5th decline in 6 months.
Toll Brothers stock is about half the price from a year ago.
The Pines Golf Club is under new management.
8-12-06 Mortgage rates have dropped again this week to around the 6.5% range.
Starr Pass Country Club will be closing out the Resort Condo's at " Moonrise at Starr Pass ". There are 10 condo's remaining out of 240. Prices range from $155,000 to $240,000. Square footage's range from 838 to 938 to 1,047. Each remodeled unit has upgraded features and is in a great location to enjoy the Marriott Starr Pass Resort & Spa, or the Starr Pass Country Club.
8-6-06 I was in Green Valley today, which is approximately 20-30- minutes from Tucson. Green Valley is a golfers paradise, with eight golf courses. That does not include Tubac Country Club ( where they filmed the movie Tin Cup ). Green Valley is a retirement community and has been around since the mid sixties. Green Valley is always in a positive grow mode and has several new home sites. Most notably Quail Creek and Canoa Ranch. Put all this together, and you have a superb retirement & golf town.
8-4-06 Mortgage rates for the 30 year fixed rate dropped this last week to 6.63%. I report you decide.
The Tucson Association of Realtors will be upgrading the multiple listing service this weekend. I will let you know of the substantial improvements made.
I've seen some good deals this last week on townhomes in the Tucson Country Club, golf community, golf property section of the market. Also, consider that there are patio homes in the golf club communities and country clubs. Basically, the lock and leave or the home on a small low care lot has had a strong appeal here in Tucson. If you would like me to send you the current listings and new ones as they come on the market let me know, I'll need your email address, price range etc.
7-28-06 Mortgage rates this week dropped on the 30 year fixed. It is still up almost a percentage point over last year at around 6.72%, which is still low. Also, speaking about mortgage's I heard about a new web site about the lending process, it is mtgprofessor.com. Check it out.
7-17-06 Jack Nicklaus was in Tucson last week, planning his design for a fourth golf course in Dove Mountain. The Gallery Country Club has two existing golf courses and will be hosting the World Match Play. Heritage Highlands is the other existing golf course at Dove Mountain. Call me for real estate prices for the Gallery golf club, Heritage Highlands and Dove Mountain.
7-15-06 This week mortgage rates dropped slightly. Probably just a temporary pause. It seems all the world economies are slowing down and Central Banks are tightening the money supply.
Homebuilder forecasts indicate a slow down for new homes.
7-12-06 The 2006 aims test scores are in today's local newspaper for pima county schools. The top two school districts, from my cursory look, are Catalina Foothills and Tanque Verde. If you are looking to buy a home in Tucson and schools are important to you, I can do property searches by school districts and email you the current listings and new listings that come on the market. Additionally, I saved a couple of papers if you would like me to send you a copy.
7-9-06 Active adult community, active adult communities, retirement community or retirement communities in Tucson Arizona. The big three in my opinion are Heritage Highlands Active Adult Community, Saddlebrooke Active Adult Community and Sun City Retirement Community. Is there a difference between retirement community and active adult community? Not really. Active adult is suppose to sound better. Why do I call these the big three active adult communities? They have the most to offer in activities and housing. Also, they all have golf courses which adds to the atmosphere for both golfers and non-golfers.
6-27-06 New home sales nationally were up for the third straight month. Builder discounts and incentives seem to be driving the sales. Most of the large homebuilders are forecasting a slower second half of the year. Sounds negative, but what if you are a buyer? Don't forget rates going higher and inventory levels rising.
If you didn't notice, on my homepages you can now do your google searches. Additionally, you can do searches on my websites by using the same search window.
6-25-06 This year celebrates my 10th year on the internet featuring country clubs, luxury homes, retirement homes or communities, golf properties and communities, distinctive fine properties and land for sale in Tucson, Arizona.
6-16-06 Do you want a luxury home or golf property in a country club for under $200.00 per square foot? Then top on your list should be Canada Hills, which comprises approximately 23 subdivisions surrounding the El Conquistador Country Club. El Conquistador Country Club is very upbeat and features two 18 hole courses.
Mortgage rates for a 30 year fixed nudged slightly higher this week to settle around 6.63%.
How important is a Realtor in your transaction? Of course I'm going to say the Realtor is very important. The Realtors role in this day and age is extremely important when negotiating. Some examples would be the making sure the inspection period is negotiated to keep everything moving forward. Also, what happens if during the inspection the buyer loses his job? Does the buyer get the earnest money back? Does the deal fall apart immediately? There's more, but I don't want to bore you to tears. I know most people I deal with understand my role as a Realtor though the whole process and the benefits. What makes me feel good is the times out of town brokers have picked me to represent them in their purchase here in Tucson, Arizona.
6-14-06 I just received The Tucson Association of Realtors Multiple Listing Service May Residential Home Sales report. Here are some highlights from the report. Home sales units decreased 9.11% from last May. The average sale price for a single family home increased 7.65% from last May, to $297,000.. Average days on the market for May showed 50 days. And, the listing inventory increased 116% From May 05 to May 06.
6-2-6 My friend Jennifer Price, who is the Membership Director at The Gallery Golf Club in Dove Mountain, just sent me a letter updating me on what the latest news at The Gallery Golf Club. If you would like a copy of the letter please let me know, however, here are some of the highlights. The PGA Tour has selected the Gallery South course to host the Accenture World Match Play Championship in February of 2007 and 2008. Ground has broken on the new retail center which will include a new Bashas's grocery store, a gas station, bank and other retail stores. The membership at the Gallery is at 380 members. The golf membership is still at $65,000, however, there have been some changes on trail memberships.
5-25-06 Today, existing national home sales were reported and showed a few percent decline. The new home sales were reported yesterday, they showed a few percent increase.
5-17-06 The Tucson Association of Realtors Multiple Listing Service just released April 2006 residential home report. Home unit sales decreased 1.54%. Average sale price for single family homes increased 17% from last year to $307,000...Average days on the market is hovering around 45 days. Active listings increased 123% compared to last April. Obviously, the real estate market is cooling off, alittle. I have mentioned before that anybody could spin these numbers to paint any kind of picture. I think the real question is, when has it been a bad time to buy real estate in Tucson, Arizona? In my 27 years selling real estate I have never seen a bad time to buy a home in Tucson. Of course there is an exception, if you are buying to flip a property and make a quick buck. However, most people move to Tucson for the lifestyle and home values.
5-10-06 I just heard that 50 year mortgages have hit the street. Wow. Many banks offer 40 year mortgages, which account for about 5% of the market. It will be interesting to see how people react to a 50 year mortgage.
5-6-06 Toll Brothers cut it's forecast for expected home sales, and posted a 32% decline in orders for the fiscal second quarter. Also, Toll Brothers indicated that demand was down in all its markets. Toll Brothers is a Luxury homebuilder. In Tucson Toll Brothers has a nice community in Dove Mountain by the Gallery Golf Country Club, however, each time I've shown the models they had a waiting list of buyers.
5-4-06 Interest rates are still low. Housing prices have dropped. Inventory levels are up. This is turning into a buyers market here in the Tucson real estate market for Country Club homes, golf properties and retirement communities. Builders have more incentives for buyers and the summer months in Tucson are hot , which is the slowest time for real state.
I visit Sabino Canyon the other day for the first time in about thirty years, since they closed the roads to vehicle traffic. There are many people who enjoy walking or running, and they have tram rides if you don't feel like walking. The road into the canyon is a few miles in length.
Mortgage applications were up this last week. Probably because people are refinancing to get rid of their ARM's.
4-27-06 The 10 year note yield has been moving up and causing mortgage rates to go up.
I had lunch the other day at the new Marriott resort at Starr Pass. In my opinion, it would be had to come up with real positive thought's about The Marriott at Starr Pass. The service and atmosphere was weak. The resort did not leave us with a good feeling.
The national figures came out yesterday for new home sales and it indicated a 13% plus increase. Must be all those incentives.