12-29-05 Today, existing homes sales for November were released showing a 1.7% decline, good news for buyers. Also, mortgage applications are at a 3.5 year low. The benchmark 30 year fixed rate is hovering in the 6.22 range.
12-27-05 The Tucson Open will be February 19th through the 26th, 2006. The Tucson Open will be celebrating it's 60th anniversary in 2006 making our stop on the PGA tour the 9th oldest.
Today, Tucson National Country Club opened play on it's new 18 hole desert style course to the public. New homes are still in the future and I will keep you updated.
12-20-05 Today, one of Tucson's muni courses reopened on the city's Westside. The new Silverbell golf course has undergone a $2.6 million seven month change. The new yardage is 6,936 and a walking round is only $21 or $29 with a cart. The tee's and green's are Bermuda with the fairway's winter rye until summer. Silverbell was opened in the mid seventies and in my opinion, even though not the greatest, was still fun to play. I'll give you my review on the new course once I have played a round.
Also today, new home starts for November were up.
Interest rates are in the 6.5 % range for a fixed 30 year.
12-13-05 The Tanque Verde School District will combine the models of the Bill Gates small high school movement with the tenets of 21st Century Schools in the Districts new high school. If you would like additional information please contact me. The Tanque Verde School District is considered one of the top two school districts, along with the Catalina Foothills school district. Tanque Verde is located in northeast Tucson and Catalina Foothills is in north Tucson. Both areas have excellent Country Clubs and golf courses.
12-06-05 I'm frequently being asked how the weather is in Tucson. Currently, the nights are ( for Tucson ) cold and the afternoons are cool, however, you could wear shorts in the afternoons.
The " Stay and Play " deal for Heritage Highlands is not available since they are on the tail end of the community. Saddlebrooke still has their " Stay and Play ". Call or email me and I'll give you the phone number.
11-29-05 Yesterday, I reported the drop in existing home sales. Today, the government reported sales of new U.S. homes ( not the company ) shot up 13 % in October.
U.S. mortgage finance regulators today raised the limit for loans that can be bought by government sponsored mortgage enterprises Fannie Mae and Freddie Mac to $417,000 for 2006, in most areas. Lenders charge lower interest rates for mortgages they are confident they can sell to Fannie Mae and Freddie Mac. Costlier mortgages are referred to as jumbo loans.
10-15-05 The 30 year fixed rate crested the psychological 6% rate this week.
The tax reformers are targeting the home mortgage deduction to eliminate or cut. The President's panel should make a recommendation on November 1st. I do not see this happening, and even if the panel recommends the elimination the President doesn't have to accept.
10-11-05 I went to see the movie " The Greatest Game Ever Payed," and in my opinion it was a good movie. After we watched the movie my son Scott, who is six years old, wanted to go and play golf, so we did. It was a great day.
10-9-05 Mortgage rates were up for the fourth straight week. The 30 year fixed is 5.98%, which is slightly higher than a year ago. Do you think 5.98% is high?
10-8-05 Tucson National Country Club, one of Tucson's seasoned Country Clubs, has some exciting changes coming soon. In December of this year, the new desert style 9 holes and one of the existing 9 holes that will be a new desert style will form an 18 hole track that should be phenomenal. The current initiation fee and dues are still in place, however, I've been told after the first of the year the dues and fee's will be increasing. Currently, the facilities are rank a 4 star, and in my opinion are first class. The rumor is that after the new golf course is finished the spa facilities may be remodeled. Housing prices in Tucson National Country Club range from $175 to $300 a square foot approximately.
10-4-05 Today, the 10 year note just reached a 4.4% yield. This seven week high indicates that mortgage rates will be will be increasing.
I'm starting to see more homes, usually above $500,000, staying on the market longer.
9-27-05 Yesterday, existing home sales wet up a couple percent and today new home sales dropped 9.9% in August.
9-25-05 Monday, of this week the national existing home sales will be reported. Then on Tuesday, the national new home sales will be reported. Both new and existing home sales are expected to fall. Sounds negative, however, rates are still at record low's and sales are beginning to level out. This is not a panic situation. I look forward to the market becoming both a seller's and buyer's opportunity.
The Tucson August statistics just came out and the listing inventory shows an increase, indicating a turn in the market. Average days on the market shows 26, with 73% of all closed listings selling in the first thirty days on the market.
9-19-05 ARMs, adjustable rate mortgages, applications are down about a third from their March of 2005 high. Seems the 30 year fixed rate is looking good again. In my opinion this should help the market stabilize when the real estate market cools and interest start to rise. Housing starts will be released on Tuesday of this week and will probably show a slight drop.
9-16-05 The Tucson area Country Clubs are over seeding the golf courses with winter rye. Currently, the golf courses are burned out until the winter rye surfaces.
The 30 year fixed rate is hovering in the 5.75% range.
Since Katrina took place the media has dropped the housing bubble story. It feels good not hearing about a bubble every day. The market will take care of itself.
Northeast Tucson is unique for several reasons, the mountain ranges do not allow for more grow and most lots are 1-4 acres in size. There are very few townhomes in the area, with most located closer to central Tucson. The luxury or distinctive fine homes in northeast Tucson very from Country Club settings to mini ranches, elevated hilltops with views to heavily wooded cool areas near the washes. I grew up and currently live in the northeast and love the area.
9-8-05 Today, most of the national homebuilders took a hit in the stock market. Does Wall Street see the home prices too high for people to afford? Even with low PE's and cash flow, the homebuilders stocks may have had their run.
9-1-05 With all the attention of Hurricane Katrina many homeowners are starting to realize that standard homeowner's policies don't cover flood damage. If you are a homeowner and are concerned about flooding then you should purchase flood insurance from the NFIP, a federal government program. The program covers up to $250,000.00 to rebuild structures and up to $100,000.00 to replace contents inside. In today's market that coverage may not cover everything, so, a few insurance companies are coming out with a supplemental insurance policy or even a policy to replace the government policy. Something to think about.
8-25-05 Yesterday, I wrote about the national real estate statistics. Today, the local Tucson Association of Realtors released the July statistics for Tucson. The average sale price for single family residences increased 23.7% from last July, to $278,193.00. Average days on the market is at 26. Homes below $500,000 seem to be selling faster and the larger homes above $500,000 are moving slower. Inventory levels for listings increased 3.5% over last July. These numbers include Country Club homes, golf properties and luxury homes.
8-24-05 This week has been interesting, so far. Existing homes sales were down slightly, while, unexpectedly, new home sales were up. Also, the yield on the 10 year note dropped today meaning mortgage rates will probably follow.
8-15-05 Mortgage interest rates are around the 6% range for a 30 year fixed rate. Since the current market is turning back to normal I'm hearing that more people are starting to refinance their ARM back to a fixed rate mortgage. Makes since to me.
Tucson has been receiving some rain the last week and the golf courses are soaking the water right up and it shows.Yesterday, I played at 49er Country Club and the weather was perfect with 73 degrees, low humidity and overcast skies. The rough is starting to get thicker and taller. This fall should be great for golf here in Tucson. Most of the Country Clubs and public courses will start to overseed with rye the end of September or the first part of October. If you are planning a trip to Tucson during this time period and planned to play golf you might want to check the courses you planned to play and find out when they are overseeding.
8-8-05 The benchmark 10 year treasury is yielding 4.4% today. This means mortgage rates should be following, going higher.
This last Friday many of the big Wall Street homebuilders took a big hit to the downside. Does one day create a trend? Probably not.
8-6-05 Today, I was at The Gallery Golf Club or Country Club and The two existing golf courses look in great shape. A couple of the housing areas around The Gallery are sold out and some of the other areas have waiting lists for lotteries when they do go on the market. There are some high end lots available and a few million dollar plus homes on the market. The Gallery Golf Club is located in Dove Mountain which is far northwest. All the facilities including the clubhouse, pro shop and fitness center are first class all the way.There are several hosing options in Dove Mountain including the Active Adult Community Heritage Highlands. If you would like me to review these with you please give me a call.
8-3-05 Pursuant to A.R.S. 33-422, a seller of five or fewer parcels of land, other than subdivided land, in an unincorporated area of a county, and any subsequent seller of such a parcel, shall furnish a written affidavit of disclosure to the buyer at least seven days before the transfer of the property. The buyer shall acknowledge receipt of the affidavit. The buyer has the right to rescind the sales transaction for a period of five days after receipt of the affidavit of disclosure. The seller must record the executed affidavit of disclosure at the same time that the deed is recorded. I have a copy of the affidavit of disclosure if you would like a copy.
Thinking of moving to Tucson and want to be in a Country Club or golf community? Remember, if you can't find a home in a Country Club or golf community then let's look at the surrounding areas. Most Country Clubs are surrounded by luxury and distinctive home communities. In fact, the majority of members usually live outside the Country Club.
7-25-05 The Tucson Association of Realtors Multiple Listing Service (MLS), just released the June 2005 statistics. As expected, the growth has continued in the housing market. The total units sold in June increased 10.6% over the month of May. The average number of days that a property is on the market landed at 28 days in June 2005. The average price of a single family residence hit $281,426 for June 2005.
Stone Canyon, located in northwest Tucson, is one of the finest Country Clubs in Arizona. With the highest initiation fee of all the Country Clubs in Tucson it brings with it a classy southwestern exclusive feel. Take a look at the pictures on both of my sites and you see how Stone Canyon acquired the name Stone Canyon. It is uniquely beautiful from all angles throughout the community.
7-21-05 Today, China changed it's currency peg and this could effect long term rates since China will be buying fewer Treasuries. As we all know, higher rates mean fewer sales. Will this change the market drastically? Probably not. The real estate market and country club or golf communities will still have a strong demand from people who are buying to live in the property or home.
7-14-05 The Tucson real estate market is still red hot, even into the summer months when the real estate market historically slows down.
Interest rates have been moving up slightly.
6-29-05 The Mortgage Bankers Association has reported that applications for home mortgages fell for the second week in a row, despite the 30 year fixed rate dropping to a 15 month low. This includes new applications and refinances totaling around a 12% drop in applications. ARMs have dropped to around 30% of the market.
6-24-05 The Oro Valley Country Club members just approved $7.2 million for a new club house. The construction process has started and should be a nice improvement to a classic existing golf course. When they built the old Country Clubs in Tucson they located the Country Clubs near the washes for the underground water supply.
6-23-05 May 2005 MLS residential home sales numbers were just released. The average price for a single family home in Tucson is now at $275,934. Average listing days on the market are at 30.
The 10 year note dropped below 4% today.
6-18-05 I'm starting to notice the listing inventory is growing in most Country Clubs, golf communities and retirement or active adult communities, this is a good sign. The square footage prices in most Country Clubs and golf communities are above $200.00 per square foot with a few listings just below $200.00 per square foot.
This last week was the highest on record for new mortgage applications. Also, rates are creeping up just slightly to 5.6% for a 30 year fixed.
I'm hearing that some of the 10 million plus homes in southern California are coming down in price. Ozzy Osbourne just lowered his home by a million dollars. The reason I mention this is that many times what happens in California happens next in Tucson.
6-16-05 Should banks be allowed in the real estate business? This is the argument the Realtors and banks are having currently. I say bring on the banks, I'm not afraid of the banks in the real estate business, but the big real estate companies seem to want to fight the banks. This is America, home of free enterprise. Also, it is ironic that some of the big real estate companies are in the mortgage, title and insurance business's. I think the Realtor's are missing the big picture, that is the banks won't be real competition. It is like saying the government is going to sell real estate. I know people who work with me decided that they wanted me because of my experience and background, not because I can open a checking account for them and give them a free gym bag. Wow, how did I get off on that tangent.
The current mortgage market, with interest only and 40 year terms etc., are helping fuel the current real estate market. It reminds me of the tax incentives in the '80s that help prop up a false real estate market then. When people are buying mainly for the tax or low interest rate benefit that is usually a good sign the market will be turning the corner and getting back to a sane situation for everyone. It still is a good time to buy.
6-13-05 I was at Tucson National Country Club over the weekend and the redesigning of the green course nine holes is well under way. Several of the holes I saw had all the tee boxes, fairways and greens bulldozed down to dirt. Tucson National is home to the Tucson Open. I will keep you updated on the construction of the new nine holes and eventually, the new homes for sale.
6-9-05 I just got back from a trip to the White Mountains in northern Arizona. The White Mountains are usually 20 degrees cooler than Tucson, so it is a nice break from the heat. We stayed at the Torreon Country Club and played golf two of the days we were there. I pulled a chest muscle, for the second time this year, while playing the second day and had to end the round early. The cabins in the area start at around $400,000 and go up from there. This is their prime time and the course was in excellent shape. The club closes for the winter.
The 10 year note just went over the 4% mark today. Did it have anything to do with Uncle Alan speaking before Congress? The fed funds rate which is a short term rate, and the 10 year note which is a long term rate were getting close to touching or inverting. That would be a bad thing for the economy because banks would stop lending money. Thirty year fixed rates are hovering around the 5.5% range.
6-3-05 Sabino Estates at Sabino Springs is the last development in Sabino Springs. I just spoke to the developer and they will be closed for the summer on the remaining 10 lots. Prices start in the mid $700,000.00. They have several floorplans to choose from. The location is awesome, the highest section of Sabino Springs with incredible views. I have some pictures in the photo section of this site.
One of the hot topics concerning the new residential sales contract is the 3 day cure period. The impression I'm getting is " if in doubt, send a cure notice". And, you cannot have a breach without a cure notice.
6-1-05 The 10 year note just dropped below 4% this morning. Mortgage rates should be dropping, again. Also, I heard construction spending for April was at an all time high at over a trillion dollars for the month, WOW.
5-27-05 The new name for the" Links at Continental Ranch "is "The Pines Golf Club." Currently, there are no existing homes. However, plans are in the works for 400 homes but no official announcement has been made. At this time The Pines doesn't offer any memberships. So, to purchase a home and play golf a few times a week would get expense fast.
5-26-05 I just received the Tucson Association of Realtors Multiple Listing Service April residential sales numbers. The average sale price for a single family residence increased over last April 18.2% to $262,054.00. Average days on the market dropped to 35. The listing inventory decreased 19.2% since last year, and it was low then.
5-24-05 The 10 year note dropped again yesterday, so mortgage interest rates should follow. The National Association of Realtors said today existing home sales for April rose 4.5%.
Summer has arrived in Tucson, for the last several days Tucson has been over a hundred degrees. Here's the sales pitch; " but it's a dry heat."
5-23-05 Real Estate Conundrum? What do you think? Will rates remain benign for the balance of the year? Remember, long term rates are set by the market. Will it be higher mortgage rates that will slow the market down or sheer supply and demand? If you have any ideas I would love to hear them. Please email me at reid@reidtucson.com
5-17-05 The Northwest Medical Center, in Oro Valley, is the first new hospital in Northwest Tucson in 20 years. The $85 million, 96-bed Northwest Medical Center is a huge plus for an area with around 100,000 people. Also, the facility is set-up for additional expansion for future growth. The existing Northwest Medical Center is located at La Cholla and Orange Grove. They are in the 3rd phase of their development plan.
5-10-05 The Tucson real estate market is still hot, even as we move into summer. The golf courses are getting some brown in them, however all the ones I have seen recently are in excellent shape. The nice part of summer is the golf fees drop like a rock.
The new Arizona Association of Realtors purchase contract and addendums are in circulation now. One of the major things I see is the fact the buyer can get out of the contract easier during the inspection period. The time frames are clearer and the format seems friendlier to the eye. Only time will tell.
The northwest area of Tucson is probably the fastest growing area of Tucson. Land in the northwest starts in the $175,000 range and goes to several million dollars for a residential lot. As a rule of thumb, 20-30% of the total price of the home would be for the cost of the raw land. So, if you do the math the minimum price of a custom built home would be around $875,000. in northwest Tucson. If you want to buy land to hold for the future you can finance up to 90% LTV. Several lenders, usually banks, have many options to finance land.
5-6-05 Interest rates dropped this week to 5.75% interest on a 30 year mortgage helping keep the Tucson real estate market red hot. Prices and homes available are moving really fast and changing day to day. When I have clients from out of town coming I usually look for homes to view the day before we meet so hopefully the homes will still be on the market.
Inside tip: In my opinion it seems the retirement communities have the best prices per square foot and values.
4-29-05 I will be attending a class today on the new residential purchase contract. I'm looking forward to the class and will be talking more about it in the future. The new contract has not come out yet, but I have a sample copy and it appears easy to read.
The residential home sales statistics, from the Tucson Association of Realtors Multiple Listing Service, are out for March and as you could expect home prices keep jumping higher. The average price for a Single family residence is at $252,542. Active listings decreased 25% from a year ago.
4-24-05 Lately, mortgage interest rates have been oscillating with last week on the downside at around the 5.8% area for the 30 year fixed rate.
The housing bubble is the new buzz word with everybody and their friends debating what it means. In my opinion, the housing bubble is not like other bubbles. Example, when the stock market has bubble prices fall 50% or more, however, homes are something we live in and do not have to sell, so prices should drop some and then level off for a while.
4-20-05 Heritage Highlands and Sun City have a capital contribution charge when a property is transferred. Heritage Highlands has a charge of $1,500 and Sun City a charge of $920.
4-18-05 The 10 year note is at 4.25%, which means interest rates should be dropping this week.
I have some new pictures on my website for Heritage Highlands. Also, I will be updating my spreadsheets soon.
The real estate market in Tucson is moving at a fast pace. An example, I just spoke to the agent at Sterling Homes in Dove Mountain and she told me phase 1 & 2 are sold out and when phase 3 comes on the market they already have 250 people on a waiting list. I'm seeing communities with several thousand homes with only 2-6 listings. This is what is happening in Tucson right now and if you want a home in Tucson you need to move fast. Sounds like a sales line, well anyone who knows me knows that I just tell you the facts and let you decide.
4-11-05 I went to the home show at the Tucson Community Center this weekend and like past years it was great. If you want to get ideas for your home, either inside or out, this is the place.
The Masters turned out to be awesome, despite the rain the first few days. Tiger Woods and Chris DiMarco put on a really good show.
4-9-05 I mentioned on 4-6-05 that the 10 year treasury note dropped and as expected the mortgage rates dropped this week to just under 6% for the 30 year fixed.
Saddlebrooke has new homes with base prices from $250,000 to $650,000 and lot premium's from zero to $450,000. Saddlebrooke has a couple of phases remaining in a previous section and recently opened The Preserve with a new 18 hole golf course.
Stone Canyon has lots starting at $350,000. Stone Canyon has increased the monthly membership dues to $575. The initiation fee is still $75,000.
Starr Pass has increased their initiation fee to $25,000 from $20,000. The monthly dues bumped to $415.
I try to stay on top of the golf costs, however, please verify all costs before making any decisions. Also, many of the clubs today offer numerous types for memberships to try and fit everybody they can into a membership. So, if you have a certain situation let me know and I can let you know which Country Clubs might work best.
4-6-05 Tucson National Country Club and Ventana Country Club have increased their initiation fee's and monthly dues. Tucson National Country Club is $17,500.00 to join and $340.00 a month. Ventana Country Club is $45,000.00 to join and $478.00 a month for dues.
The 10 year note dropped a little today, mortgage interest rates should follow.
4-1-05 Tucson's housing inventory levels are still low, and in the golf/retirement communities that I specialize there are just over a hundred listings on the market. Additionally, our prices have increased like the rest of the country and it is hard to find a home in a golf community under $400,000 in Tucson, unless you look in the retirement communities.
My video on Tucson's golf communities is 10 years old and I'm in the process of making a new video. If I send you the old video please note that the numbers I quote for the golf and housing is 10 years old and does not apply to today's prices. However, you can still get a feel for what the areas look like. Also, I have a tape on luxury homes for Tucson as well.
The new Arizona Association of Realtors, AAR, residential purchase contract will be out May 1st. I just received an example copy and it will be a nice improvement to the old contract.
Interest rates inched up this week on the 30 year fixed to just over 6%.
3-26-05 Interest rates on the 30 year fixed crested the 6% level. While new housing starts for February increased roughly 9%, the biggest jump in four years.
I played golf today in Green Valley at the new Canoa Ranch Resort. It was absolutely awesome. Green Valley is approximately 30 minutes south of Tucson. Canoa Ranch Resort is still in its infancy stage with the golf course and clubhouse completed. Ground just broke for the first phase of condos. The developers want this to be a destination resort and from what I saw the area is definitely on track. Call me for more of the details.
3-23-05 The Tucson real estate market is in prime time. Usually. January through April is considered Tucson's prime time. That doesn't mean the rest of the year is bad. It looks like 2005 will fall in line with historical data as this being the strongest time of year. January and February have both been excellent months. Interest rates are hovering around the 6% level which will have a slight impact on the market. Is 6% really a high rate? The days on the market for February settled at 39.
The Arizona Association of Realtors, will be coming out with a new purchase contract soon. I should be receiving my proposed copy today, so I can make any changes I think would be helpful and send it back.
3-14-05 Tucson International Airport is still under expansion. In January of this year, Tucson International Airport had 71 daily nonstop departures to 16 cities and one stop connections to 125 destinations. Tucson will never be able to compete with Phoenix since they are a hub, however, fewer people will be willing to make the drive to save just a few bucks.
3-10-05 Long term rates are probably going to be raising, why? The 10 year T note just pasted the 4.5% mark, which is a good indication of the mortgage market rates.
Not many people consider a home inspection on new construction, maybe because they don't know you can have an inspection on new construction. Some Home Inspectors offer a phase inspection, where they go out and inspect the house in phases while it is being built. Usually in four phases. Just a thought.
3-4-05 Mortgage rates rose this last week from 5.69% to 5.79% on a 30 year fixed rate. For now, it seems to be hovering in this area.
I just received my property tax evaluation in the mail, along with the rest of the county. According to our assessor, my property increased almost 10% since last year. No sense in fighting that evaluation.
The National Association of Realtors ( of which I'm a member ), reported that 1 in 4 homes selling are to investors.
3-2-05 The Tucson Association of Realtors Multiple Listing Service January 2005 residential statistics still indicate a strong market (to no ones surprise). Active listings are down almost a third from a year ago. All the stats are very strong and indicate a sellers market.
Mortgage rates could be on the raise more than just a little. Why? Well, the 10 year treasury note has increased the last couple of days which is the benchmark for long term rate
2-18-05 This last week saw long term mortgage rates increase slightly. The fixed 30 year rose to 5.62% from 5.57%. We have had some strong economic indicators, like the January housing starts which may have an influence on the rate increases.
2-16-05 Housing starts for January were up 4.7%. That blows away economists consensus. Alan Greenspan spoke today, indicating the good economy and low long term rates.
2-14-05 Happy Valentines Day. Last week mortgage rates dropped for the fifth straight week, like last week not by much, but they did fall.
The Gem And Mineral show is on the tail end and from what I hear it is the largest Gem and Mineral show in the world. Also, as I reported earlier the Rodeo and Tucson Open Golf Tournament are coming up next.
All the golf courses in Tucson are looking great. I was at Ventana Canyon Country Club over the weekend and it is picture perfect. We are in prime time now and the weather and golf courses have been awesome.
2-09-05 Tucson National Country Club, home of the Tucson Open golf tournament, will be adding an additional 9 holes to the existing 27 holes. The new 9 hole track will be a desert style layout. Tom Lehman's design group will be redesigning 9 holes of the existing 27 holes to a desert style layout as well. Then, Tucson National Will have 18 holes with a traditional course and 18 holes with a desert style course. To my knowledge, that will make Tucson National Country Club the only club with a traditional and desert style courses. Construction is due to start in April with a completion date in November of this year. Did I mention this is really, really exciting. If you have never been to Tucson National Country Club I will sum it by saying, classic with atmosphere.
2-8-05 Several events are happening this month that happen every year in Tucson. First, The Gem and Mineral Show takes place in several locations around Tucson with hotel rooms 100% booked. Second, The Tucson Rodeo takes place later in the month and is always exciting. The Tucson schools all close for two days for the Rodeo and Parade. Third, The Tucson Open golf tournament is played at The Omni Tucson National Country Club. I will report more on The Tucson Open as it approaches.
2-4-05 Home mortgage rates fell in the past week for the fourth week in a row on the 30 year fixed to 5.63%. It was not a huge drop, but it was a drop.
1-27-05 The Tucson Association of Realtors MLS reports that the December 2004 average sale price for single family residences was $225,810.00 compared to $185,357.00 a year ago, resulting in a 21.8% increase. Average days on the market decreased to 40 in December, 2004. With fewer new listings being added to the inventory along with more buyers in the market place it has created an extremely active real estate market.
1-25-05 What comes with higher real estate prices? Higher property taxes. All across the country people are feeling the raise in property taxes. A rule of thumb for the Tucson area property taxes is 1%+or - of the property sale price.
Inventory levels are still low. A couple of examples are Canada Hills in the northwest, and Sabino Springs in the northeast. Canada Hills comprises 23 subdivisions that surround El Conquistador Country Club. Currently, Canada Hills has five listings for sale, usually Canada Hills might have 40-60 homes for sale. Sabino Springs has approximately 16 subdivisions with the Arizona National golf course weaving it's way through the community. Sabino Springs has 2 homes on the market. This highly unusual and I expect to see a turn in the market in the second quarter of this year.
The 575 room Marriott Starr Pass resort officially opened Monday of this week. It is Tucson's first resort in 18 years and will feature a 20,000 square foot spa, a 27 hole Arnold Palmer golf course and seven dining venues. I will keep you updated as I learn more about the resort.
1-21-05 Mortgage interest rates were down this week to around 5.67% for a 30 year fixed. It seems the Feds have inflation under control.
The stock market is falling, but the real estate market just keeps marching forward steadily in Tucson. We seem to always be in a growth pattern here in Tucson. Our weather and casual lifestyle is great for people working, retired or just visiting for the winter.
1-12-05 Having pre-arranged financing with a conditional loan approval letter is critical in the negotiating process. Of course all cash is always King. Also, avoiding non-contingent offers on the sale of a home will noticeably improve the chance of a successful negotiation. Anything to strengthen your position when making an offer on a home is important.
Tucson, recently has been experiencing rain with over cast skies, making ideal golfing conditions and perfect golf courses. Tucson is heading in prime time for golf and the home selling season. If you are planning a trip soon you are sure to enjoy this time of year in Tucson.
1-7-05 Creative financing and low mortgage interest rates are still fueling the housing market. Example, Countrywide has a mortgage that allows the borrowers to skip up to ten payments over the life of the loan. Some lenders have piggyback loans that combine a first and second loan. Why would you want that? Some people may ask, the answer is the borrower will be coming into some money soon and maybe able to pay the second off and still have the first at a low rate. Or, you maybe able to circumvent the mortgage insurance and the second would give you enough money to have 20% down payment.
La Paloma, located in the north central part of Tucson and next to The Westin LA Paloma Resort, has condos to homes that are several million dollars. The Villages of La Paloma recently completed construction and has homes in the $500,000 to $750,000 range for resale's and represent an excellent value and location. La Paloma is in an ideal location to other parts of Tucson. If you love a first class country club environment with an upbeat feeling you will love La Paloma.
1-1-05 Happy New Year, and what will the new year bring? If you have any thoughts please email me at reid@reidtucson.com
Stone Canyon has indicated the grand opening of the swim, fitness and tennis center. This is the newest phase of The Stone Canyon Club and emulates existing spas that now define Tucson as a world-renowned health and wellness destination. Additionally, Stone Canyon is expanding the residential opportunities by introducing the first of its designer homes. Forty three of Stone Canyon's choicest lots have been dedicated to a new neighborhood called Tuscan Estates. Stone Canyon has designed the homes in the traditional Tuscan architectural style in sizes ranging from 3100 to 3900 square feet. Four home plans are available with base prices of the homes starting at $1,273,000 to $1,333,000 and lot premiums from $o to $440,000. Stone Canyon's base price includes masonry construction, Epicurean kitchens, Viking appliances, stone flooring and much more. Stone Canyon is one of Tucson's exclusive areas and with the new facilities and opening of Tuscan Estates there is tremendous excitement being generated.
