2006 Tucson, Arizona Weekly Real Estate Newsletter

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.