Tucson Real Estate News

University property in Tucson has traditionally been very popular for investors and parents of students attending the University of Arizona.  Benefiting from the proximity to campus and the ready supply of renters and buyers, the value of these properties has held up better than the overall real estate market the past few years - see this article.

This area in the Tucson real estate market is one that I enjoy concentrating on, not only because of the business, but the vitality of the people and the variety of styles, architecture and property types near the University.  Recently, I represented a couple who purchased a condo for their daughter to live in.  Just a few weeks later, they decided to invest in another condo to use as an investment property in the same complex.

Getting a testimonial from a client is a wonderful thing, but when they take the time to make a video, it is extra-special!

Investing in real estate may be better now than in decades - because of the combination of prices tumbling from artificial highs a few years ago & record-low interest rates.  Some university properties are bargains while others are not - having an experienced REALTOR® who knows the area well can make a difference in getting good value for your dollar or finding a "bargain" that turns into a money-pit.

Below are current properties for sale in areas that are popular with University of Arizona students.  The list on the left contains Residential Income properties, the list on the right are single family homes, townhomes and condos for sale.  Click on either list to see more detail - no, you don't have to register or sign up for anything.  If something interests you, please feel free to contact me.

In its never-ending quest to provide better services for both agents and the public, the Tucson MLS has decided to change its MLS software to FlexMLS by FBS of North Dakota!

I, for one, am extremely happy with the decision - and I hope you will be too.  To take a quick peek at what it looks like from a consumer perspective, check out this search for property in the Sam Hughes area of Tucson:

Check it out - see what it is like & please feel free to leave your comments below!  The more feedback, the better...and if one of these catches your eye, I'm available to answer questions.

This morning, at the Historic Train Depot in downtown Tucson, the official announcement of the TIGER Grant that will allow the Modern Streetcar project to go from dream to tracks & trolleys was attended by hundreds of people.

Here is a video montage of some of the speeches:

Congresswoman Gabrielle Giffords, University of Arizona President Robert Shelton, RTA Chairperson Lynn Skelton (also Mayor of Sahuarita), Tucson Mayor Bob Walkup and U.S. Transportation Secretary Ray LaHood are featured in this collection.

Having the Modern Streetcar project move forward in Tucson is a real "game changer" for downtown, as it links the University of Arizona through Main Gate Square, down 4th Avenue along Congress Street to the Convention Center and across to the Mercado District on the west side of I-10.

There has been a lot of work to revitalize downtown Tucson - the trolley will link it all together and be a focal point that draws a lot more attention & investment to the area.  The downtown you know today will be incredibly improved over the next 5 years...if you haven't seen what we've done so far, you'll be amazed at what will be happening soon!

IT'S OFFICIAL!  Tucson's Modern Streetcar in Downtown is a GO!  This morning, the City of Tucson found out that it will receive the $63M from the Federal Government to make the proposed Trolley/Modern Streetcar project a reality. 

The $150M project is being funded through local funds that have been generated for the Regional Transit Authority (RTA) via a sales tax increment approved by voters in 2006, with the U.S. Government putting up their portion through a TIGER Grant.

What this means for Tucson is a real boost to efforts in revitalizing the Downtown Core.  There has been a lot of work going on already - now the Trolley will both serve to enhance and tie-in the University of Arizona, 4th Avenue, Congress Street and the Mercado District.

While there will always be naysayers, my bet is that the same people sniveling right now will be asking for expansion of the routes in 5 years!

Future plans include expansion of the streetcar down Broadway Boulevard - the Downtown Trolley will showcase the core of Tucson & help redefine the heart of our city.  It won't happen overnight, but just hide & watch as it becomes another thing to be proud about "The Old Pueblo" for.

If you want to take advantage of the opportunity, now's the time to jump on - the fare won't be decreasing in future years for real estate along the route!

It is no secret:  I enjoy blogging - but how to blog better, more effectively for my readers and Google Rankings?  Check out these guys...Jason Crouch & Jeremy Blanton.

While many people know them from ActiveRain, they have formed a company, 210 Consulting, to teach what they've learned about social media to anyone interested in taking their blogging to the next level.

On Monday, I attended their first webinar, "How To Chug Google Juice & Get 15 Years of Fame" and not surprisingly, was very glad I did!  What I like about their approach is that they teach in a very user-friendly manner, engaging with the attendees and answering questions without making me feel like a pupil in 3rd grade.

In the future, I hope to attend more of their seminars, perhaps even hiring 210 Consulting for some 1-on-1 coaching.  Often, money spent on paid "training" sessions is little more than finding yourself in the middle of an infomercial that leaves the attendees feeling ripped off while the instructor gives endless "now or never" plugs for spending more money on their "secrets" - not so with Jason or Jeremy.

You get what you came for, the price is right - and you leave with a head full of good info, ready to learn more.

Thanks 210 Consulting - you guys are doing this right.  I wish you much success & look forward to learning many new things from you.

Are you a first time homebuyer?  Are you looking to purchase a new home or existing home in Tucson or elsewhere in Pima County?  The Pima County Bond Program is b-a-a-c-k!  How does a mortgage at 4.55% interest over 30 years sound?

Thought so - check it out:

Pima County Bond Program has money available for first-time homebuyers. Some features of this program are:

• 30 Year Fixed Loan at 4.55% *
  
• First-time buyers only - cannot have owned a property in the last 3 years (this requirement is waived for qualified veterans)
  
• Can be used with FHA, VA or Rural Housing loans
  
• New Homes, Existing Homes, Foreclosures & Short Sales Eligible**
• Maximum income restrictions apply – $69,000 / year for 1-2 person household $79,675 / year for 3+ person household

Combine this with the First Time Homebuyer Tax Credit (up to $8000), and you’ve got some real incentive to get moving towards purchasing your first home!

Now this program can be used for single family homes, townhomes, condos or duplexes (sorry, no triplexes or fourplex properties) – which opens up more options to first time homebuyers than there were before. Yes, you can buy foreclosures with this program, and no, unlike the Your Way Home AZ loan program, you aren’t required to buy a foreclosure.

One thing to keep in mind is that while this program does not provide DPA (downpayment assistance), there are DPA programs available in Tucson and Pima County that can be used with the Pima County Bond Program to help first time homebuyers purchase a new home.

Give me a call and I’ll be glad to put you in touch with one of the local down payment assistance program counselors to help you get started.

*Check with your lender for specific APR figures
**To qualify for the First Time Homebuyer Tax Credit, you must have a fully accepted contract no later than April 30, 2009 and close by June 30, 2009 - short sales may not meet these deadlines

With home prices very low in the Tucson Metro, historically low interest rates & the First Time Homebuyer Tax Credit - this is the "Real Estate Trifecta."  You might not find a better time to buy your first home - call me & lets get to work finding your home!

Okay - so it's New Year's Day already.  Have you made your New Year's Resolutions yet?  My team in Tucson can help!

To see the available homes for sale in the Tucson Real Estate Market, you can search from your phone or your computer. 

1. Text TKREAL to 87778 to download our free search app for your phone
2. Visit EasyHomeSearch.net on your computer

Simpler than most other resolutions, huh?

My relocation team is ready to help people move to the Tucson Metro Area

Have you ever been driving around a neighborhood, wishing you could see more detail on a particular home...but didn't want to go home to pull it up on the computer?  Now you can search for Tucson homes from any mobile phone - complete with pictures & info...FOR FREE!

All you need to do to get started is text TKREAL to 87778.  You'll get a text back with the link to download your own app, right to your phone to use anytime you wish!  You can search by neighborhood, community, zip code, property type, map - and it is GPS enabled, so you can see what is for sale around you at any particular time if you wish.

You can even save your favorite homes for later.

The TucsonKent Group is proud to be the first to provide an application of this type to buyers and sellers alike in the Tucson Metro area free to the public.  Please feel free to use at your leisure, and if you want more information, you can just click on the link in the app to call for an appointment.

What I like most about this real estate search app is that it is unintrusive for the user - no emails every time you "save" a property, no calls just to touch base...you can use it as much as you want without being pestered!

Living through a Tucson Winter can be pretty delightful - especially when you are getting a fat check from Uncle Sam for buying a home! 

Sure - folks have probably already heard about the extended tax credit for homebuyers...but lets get one thing very clear:  it isn't just for first time homebuyers anymore.  With Tucson's home prices making the real estate market virtually "ON SALE" - and getting up to $8000, first time homebuyers can really give themselves a nice present.

Current homeowners looking to upsize or downsize can get up to $6500...and you don't have to sell your current home (but you do have to move into the new purchase).  Perhaps that's the way to give yourself an investment property and the home you want at the same time?!?

Anyhow, for details, give me a call or shoot me an email.  Lets enjoy a dip in the pool or a round of golf while discussing your needs - yes, even in winter.

Merry Christmas to everyone!

Could repeal of FIRPTA help the recovery of this nation's real estate market?  In this morning's Globe St. News, the subject was FIRPTA (Foreign Investment in Real Property Tax Act), the 1980 measure that adds a layer of tax on the sale of any real estate owned by a non-citizen of the U.S.

The article cites a study by two economists that calls for a reform of FIRPTA to encourage more foreign investment in the United States real estate market.

Would it be so bad, since the U.S. real estate market is basically "on sale," to encourage investment groups from abroad to buy our distressed properties?  Do we put an extra tax that is 10% or more on gold, sugar, wheat, etc?

In my opinion, the 1980 provision was reactionary, imposed at a time when we had a nation reeling from financial crisis and seeing large real estate assets being purchased right & left by foreign investors - primarily Japanese interests.  Protecting national interests is one thing...technology, software, certain industrial products, etcetera, but to slap a huge tax on property is anti-market - going against the very grain of what we espouse when expecting other countries' markets to be open to us.

There are those who will cry that foreign investment will drive prices up, or shut locals out of the market - but my feeling is that open markets are better for everyone in the long run...and we have properties that need to move instead of languishing vacant or uncompleted.

Yesterday, I was at a brown-bag think session with members of the Tucson Downtown Partnership, Metropolitan Pima Alliance and Southern Arizona Home Builders Association.  What we were learning about was a draft proposal for invigorating Tucson's core that the Downtown Partnership is working on - which is very impressive & well thought-out. 

One of the beautiful things of luncheons like these are the ideas that flow from them...and this one had a beauty pop up!

Scott Greenburg had an idea that really made sense to a lot of people (myself included) that would do a lot of good in a variety of ways - private developers build apartments in downtown Tucson or the 4th Avenue area, but with no parking spaces...and lease the building to the University of Arizona for student housing.

• University of Arizona needs student housing, but is landlocked
• U of A and the City of Tucson are looking for ways to utilize Downtown together
• No parking facilities will keep the cost down & encourage use of public transportation (plus campus is a walkable or bicycle distance anyhow)...and these areas are right where the new streetcar route is going
  
• A no-car dorm is very parent-friendly
• Everything a student would need is very accessible by either walking, biking or public transport - including the entertainment venues that students already frequent

After mulling over Mr. Greenburg's idea some more, the brilliance of it really stands out.  Perhaps having the street-level as retail & restaurants could further add value to all sides.  Town/Gown relationships would have a great opportunity to grow even futher.

Now if only we can get the department of frozen molasses, I mean, the planning & zoning department to pull their heads out & look at something practical for a change, this could really work!

Anyone care to share examples from your corner of the world?

With most of the action happening on the lower end of the market in Tucson - the luxury market is still in a slump.
This fact leads to opportunities for buyers looking to take advantage of their strong position and pick up the home of their dreams or make an investment in resort property.

It was the best of times.         It was the worst of times.

(apologies to Dickensian scholars worldwide)

It is a buyer’s market.              It is a seller’s market.

Both statements are true—it all depends on what part of the market you’re looking at. There are some very interesting dynamics at play in the Tucson real estate market this summer—we’ve got 2 markets going at the same time in one city.

On one end of the spectrum, multiple offers and bidding wars are reminding people of the “boom days” of 2005-06, when offers would start pouring in on properties before the “For Sale” sign was in the ground.

At the opposite end of the market, homes are languishing for months and months without much activity while prospective buyers are demanding (and getting) price reductions, repairs, upgrades and other concessions from sellers.

Overall, there are just over 4,000 single family homes on the market today in the immediate Metro Tucson area. Since June 1—just over 2,000 have sold (about 6 weeks). That means that there is roughly 3 months of inventory on the market today, which is a drastic improvement from the year’s supply we had last year.

Here’s where it gets interesting: out of those 4,000 homes on today’s market...950 are priced at $500,000 or more. Only 730 are priced under $150,000. Guess which market segment sold the most homes the past 6 weeks?

Ready? Drum roll please...

         Comfortable & Affordable?                    OR                                  Luxury ?

Out of 2047 homes sold since June first, 762 were under $150,000. Only 114 in the half-million and up range have sold since the beginning of summer. Not too hard to figure out where the action is.

Purchasing a home in Tucson right now is an exercise in different disciplines: in the lower end of the market, things are fast, furious and ultra-competitive while the luxury market is begging buyers to “Pick Me! Pick ME!!!!”

The best part of it all? Bargains are in all areas of the market—you just need to work with someone who understands market dynamics and is adept at identifying the contenders in a sea of pretenders—someone like me.

What's the market like?  How are sales?  What are prices doing? Here are some answers for you:

In the chart below are 7 different analysis metrics to help you get a picture of how the flow of the real estate market is going.  This chart is for the 85719 Zip Code - which covers a lot of the University of Arizona area, including the Sam Hughes, Rincon Heights, Iron Horse, Blenman Elm, Catalina Vista, Jefferson Park & North University neighborhoods.

Single Family Homes Only  (The chart is timed to switch every 5 seconds, so if you miss one aspect, it will be around again shortly. You see 4 different color lines on all the charts - which show the market broken up into 4 segments by price quarters)

1. Median Price -kind of like average price, but weighted towards how many properties are priced similarly
   
2. Inventory - how many homes are on the market at any one time
   
3. Market Action - activity...offers, sales, withdrawals, etc
4. Days On Market - how long properties have been for sale
5. New Listings  - new on the market properties
6. Absorption - rate at which properties are sold
7. Price Per Square Foot - another indicator of price

So...are you ready for the explanation of what you're seeing?  Fair enough - lets go:

Prices are relatively flat, but there is a slight uptic in the bottom half of the market - inventory has gone down markedly, with market action warming up...you'll see peaks & valleys with an overall trend towards more activity.  Days on market is trending sharply up...because there is more inventory than buyers and there are still a lot of homes on the market, and there isn't a lot of interest by sellers to put new listings up for sale.

Now that there aren't as many homes for sale, and buying activity is going up, absorption is also going up...and we're seeing the price per square foot go up a little bit too.  Why is the $/sq ft going up, but not the median price?  Easy - smaller homes are selling, but at a higher price per square foot, which makes the median/average price of properties stay along the same line.

All of this makes sense if you put it together to tell the story...to understand the market, you've got to look at more than one indicator, and these are just a few to work with.

If you're thinking about buying property in Tucson, you might want to consider a REALTOR® who understands how to read the market, not just unlock doors and tell you how much you're going to l-o-v-e the neighborhood.  I'm your man.  Lets talk.

Foreign nationals wishing to become permanent residents in the United States can sometimes run into maddening restrictions or quotas that can vary, depending on political swings both in Washington D.C. and in their countries of origin.

Those that have the financial means are using the “Investment Visa” more than ever before as a way to obtain their green card.  Since other options are becoming more unavailable to foreign nationals under U.S. Immigration law and the significant decrease in the value of the dollar vs other currencies, this option is making sense to a growing number of people – especially with conversion rates at a favorable scale.

The basics are this:

Start a business with $1M in capitalization or more – get your resident visa.  Of course there are more details, but that is a place to start.  You’re creating jobs or perhaps becoming an active partner in a business that can benefit from your expertise & capital.

The Immigration & Nationality Law Firm of Klasko, Rulon, Stock & Seltzer, LLP has a very informative website that explains the requirements and the process of obtaining an EB-5 Investment Visa:  Klasko Law

Welcome to America – the great thing about this country is that we are all relatively new descendants of people from somewhere else.  Perhaps even our ancestors were neighbors at one point!

Should you be interested in what the Desert Southwest has to offer, my team will put together a package to show you the opportunities, facilities & support for commercial ventures.

Whether you're looking for warehouse, industrial, high-tech office or development space, research facilities or raw land, we're ready for all of your commercial or residential real estate needs.

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Ryan Shaughnessy, when he isn't busy being a broker, or a lawyer, or teaching social media, or being a dad, or...well, you get the idea...he takes some time out of his day to share resources with all of us that can be helpful.

To help spread the good stuff around & give Ryan some more exposure, here's some good info on free business classes from the Small Business Administration:

Lets face reality here:  no matter how much somebody wants to buy a home, not everyone is in the financial shape to do so.

Nevertheless, in our "gotta have it now" society, profiteers pop up to indulge people's impatience and stupidity.  In just about every town in America, you'll see stores offering "No credit, bad credit - take it home today" plans for everything from CD players to computers, couches to cars, washing machines to wheels...and houses.

Sure, its easy--just sign on the bottom line, make these easy weekly payments that sound like chicken feed (until you add them up) for the next 325 years, and you too can be the proud owner of a brand new TV!  Oh yeah...that TV cost us $400, but you'll end up paying $6000 for it by the time you actually own it.

In some states, by law the rental center has to tell you how much it will cost you in the long run, some don't...but there's always some sort of gloss over that total - something like, "if you want to buy it early, just pay 50% of the balance left on what you owe."

"Cool!  I'm no fool," the customer thinks, "when I win big at BINGO or get a good scratchoff ticket - I'll just pay it off...& make out like a bandit."  Yeah, right.  Read the fine print.

Enter the real scam:  Rent-to-Own Homes.  Now that screwy loans aren't all over the place as much, you see these signs on vacant lots, in shopper ad sheets, bus benches & on the radio - all touting how easy it is to get your own home NOW, with no credit check, EZ Payments, yada yada yada.

I've read many of these contracts.  Not a single one offers any protection to the buyer/tenant.  They are all designed for the borrower to fail...because that's where the money is.  The money isn't in actually selling someone a home, the profit is in churning through prospects like a meatgrinder, getting the "down payment" over & over again.

Highly inflated values & exorbitant payments "while you get your credit repaired enough to get a regular loan" prey on victims, coupled with a time limit on when financing can be secured...or all is forfeit & the tenant/buyer is evicted.

Why not just hit yourself in the face with a sledgehammer?

To prove my point, just take a look at this lawsuit filed by Arizona Attorney General Terry Goddard today:  PDF  The Arizona Daily Star also quotes Goddard as saying that the behavior of the defendants is "Unconscionable" Article  Does this really surprise anyone?  Not me...I'll bet that this is just the beginning. 

Some of the victims were even put into homes already in the process of foreclosure!  How sleazy is that?  Arizona Public Radio stated today that out of 270 buyer/tenants taken in by this bunch, only 1 actually was able to eventually purchase a home.

Wonder how many of the "investors" who were lured into putting their name on the line in this easy-money scheme are facing foreclosure themselves?

Greedy people preying on the weak & stupid will always be around...as will those who readily serve up as fresh victims of the next scheme.  It is good for all of us to be reminded of this in the headlines every now & then.

As professionals in the industry, it is our responsibility to let our clients and prospects know about this kind crap.  I won't represent anyone in a rent-to-own purchase or sale.  Never have, never will - and I've told people that.  It may not be illegal all of the time, but it surely isn't ethical.

Go Get 'Em Terry!

At Saturday's SolarRock 3 festival, the emphasis was definitely on utilizing solar power for homes, but a couple of vehicles were hard to miss:

This car gets a boost from the photovoltaic panel on top - giving it a range of 26 miles per day on a full battery charge.  While that wouldn't get me very far into my average day as a REALTOR - it would definitely be more than adequate to get from home to the office & back.

This is a little better view of the panel used to take advantage of the day's sun to extend the range of the batteries.

22 miles on a single charge at 35-40 mph?  Not bad.  I don't know how much this vehicle costs, but have a sneaking suspicion is is quite a bit less than the Tesla electric sportscar's $100k price tag!

No...I haven't gone goofy on you - the bicycle isn't solar powered...but it does provide a good way to tow the trailer behind it that charges the batteries stowed conveniently in the baskets on either side of the rear wheel now doesn't it?

Regina P. Brown is a respected REALTOR® in San Luis Obispo - on the Coast of California.

I'm re-posting her story of the ongoing struggle a homeowner is having with Citibank in the effort to save their home...and the incredibly arrogant and unethical way that they are being treated.

I'm sure that there are thousands of similar situations being experienced across the country with most, if not all, of the banking institutions that have run to Congress with their tin cups, and are now feeding at the federal trough with taxpayer money while their execs enjoy perks that are expensive enough to put a small town's children through college.

Excess is one thing, abuse is another--put them together and we have to do something about it.

Click on the photo of Chase Field's Entrance to read Mike Jone's article about how much these masters of the artful beg are paying to brand stadiums.

With all the "short-selling" going on these days, it is sometimes a challenge to find homes that a buyer can expect to move into within a reasonable time period (in certain areas & neighborhoods).  Our MLS has had a policy that all short sales must have that status disclosed within the listing.

I have seen it in the description that the public sees, hidden in the agent remarks and clever language that one must have a clear command of the English language used to disguise the fact that a listing is indeed a short sale.

Just a little while ago, I heard that our MLS board is considering removing the requirement that short sales must be identified in the listing...with the argument that it is unfair to the selling party, since so many people are avoiding those listings altogether. 

My belief is this:  short sale status should always be disclosed in a listing, and where the public can see it plainly & in easily understood language.  In fact, there should be a checkbox to sort out or specifically include short sales in a search.  Short sale status is of material concern to a prospective buyer, just as whether a property has a garage or a carport.  Real estate is a disclosure-oriented transaction, and if misdirection or misleading tactics are used to generate traffic become an accepted practice, we are selling our ethics down the river in the name of expediency.

I was taught from Day 1:  Disclose, disclose, disclose!  To ignore the basic foundation upon which trust begins in our industry is to invite more trouble and lawsuits.

Our ethics and morals protect us from legislation & litigation REALTORS®.