April 28, 2008 by Donna Anderson.

Luxury Hotel rates drop on April 15th in Tucson. Try these hotels to get you started in your love affair with the beauty of the Sonoran Desert:  Westin LaPaloma, Hilton El Conquistor, Ventana Canyon Resort,  and the Star Pass Marriott.  And if you can spend the big bucks go to Canyon Ranch where rates will continue to drop through the Summer months. 

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April 26, 2008 by Donna Anderson.

Many have wondered why there is space for many open enrollees in Catalina Foothills -  District 16 since this school district is the most coveted in Pima County.  The reason there is so much space is that in 2005 many of the apartments in that school district converted to condominiums. Most developers made the foolhearty move to not renew leases because they thought their  newly converted condos would sell quickly. Of course they were wrong and there is a major glut of condos on the market for the past few years. The people who have bought these condos are mostly singles, young couples, and empty nesters;  therefore, most were without children that are school-age. District 16 also could not take open-enrollees from Tucson’s largest school district until this year, because TUSD would not let the children out because it incorrectly believed (and wanted to keep the tax revenue, no doubt) that the discrimination suit provisions it had to follow included not letting kids open enroll. Of course, TUSD knew that if open enrollment was allowed many would chose to go to Catalina Foothills schools since the test scores are higher and many of the schools are located closer to the children’s neighborhoods.

The question is if you do not open enroll your child to Catalina Foothills - District 16 this year, will you be able to do so in the future? The answer is yes,  if there is space available.  To the best of my knowledge there still is space at some schools such as Ventana Vista Elementary.  In years to come, there may be less space since there has been a mass exit out of TUSD of children from neighborhoods that are close to the District 16 schools.  Once your child is in District 16 schools,  it is most likely that he/she will be able to continue there until high school graduation.

To find out more about open enrollment, call Catalina Foothills Administrative offices at 577-5304 or drop by their offices on weekdays at 2101 E River Rd which is near the intersection of River and Campbell.

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April 23, 2008 by Donna Anderson.

It is apparent that the price range between $500,000 and $ 1 million is very soft in 2008. In fact, the number of sales has declined about 20% over the same period last year.  There are many reasons for this: Jumbo loans (those over 417K) are at least 1% higher than conforming loans (those under 417K); in the present tight mortgage market the minimun jumbo loan downpayment  has gone up to 15%; the self-employed who were used to low or no documentation loans in the past, now must give full documentation to get financing even when putting 20% or more down.   And perhaps the most important factors are:  those who can afford homes in this price range are tightening their belts since recession is either here or on the horizon, and there are those buyers that are still waiting for the perceived bottom of the market– they think it has not hit yet and are playing a wait- and- see game. 

However, homes priced lower than $500,000 are faring better.  FHA financing is becoming very popular with loan limits at $316,250 for Pima County; therefore, one can buy a home for approximately $326,000 and only put 3% down and credit scores do not have to be as high as those required for conventional financing.  Also up to approximately $460,000  home sales price, one does not have to pay the higher interest rate of a jumbo loan and one does not have to put down 15%–the minimum requirement is 10% for conforming conventional loans. 

This is a stressful time for Sellers, yet opportunity knocks for those motivated buyers out there.

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April 12, 2008 by Donna Anderson.

The active adult communities (usually planned for those age 55+) are outside the Tucson boundaries, however, there are some great alternatives within the Foothills area.  Right now you can buy a very nice patio home in La Paloma in the $300,000s. La Paloma is located next to the premier Westin LaPaloma Resort and the coveted LaPaloma Golf Course.  The scenery is spectacular and backs to the high Santa Catalina Mountains. The community is a 24 hour gated and guarded community and is right next door to the best restaurants and shopping in Tucson.  There are community pools and spas and for an additional fee you can belong to the LaPaloma Resort. If you are willing to spend in the $500,000s and up you might want to check out Ventana Canyon Golf Villas. These detached single family homes are nestled in the luxurious Ventana  Canyon Resort and Golf Course and also back to the Sonoran Desert and the high Santa Catalina Mountains and the location is minutes from Tucson’s # 1 attraction of Sabino Canyon and also minutes from the most sought after Foothills shopping, spas and restaurants. This community also has a 24 hour guarded and gated community.

 Both LaPaloma and Ventana Canyon are great places to actively enjoy your retirement years! Both these communites tend to be better investments than the  55+ active adult communities since there are no age requirements for those who purchase there; there are always fewer for sale and the location is closer to the best amenities in Tucson.

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April 8, 2008 by Donna Anderson.

Long Mortgage  announced today that it has a jumbo interest rate (for non-conforming loans at 417K and above) at 6  3/4% with 1/2 point loan origination fee. This loan also has a one- time free float down opportunity.  Keep in mind, interest rates vary daily, but this is the best rate I have seen in a while.

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