March 8, 2008 by Donna Anderson.
My best guess is the Foothills market–which is primarily in zip codes 85750 and 85718– has hit the bottom as far as prices are concerned. Like the stock market, it is next to impossible to pick the exact time when it hits bottom and then will gradually move up, but my best guess is it has arrived and perhaps is beyond having hit the bottom and it is on its way up. The inventory of good homes is depleting, so you snowbirds that are still here should not wait any longer, because when you come back next year, I expect you will not not have as many choices, and the ones you have will be more expensive. You may ask how do I know this? The answer is simple, I am always showing and previewing homes listed for sale in the Foothills which is the area in which I specialize and I do a “Daily Report” from the Tucson Multiple Listing Service to see what homes are newly listed, have been reduced, have gone under contract and have sold in the North and the Northeast of Pima County. When they sell I can see what the list price was and the final sales price and then I can also remember what the house looked like. It is really not rocket science. So this post will remain and I will look back in six months and see if my prediction was correct.
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March 2, 2008 by Donna Anderson.
I just listed a gorgeous almost 3,400 square foot home in Sabino Mountain –4134 N Boulder Canyon Place– that is located very close to Canyon Ranch and Sabino Canyon. This home is in impeccable condition (built in 2003) and has a one-story great room split floorplan that is great for family living and entertaining! Resort -style living at its best can be found here–with sparkling pebbletec pool and spa, kiva fireplace and custom barbeque, plus covered flagstone porch overlooking the pristine Sonoran Desert and the Santa Rita Mountains. Witness the sparkling city lights while sitting cozy in front of the kiva fireplace or enjoying your private spa. It is range priced from $850,000 - $900,000 which is an aggressive price–it was appraised in January 2008 for $925,000.This home will be held open today from 1-4 (March 2) and you can also view the brochure, floorplan and photos on my website: www.DonnaAnderson.com or www.TucsonHomesite.com by going to the bottom of page 1 and viewing the featured property.
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February 24, 2008 by Donna Anderson.
What the best real estate agents have is tenacity, as do all the candidates who are still in the race–Clinton, Obama, and McCain. When we list a property in a very strong buyers’ market we keep going and keep looking for new ways to improve the desirability and marketing of the property. When we are working with buyers who are worried about the values going down and want to take the best advantage of getting a deal, we continuously show them the numbers, the comparables of what has sold in the last six months; we preview and do not waste the buyers’ time looking at homes that do not fit their needs. We look at the mortage interest rates on a daily basis and when we think they are very advantageous, we tell the buyers to try to seize the day. We become closer partners with our clients since our relationship will probably be longer and conversations more multiple. The importance of having a good real estate agent during the present market period can not be stressed enough. Go with the agent who has solid references and experience selling in a market similar to the one Tucson has now. Then you can not go wrong; she will lead you down the path perhaps less chosen, but much more worthwhile.
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February 16, 2008 by Donna Anderson.
Dove Mountain is a gorgeous planned community located in the high Sonoran Desert with breathtaking Totolita Mountain views. The Ritz Carlton at Dove Mountain will be selling 20 homesites from $725,000 - $1,800,000. and 300 custom homes sited on from a quarter acre to 3/4 of an acre with base prices from $1,585,000 to $2,740,000 with finished square feet from 2,479 to 5,410 square feet. Only a few homes can chose sites without a lot premium; lot premiums range from $25,000 - $350,000. Right now there appears to be 4 homesites with no lot premiums. Phase 1 will have 91 homes and 16 sites. All homes will have spas and terraces; some options offered include swimming pools and casitas.
Dove Mountain is located in the prettiest part of Marana off of Tangarine Rd going towards Oro Valley and the Pusch Ridge; it is surrounded by thousands of acres of some of the most gorgeous Sonoran Desert. It has over 3,000 homes already built there since 1998, including popular, gated Heritage Highlands which is an Active Adult Community with resale homes starting in the low $200,000s. Prior to last year, one living in Dove Mountain had to travel about 7 miles to get to such amenities as gas stations, doctor’s offices, shopping, etc. Now there is a new shopping center with many amenities right in the community. Tiger Woods played golf here last year and will play next week at the World Golf Championships-Accenture Match Play Championship.
The Ritz Carlton Hotel will be completed in 2009 and will have 226 rooms and suites and approximately 24 casitas. This resort will have 3 restaurants, a 17,000 square foot spa and fitness center, and a swimming pool complex with tennis courts.
There could not be a better time to buy at Heritage Highlands which has its own golf course, club house, recreation-fitness and tennis center with restaurant. Many of the homes dropped over 100K during the past year due to the poor home market, so you can find a fairly new home there with a 2 car garage from the $200,000s. When the Ritz Carlton complex is finished, these values should go up rapidly. Heritage Highlands has many active adults who are in their 50s, unlike other active adult communities that seem to attract a more sedate and older crowd.
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February 15, 2008 by Donna Anderson.
Yesterday I mentioned there was a bargain Foothills 1 bedroom condo that had been dramatically reduced to 125K; it took less than a day to go under contract! There is a very lucky buyer out there!
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February 14, 2008 by Donna Anderson.
Today I opened my daily report of listing activity in the Foothills and was amazed to see a one bedroom condo at Tierra Catalina, in the heart of the foothills, near La Encantada, priced at only $125,000. This condo sold in June of 2006 for $194,000. It is located on the ground floor and has renovated granite counters, tile floors, new cabinetry and is an end unit. There is a community pool, clubhouse, spa and rec room and it has a low condo fee of only $156 a month. WOW! This is definitely an investers’ delight or may be great for you to buy for your child who will be going to U of A in a few years or be just the answer for one who wants to spend the Winter months where the sun shines!
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February 13, 2008 by Donna Anderson.
I have lived here for over 4 years and there has never been a better time to buy in The Foothills. Some homes have gone down in price as much as 25% from the late 2005 - early 2006 highs. I do admit this is not seen everywhere in The Foothills, but I have seen it in more than a few homes for sale. Interest rates are less than 6% for conforming loans under 417K. And with high credit scores and other strong factors, some lucky people can get a 95% loan if it is 500K or less. However, inventory continues to decrease as some Sellers are giving up their quest for a sale; therefore, if you are thinking of buying in the Foothills, this time could possibly be the best time ever since prices are fantastic; interest rates are low and housing inventory is high. Keep in mind, many parts of the country have much more expensive real estate and do not have the great climate and incomparable beauty of the Sonoran Desert. And I am not just talking about L.A., San Francisco, Hawaii, Manhattan, etc. I am talking about Chicago, Boston, Baltimore, Northern Virgina and Maryland Beltway areas surrounding Washington, D.C., to name a few areas that are much more expensive than Tucson Foothills. Most of these areas have had a colder than normal Winter. Today I am enjoying 70+ degree weather as I look out of my home office at the desert and mountains. I know I am very lucky!
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February 5, 2008 by Donna Anderson.
Quiet here; no signs close to the two polling stations I saw close up–Ventana Vista Elementary school, in the heart of the Tucson Foothills where my daughter goes to school ,and the Ramada Inn off of Tanque Verde near the corner of Sabino Canyon Road where I was designated to vote. Many people lined up to vote, but I hardly saw any signs for those endorsing their favorites who were running and there were no people giving out leaflets on their chosen candidate. Gosh, in this way I miss MD. People in Howard County, MD, where I left 4 years ago, made a huge deal of the primaries and many talked politics and tried to convince their friends to vote their way! It is so apolitical here, I just can not get used to it! I guess I love politics and I love Hilary, so here is hoping she comes in strong tonight! And I feel I should have done more for her, but have to admit it, talking politics seems to turn off a lot of people here!
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January 20, 2008 by Donna Anderson.
Tucson 30 year fixed conforming (under 417K) conventional mortgage rates are now at 5.625% and jumbo (over 417K) 30 year fixed conventional rates are at 6.375%. These weekend rates were reported by Long Mortgage, Cindy McKearney, Foothills Office, tel # 520-918-3762. What a great time to buy or refinance!
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January 11, 2008 by Donna Anderson.
Great news Jumbo– 30 year fixed Interest Rates– are finally down to 6.5%–these are for loans over 417K. This rate was published by Long Mortage today. What a great time to buy; rates have not been this low for quite some time!
Rates for Conforming–30 year fixed Interest Rates–are down to a very low 5 3/4% which is very low indeed! This rate is for mortgages less than 417K.
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