Want modern design, stunning views, and a very green eco-build ?  Mariposa de Acero seems to just barely touch ground… yet it is a stunning 2700 sq ft home with a guest house.  It overlooks the city, and you can see mountain range to mountain range:  Catalinas, Rincons, and Santa Ritas, from your delicate perch high in the Tucson Mountains.  Coming soon!  For now… enjoy the photos!

 http://picasaweb.google.com/WilsonBuildersLLC/FinalMariposa?feat=email#slideshow/5431994516257882370

there are some good indicators that say the market is right for lots of people right now, for example:

Interest rates are still very low…your grandpa’s interest rates were higher!

Sellers are very motivated to sell, making deals they wouldn’t have a year ago.

There are foreclosures out there for the right buyers, and more coming from the banksl

Although lenders are scrutinizing buyers’ qualifications hard now, it’s not impossible to get a loan, and one doesn’t know until they try, can’t hurt?

It’s a GREAT time to buy UP. If you need more space or a better ‘hood, you can very easily sell low, but also buy low… you will net a bigger savings than ever. Example: imagine you sell your current home for 180k (though you felt it was worth 225k) That “loss” to you is 20%, and hard to stomach, sure. But you sell because you spotted the dream house, and although it sold for 450k three years ago, you are able to get it now for 20% less….360k! That’s a 90k reduction over prices in ’06. So although you sold yours for 45k less, you bought your new home for 90k less.

1st time homebuyers (definition: a person who hasn’t owned a home in the past 3 years): You have about 45 days to locate, negotiate, and close on a home and get your $8000 tax credit. So the time is now. Will it be extended? I wish I had a crystal ball!

We are dealing with a lot of inventory-clearing in the tremendous numbers of short sales and foreclosures glutting our market. It’s working: we are down almost 4000 listings since this time last year. There are more foreclosures on the way because the economy is making it very tough for homeowners to make their payments, AND because the banks are not even close to handling the overload.

check out tucson’s hottest new magazine!  see all of my listings there in the classifieds section, and all of the happenings, music, festivals, art openings, restaurants….that make Tucson so fabulous!  http://www.thezmag.com/

The time to buy is when the blood is running in the streets….even if it’s your own blood!
When nobody else is buying, that’s when to buy.
As soon as the masses jump in, the window of opportunity is over.
You don’t know you’ve hit bottom til the prices and competition start going up.

Wow.

Does popular wisdom on real estate markets scare you? Whether you listen to Warren Buffett, CNN, Suzie Orman, the NYT, or just your mother… there’s a lot of fear right now, and a lot of incredible opportunity too.

There’s no magic required to being a landlord. You simply find a good property in a great location, crunch the numbers, take a look at a few leases and addenda I can share with you, and do it! I happen to have listed a couple of properties that are IDEAL for you to live in one side, and then rent the others. That’s the kind of income property that really makes sense…something so nice that you’d like to live there yourself, at least for a while.   Take a look at my listings.  Call me to discuss whether this is something that you can do.  It’s okay to just look!

Here’s the skinny:   The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.

“Have we hit bottom yet?”  I think I get asked this question thirty times a week.  If you’re asking, then the answer is probably NO, not yet.  But, that said… blink and you’ll miss it!  It’s not a complicated idea, but the bottoms will be localized, just as all real estate is local.  Tucson’s University areas, historic districts, Downtown… these were the least decimated and will be the first to recover, in my opinion.  Out by the casino… not so good.

 What if you buy something wonderful, priced very reasonably, even a screaming deal….and then prices drop a smidgeon more?  Well, if you’ve taken a loan on the property, and buy now, you probably are getting the advantage of unheard of lows in interest rates. 

Personally, I would rather spend a smidge more on a property at 4.5% than get another ten thousand off, but pay an interest ate of 6%.   Here’s the math:  I buy a property for $185,000 and qualify for an FHA loan with 3.5% down payment, for 30 years. 

At 4.5% , my loan works out to a payment for principal & interest of $904.  If I’d waited, and interest rates had edged up quite a bit to 6.5% interest, that same loan payment would be $1128.  And that $224 difference each month is $2,688 a year, ($26,880 more over 10 years!  and $80,000 if I keep the loan for the full 30 years!)  So keep an eye on rates.  And don’t forego buying with an incredible rate and low pricing while you wait for the elusive “bottom.”

Experts say there are several signs of the BOTTOM.  Here are a few to think about:

• inventory starts to reduce
• sales volume picks up
• you hear friends, colleagues, neighbors, people at a party….starting to talk about their buys
• prices finally seem to stabilize a bit
• it’s easier to get financing

Don’t wait too long.  If you are interested in buying a home or investment property, call me and I promise you, we’ll talk honestly.  I would love your business, and I am going to guide you with the same wisdom and advice I’d use for my own purchases.  I promise.

Every seller I have is excited for Inauguration Day &  Sellers want to be a real part of the economic stimuli that just MUST be coming! Take advantage of the change in the wind! Discounts all over!!! If you’ve been watching one of my listings closely, call or email me for details! It’s time to get serious!

1037 N 3rd Ave, West University home w/guesthouse
3949 W WildLife Rd, near west side, 3.3 acres
1034 N 7th Ave, West University remodel
870 S Meyer Ave, newer home in the old Barrio
1039 N Ferro, R2 lot in West University, 5000 sf
707 N Benton, sweet 50’s starter home near Swan/5th
IceHouse Lofts, unit 215

These will be serious discounts…examples are 5% off list price, buyer closing costs paid…so take a serious look! Call your Realtor, or call ME today!

 Maybe.  It depends.  Chasing the short sales and foreclosures is all the rage right now, of course (summer ‘08 in Tucson seems like the summer of pain for sellers).  But you absolutely must use caution, research like crazy, and be smart about it!  “Distressed” can mean the seller is no longer making payments, but it can also mean the property is in bad shape, and will require a ton of cash to purchase, and a ton more to whip into shape.

Are you looking to live in it?  Rehab and rent it?  Rehab and sell it again?  These are very very different purposes, and your motivations and gameplan should be carefully considered.  If you’re after a certain neighborhood, and see something so far below the comps that it is a “steal” and you have the money to get it to lovely condition, then by all means, it’s a good chance to buy into your desired neighborhood.  Know that you may not be the only person who feels this way…if it’s Sam Hughes, I’ll be there bidding too! 

 If you’re looking to rehab and hold it, as a rental, know your rehab costs, and learn the rental market. Be conservative….can you afford to carry it through the months of work? Can you afford more downtime if it doesn’t rent right away?  Is your rental expectation realistic? Tough questions, but lots of people are addicts of HGTV and never finish.  Don’t let the short sale or foreclosure frenzy get you in over your head.

 If you’re looking to flip, know this.  Flipping is over.  The buyers’ market is still going to be a buyers’ market, even if you pick up a property for what you feel is a song. You won’t be able to sell high.  You’ll buy low, but sell low.  My advice… flipping is the last reason one should go after a distressed property.  Buy it to live in it?  Yes.  Buy it to use as a rental property?  Maybe.  Buy it to flip?  Probably NOT a good idea. 

According to Yahoo news, 1 million properties are in some stage of foreclosure, so there are “deals” out there.  But know that the competition is stiff, you need a lot of cash (to buy, and also to do the work if it needs it), but the market is slow.  You may find tht you have to weather the dead market for a year, maybe 3 years.  If you’ve planned for that and can afford it, go for it.  If it will strap you, then the foreclosure sale is not for you.  You’ll just be in the distressed homeowners shoes in a matter of no time.

want the skinny on your ‘hood?  www.zipskinny.com

Realty Executives Awards Ceremony 2007

• Executive Club (top 10% of Realty Executives)
• 100% Club
• Gold Circle