Kent Simpson REALTOR® and some other alphabet soup

In Tucson, if you're going to a special luncheon or banquet - chances are that it will be held at the Manning House in Downtown Tucson.  The grounds are over 5 acres - with lush gardens that withstand the heat of summer while providing color year-round.

Designed and built by reknowned architect Henry C. Trost in 1907 for Tucson's Mayor, Levi Howell Manning, the home was originally 12,000 square feet.  Over the years, the mansion grew to 36,000 square feet - which makes it possible to host several events at one time.  The mansion is fully restored, but requires continual upkeep...sort of like painting the Golden Gate Bridge (once you're finished, you've got to start at the other end again).

On the front lawn, by the circular driveway leading to the house, there is a bronze sculpture of Hugo O'Conor, the Founder of Tucson (whom the current owners, the Concannon Family, is related to). 

Should you be interested in learning more about the history or having an event hosted at the Manning House, visit their website.

If owning an historic home in Tucson strikes your fancy, give me a call & lets talk about it.  There are several prime examples of Trost architecture in the area.

When you think of Tucson - you might have a few things come to mind right away...saguaro cactus, warm winters, golf galore...maybe even a couple of our famous world-class spas might jump right out at you.

Did you ever think of Tucson when manufacturing & technology are being discussed? Maybe you should - recent estimates show that technology employs about 50,000 people in the area...generating $4 Billion in revenues!

• Companies like Raytheon Missile Systems, IBM, Intuit, Allied Signal, Weiser Lock, 3M, Burr-Brown, Environmental Air Products, Krueger Industries, Texas Instruments, Honeywell and more have established a major presence in the Tucson Metro area.
• Nearly 1,200 companies with a component based in IT are in the region
• Over 300 local companies are directly involved in IT
• The Milken Institute ranked Tucson 17th on its 2008 State Technology and Science Index - a comparison of state's ability to attract employees and the "dollar volume entrepreneurs are willing to risk spending."
• The University of Arizona's BIO5 Institute was created specifically to enhance the relationship between research and entrepreneurship in various disciplines encompassing biological engineering sciences
• Expansion Management Magazine named the Tucson region as the "top mid-sized county in the country for business recruitment and attraction" - and many firms are relocating to Tucson.
  
• Expansion Management also named Tucson #1 as the "City Where Business Opportunity is Greatest for Growing Companies"
• U.S. Small Business Administration's Office of Advocacy gives Tucson kudos by ranking it 3rd among mid-sized metropolitan areas for "high-impact firms - those that have at least doubled their sales and employment in the past 4 years."
• Paragon Space Development Corporation - started by Biosphere & space scientists - is listed in Inc. Magazine's 5000 fastest growing private companies with a 3-year growth of 326%

Hmmm...maybe there's more to this Tucson place than meets the eye, huh?  By the way...did I mention the warm winters & golf?

Details, details, details - relocating is a real exercise in attention to them.  One frequently overlooked (but quickly frustrating) thing is learning where your cell phone will or will not work in a new area.

In the Tucson area, cell coverage is generally pretty good, but given the fact that our metro encompasses over 195 square miles and has mountain ranges at all 4 points of the compass - there are some quirks and dead spots for all of the carriers.

Below are the major carriers who have service in the Tucson Metro Area - click on the picture below your carrier to see how the coverage is in the area you want to live:

If you don't have an address in mind yet - just plug in 1630 E. River Road, Tucson, AZ 85718 - that's my office. At least you'll know how your wireless coverage is when you come to see me! 

ATT Wireless	Cricket	Sprint/Nextel
T-Mobile	Verizon
		*Note on ATT Map - at time of posting this blog, their coverage map online was not functioning properly - maybe their coverage is better than their website!

It may seem a minor detail, but being aware is better than being frustrated - especially in the first few weeks of moving to a new town...plus it might just save you some money when your "Angels-In-Training" think they can pull the old "my phone doesn't work in this town.  I want a NEW one!" trick on you.

I love working with clients from out-of-town.  It is a special thrill to show them the Tucson that I love and cherish...and guarantee that I and my associates will do everything we can to make your transition as hassle-free as possible.

Those of you who know me - know that I'm a junkie when it comes to statistical information.  I devour stats like George Will devours baseball history.

One thing I've noticed is that very few market reports make it easy for the consumer to see information on homes that are eligible for FHA and VA loans and which require conventional financing - so I thought I'd try to make it simpler.  In Pima County, Arizona (Tucson), the FHA loan limit is $316,000, so I limited the data to those.

FHA & VA loans have more stringent property condition guidelines, and may require a longer escrow period, so some (not many) sellers don't want offers that use these types of loans.

Here's what is available as of this evening in the Tucson Metro Real Estate Market:
(Including REO Foreclosures & short sales)

To give you an idea of what has sold or come under contract this month so far:

(Active Capa is not counted in these stats, since that term is most often used in short sales & only God knows when or if those will ever close)

*When looking for a home, you want to make sure you know what type of financing you will be using BEFORE you start looking at properties - sometimes you may fall in love with a house that has a seller who isn't in love with your financing, or the property itself doesn't qualify.

**Other factors to consider too - just because a property falls into the price guidelines of your budget doesn't make it eligible for your loan.  The property may need repairs that disallow the property from your type of loan, or require you to get a different variation of that loan i.e. - FHA 203k Streamline & FHA 203k.  In Tucson, most condos on the market are not FHA approved...even if they might say so in the listing.

***Knowing your loan type and its property parameters are CRITICAL to helping make sure you are looking at the right properties.  A good agent will know most of the guidelines already - and keeping good lines of communication open between your loan officer, your agent and you will help make finding you the right property easier & more hassle-free!

I often work with people who are looking at their real estate as an investment rather than a home. 

Looking for multi-family properties where the numbers made sense last year was a challenge, to say the least.  With interest rates hovering in the mid-7% range for investment properties, crunching the numbers just didn't work with the prices sellers were asking, for the most part.  Cap rates in the 5's and 6's were predominant - and they just didn't cash flow.

Now, after the price drops, we're seeing a lot more properties with cap rates in the 8's - some even in the 10's.  Combine that with the fact that interest rates for investment properties are in the 6% range, and investing in multi-family housing is looking more & more attractive in the Tucson real estate market.

There are currently at least 30 duplexes, triplexes, fourplexes and apartment buildings (that aren't short sales) on the market in Tucson with a cap rate of 8 or higher.  Some folks are holding out for 10, but when is that going to happen?  When interest rates are a full percentage point higher or more?

Investing in real estate is all about cash flow, value and timing.  Why hold out for a small gain in cap rate if you are paying more for your money?  For the large or institutional investor, that may make sense with short-term gains.  For the smaller investor who plans to hold the property for a long time, a property that pays its own way, and a mortgage at a lower interest rate can be more practical.

Below is a direct link to my property search for Multi-Family Properties in the Tucson area - see if anything looks interesting to you.

Even in areas where University of Arizona students live, there are a few opportunities that might be tasty!