Well folks...I've been neglecting my friends & my blog on ActiveRain - and it isn't a smart thing. Neither in the realm of friendship nor business-wise.
It is easy to get caught up in the excuses: "...but I've been doing this! ...had to do that instead! ...my dog ate my computer!" ...you get the picture.
Sure, it has been easy to do some "drive-by" blogging and read a few other posts without commenting or taking some time to really digest what is going on lately - and my business has suffered a little for it. It is true. No excuses, it is the reality.
Just so you folks won't think I've been doing nothing all summer - here's a screenshot of my new baby:
Its my new hyper-local website! TheTrolleyBell.com
Inspired by ActiveRainer Nick Bastian's RailLife website - I saw the opportunity to do something similar in Tucson - with the changes coming by uniting the University of Arizona's Main Gate Square, Fourth Avenue, Downtown Tucson and the Mercado District together with a new Modern Streetcar. This transportation oriented development project is going to have a major effect in Tucson's downtown revitalization.
Check out the site - Bookmark It - and as we grow, you'll be sure to know What's Going on in Tucson's Downtown Core. Follow @TrolleyBell on Twitter, too!
I'll do my best not to neglect the 'Rain...just know I'm not putzing around! ...by the way, during my absence, I've also come up with a way for nightclubs & concert halls to go completely paperless with their event ticketing. If you know of a venue that might be interested, lets talk!
Below, you can see TucsonKent's Top 10 foreclosures for sale under $300,000 in the Tucson real estate market. As noted in the previous post, the foreclosure market is the hottest segment in Tucson real estate right now. With the $8000 tax credit, good interest rates and low prices, first-time homebuyers are seeing great opportunity to achieve the dream of owning a home. Many times, foreclosure homes are a good buy...if they are in decent shape (always, always, ALWAYS have your homes inspected by licensed, experienced professionals).
Top 10 Foreclosures In Tucson Under $300,000
There are quite a few Tucson foreclosures in the $300k and below segment - these are my picks for the Top 10 this week, according to ability to finance, not requiring a lot of obvious repair & to reflect a variety of locations around the Tucson Metro area.
In this segment of the Tucson real estate market, the competition isn't quite as fierce as in the market for foreclosed homes under $150,000...but the smart investors are seeing the opportunities to take advantage of undervalued homes in a down market. We're not seeing quite as many of the foreclosures in the $300k and under price point go through bidding wars, but there are some - especially if the home is in good shape, and priced below comps.
These are TucsonKent's Top 10 foreclosure homes priced under $200,000 in the Tucson, Arizona real estate market. These homes are not fix-ups, they may need a little TLC, cosmetics or an appliance or two, but they are either move-in ready or close to it.
What's the hottest market segment in Tucson real estate right now? Foreclosure homes under $150,000! I mean to tell you, these are the homes that are seeing multiple offers & bidding wars. Because most of the foreclosures under $200,000 in Tucson are already at bargain prices, it isn't unusual for properties to sell for more than the listing price - actually, it is becoming a regularity.
JULY 31, 2009
For example: just this week, a client of mine found a foreclosure home that had all of the features he wanted, and it had only been on the market for 3 days. Hooray! I zoomed across town to take extra photos & video of it for him, and saw that 16 other agents had already viewed this property...in 3 days!
Since he already had his lending in place, we put an offer together for $10,000 over the asking price, but didn't get it. Back to the drawing board. An agent in my office has been working with another buyer looking at foreclosures in Tucson and Marana. They've put in a dozen offers in the past 2 weeks, but without results. This is the hottest market segment in Tucson real estate - bar none.
The moral of the story is this: the reality is that Tucson's foreclosed homes market is ultra-competitive right now in the lower-end price range. When the property is priced under value, and is in decent shape, the smart money is zooming in to capture the bargain. This isn't a market segment where negotiation is happening...it is a flat-out auction, and the highest bidder with the most realistic chance of closing soon gets the home.
Cash is king, but if you are using a loan for your purchase, don't lose faith...just don't fall in love with one home, and be ready to offer more than the bank is aking for it. Period.
Most of these homes will probably be under contract sometime next week, if not all.
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)
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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Real Answers-not "Mumbo Jumbo." Native to the Southwest, my career has revolved around exceeding client expectations in a variety of fields. This region is my home, my passion, my heritage.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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