Broadmoor is My Neighborhood

On one early morning walk a few weeks ago, I came upon this sight along the curb of Arroyo Chico. Walking a little further, another brick appeared, then another and another. "Someone went to a lot of time and effort to do this" I thought, and watching a family of quail scurry across the road and hop the brick on the way into the Arroyo, it was confirmed to me that it was time well spent. I later learned that this project was the brainchild of neighbor Cindy Elliott. What a labor of love and in fact, a great example of what is good about our neighborhood.
People make our neighborhood great. From those who drop in on our elderly neighbors to check on their welfare, to the ones who console us when we lose a family member or even a pet, the people in our neighborhood have a sense of community that values others and it is expressed in as many ways as there are households.
Some of our neighbors take on the often thankless job as an officer in the neighborhood association, organizing meetings, editing the newsletter, collecting the modest dues and in the course of duty, defend our neighborhood from unfeeling bureaucracy. Did you know that there once was a plan to turn the Arroyo Chico into a cement culvert? Well the tireless efforts of some of the members of the BBVNA brought a stop to that. The trees that shade us on the east end of the Arroyo are thanks to the vision and efforts of the association too, as are the stone gabions on the west end.
Some of our neighbors keep a close eye on the neighborhood while they are out and about, looking for graffiti and organizing paint-over details. Some keep a watch on the Arroyo Chico, notifying authorities of unusual activities. Don't get me wrong, this is not a neighborhood of snoops, but one with just the right mix of awareness, caring and community.
A great expression of that community is the annual Fourth of July parade. Probably one of the best attended neighborhood holiday parades in town, scores of people brave the Summer heat to express their love for our country by marching in full patriotic regalia around the neighborhood and at the end, share food, drink and stories. We probably have more flags per capita than any other neighborhood, thanks to a patriotic real estate guy who also lives in the neighborhood! (That's me!)
Halloween gives us an example of what the rest of the city thinks about our neighborhood. Apparently well known for its generosity on Oct. 31st, Broadmoor is visited with van loads of children from all over town. It is not unusual to give out hundreds of pieces of candy if you dare answer your door to the various ghosts, goblins and monsters who ring your doorbell.
What do you think makes our neighborhood great? E-mail me and I will include your comments. - Wayne To be continued....

HOA Sign Enforcement Relief

This just in from the Arizona Association of Realtors:

HOA; FOR SALE SIGNS: SB 1062 was signed into law by the Governor and will become law 90 days after the legislature adjourns. This legislation provides that notwithstanding any provision in planned community or condominium CC&Rs, an association can “not prohibit the indoor or outdoor display of a for sale sign and a sign rider by a unit owner on that owner's property, including a sign that indicates the unit owner is offering the property for sale by owner. The size of a sign offering a property for sale shall be in conformance with the industry standard size sign, which shall not exceed eighteen by twenty-four inches, and the industry standard size sign rider, which shall not exceed six by twenty-four inches.”

This is good news for property owners who have suffered the unreasonable enforcement of restrictive sign ordinances while trying to sell their home. The 48th session of the State Legislature adjourned on June 20 2007.

I Buy my Straw Hats in the Fall

"I Buy My Straw Hats In The Fall" Wise words from world famous financier and advisor to Presidents, Bernard Baruch when asked about his investment philosophy. Since he was a multi-millionaire when a million dollars was truly a lot of money, it might be profitable to heed his advice, because what was true then is certainly true now.

Smart people buy their winter clothing in the spring when coats and jackets are often half price. Clever buyers pick up boxes of Christmas items after New Years Day, often at savings of 50% or more. Savvy car buyers purchase their new car near the end of the year when the dealers are awaiting new models. Carrying that a step further, those buyers may wait until the end of the month when they negotiate a purchase, since dealers are often more generous then, wanting to bolster their end-of-the-month performance figures.

Timing is also important in Real Estate, and the time to buy, in some parts of town, is now. There are areas in Pima County where there are scores of homes for sale, some priced tens of thousands less than they were selling for a year ago. Some sellers are quite motivated and are offering incentives to home buyers in addition to discount pricing: Down payment assistance, additional appliances and flexible closing terms are more common now.

The people who were not hurt in the real estate boom and “bust” in the Tucson area were those who purchased their home to live in for years to come, because time will take care of them. Those who are suffering now are the speculators and “investors” who came in, often from out of town, and were convinced by someone, with the help of our own manic local media, that there was no limit to the upward move in home prices. The lucky ones have found tenants to live in their houses, reducing the strain on their cash flow. Others however, own vacant homes that were never lived in and in many cases, these homeowners are strapped for cash flow and are highly motivated to sell.

Where are these areas where one can find a great value? There are several around Pima County, and I will highlight one today:

In one particular square mile area in the Southwest side of town, there are, as this is being written, 11 four bedroom homes for sale ranging in price from $215,000 to $375,000. They vary in size from about 2150 square feet to just over 2900 square feet. Many are vacant. All were built in 2004 or later. Some will say, "Who would want to live out there, so far from the center of town?" I used to say the same thing when I drove out to the Northwest Side near Ina and Thornydale and saw homes sprouting up North for as far as the eye could see, or Southeast where Rita Ranch for years was an island to itself, but no more. Now there are food stores, shopping plazas and schools in a place where “nobody would want to live”. I believe that this will be true for the Southwest side of Tucson, just as it was for these other areas which have seen explosive growth.

The questions you should ask yourself are: Will Tucson continue to grow? Is it a place where I would like to live for a while? Does it have advantages over other parts of the country (lifestyle, climate, economy, culture?) For me, the answer is yes to all. Having spent some time in the Northeast part of the country where ice forms on roads and shoveling snow is a duty, not an option, I know that many Boomers living in the Snowbelt are itching to move to the Sunbelt upon retirement. Like it or not, the chances for growth here are good. The Tucson lifestyle is casual and friendly, the economy is healthy, and our wide ranging culture offers something for everyone. And of course, the University of Arizona adds a vitality to our community that other cities without such an institution envy. These factors will, in the long run, assure a healthier real estate market here than in the cold, rustbelt areas. And after 5 recent devastating hurricanes in Florida, Arizona is looking like a pretty good Sunbelt alternative.

So should you speculate and buy as many homes in the Southwest side as you can? That might not be prudent, but if you are looking for a place to live and want to place a bet on future growth and development, in an almost brand new home at a price hugely discounted from last year, this might be an area to study.

If you would like to discuss this in more detail, call or e-mail me and we can set an appointment to talk about this opportunity. As Bernard Baruch said so long ago, “I buy my straw hats in the Fall.” You should too.

Mortgage Rates Inch Upward

According to CNN, mortgage rates inched upward from 6.14 to 6.16% for the week ending March 22 as new construction rebounded from a 9 year low. Big inventories of resale homes in Pima County are moving downward from December highs, spelling relief in sight for home sellers and giving notice to home buyers.

How's the Market?

Where do you get your real estate information? With so many opinions and voices, it can be pretty difficult to form your own idea of the current real estate market in Southern Arizona. Here are some thoughts and analysis of what we’ve read, seen, and heard in the past 3 months:

The population of Arizona will continue to grow and Tucson will continue to attract new home buyers, businesses, and investors. Job growth will also continue a pace of steady growth, contributing to the widespread demand for more housing. Despite worries about the market, Tucson’s housing market is strong and steady. Homes that are overpriced and the significant number of homes for sale will likely decline as the market softens through the remainder of 2007.

Buyers and sellers are well aware that the market is not the same as it was 2 years ago. In addition to changing market conditions, interest rates will also affect the number of qualified buyers who will be hesitant to consider non-traditional financing options. So what does all the research and market analysis mean? The simple answer is that housing conditions are returning to normal after an intense period of growth. Buyers are no longer willing to justify the purchase of a home that is overpriced and sellers are realizing that they cannot expect as high of a return on the sale of their home as they could have a couple years ago.

The high inventory of close to 9,000 homes on the market in Tucson indicates that sellers have expected high levels of return and that buyers are unwilling to pay these prices, instead many buyers are waiting for the inevitable—a return to a market where homes are fairly priced. So the rest of 2007 will likely see conditions where sellers will lower prices in order to sell or will take their homes off the market until a later date when supply is not so high. The competition with new home sales will also contribute to the pressure for sellers to lower prices, as new home builders attempt to profit from current market conditions.

As home prices accurately reflect their value, buyers will start making more and more offers. Growth will continue at a steady pace and there should be no worries, despite what the media says.

Via Realty prides itself on knowing the market and in properly assessing the value of your home so that it will sell and so that you will obtain the most value for your home. Our goal is to share our information and experience with you, so that you are confident in the sale of your home. We are also happy to meet with buyers to equip them with the proper knowledge of the market and to aid them as the select a home.

New Townhouse Listing!

The Pros at Via Realty recently listed a great new affordable townhouse in the near north west side of Tucson. Situated near Romero and Wetmore road, this delightfully updated home is ready for you now! Complete with a beehive fireplace, it a perfect winter home as well as a great place for a first time homebuyer to start out. Here is a link to the listing.

New MLS Search Tools

You may have noticed some big changes in our web site.... The property search is a lot more user friendly and it is way better organized. Now you can search in categories, Golf properties, Town homes, School Districts and even neighborhoods. This gives the home buyer a bigger choice and also allow the home seller a broader exposure for their property. Check it out at www.moving2tucson.com and let us know how it works for you!

Wayne