October 2nd, 2012 Rancho Vistoso’s recorded history dates back well over a thousand years and largely starts with the Hohokam Indians who settled in the region around 500 A.D. These villagers inhabited the area continuously for over 700 years, making it one of a few of the 120 or so villages with such a stable history in the Tucson region. Historic petroglyphs, pottery, and other ruins remain throughout the current landscape, primarily at Honey Bee Canyon & Hohokam Village just down the road. Other signs of these early inhabitants remain with ball courts, pit house ruins, and trash mounds dotting the desert.
Today Honey Bee Canyon stands out as one of the best places to enjoy the area’s history and wildlife by taking a hike along the wash basin. Keep a sharp eye peeled for all varieties of animals which can range from bobcats, javelina, owls, snakes, mountain lion, gila monsters, rabbits, or countless varieties of birds. You’ll also come across a variety of petroglyphs among the surrounding rocks and even several stone dams which were constructed hundreds of years ago. Visitors should avoid touching or disturbing these historical treasures in order to preserve their place in history for future generations to marvel upon. One of the other neat aspects of Honey Bee Canyon is its proximity to suburban life and the hustle and bustle of the city. It’s literally a hidden gem tucked amongst the splendor of the Honey Bee Ridge & Honey Bee Canyon estate homes.
September 25th, 2012 A hidden gem in Tucson’s downtown nightlife is Scott & Co., a sliver of a bar which aspires to a speakeasy style. The cozy atmosphere is endearing and the drinks are outstanding. The bartenders are true masters of their craft who blend their cocktail concoctions with interesting ingredients. Neighboring the 47 Scott restaurant, this intimate bar has been open just over a year and is the work of entrepreneurs Nicole Flowers & Travis Reese. They’ve quietly developed a grass roots following for their inventive bar and that adds to the character of the place. Its most fervent fans would prefer this marvelous spot remain more of a hidden secret than receive too much publication.
Scott & Co.
49 N. Scott Avenue
Tucson, AZ 85701
520.624.4747
September 17th, 2012 The federal government’s third quantitative easing program, commonly referred to as QE3, was just announced last week by Federal Reserve Chairman Ben Bernanke. The rationale and a in-depth analysis of this policy is best suited for another forum, however, its impact should for those in the real estate market should be low interest rates for quite some time to come. QE3 does differ from both QE1 & QE2 by focusing exclusively on the purchase of mortgage-backed securities (MBS) to the tune of $40 billion a month. With this announcement also came the news that the Fed intends to leave the federal funds rate at near zero until at least 2015. Both of these decisions should help keep interest rates low for mortgages and are taken in an effort to spur economic growth and particularly with the aim of reducing unemployment through this recovery. However, it’s unlikely that rates will drop much further in the immediate future, primarily because banks are understaffed and can’t process more loans anyway. Ultimately though the recent historically low interest rates should stay very attractive, which is extremely positive for the real estate market.
September 10th, 2012 A review of the recently released Tucson MLS Statistics show moderate continued improvement in the area’s real estate market. Among the positive indicators are an increase in Median Price by 3.57% from July to $145,000, which is up from August 2011 by 18.66%. Much of the growth in the market has been fueled by the lower price points of the market and this continued rise in median price continues to fuel the positive momentum into ever higher price points. Total Sales Volume also saw a rise of 2.68% from July and was 23,97% higher than this time last year. This meshes well with the increase in Total Unit Sales which increased by 3.69% from July and 6.60% from August 2011. Average days on the market also took a slight dip again to 65 days.
Other indicators while not increasingly strong are still positive signs of a steady recovery. One of these stats is the Average Sales Price which very slightly decreased by 0.98% to $180,193, showing stability even without additional improvement. As we’ve indicated previously, the number of distressed sales in the marketplace is still abnormally high (although decreasing) and will temper price increases from getting out of control. Total Under Contract also decreased a bit by 2.70% from July, but still remains 19.05% above last year. Part of this slowdown is likely attributable to the lack of good inventory on the market. Thankfully the number of active listings did increase slightly from 3,477 in July to August’s 3,564. Having more choices is a great thing for buyers and unless a flood of new homes hits the market the lower inventory still bodes well for sellers too.
For more detailed information about the Tucson housing market be sure to contact Team Woodall.
August 24th, 2012 Earlier in the month some good news came out about mortgage delinquency rates in Arizona and California. Credit reporting agency TransUnion indicated that 6.14% of mortgage holders in Arizona were more than 60 days behind on the payments. This is a marked improvement from the year before when an additional 21% were similarly behind on payments. With initial filings of foreclosures also down the signs are all pointing to continued improvement and stability in the real estate market locally. All told this means fewer distressed properties on the market to weigh down price points. Arizona has been helped by the rapidity its homes go through the foreclosure process, which doesn’t have to involve courts in most cases.
Even in the best of times foreclosures are still a reality that must be dealt with, but returning to more normal levels will certainly benefit the market. Short sales are the other type of distressed property that will be with us in a more meaningful manner for quite some time. Values have increased statewide helping some homeowners to get “above water” and not owe more than their mortgage, but there still remains a big percentage of owners who are underwater. Thankfully banks have seen the benefit of approving short sales more rapidly as beneficial to their bottom dollar. When feasible this alternative is much preferred for all parties and the market in general to a foreclosure. The future looks much brighter by the day for the local market, but a long way remains to see a truly healthy market.
July 30th, 2012 Beginning on August 2nd a new state law will take effect that mandates all children between the ages of 5 to 8 who are shorter than 4′ 10″ must be secured in a booster seat. Previously Arizona has been one of only three states without a law requiring booster seats for this age group. The statistics show that shorter children without booster seats suffer more serious injuries and more fatalities as well. Seat belts in cars are simply not designed for a child’s stature and the pressure of the seat belts themselves during an impact falls less on strong bone areas of the body. Under the new law police officers will be able to stop a car if a child isn’t properly secured and the fine for the offense is $50. Booster seats are available for free to low-income families through the Pima County Health Department. More information can be found at their website: http://www.pimahealth.org..
July 27th, 2012 Tucson’s higher priced homes have experienced a lag in sales during the last few years as the economy struggles to gain solid footing. However, the upper echelon market may just be starting to percolate a bit. While based solely on anecdotal evidence, there does seem renewed interest from prospective buyers in this marketplace again. About half of the properties moving are value properties that are either distressed in the traditional sense or with owners that just want to move on and can afford to price the home well. Within Stone Canyon this past week there were two homes that closed escrow and a custom lot as well (Stephen Woodall represented the buyer for one home sold over $1,000,000 and the seller of the lot). This week another Stone Canyon residence also went under contract, again being represented on the selling side by Stephen and priced comfortably over $1,000,000. Combine this recent activity with the quality foot traffic that’s interested in this upper end market, and the signs are pointing to some renewed energy this winter season. Given the inventory on the market there still won’t likely be any gain in prices, but it’s quite probable the volume will increase. Another important milestone will be the upcoming presidential election which is an event watched closely by many luxury market participants. While it’s too early to truly call the bottom of the luxury market pricing on homes, it’s great to see some positive signs showing up.
July 22nd, 2012 According to Outdoor Magazine’s recent “Top 10 Bike Towns”, Tucson ranks as the best bike town in the country! This adds another praiseworthy distinction to the Old Pueblo that many residents already have realized. What exactly makes a town ideal for cycling? The magazine’s website states, “This college town is surrounded by mountains but also hosts more than 700 miles of bike lanes, two factors that put Tucson on top of the Outside list.”
“From an Outside perspective, good cycling means more than bike lanes and flat routes for commuting to work,” the website proclaims. “We want interesting topography, and sometimes that means a lung-burning ascent or two (or three) on scenic roads. We want sweet singletrack and solitude, but we also want great places to gather for a post-ride drink.”
Even among Tucson perhaps one of the areas that best fits this description is the Rancho Vistoso master-planned community. Every day and especially on weekends you’ll see a tremendous amount of cycling activity. Rancho Vistoso is an ideal location with its wide, divided main thoroughfare that also has spacious bike lanes. Add in the proximity of bike paths nearby and a bevy of Starbukcs or other restaurants to meet before & after for refreshments, and it’s easy to see why such activity exists.
Other top bike towns cited by the magazine include Boulder and Durango in Colorado; Madison, Wis.; Missoula, Mont.; Burlington, Vt.; Ashland, Ore.; Flagstaff; Santa Fe, N.M.; and Chico, Calif.
July 19th, 2012  The Tucson Association of REALTORS has teamed up once again with News 4 Tucson’s Kristi’s Kids for the 6th Annual School Supplies Drive. Donations are being accepted for a variety of school supplies that will be distributed amongst the 8 school districts around the area. To make donating easy, TAR & Kristi’s Kids have partnered with Walgreens which will be accepting donations at each of its locations throughout the area until August 1st.
July 14th, 2012 When will the bottom hit? That’s question is probably more appropriate when talking about mortgage rates than home prices. Many locations throughout the US have likely seen the bottom of the market in terms of pricing, but the mortgage rates just keep dropping lower. Freddie Mac’s official release this past week indicated new records for both 30-year and 15-year fixed rate mortgages. The 30-year mortgage averaged just 3.56% which was down from 3.62% the week prior. Meanwhile, the 15-year fixed rate mortgage average recorded its lowest ever average rate of 2.86%, down from 2.89% last week. This continues to be excellent news for those looking to buy. Even individuals who are able to purchase in cash may consider a loan at this point with interest rates so incredibly low since it’s really possible to invest the difference in cash to see a greater return than 3%.
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