March 31st, 2012 Since its origination the developers of Rancho Vistoso have made every effort to distinguish the Rancho Vistoso master-planned community as a special place to live and work. Part of the formula was to install street lighting along the main thoroughfare of Rancho Vistoso Boulevard. Not only does this add distinction to the area and give it an appeal that not many communities in the Tucson area have, but it also serves an important role in the safety of the community. Clearly the benefits for motorists are obvious by improving visibility along this most trafficked roadway through the area. An additional safety benefit though is for pedestrians who can more easily be seen by motorists due to the street lighting and the lights also encourage evening walks and enjoyment of the neighborhood by making the surroundings more inviting.
However, a few years into homeowner control of the HOA the street lights are being considered for possible removal. A committee has been formed to evaluate the role street lights should play in this community moving forward, with options ranging from partial removal, updating to more energy efficient lights, or even total removal. Of concern to the Board of Directors is the monetary cost of maintaining the street lights as this is a substantial portion of the budget for the community at large. However, the dues for the community are still relatively low and the enormous positive impact these lights make in the safety and overall appeal of Rancho Vistoso are all reasons why the street lights should continue to illuminate the area. Residents and business owners in the community can share their opinions by taking an online poll here: Rancho Vistoso Street Light Survey.
Team Woodall would greatly encourage all those filing out this survey to consider the positive impact the street lights make and vote to keep them around as they exist today or at least by modernizing the lighting system with more energy efficient lights.
March 29th, 2012  Another of Team Woodall’s listings in the Rancho Vistoso master-planned community closed escrow last week. The former “Heatherly” model home featured some excellent upgrades, backed to a natural open space, and was highlighted by an uncommon two-story layout with the master bedroom on the main level. Here’s a link to some information about the home which sold. There remains another former model home next door that is also listed by Team Woodall which is another attractive floor plan of 2,386 square feet. Any homeowners looking at selling a property are encouraged to call us today for a free consultation & listing presentation.
March 24th, 2012 One of the most popular running competitions in Southern Arizona has become the Arizona Distance Classic held within Rancho Vistoso. This year’s event is being held on Sunday, March 25th and will start as usual at Ventana Medical Systems, located at 1910 Innovation Park Drive. There are many divisions and race lengths set up to allow for as inclusive of a turnout as possible, including the following with their scheduled times this year:
•6:00 am Pre-run Yoga stretch and centering exercise
•6:55 am Half Marathon Wheelchair
•7:00 am Valley of Gold Half Marathon
•7:00 am Arizona Distance Classic Quarter Marathon
•7:15 am Oro Valley Hospital 5K Run/Walk
•10:00 am Kids Fun Run
This event is a fun time and allows local residents to get out and enjoy the excellent Oro Valley weather. Homeowners within Rancho Vistoso should also be aware of this event and plan for possible delays, while of course being vigilant to look out for competitors if driving during race hours. For more information about this event please visit the Arizona Distance Classic’s website here.
March 21st, 2012 One of the factors that has made today an excellent time to buy a home has been the extremely low interest rates. Clearly this won’t last forever and as the economy continues its recovery the Fed will certainly raise interest rates once a solid foundation takes hold. This last week’s interest rate rise is certainly very minor with the average 30-year fixed-rate mortgage averaging 3.92% with 0.8 points according to Freddie Mac. This is up from last week’s 3.88% but still substantially lower than the 4.76% seen at this time last year. Any buyers need to keep in mind that eventually there will be a day again where a 6% interest rate will be a great deal, so take advantage of this exceptionally low rates now if you’re considering a purchase.
March 19th, 2012 The launch of the Oro Valley Marketplace in the last couple years has brought many new shopping and dining options to the Oro Valley community and one of the more popular dessert locations is Blue Banana. A frozen yogurt store serving up traditional flavors and a rotating selection of unique offerings, Blue Banana also allows customers to add toppings of their choice. Prices are based upon the weight of the combined yogurt and toppings, with a typical serving costing only a couple dollars. Blue Banana adds another interesting twist to their pay by weight program on Saturday nights by offering customers a chance to get their yogurt for free if they can correctly guess the weight of their dessert. Blue Banana is positioned towards the northeast corner of the Oro Valley Marketplace by San Carlos Grill, Harvest Moon & the movie theater. Well worth a visit, particularly during the warm summer months, you’ll enjoy a fun atmosphere and quality desserts at Blue Banana.
Current hours and other details are best viewed on their Facebook page here.
March 12th, 2012 The Tucson region’s luxury home market continues to be weighted down with an oversupply of inventory and sluggish sales. While the majority of Tucson’s homes are showing tremendously positive signs of a recovery and even price increases, the luxury market has likely not yet hit its bottom. The February Tucson MLS statistics show a total of 161 active listings and only 4 homes sold during the month for homes listed over $1,000,000. This is not good news for those with homes on the market in that price range. However, undoubtedly for buyers it’s becoming more clear that now is the BEST time to buy. With low interest rates, an oversupply of homes, and low prices the buyers are still very much in the driver’s seat.
Because of the huge supply of homes on the market at this price it means there is a fantastic selection of homes to choose from, as opposed with the lower priced homes where inventory levels being low mean good homes are going quickly and hard to come by. Prices may still slightly fall for the luxury market but the low interest rates and large selection make now the best position for buyers to be purchasing. Stone Canyon specifically has a wide selection of fantastic homes that could well be picked up for attractive prices.
March 11th, 2012 The Tucson Association of REALTORS released the MLS statistics for the month of February and the signs are extremely encouraging. Among the highlights are:
- Active Listings decreased for the fourth consecutive month and ended at just 4,560 listings, down 5.79% from January.
- Total Unit Sales rose 11.37% from January to 1,019, which represents an increase of 15.93% from one year ago.
- The absorption rate sits at a mere 4.5 months, putting the Tucson region into a technical “Seller’s Market” by traditional definition.
- Average Sales Price rose 4.75% from January and ended at $164,513.
- Average Days on the Market decreased slightly from 80 days in January to 77 days in February.
- Under Contract increased a very large 9.17% from January.
Essentially all the major statistics showed improvement. While most of these statistics aren’t proven over many months, it’s looking like we may have passed the “bottom” of the market. Unfortunately for some buyers that means the best values and certainly the widest selection of homes may well have already passed. There still remains more foreclosures and short sales in the pipeline which should continue to inhibit substantial price appreciation, but it’s very possible things will slowly trend upwards. With many home values falling below replacement value of late, it’s very likely that new construction will become more popular as prices creep towards that replacement cost again. The low inventory of homes will also contribute towards new construction gaining more traction.
Very low interest rates will continue to spur activity and when the feeling of a recovery hits the bulk of the population it’s also likely additional buyers will enter the market. Additionally, some of the initial short sales from several years ago are now beginning to become eligible for loans again and those who strategically sold short may once try to enter the home buying market to capitalize on today’s lower prices. Only time will tell but all signs are pointing towards the beginning of a sustained recovery.
March 7th, 2012 One of the more exciting and recent additions to the Oro Valley dinner scene is The Keg Steakhouse & Bar. This upscale eatery is located in the Oro Valley Marketplace at 12005 N. Oracle Road. Priding themselves on serving only the finest cuts of steaks, The Keg has built a solid reputation over the years throughout the West Coast of the United States & from coast-to-coast in Canada. The Oro Valley location is a welcome addition to the dining options around town, particularly one which has a sophisticated atmosphere for drinks and dining. While the food tends to be on the more expensive side, the atmosphere makes much of the expense worthwhile for an occasional meal to be enjoyed with friends & family. Compared with other steakhouses in Tucson The Keg falls in the middle of the pack for taste & cost, but is a very enjoyable location for happy hour or late evening drinks. The Keg is open from 4pm – 11pm on all nights of the week except Friday & Saturday when the closing time is moved back until midnight.
March 5th, 2012 Investment tycoon and perennial prognosticator, Warren Buffet, delivered a two part message this past week. First is that he was dead wrong about the housing market’s recovery which he predicted last year would have already rebounded. The second is that he still believes housing is an excellent investment by generating rental income. While the so-called Oracle of Omaha has been wrong many times throughout the years, his typically long-term approach has more often than not proven to be correct.
There are certainly doubters aplenty out there today regarding the housing market, but one thing that Buffett continually strives to be is a contrarian. It’s this attitude of buying when others are selling or scared to act which in large part leads to his many successes. His company’s enormous wealth makes his investment successes more lucrative than the average investor of course.
This housing advice is likely a path many would be wise to follow as well, given a few key qualifications. Low interest rates are tough to pass up and often are worthwhile taking advantage of, but no housing investor should strap themselves to payments that are difficult to afford. Another cautionary warning with rental housing is that it comes with costs and headaches not apparent at first glance. Most of the headaches are removed when hiring a management company to oversee activities, but this comes at a price and still doesn’t preclude spending additional money to repair homes after normal wear and tear or renter’s neglect. Given the right scenario though, owning rental properties can be exceptionally lucrative and a great source of cash flow.
February 28th, 2012 The “Heatherly” model home listed by Team Woodall on Westminster Dr. is now under contract with an anticipated closing towards the end of March. Built in 2007 this home is substantially upgraded with cherry cabinetry, rectangular tile, and numerous other designer finishes. Listed currently at $289,000, the 1,922 square foot plan will be an excellent acquisition for the new buyer. Team Woodall is thrilled to have yet another home under contract and looks forward to smooth sailing throughout the next few weeks until the home closes escrow.
As always feel free to contact Team Woodall if you’re considering putting your home on the market and we’ll gladly provide you a free comparative market analysis. Allow us to demonstrate our expertise in getting your property sold. After listening to our listing presentation we hope you’re not only more informed about the selling process, but also confident we are the right fit for your real estate needs. Contact Stephen today at 520.818.4504.
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