There’s good news again in the media about the Tucson housing market. While home prices have declined in the last couple years a Fiserv Case-Schiller projection shows a flat market from the 1st Quarter of 2011 to the 1st Quarter of 2012, but anticipates a 10.2% price increase from Q1 2012 – Q1 2013. That forecast has Tucson ranked among the Top 5 Best US Housing Markets in the next two years. Investments and primary residence purchases look primed for a slight recovery when analyzing the local statistics, and this independent verfication should help that momementum build even further. Continued absorbtion of distressed properties at a fairly rapid rate has in large part led to this positive outlook. While it’s been a bitter pill for many to swallow in the near term, it’s preferred over dragging the a slow housing market out over many, many years.
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A couple weeks ago an article appeared in the Wall Street Journal which related the story of Colby Sambrotto, the founder and former COO of ForSaleByOwner.com. Colby tried for six months to sell his 2,000 sq. ft., two bedroom condo in New York by listing it online and through classified ads, but finally enlisted the services of real estate agent Jesse Buckler. Jesse’s professional opinion was that the condo was actually priced too low and attracting the wrong type of buyer. Ultimately Colby acceded to Jesse’s plan and the price increase brought a slew of activity and multiple offers. The condo finally closed for $150,000 more than the original asking price and the story made for some ironic news. Long a staple of Tucson adult athletics, the Mike Jacobs Sportspark offers a variety of athletic leagues for the sports-minded with easy access just off of I-10 & Ina Road. A property of the Pima County Parks & Rec, Sportspark is currently operated by Championship Sports LLC which administers the leagues and manages the park. Everything from volleyball, softball, soccer, flag football, and wiffle ball is available to be played in a fun, competitive environment. Entrance to the Sportspark does require a $2 admission and leagues do have relatively modest entry fees, but the fun that can be had is endless. Concession stands are on site which offer typical ballpark food, snacks, and beverages (including beer for those of age). Leagues run throughout the year on a variety of evenings so the best resource for current information would be at the Championship Sports website. The park itself features four volleyball courts, six softball diamonds, an open field for football/soccer, and a former batting cage transformed into a wiffle ball arena. Rental arrangements are also available for youth softball leagues or company events. Mike Jacob Sports Park This afternoon the Federal Reserve has forecast a weak economy for at least the next two years and indicated they’d therefore keep rates at record low levels at least until mid-2013. With economic growth being much slower than expected and with flat household spending, the immediate outlook is lukewarm at best. For potential buyers in the real estate market this is welcome news that their buying power should remain relatively strong for the foreseeable future. Interest rates will undoubtedly fluctuate somewhat but without a marked Fed rate change their shouldn’t be tremendous volatility in the mortgage lending market. Summer in Tucson can limit outdoor daytime activities once the temperature creeps up. A welcome respite from the searing heat for younger kids is the Splash Pad at Brandi Fenton Park, open daily from 7am – 7pm. Not familiar with a splash pad? It’s essentially a waterpark without slides or standing water….think of it as running through a backyard sprinkler but multiplied by 100. Elementary school age children and younger will find this attractive, especially the littlest ones who aren’t yet swimming. It also takes some stress away from parents who don’t have to as closely monitor children as there is no risk of drowning here, but they may have a tough time convincing the kids to leave when play time is over. The splash pad at the park is seasonal and closes October 31st for the winter. There is no admission fee and be aware that limited shade & seating is available. The few ramadas surrounding the splash pad are often reserved in the summertime for birthday parties through Pima County Parks & Rec. Enjoy some outdoor summer fun and make a trip out to the Brandi Fenton Splash Pad. Brandi Fenton Splash Pad Hip, fresh, and invigorating are a few of the adjectives that might best describe the dining experience at jax Kitchen. Located at 7286 N. Oracle Road, jax Kitchen has burst onto the Tucson restaurant scene and received high acclaim immediately, being voted as Best New Restaurant in Tucson” and among the “Top 5 Restaurants in Tucson” for the 2009 Culinary Awards. The establishment describe its cuisine as inspired comfort food with a distinctly European flair. That’s certainly a pretty accurate description and among the many things that jax Kitchen does well is serve up continued quality dishes day after day. The menu offers several mainstay items such as burgers but with a jax flair that makes it fresh & quirky. Not only is the food exceptionally crafted, but the drink menu serves up an impressive array of wines and specialty drinks. Experiencing the new drinks is certainly a pleasure in itself and has made this establishment a trendy happy hour spot. Another ingredient that separates jax Kitchen from the rest of Tucson’s restaurants is the modern, sleek vibe the staff and the site itself displays. Seating charts are managed on an iPad and the house phone isn’t your typical cordless variety, but rather taken on an iPhone. Staff attire thankfully departs from the dreaded “all black” that many restaurants seem to take as a requirement and is instead replaced with a dressy casual demeanor. Perhaps the only detrimental thing to be said of this restaurant is its limited seating capacity. Tucked amidst a strip mall on the NE side of Oracle & Ina, the restaurant could easily be missed by even regular travelers of that section of Oracle Rd. Thankfully the word is out about jax Kitchen and combined with a somewhat limited seating capacity means that call-ahead seating is strongly recommended. Step out of the normal Tucson restaurant boundaries and become refreshed with excellent food, inspired drinks, and a fun atmosphere. jax Kitchen While off of year lows, mortgage rates are generally holding steady this past week. According to Freddie Mac the average 30-year fixed rate mortgage was 4.55% this past week with an average of 0.8 points, only up slightly over last week’s 4.52%. Meanwhile 15-year fixed rate mortgages stayed steady at 3.66% with an average 0.7 points. Several leading economists and some indicators point to a gradual increase in mortgage rates by the end up the year to approximately 5.25%, especially with the government’s quantitative easing program having finished. For the fifth straight year the Tucson Association of REALTORS© is conducting a “Stuff the Bus School Supplies Drive” in conjunction with KVOA TV’s Kristi’s Kids. Donations can be dropped off all the way through August 1st at local Walgreens stores or at the TAR office located at 2445 N. Tucson Blvd. There will also be an event held on August 2nd at TAR with Kristi Tedesco from 4pm – 6:30pm to finish the drive efforts and footage will be shot for a television broadcast. For a list of supplies needed please visit: http://www.tucsonrealtors.org/tar-v2/supplies.pdf The University of Arizona Wildcat football team started last year as one of the hottest teams in the country, winning seven of their first eight games. Their play later in the year left much to be desired as they lost their last five games, including a match up with Oklahoma State in the Alamo Bowl, to finish the season at 7-6. This poor play down the stretch was the opposite of their previous seasons under Head Coach Mike Stoops, as normally the team has been extremely dangerous late in the Pac-10 season. Anchored by quarterback Nick Foles, the Wildcat team has several players on pre-season watch lists for national awards, including wide receive Juron Criner, placekicker Alex Zendejas, and Foles himself. If you haven’t seen a game at the Arizona Stadium it’s well worth a trip out. Tickets are relatively inexpensive and not too difficult to come by either. During much of the season the temperature at night for the games is quite nice, and the atmosphere down on campus is rejuvenating. Below is the season schedule for the UA football team during this 2011 season. Call 520.621.2287 to order tickets today!
Even as housing costs have come down over the last few years throughout most of the country the amount of money paid in closing costs has increased by 8.8%. Nationwide the average closing costs for origination and title fees on a $200,000 purchase mortgage totaled $4,070 which is up from 2010’s average of $3,741. So exactly what costs have risen that would necessitate this increase? The majority of the increased costs are tied directly to fees charged by lenders, most specifically origination fees. The average origination fee is $1,614 this year, up 10.3% over last year. Other fees charged by third parties were also up nearly 7.9% from 2010. Lenders say this increase is justified and is linked to the increasing amount of regulation they must comply with that has been passed in the last two years. Historically lenders have maintained increased regulation will impact mortgage fees which must be passed along to buyers and this is proving to be a reality. Some of the new regulations require additional steps to be taken such as having to verify a borrower’s income and employment, filing of additional disclosure forms, or licensing-related matters. These additional regulations may well be worth the additional costs, but it’s unfortunate that the extra cost is passed along to the consumer and makes obtaining a mortgage more costly. |
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