The investment group which purchased Biosphere 2 and it’s surrounding property back in 2007 has recently donated ownership of Biosphere 2 to the University of Arizona, which took official ownership at the beginning of July. The UA has operated the facility since CDO Ranching & Development purchased the property, but now gains full ownership of the structure. An additional 1,658 acres sits surrounding the Biosphere 2 facility which could be the site of future development. With annual visitor traffic of approximately 65,000 people there is already a built-in means for garnering traffic that far north up towards Oracle. Situated in Pinal County, the developers do have approved plans for roughly 1,550 homes, 200 acres of commercial space, and a hotel. That plan still leaves 40% of the land as open space. When conditions improve in the local Tucson economy it won’t be surprising to see new development spring up in the area surrounding Biosphere 2. Particularly if the Town of Oro Valley ends up completing a talked about purchase of Arroyo Grande up to the Pinal County border, it’s likely development becomes even more attractive for the landholders up the road.
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HGTV’s popular show House Hunters will be featuring a home sold by Stephen Woodall this coming Monday, July 18th. The show is scheduled to air at 8pm, which may show as early as 5pm for satellite dish customers, so please check your local listings for more information. While Team Woodall isn’t featured in the show since we had listed the home, it’s always neat to be associated with a nationally broadcast show such as House Hunters and having any Tucson home featured brings more interest to watching the show. We’re excited to see the upcoming show ourselves and watch the customer and her agent having a blast with the house search process. So tune in on Monday the 18th and see the national spotlight shining on Oro Valley. Statistics released by the Tucson Association of REALTORS© show mixed results overall in the local housing market. Here’s a general breakdown of the positive signs:
Not everything was entirely positive though. Most of the negativity relates to sales prices which have fallen from a year ago as they continue to see downwards pressure from distressed sales. Although recent reports of substantial, substained slowing in foreclosure notices means that getting all of these distressed properties off the market might bode well for a market recovery in the future. Here are some of the negative stats:
On the whole the statistics continue to look positive for long term improvement. In the near term it’s unlikely we’ll see substantial real improvements in values, but as we’ve pointed out consistently we’ve done a good job in the Tucson market of moving through foreclosed properties at a good rate. Now that foreclosure notices are decreasing it’s likely we’ll soon regain a more stabilizied pricing structure. Realistically it remains a very opportune time to make wise investments in real estate for the long term as replacement costs on many homes is above current value. Combined with rental rates now exceeding monthly housing costs in some areas the pendulum may switch to buying being a more attractive option for those staying in town long term. Stay tuned!
Good news may have been hard to come by in the local real estate market at times over the last few years, but there continue to be some glimmers of hope for real improvement ahead. For the fifth staight month the number of foreclosure notices has decreased according to the Pima County Recorders Office. In June the exact number was 693 notices sent out of a mortgage being in default. These are just initial notices and don’t mean that the property will be foreclosed on, but are a leading indicator of future foreclosures. The June number of 693 notices is the first time that figure has been below 700 since November 2008, although it is still elevated over the housing boom period when notices averaged around 250 a month. Each individual foreclosure notice is never good to hear of, but the fact that the number has been steadily decreasing is a positive sign. Couple decreasing foreclosure notices with continuing steady sales of previously foreclosed properties and that’s where the glimmer of hope lies for the future. It’s these foreclosures that have been the biggest factor weighing down home values. Getting through the inventory of foreclosures is a necessary step to housing recovery and price increases. Boasting dishes of Cantonese, Mandarin & Szechuan origin, Harvest Moon has distinguished itself as one of Oro Valley’s pre-eminent restaurants. Long an Oro Valley staple, this burgeoning eatery moved locations from the north side of Rancho Vistoso to the new Oro Valley Marketplace over a year ago. This location change has distinguished Harvest Moon as the Chinese restaurant of choice in the area by adding stylish ambiance to the already stellar entree options. In fact Asian Restaurant News honored Harvest Moon with being featured as the Success Story for all Asian restaurants in March 2011. It went on to award Harvest Moon as being one of the Nation’s Top 100 Chinese Restaurants. Entree selections typically range in the $8 – $10 price, with some of the seafood and meat selections well exceeding that price point. For area residents it’s well worth making a trip to Harvest Moon and sampling their tasty offerings in the near future. Take out orders are also available for easy meals on the go. Harvest Moon According to Freddie Mac’s Primary Mortgage Market Survey, rates on 30-year fixed mortgages remained unchanged from the previous week at 4.50% and averaged 0.8 points. Rates have continued to hold relatively steady for quite awhile now, as last year at this time the 30-year fixed rate averaged 4.69%. The 15-year fixed rate mortgage average edged up to 3.69% from 3.67%, but still remains much lower than a year ago when it averaged 4.13%. With the housing market still soft and mixed forecasts from experts, it remains crucial to have lower rates to generate lending activity from those looking to purchase. The Oro Valley Police Department offers a fantastic program you may not have heard about that may benefit many Oro Valley residents who travel frequently or have seasonal residences. Called the Darkhouse Program, this unique benefit comprises periodic external security checks of your home by a police officer or a Citizen Volunteer Assistants Program member when you’re gone from your house at least 7 days in a row. Any signs of trouble or concerns will be immediately passed along to you or your designated contacts. Even Oro Valley homeowners who have their property listed for sale can partake in this program as long as they have furniture or property remaining in the home. To register for the Darkhouse Program you can call the Oro Valley Police Department at (520) 229-5080 Monday-Friday, between 9am and 3pm, or by submitting a Registration Form linked here to the Police Deparment. Be sure to register at least three days prior to leaving. Should you choose to try and register by phone make sure to speak directly with a staff member as messages left on voicemail don’t constitute sufficient registration. Tucson doesn’t lack for quality Mexican restaurants, but those on the NW side often find fewer options than other areas of town. One of the more affordable and tasty options is to visit Mosaic Cafe Dos (the original restaurant is located just north of Speedway and west of Silverbell behind the McDonalds) for lunch or dinner. Mosaic Cafe Dos operates out of a small strip mall due east of the Foothills Mall on the opposite side of La Cholla. The restaurant offers a full range of traditional Mexican offerings and has a limited bar menu for drink accompaniments. The small quarters of the restaurant make for a homey atmosphere and the staff always seems quite efficient, if not overly engaging. Often the tortillas and chips are visible being made while you eat, a sure sign of freshness and the quality shouldn’t disappoint. The accompanying rice is also especially light and delicious, especially when partnered with the cheese covered beans. Mosaic Cafe Dos won’t wow you with flair, but does provide a relatively authentic Mexican food meal for reasonable prices. Mosaic Cafe Dos
Distressed properties continue to be the driving force of sinking home values throughout Pima County, but there are signs of good news on the horizon. The last two months have seen the lowest number of trustee sales notices (essentially notices of default but prior to being foreclosed upon) issued to area homeowners. Actual foreclosures are still substantially elevated as those higher numbers previously in default are worked through the system, but these latest statistics show approximately a 35% reduction in notices from peak levels two years ago. As we’ve reported previously the upside of the number of foreclosures on the market in Tucson today is that they’re hitting the market more rapidly than other areas, allowing for potentially a quicker recover with less “shadow inventory” down the road. Prices may continue to go down in the months ahead, but there are now many signs that point to this being a prime time to purchase for longer term investors. Real estate industry news analyst Inman News announced a recent study which shows the Top 10 best cities for real estate investors. Reaching number four on the list was Tucson, Arizona! This analysis of hundreds of real estate markets factored in median sales price, loan data, foreclosure sales and discount statistics, population, and unemployment data. Clearly this news parallels what many local professional have been saying recently, including the Woodall Team, that Tucson is ripe for increased purchase activity. While this report focused on investor goals, many of the criteria which make Tucson a good market for investors also dovetails with making it a good market for primary residence purchases. Tucson outpaced Phoenix and Las Vegas as a stronger investment potential largely due to our lower unemployment figures. |
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