April 2nd, 2011 Tucson’s Reid Park Zoo has long been an attraction for residents and visitors alike, but perhaps its biggest clientele is the Old Pueblo’s families. While certainly not the draw or size of the nation’s biggest zoos this may be beneficial for day trips with children who can become restless and tired. Originally founded in 1965, the zoo gradually has expanded to feature 17 acres, hundreds of animals, and welcomes nearly 500,000 visitors a year. Throughout the year many events are held for adults and kids alike, with the longest running being their Zoo Lights spectacle during the holidays. Most all events feature kid activities, petting areas, and often live entertainment. Kids seem particularly drawn to the giraffe feedings that occur daily and may find additional exploration options in the
The zoo has also been remodeling its gift shop area, restaurant, and now has embarked on a brand new section of the zoo called “Expedition Tanzania”. This will become a new location for the zoo’s elephant exhibit. In addition to some of the infrastructure additions, the zoo has recently acquired new animals as well. Shombay, is a new male lion, who is adapting to the exhibition life currently so is somewhat shy with visitors but beginning to feel more comfortable. Most recently the zoo acquired two sarus cranes, which are native to India and hold the distinction as the world’s tallest flying birds. Another unique aspect of the sarus cranes is their trumpeting like call.
The zoo is normally open 7 days a week from 9:00am – 4:00pm and does offer children’s, seniors, and annual membership rates. Centrally located in town, the zoo is just south of Broadway & north of 22nd St., between Country Club & Alvernon. You can find additional information about the zoo, upcoming events and updated hours of operation by visiting their website: http://www.tucsonzoo.org/
March 30th, 2011 A newly passed law that provides additional breaks for businesses on their property taxes may have unintended consequences for many Arizona homeowners. Beginning next year all property owners will receive an affidavit attached to their property valuation cards that require verification of the home being owner-occupied. These affidavits must be completed and returned to the assessor’s office within 60 days or else the property will be reclassified as a rental. Currently owner-occupied properties receive an automatic rebate on their property taxes of 40%, so a reclassification as a rental would result in higher taxes being charged to the owner.
The reasoning behind this affidavit requirement is to fund the new business tax break by catching the estimated 25% of rental homes that are misclassified as owner-occupied currently. While that goal may be sound there are many citizen groups, professional organizations, and lawmakers alike that see a looming nightmare of headache ahead with the affidavit requirement. So many homeowners pay little attention to the postcard sized notice of valuation that currently is sent out, likely tossing them in the recycling or filing them immediately in their tax files. It’s extremely likely that a huge number of people would fail to see they must fill out and send in the affidavit which will result in many incorrect reclassification’s of owner-occupied homes. One group leading the way to change this forthcoming requirement is the Arizona Association of Realtors who see this affidavit program as a tremendous burden on all homeowners. Ultimately this could lead to angry taxpayers and increased expenses for the assessor’s office to correct classifications after they automatically switched all because a homeowner didn’t inspect their mail carefully enough.
Efforts are underway to make changes to this program before it’s put in place next year. A budget strapped Arizona should definitely make efforts to have all properties correctly classified as rental or owner-occupied, but the burden shouldn’t be so severe on every homeowner. With persistence and reasoning its likely some change will occur, but definitely pay close attention anytime you see your notice of valuation come in the mail.
March 26th, 2011 As a state Arizona has been among the leaders in the number of total distressed properties and percentage of recent sales due to its rapid expansion and heavy speculation during the previous decade. It has also received quite a bit of national attention due to this fact and undergone substantial price corrections in some areas. However, data recently released by the National Association of Realtors indicates that while such a large portion of recent sales in Arizona have been distressed properties (55%) this may have been beneficial. Having many of these properties hit the market in bulk has cleared out much of the inventory and reduced the “shadow” inventory of homes which have been foreclosed on but not yet hit the market for sale. NAR estimates that Arizona’s shadow inventory comprises a supply of homes that would take nine months to sell through, whereas New York’s shadow inventory was estimated to take 34 months and Florida’s 29 months. This ability to move these properties quickly may help values stabilize more rapidly in Arizona as distressed properties are among the biggest factor reducing home values.
March 23rd, 2011 Official statistics from the US Census Bureau show Pima County having a population just shy of the 1 million mark. The final tabulation shows 980,263 residents. It was originally thought that the county had surpassed that threshold around 2006, but perhaps a reduction in residents occured with the scarcity of some local jobs, or there is a strong feeling that the lack of minority/illegal immigrant participation in the Census may not be truly reflecting the current count. This total does reflect a significant 16.2% increase in Pima County population over the 2000 Census.
Tucson itself saw a 6.9% increase, totaling 33,000 people, to put the current population figure at 520,116. Here are some population figures for local towns with increased percentage and rank in Arizona:
20. Oro Valley – 41,011 (+38.1%)
18. Sierra Vista – 43,888 (+16.2%)
17. Casa Grande – 48,517 (+92.6%)
2. Tucson – 520,116 (+6.9%)
March 20th, 2011 As Oro Valley Realtors it is comforting to know that most newer communities provide recreational areas and amenities that many of our clients are looking for. The Hohokam Park located in Rancho Vistoso is just one such instance of this planning and one of ten parks located in Oro Valley’s largest master-planned community. Featuring two lighted tennis courts, a lighted basketball court, a dog park, and numerous kid play structures it sees quite a bit of activity from all age ranges of area residents. All Rancho Vistoso homes have access to these parks and it’s always a treat to see so many people taking proper advantage of these nice facilities. The Vistoso Community Association also recently upgraded the Hohokam play structures to include awnings over the playground equipment to allow even more hours of use during warmer weather.
Located off of Desert Fairways, this park is tucked off the road a bit and is somewhat of a hidden gem because of that. However, ample parking and walking trail access make this a Rancho Vistoso park that you can’t miss experiencing. For those not familiar with Desert Fairways it is located just east of La Canada and north of Moore Road. Picnic tables, a covered ramada and barbecue make this location a nice spot for children’s birthday parties or even a family cookout to change up your household routine. Oro Valley homes often receive additional interest because of the surrounding community and amenities, and the Hohokam Park is just one example. Enjoy all that Oro Valley and Rancho Vistoso have to offer by visiting the Hohokam Park soon!
March 17th, 2011 With housing affordability at attractive values, there has been a gradual increase in investor activity within the housing market. Looking to snatch up bargains for either resale or rental opportunities these investors are able to complete transactions more rapidly with cash nearly always being the method of purchase. Rental vacancies have been on the decline and rental rates on the upswing, making it a nearly ideal time for investors when coupled with lower purchase prices for homes. In many markets across the country it has become more expensive to rent rather than purchase, which may cause some hesitant buyers to take the plunge.
The recent loss of home values has brought home prices much closer to affordable levels for the average family. According to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index (HOI) 73.9% of all homes sold in the fourth quarter of 2010 were affordable to families making the national median income of %64,400. This is also the eighth consecutive period the index has been over the 70% threshold and this recent quarter sets a record for the HOI since its inception. Prices are at affordability levels not seen in the past 20 years. A market rebound will take continued job creation, which recently has seen the unemployment rate dip to 8.9% as over 200,000 jobs were created last month, and affordability in relation to income levels.
But until a mass of homebuyers arrives it is likely investor activity will stay strong as they continue to pick up values on distressed properties in the market. Even pessimistic reports of potential continued value decline are less likely to keep people away at this point since a 10 – 15% drop in value at this point represents a fraction of what it would have with the higher prices of three years ago. While the real estate market still faces many hurdles and a recovery to “normal” transaction levels will take some time, there are many bright indicators of hope emerging that the light isn’t too far off now.
March 14th, 2011 According to REALTOR.com nine of the top ten most searched real estate markets were sun-drenched cities. While Tucson didn’t crack the top 10 most searched, similar sunny destinations such as Phoenix, Las Vegas, Orlando, San Diego and Tampa showed the continued interest in favorable weather locales. Residents of Northern, Pacific Northwest, Midwest and East Coast cities who experience hard, long winters like this last one will increasingly be attracted to the Tucson and Oro Valley areas. Home ownership in locations like Oro Valley are greatly benefited by our amazingly sunny climate year round. The Metropolitan Tucson Convention & Visitors Bureau boasts that Tucson is the sunniest city in the United States with over 350 days of sunshine a year. Even the relative abundance of distressed properties brings additional interest to our Oro Valley homes and Tucson homes as the affordability means opportunities for potential seasonal residents or relocations.
March 11th, 2011 More home owners are falling prey to scams that promise to “stop the foreclosure” and “save your home.”
The Federal Trade Commission has released a report to help borrowers avoid falling victim to such scams, here are a few of its tips:
1. Watch for outlandish claims. “Eliminate your debt!” and “We guarantee to stop the auction” are too good to be true. If it sounds like an easy way out, don’t believe it, the FTC warns.
2. Don’t pay up-front costs. Consumer investigator Dale Cardwell warns home owners to beware of any deal that requires you to pay up-front fees. Cardwell says you shouldn’t pay any business or person who promises to modify your loan because only your lender can do that.
3. Beware of those imitating government agencies. Watch out for scammers who may capture logos, names, photos, and Web sites to make it look like they are part of a government agency.
4. Make payments only to your lender, no one else. Never write a check to someone else instead of your lender for your mortgage. Scammers may present an official looking reinstatement package and tell you to pay everything to them. Send payments only to your loan servicer, experts recommend.
Source: “In Saving Home, Steer Clear of Scams,” The Atlanta Journal-Constitution (Feb. 13, 2011)
March 9th, 2011 Beginning after April 18, 2011 an additional 0.25% fee will be added monthly to FHA loans. This increase was deemed necessary by the FHA in order to increase their reserve funds to the required 2% level which are currently not being met. However, this is the third such recent increase and while it will not impact existing borrowers with FHA loans, all new borrowers after its enactment will be subject to the new fee. For a median priced home purchase this is anticipated to add just over $30 a month to their payment. There was no change to the upfront MIP which will remain at 1.0%.
March 6th, 2011 Not many homeowners may be aware but many insurance companies have clauses in their coverage which will deny or limit claims when a house is vacant for an extended period of time. Sellers of a property that are leaving the home empty prior to finding a buyer should check their insurance policy to make sure they have sufficient protection. Statistically vacant homes are more likely to see claims for break-ins and other nuisance type damage which is why insurers often have clauses to not cover these types of homes. Don’t rely upon your standard policy to cover you and instead contact your insurance company which may offer a separate rider to your existing policy or separate vacant insurance altogether.
If you’re soon planning on vacating a property look closely at your insurance policy for an abandonment clause or neglect clause which may kick in if the house remains unoccupied for a certain period of time. Be proactive and don’t take the risk of something occuring to the house or at the house, like kids playing in an vacant home’s yard/residence and injuring themselves. No seller who is vacating a property is looking for additional expenses but insurance coverage is one of the last things to let lapse, so do your due diligence and contact your insurance professional before leaving a home vacant.
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