Tucson Real Estate Investors

With plenty of foreclosures on the market, my investors have a wide range of homes to choose from. While every investor has their own sense of risk and tolerance, I usually recommend my amateur investors tackle simple fix-ups. My first few foreclosure purchases entailed cosmetic modifications such as painting, carpet, adding tile, landscaping, etc.

 These pictures are from a home in which the previous investor could not finish the work within budget and walked away. A closer look at the workmanship shows that it was poorly performed, indicating to me that this investor was not a professional. It is very common to find these homes where homeowners though they could buy any home and make gold off of it. The market is proving these people wrong. However, the entire public is paying the price for their miscalculations.

 

One example of a great deal out in the market today. A good investor can look past the rubble and personal property left behind.

Its easy to see that a little updating would make this home pop.

 

 

 Come back often as I will be updating our progress on this property. And stay tuned for other properties my investors are flipping.

 

In the recent months, I have had many of my investor clients approach me about purchasing foreclosures. In this series, I will dictate our progress on purchasing, renovating and selling our foreclosures. The market is at or near bottom, the activity on the MLS has proven to me that investors are back picking up great deals. Don't miss out on yours, give me a call.

Tucson's Current Market Trend

Every month I provide insight on the direction of Tucson's real estate market. Many national news reports talk about a devastating bust in the housing market, yet they provide little factual data behind their claims. I believe in providing real market trend data to back up my housing claims.

The latest statistics for Tucson real estate shows a steadying of home prices. July 2005 has been determined to be the peak of the Tucson housing market, the past two years have allowed for a correction in prices. Sellers are now pricing their homes more reasonably. Buyers are coming back into the market. Prices and inventory are holding steady. The National Association of Realtors is expecting the market to pick up in the second half of next year.

November 2007 Stats

Homes for sale: 9,234 - Down from 9,313

Avg home sale price: $269,968 - Up from $262,251

Median home sale price: $213,000 - Up from $210,000

Average Days On The Market (DOM): 97 - Down from 99

Months of Inventory: 11.3 - Down from 11.8

Come back for December 2007 statistics mid-month.

http://www.valfrerealty.com

Local builder Pathway Development has found itself in the Tucson real estate headlines. This time not for good reason. After being headlined in the Arizona Daily Star for its failing Corona De Tucson condo development, Aldea del Rey. It is now gaining negative spotlight for its Sabino Springs Estates debacle. After purchasing this luxurious land and spliting the development into sellable and buildable lots ranging from $250k to $450k, this company is has been served with a multiple of lawsuits due to delayed development and mismanagement, according to the Daily Star.

http://www.valfrerealty.com 

Great News! The latest Tucson real estate market sales report has been released. See my home page for the exact numbers http://www.valfrerealty.com

To summarize, the number of listings was drastically reduced in large part due to the increase in pending home sales. In fact, in May there was about 1100 homes under contract. Last month there was 2100! Another good sign was a decrease in the amount of new homes entering the market.

The best news, though, is that Tucson reached a new all-time high of median and average home prices. Higher prices than that seen in 2005, Tucson's previous high. I am not going to boast that Tucson's problems are over, but this is a great sign that the market is stabilizing and that we will not see the deficits that California and Florida are seeing. Those two states have their own economic reasons for their demise.

Next month's statistics will tell if Tucson is truly entering a stable market.

Hi all, I wanted to create a central forum where all Tucson investors could get together and discuss strategies, issues, deals and other musings. This is that place. I hope we can make this a creative place where we all can discuss and create wealth for each other.