There is definitely a significant increase in “Closed” transactions in the price range over $700,000. Hopefully this is a new and sustainable trend.

“BIG BROTHER IS WATCHING YOU” is now becoming a reality in Tucson and Pima County.

Every driver in Arizona is now under complete surveillance by the authorities, mainly by cameras installed at numerous intersections in Tucson, Pima County, Phoenix and other areas of Arizona. I don’t know about you, but it really gets on my nerves to see their eye pointing at my windshield like a gun.

Most of those cameras are surveillance cameras, but there are number of speed cameras that issue tickets as well.

Here is a map of those speed traps:

Remember the locations of speed cameras in Pima County (if you want to avoid getting speeding ticket):

* Northbound and southbound N. La Cholla at W. Sunset Road
* Northbound and southbound S. Mission Road at W. Nebraska Street
* Eastbound and westbound E. Ina Road at N. Camino de Las Candelas
* Northbound and southbound N. Swan Road at E. Calle Barril
* Northbound and southbound Alvernon Way near Station Master Drive
* Eastbound and westbound Valencia Road near Camino De La Tierra
* Eastbound and westbound Valencia Road near Wilmot Road
* Eastbound and westbound River Road near Country Club Road
* Northbound and southbound Ruthrauff Road near Rillito Street
* Northbound and southbound Nogales Highway near Hermans Road

For more information and amounts of the fine, visit http://www.pimasheriff.org/PhotoRadar/.
Meanwhile, if you already got speeding ticket in Arizona, read:
http://www.worldlawdirect.com/article/903/fighting-speeding-ticket.html

This is quite different compare to the previous Auction. Most of the Condos auctioned last year were nicely renovated with granite counters, tile and carpet flooring, stainless-steel appliances.
This however is not the ONLY difference with the last year Auction. It looks like J.P.King has a different style than Real Estate Disposition Corporation. Instead of Auctioning separate units from a certain base price, “16 Absolute sales” would mean the following to the Buyers:

• First 16 lots are comprised of ALL THE AVAILABLE CONDOS on the list.
• The highest bidder of the first lot WILL CHOOSE which Condo he likes to pick. This Condo is taken of the list.
• The same for the next 15 lots.
• The seller is committed to sell those Condos for the final bid price.
• For the rest of the Auction – 42 Condo Conversions left on the Auction list will be bid separately and it will be up to the Seller to Accept or Reject final bid price.

Nevertheless, the place seemed to be quite crowded with prospective Buyers and Investors and a brief interaction with one of them revealed the following:

The bids at the Auction are expected to be quite less than last year. The main reason of course is the overall Real Estate market deterioration. However, significant role will play Buyers’ increased difficulty in getting financing for Condo Conversions.

Most likely banks will require at least 40%-50% down payment, so everyone who is pre-qualified at 20% down doesn’t stand a chance. Lately, banks put Luxury Condo Conversions into HIGH RISK category. This statement didn’t sound as a specific to this particular development, Tucson or Arizona, but rather as a general observation or insider’s knowledge. After all, how much Real Estate market in Tucson is different than in Phoenix, San Diego, Las Vegas, and Miami? Each market has its own specifics, but all of them got overbuild, over-converted, overpriced… Now they are full of short sales, foreclosures, auctions. Though, some might rightfully argue that Tucson is in better situation than other mentioned places.

Nevertheless, banks are especially cautious right now about lending money to the troubled areas. And Catalina Foothills’ Luxury Condominiums community – Villas at Sabino Canyon – is definitely one of them. At the first auction Condos were selling at about 50% discount… Most of the current owners are “upside down” on the property… Over 50% of the units are rentals… Special Assessment might be needed to boost HOA funding…

If all this doesn’t scare you and you are well capitalized to take a gamble, do your due diligence and come to the Auction. Bare in mind that the last few paragraphs are based on what we heard from the investor who already owns a few Condos in the Villas at Sabino Canyon and will probably acquire more.

Some of the largest models are:

4558 Sq. Ft., 5BR /4.75 BA, 1+ Acre and 3-car garage – $599,990 (down from $766,346) – MLS # 20810682 in The Preserve at Sycamore Canyon (Sahuarita & Harrison).

4350 Sq. Ft., 6BR /4 BA and 3-car garage – $499,990 (Former Model) – MLS # 20900646 in Sycamore Canyon (Sahuarita & Harrison).

3500 Sq. Ft., 5BR /3.75 BA and 3-car garage – $449,990 (Former Model) – MLS # 20838107 in Sycamore Canyon (Sahuarita & Harrison).

3500 Sq. Ft., 5BR /3.5 BA and 3-car garage – $399,990 (down from $490,025) – MLS # 20841640 in Sycamore Canyon (Sahuarita & Harrison).

3002 Sq. Ft., 5BR /3 BA and 3-car garage – $449,990 (Former Model) – MLS # 20900780 in Tierra Linda (Emigh west of Sandario).

2722 Sq. Ft., 5BR /3 BA and 2-car garage – $399,990 (down from $513,559) – MLS # 20841635 in River’s Edge (Lambert Lane & Pusch View Lane).

For more information on these and smaller models, please give me a call:
Anjelina Belakovskaia -Tucson Real Estate Agent
520-370-0700.

AF STERLING – PALOMA RIDGE from only $429,900 (New Construction).

OFFER (until April 30, 2009):

• No Principal,
• No Interest,
• Np Taxes,
• No Insurance,

FOR SIX MONTH!!!

Conventional Loan – 20% Minimum Down.

The community is located on the North side of Sunrise in between Campbell and Swan, next to La Paloma Golf Course. It is gated with community pool; 2, 3 & 4-bedroom models; single & two story designs; custom features throughout & Energy Star® rated with 2″x6″ construction.

To my taste, the houses are too close to each other, but you know what… not everyone can afford the privacy of the Catalina Foothills’ established neighborhoods. Meanwhile, houses are New, 1808-3091 sq. ft., with gorgeous Mountain views and only a few minutes away from premier Million+ dollars neighborhoods: Pima Canyon, Sin Vacas, Cobblestone, La Paloma…

Way to go, AF Sterling – make an offer Buyers can’t refuse.

Less than a year ago I wrote about 40-luxury-condo (Villas at Sabino Canyon) Public Home Auction that took place on May 10, 2008.

Now, mark your calendars: 58 Condominiums in Tucson, Arizona will be auctioned on Tuesday, April 28, 2009 at 6:00 PM by J.P.King Auction Company.

Located in the Catalina Foothills of Tucson, Arizona “Villas at Sabino Canyon” is offering 58 luxury condominiums at the new Auction, with 16 selling absolute.

Many of these luxury condo units are currently rented, offering excellent investment or income producing opportunity. Do your math in advance or get a consultation with your Tax / Financial adviser. You have a chance to get these luxury condominiums at 50% or more discount (versus 2007 prices in the same community). My estimate is based on the 2008 Public Home Auction results, when many Condos were sold in $122,500 – $145,000 price range.

Villas at Sabino Canyon
58 Condominiums; 16 Selling Absolute
Located at 7255 E. Snyder Rd. Tucson, AZ 85750

• 2 and 3 bedroom floorplans
• Unique views of the Catalina Mountain Range
• Exceptional amenities include:

- tile flooring,
- custom cabinetry,
- granite countertops,
- and more.

• Gated community with private individual entries
• Covered parking
• Pool and spa
• Beautiful landscaping
• Convenient location close to new upscale shopping centers, restaurants and golf.

To explore this opportunity further – give me a call at (520)370-0700 Anjelina. I’d be happy to give you more details and share my experience and knowledge.

If you believe that Tucson Real Estate market is going to take off now or in the near future and you want to participate in the upside, it might be a very reasonable investment. After all, with a natural setting and relaxing environment, just a few minutes away from Sabino Canyon, “Villas at Sabino Canyon” is one of Tucson’s only luxury condominium developments that is offered its Condos through the Public Home Auction.

For many homeowners it is not over yet and might take quite a while for getting out of the woods. The reason is very simple. A lot of Tucson homes are changing hands in the short sale or foreclosure situation. Buyers are searching for the homes with built in equity and buying them way below the previous sales price. This means that many of the homes sold in March – April of 2009 are sold with 20% – 50% discount. This in turn affects any future sales in the area, due to the lower appraised value of the neighboring homes.

Still, the change is welcomed, as it takes some inventory off the market and encourages more buyers to leave sidelines and submit offers.

Even luxury market is picking up and I am getting busier every hour. Out-of-state Buyers, as well as locals search my website: http://foothillsinsider.com/ for Luxury Tucson homes for sale and http://foothillsinsider.com/tucson-foreclosures-short-sales/ for foreclosures and short sales in Tucson.

Still, there are probably plenty of people who has visited Rocky Point (Puerto Peñasco, Sonora) and other beach areas on the Sea of Cortez and fell in love with it. I know we did. I and my husband rented a condo for a few days in the “Las Palmas” beachfront resort in Rocky Point – http://www.laspalmas-mex.com/ back in March of 2006.

Puerto Peñasco (Rocky Point), Condos and Hotels

Our short vacation was awesome and it was nice to be able to reach Mexican paradise in mere 3.5 hours of driving from the desert of Tucson, Arizona.

Las Palmas Condo, Rocky Point (Puerto Peñasco), Sonora, Mexico

Soon after our arrival, sitting on the Condo’s balcony and enjoying the magnificent view of the Sea of Cortez, we started to discuss a possibility of owning one of those Puerto Peñasco Beach Condos. Next day, exploring the downtown of Rocky Point, we stopped by the Long Realty’s Rocky Point office. There were plenty of properties available for sale, but quite away from where we were staying. Many for sale homes and condos were a brand new projects, still in the development phase. Being aware of some issues with Mexican projects and their possibility to be stuck in those phases forever, we were more inclined to invest in the currently existing property.

Back at Las Palmas, we discovered that a few Condos were for sale, but 2BR/2BA were priced well above $400,000 – a ridiculous amount, compared to the prices of Luxury Condos in Tucson – barely touching $200,000 in the midst of housing market boom. In addition, hearing the story of Las Palmas Casitas (3-4BR homes) appreciating over 100% in the past 2 years (from original $600K+ to $1.3MM+) , we realized that it was simply too late to pour money into this market.

As such, we spent more time on the beach and in the restaurants, enjoying wonderful weather and delicious culinary creations.

“The Reef” restaurant in Puerto Peñasco (Rocky Point), Sonora, Mexico.

…

In July of 2008, browsing through the real estate articles in the Arizona Daily Star, I saw a headline that caught my attention: “Investors left holding sand as condo deals falter, go bad in Sonora” written By Gabriela Rico, Tucson, Arizona | Published: 03.09.2008.

If the question in this post title has anything to do with your future plans, I’d suggest to go through the trouble of registering with Arizona Daily Star and read this article, otherwise you might end up burying your money in the beautiful Sonoran sand.

A 40-luxury-condo unit Public Home Auction will be taking place on May 10th in the Villas at Sabino Canyon. The Villas at Sabino Canyon are located on East Snyder Road just off of Kolb Road. This is a choice Catalina Foothills location, just minutes away from Sabino Canyon. The world renowned Canyon Ranch Health Resort is located nearby, along with Ventana Canyon Golf and Racquet Club, Loews Ventana Canyon Resort, and numerous restaurants, shops and spas clustered around the Sunrise Drive and Kolb Road Intersections.

One would think that any home in this neighborhood would cost a fortune and not so long ago, these condos were selling for up to $255,000. Now the situation has drastically shifted and the squeezed developer is unloading his inventory, so the same two-and- three-bedroom condo units have a starting bid range of $89,000 to $109,000.

Due to the uncertainty embedded in the auction process, it’s hard to tell what would be the final price for those condos. There could be plenty of out-of-state buyers, looking for a winter haven, that find this opportunity extremely attractive. There might be some real estate investors, looking to buy properties at deep discount. Alternatively just a handful of people may show up at auction and these luxury condos will be snagged for half-price or less. Whatever the outcome, it’s definitely an interesting event happening in our backyard and it will be indicative of the future direction of the Tucson’s real estate market.

One thing to note is there is a mandatory 5% buyer’s fee added to the final auction price.

If you are interested to find out more about the auction or preview these condos, feel free to give me, Anjelina, a call at (520) 370-0700. Otherwise, I am planning to review the results of the auction in one of my future blog posts, after May 10th, 2008.

This year the showcase is comprised by more than 40 shows all over Tucson. Some of them are wholesale only, but many are open to public.

Here are a few places you’d not want to miss:

54th ANNUAL TUCSON GEM & MINERAL SHOW – February 14-17 – Tucson Convention Center, 260 S. Church Ave (Granada Ave & Congress St.).

TUCSON WESTWARD LOOK MINERAL SHOW – February 8-11 – Westward Look Resort, 245 E. Ina Rd. (East of Oracle Rd.).

THE WHOLE BEAD SHOW – February 4-9 – The Windmill Inn, St. Phillip’s Plaza, 4250 N. Campbell Ave. (Campbell Ave. & River Rd.).

TUCSON SOUTHWEST JEWELRY, GEM AND BEAD SHOW – February 1-10 – 1702 S. Euclid Ave.

ARIZONA MINERAL & FOSSIL SHOW – February 2-16 – at 4 locations: Quality Inn Benson Hwy, I-10, exit 262; InnSuites Hotel Downtown 474 N. Granada Ave at St. Marys; Ramada Ltd Downtown 665 N. Freeway, at St. Marys; Mineral & Fossil Marketplace 1333 N. Oracle, at Drachman.

For more information, locations and schedule please visit http://www.visittucson.org/.