In the December issue of DesertLeaf, the free magazine about Catalina Foothills living, is an article about how proximity to a school affects property values in Tucson. Chad A. Hartley, AICP, looked at average dollar per square foot sale price of single family houses sold in 2006 in eleven submarket areas in the greater Tucson area, and compared that to the $/sf sale price of houses within one quarter mile of a school.
The average sale price in the entire metro Tucson area was on average $10/sf less for houses located within a quarter mile of any type of school. The largest impact was in Northeast/Tanque Verde, where houses near schools sold for $20/sf less. The lowest impact was seen in Central/West Tucson, where houses near schools sold for only $1/sf less than the average house in that area.
Hartley suggested that one possible explanation could be that schools tend to be located on busy streets. Prospective buyers may also be concerned about kids hanging around and causing mischief before or after school. The study did not evaluate whether the price effect was greater near high schools.
Thursday, December 6, 2007
Friday, November 30, 2007
Rainfall Data
Lovely weather we're having, isn't it? We got 0.21 inch of rain at our house yesterday. How much did you get? You don't have a rain gauge? Maybe you'll consider getting one now. It's fun to be involved with our fabulous climate, and you can even be a citizen scientist.
SAHRA (Sustainability of semi-Arid Hydrology) collects and reports rainfall data at 1,300 sites in Arizona, with 373 in Tucson alone. You can be a passive or active participant. You can sign up to receive a map by e-mail showing the amount of precipitation that fell the previous day at various places around the city, with your home location highlighted. You can also report your rainfall data.
It's fascinating to see how widely the rainfall varies from one neighborhood to another. Of course, you already know about that if you've ever had the experience of talking on the phone to a fellow Tucsonan, and marveling at the intensity of the rain, only to have your skeptical friend tell you it's not raining at all at his house.
SAHRA (Sustainability of semi-Arid Hydrology) collects and reports rainfall data at 1,300 sites in Arizona, with 373 in Tucson alone. You can be a passive or active participant. You can sign up to receive a map by e-mail showing the amount of precipitation that fell the previous day at various places around the city, with your home location highlighted. You can also report your rainfall data.
It's fascinating to see how widely the rainfall varies from one neighborhood to another. Of course, you already know about that if you've ever had the experience of talking on the phone to a fellow Tucsonan, and marveling at the intensity of the rain, only to have your skeptical friend tell you it's not raining at all at his house.
Thursday, November 29, 2007
Grant Road Widening
Tonight I went to a meeting at Councilwoman Nina Trasoff's office in order to learn more about the proposed widening of Grant Road. The future of Grant Road is of great concern to me because my rentals are nearby and I frequently sell houses near Grant Road.
Only three things are known at this point -- Grant Road will be six lanes from Oracle to Swan; the budget is $166 million; and construction is scheduled to begin in 2013.
I was hoping to learn which properties will be demolished, but I found that the purpose of the meeting was to get public input on priorities. The city says they will consider public opinion when determining which houses and businesses will be saved.
I have frequently heard people say that the houses on the north side of Grant will be demolished. According to Trasoff, this has not been decided. In fact, the road may curve several times in the interests of preserving the most important buildings and making the road more aesthetically pleasing. The final alignment will be selected by fall 2008.
People who own homes or businesses on or near Grant will be in limbo until the alignment is announced. Who wants to buy a house or start a business if it will be condemned in a few years? If Grant ends up in your back yard, will your property value decrease?
Participants in the meeting were very concerned about preserving the unique character of Grant Road. Support for small, locally-owned businesses was as strong as dislike of chains. Somebody must be supporting all those McDonald's and Walgreen's, but no one at the meeting would owe up to it.
Some people thought the houses along Grant should be saved. Having been inside many of those houses, I can say that because of the intense traffic fewer than 30 feet away, they are not relaxing places to be. Few people would buy a house on Grant with the intention of living in it. An investor may buy it to rent out, but rentals, especially those that can't command high rent because of an undesirable location, are notorious for lack of maintenance. A drive down Grant will confirm this. I don't think those houses are going to look any better when Grant Road is six lanes.
I have talked with a few clients about converting a cute old Grant Road house to commercial use. It seems like a good idea, but because the lots are so small, most houses can not meet city requirements for business ingress, egress and parking.
Grant Road is not pedestrian friendly. It is already too wide to walk across easily, and the noisy, speeding cars are tranquility killers. The city planners told us that walls are not the answer. They may block some of the noise on one side of the street, but it just bounces over to the other side. With walls on both sides, we have the echo corridors that make Furnix, that inferno two hours to the north, so oppressive.
Rubberized asphalt is proposed for the sections of Grant where the houses will remain. This doesn't mitigate the noise and pollution of trucks, busses and motorcycles, but it will cut down on the tire noise of most cars.
Other concerns were the need for better drainage, shorter waits at the lights, making it easier to turn left, buried utiliies, landscaping, and enhancement and creation of parks.
The city planners say preservation of Bobo's Restaurant at Country Club and Grant always shows up on citizens' lists of concerns. I've never been to Bobo's, so I can't vouch for the food, but its fans do seem to be legion, given the traffic jams of cars trying to turn into their parking lot.
To learn more about the planning process for the Grant Road widening, go to www.grantroad.info. If you want to offer your two cents, attend one of the planning meetings to be held at the Tucson Association of Realtors, 2445 N Tucson Boulevard, from 6:00 to 8:30 PM on January 14, 16 and 17.
Only three things are known at this point -- Grant Road will be six lanes from Oracle to Swan; the budget is $166 million; and construction is scheduled to begin in 2013.
I was hoping to learn which properties will be demolished, but I found that the purpose of the meeting was to get public input on priorities. The city says they will consider public opinion when determining which houses and businesses will be saved.
I have frequently heard people say that the houses on the north side of Grant will be demolished. According to Trasoff, this has not been decided. In fact, the road may curve several times in the interests of preserving the most important buildings and making the road more aesthetically pleasing. The final alignment will be selected by fall 2008.
People who own homes or businesses on or near Grant will be in limbo until the alignment is announced. Who wants to buy a house or start a business if it will be condemned in a few years? If Grant ends up in your back yard, will your property value decrease?
Participants in the meeting were very concerned about preserving the unique character of Grant Road. Support for small, locally-owned businesses was as strong as dislike of chains. Somebody must be supporting all those McDonald's and Walgreen's, but no one at the meeting would owe up to it.
Some people thought the houses along Grant should be saved. Having been inside many of those houses, I can say that because of the intense traffic fewer than 30 feet away, they are not relaxing places to be. Few people would buy a house on Grant with the intention of living in it. An investor may buy it to rent out, but rentals, especially those that can't command high rent because of an undesirable location, are notorious for lack of maintenance. A drive down Grant will confirm this. I don't think those houses are going to look any better when Grant Road is six lanes.
I have talked with a few clients about converting a cute old Grant Road house to commercial use. It seems like a good idea, but because the lots are so small, most houses can not meet city requirements for business ingress, egress and parking.
Grant Road is not pedestrian friendly. It is already too wide to walk across easily, and the noisy, speeding cars are tranquility killers. The city planners told us that walls are not the answer. They may block some of the noise on one side of the street, but it just bounces over to the other side. With walls on both sides, we have the echo corridors that make Furnix, that inferno two hours to the north, so oppressive.
Rubberized asphalt is proposed for the sections of Grant where the houses will remain. This doesn't mitigate the noise and pollution of trucks, busses and motorcycles, but it will cut down on the tire noise of most cars.
Other concerns were the need for better drainage, shorter waits at the lights, making it easier to turn left, buried utiliies, landscaping, and enhancement and creation of parks.
The city planners say preservation of Bobo's Restaurant at Country Club and Grant always shows up on citizens' lists of concerns. I've never been to Bobo's, so I can't vouch for the food, but its fans do seem to be legion, given the traffic jams of cars trying to turn into their parking lot.
To learn more about the planning process for the Grant Road widening, go to www.grantroad.info. If you want to offer your two cents, attend one of the planning meetings to be held at the Tucson Association of Realtors, 2445 N Tucson Boulevard, from 6:00 to 8:30 PM on January 14, 16 and 17.
Friday, November 16, 2007
Credit Repair and Credit Rescore
You've probably seen the signs posted illegally on city sidewalks promising "Credit Repair." These scam artists promise desperate consumers that bankruptcies and chronic late payments can be magically removed from their credit reports for a fee. The only truthful part of this claim is the fee. Only time (seven to ten years) will remove bankruptcies and improper use of credit from a credit report.
Rapid Credit Rescoring is something entirely different. If you've ever applied for a mortgage, you know the importance of your credit score, which reflects your history of debt repayment and supposedly predicts the likelihood that you will repay your mortgage on time. A minimum credit score of 650 is required for most mortgages today. Loan qualifying is automated now, and there is little to no flexibility in the requirements.
Suppose you have a credit score of 642. If your lender doesn't know about Rapid Credit Rescoring, you are out of luck. If your lender is on the ball, she will look for minor issues that may be easy to remove from your credit report. Suppose you have always paid your bills on time, but one payment was 30 days late because you moved and the bill was lost in the shuffle. Or maybe you had a parking ticket, and you didn't know until your credit report was pulled that the city had turned your ticket over to a collection agency. Or maybe you cancelled your membership in a book club, but the book club continued to bill you for books, and when you didn't pay, the book club charged off your small debt and reported it to the credit bureau.
Believe it or not, just one of these issues will actually prevent you from buying a house. However, if you are smart enough to choose a lender who knows about Rapid Credit Rescoring, the lender can run your credit report through a "what if" program and determine how much your credit score might be increased if you could remove these small blemishes. You need to provide proof that you paid the parking ticket, or you need to call your credit card company, explain why you were late that one time, promise never to do it again, and beg them to remove the late pay from your credit report. Usually they will do this, especially if you call on Friday and act really polite and contrite.
Once you have proof that you have rectified your little credit crime, your mortgage lender can submit the proof to a company for Rapid Credit Rescoring. This will cost you about $140. What? Just to get a new credit score? Yes, that's right. But remember, you must either 1) get your credit score in line with the automated lending standards, or 2) pay a higher interest rate, or 3) forget about buying the house you want. $140 is a bargain if it enables you to buy the house at the best possible interest rate.
If you are preparing to buy a house, get your free credit report several months in advance. There are three credit reporting bureaus, and you need to get a report from each one, because they don't all have the same information, and you don't know which bureau's report your lender will use. It can take several months to remove errors and surprises from your credit report, but if you do all the legwork yourself and allow plenty of time, the corrections will be reflected in a new credit score in about 30 days. Then you can avoid last minute trauma during the home buying process, and save the $140 charge for Rapid Credit Rescoring.
Rapid Credit Rescoring is something entirely different. If you've ever applied for a mortgage, you know the importance of your credit score, which reflects your history of debt repayment and supposedly predicts the likelihood that you will repay your mortgage on time. A minimum credit score of 650 is required for most mortgages today. Loan qualifying is automated now, and there is little to no flexibility in the requirements.
Suppose you have a credit score of 642. If your lender doesn't know about Rapid Credit Rescoring, you are out of luck. If your lender is on the ball, she will look for minor issues that may be easy to remove from your credit report. Suppose you have always paid your bills on time, but one payment was 30 days late because you moved and the bill was lost in the shuffle. Or maybe you had a parking ticket, and you didn't know until your credit report was pulled that the city had turned your ticket over to a collection agency. Or maybe you cancelled your membership in a book club, but the book club continued to bill you for books, and when you didn't pay, the book club charged off your small debt and reported it to the credit bureau.
Believe it or not, just one of these issues will actually prevent you from buying a house. However, if you are smart enough to choose a lender who knows about Rapid Credit Rescoring, the lender can run your credit report through a "what if" program and determine how much your credit score might be increased if you could remove these small blemishes. You need to provide proof that you paid the parking ticket, or you need to call your credit card company, explain why you were late that one time, promise never to do it again, and beg them to remove the late pay from your credit report. Usually they will do this, especially if you call on Friday and act really polite and contrite.
Once you have proof that you have rectified your little credit crime, your mortgage lender can submit the proof to a company for Rapid Credit Rescoring. This will cost you about $140. What? Just to get a new credit score? Yes, that's right. But remember, you must either 1) get your credit score in line with the automated lending standards, or 2) pay a higher interest rate, or 3) forget about buying the house you want. $140 is a bargain if it enables you to buy the house at the best possible interest rate.
If you are preparing to buy a house, get your free credit report several months in advance. There are three credit reporting bureaus, and you need to get a report from each one, because they don't all have the same information, and you don't know which bureau's report your lender will use. It can take several months to remove errors and surprises from your credit report, but if you do all the legwork yourself and allow plenty of time, the corrections will be reflected in a new credit score in about 30 days. Then you can avoid last minute trauma during the home buying process, and save the $140 charge for Rapid Credit Rescoring.
Thursday, November 15, 2007
Tucson Museum of Art Craft Fair
The 26th Annual Tucson Museum of Art Holiday Craft Fair is this Friday through Sunday from 10 AM to 5 PM. On Saturday and Sunday, there will also be an Art Book Sale.
The fair will be on the lovely shaded patios and in the lobby of the new part of the museum at 140 North Main Street in the historic El Presidio barrio north of Presidio Park.
The fair will be on the lovely shaded patios and in the lobby of the new part of the museum at 140 North Main Street in the historic El Presidio barrio north of Presidio Park.
Some of the museum galleries are in fabulous old territorial homes. The Cordova House is believed to predate the 1854 Gadsden Purchase, which would mean it was built when Tucson was part of Mexico. You can peek inside the Cordova house while enjoying live music in the Cordova Courtyard beer garden.
120 artists will offer jewelry, ceramics, water colors, metal work and more. Fancy eats and gorgeous desserts will be for sale.
120 artists will offer jewelry, ceramics, water colors, metal work and more. Fancy eats and gorgeous desserts will be for sale.
Get a start on your holiday shopping, or just enjoy the beautiful weather and music for free in a lovely downtown environment.
Tuesday, November 13, 2007
October Residential Sales Statistics
Tucson Association of Realtors has released the Residential Sales Statistics for October. The average sale price was $262,251, which is 12% less than the record high achieved in June of this year, but only 1.7% lower than the October 2006 average.
The median sale price is also less than June's all time high, but only $1,150 lower than it was twelve months ago.
Number of active listings has been increasing since July this year. In October, 9,313 properties were for sale through the MLS.
Number of sold properties increased from 683 in September to 790 in October, but sold units are still 28% below a year ago.
The median sale price is also less than June's all time high, but only $1,150 lower than it was twelve months ago.
Number of active listings has been increasing since July this year. In October, 9,313 properties were for sale through the MLS.
Number of sold properties increased from 683 in September to 790 in October, but sold units are still 28% below a year ago.
Monday, November 12, 2007
Tohono Chul Park
Tohono Chul (Desert Corner) Park will be open to the public free of charge from 8 AM to 5 PM on Thanksgiving Day, November 22. This lovely bit of desert northwest of Oracle and Ina Roads is the perfect place to take the relatives and walk off your feast.
Join the mailing list so you'll know about upcoming events like the December 2nd performance of U of A's Harp Fusion, the largest touring ensemble of concert harps in the world. http://www.tohonochulpark.org/
Join the mailing list so you'll know about upcoming events like the December 2nd performance of U of A's Harp Fusion, the largest touring ensemble of concert harps in the world. http://www.tohonochulpark.org/
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