The Finest In Tucson Real Estate (investment property specialist)
No commentsBy Mike Balzotti
While filled with plenty of more affordable housing options, Tucson, Arizona is also host to a plethora of high-end communities, subdivisions and neighborhoods, especially in the northern and northwestern sections of the city. For example, the Tucson luxury real estate communities of Oro Valley, Marana and Catalina Foothills are home to a wealth of upscale communities, both gated and non-gated, and in fact, Oro Valley has been called one of the most affluent communities in the southwest. Oro Valleys master-planned community of Rancho Vistoso boasts a number of gated subdivisions, including the luxury subdivision of Honey Bee Canyon, which contains only 48 lots sized at over an acre each, as well as intimate venues such as Fairfield at Vistoso, a golf subdivision on the Vistoso Golf Course.
Nestled across the foothills of the Tortolita Mountains, the master-planned community of Dove Mountain lies in the nearby town of Marana. Like Rancho Vistoso, Dove Mountain is home to several gated communities, including The Gallery and Canyon Pass. The very private and gated Gallery Canyon has only 15 residences and The Overlook boasts just 17 custom-built houses, while gated courtyards are the pice de rsistance at the Private Collection at the Terrace. Within these communities, views typically are right on the fairways of one of the two courses of the Gallery Golf Club, making these addresses ideal for golfers and spectators of the sport. But thats not all; theres also Dos Lagos on the clubs south course. The posh living quarters here currently carry price tags of more than $1 million each.
Other subdivisions in Dove Mountain include the retirement community of Heritage Hills, The Villages, Quail Crossing, The Preserve and The Bluffs. Dove Mountain features four golf courses, including the course at the Ritz-Carlton Golf Club, host of the World Golf Championships Accenture Match Play Championship.
The community of Catalina Foothills is also home to dramatic homes and estates, including Catalina Foothills Estates which is a collection of gorgeous neighborhoods located just slightly north of Tucson. These communities, some of which are gated, offer a subtle blend of architectural styles ranging from Tuscan-inspired motifs to magnificent desert estates to territorial ranch homes. For families with school-age children, its important to note that the Estates are served by the Catalina Foothills School District, which is consistently ranked as one of the top school districts in Arizona.
With spectacular views of the Santa Catalina Mountains and the city of Tucson itself, Cobblestone Homes is considered one of the most elite subdivisions in Catalina Foothills. If youre a golf aficionado, you can choose to make your home in one of Catalina Foothills scenic golf subdivisions such as La Paloma, which is made up of several smaller neighborhoods surrounding the golf course at the exclusive Westin La Paloma Resort.
Meanwhile, The Canyons in Catalina Foothills is nestled right next to the base of the Santa Catalinas and features homes currently ranging in price from $2 million to $8 million. Every house is on a large, private lot and has a wonderful view of the mountains, with some also overlooking the city lights of Tucson.
Article Source: Russ Lyon Blog
Why Are Foreclosures So Undervalued?
By Luat Tran Van
If you are looking to buy a foreclosed home, you may find yourself asking a lot of questions as to why the price is so low and also wondering what possibly could be wrong with the property that may have caused it to become foreclosed in the first place. These are normal questions that many people tend to ask before deciding to purchase a foreclosed home. Of course it is only normal to wonder is foreclosures are undervalued because there is something wrong with the property. Rest assured, this luckily is normally not the case.
In most cases, foreclosed homes have nothing wrong with them. The main reason homes are being foreclosed is due to the homeowners no longer making payments on their mortgage. If there are no payments being received, eventually the homes do become foreclosures. When looking at homes, the price is much cheaper then what the normal value would be. This is because it is much easier to sell foreclosed homes, when the prices are lower. When selling a foreclosed home, the person that is in charge of selling the home, will put it up for auction at a lower value price in order to draw in a greater number of people to place bids on the home.
When you are looking to buy a foreclosed home, you will notice that the homes are being sold as fast as they can. This is because there are many rules that need to be followed, which all depend on the state. When a house is foreclosed, there are many processes needed to take in order to be able to sell the house again. Because of these processes, you may notice it is very difficult to get a sales date, simply due to the constant changes.
There are a few different processes to go through. The first process requires the property to be looked into completely. By doing so, the value of the house is decided and the bank call the previous owners of the home, to make a deal on the pre foreclosure amount to sell the house. The next process is called postponement. There are a variety of reasons the sale can be postponed. It may be due to bankruptcy, or someone could be arguing over the title to the house. Either way, whomever is selling the house has the ability to postpone the sale at any time. Once these processes are complete, the auction will be held based on the value that has been decided for the property.
There are many factors that are involved in the foreclosure of a home, and it is important for you to completely understand why the house is being undervalued. Most homes have nothing at all wrong with them, but as you can tell there is a long process when it comes to the selling of a foreclosed home. Once you have purchased a foreclosed home, it is in your control to decide if you would like to try to sell it again for a different value.
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Morrison Colorado
Foreclosure Re-default Predictions
By Luat Tran Van
Many Foreclosure Prevention Groups have been predicting that foreclosure modifications will decrease the level of foreclosures by over fifty percent. The odds of homeowners re-defaulting on their mortgages are also predicted to decrease by fifty percent. They are using their extrapolations by applying their knowledge for the foreclosure modifications that were given in the years of 2008 and 2009. Out of one hundred percent, only thirty percent of homeowners defaulted on their foreclosure modification loans in 2008, and only fifteen percent in 2009. They predict that it will be even less in 2010. Most foreclosure modifications have been working extremely well for homeowners after their late payments and principal payments were modified. Some financial analysts were predicting that the foreclosure modifications would increase foreclosures by over seventy-five percent, but so far, this has not happened. This is proving that the foreclosure modifications may be the success that the government has been looking for to fix the foreclosure crisis.
Many bank lenders predicted that modifying only the interest payments on a homeowners loan would help them to keep their homes, and lower their monthly payments, but this had proved to be a wrong prediction, which created a higher re-default foreclosure rate throughout 2008 and 2009. Since that time, the bank lenders have had to recondition their original attempts, and modify the principal of the loans, as well as lower monthly payments. These newer foreclosure modifications have been having much better improvements on homeowners making their payments for over six months without becoming delinquent. Many homeowners have been becoming increasingly frustrated after finding out that their mortgages are becoming higher than what their homes are actually worth. Once the bank lenders add on late charges and late payments, foreclosure modifications can actually increase the monthly payments. This has been creating a large influx of re-default foreclosures, when people have found that the foreclosure modifications did not work as well as they expected. The government has been encouraging bank and mortgage lenders to come up with a solution with foreclosure modifications that will decrease the predictions of foreclosure re-defaults, but many bank lenders are unyielding.
The problem with foreclosure re-default predictions increasing is that bank lenders are not modifying the balance of a mortgage loan. They are adding on the late charges and late payments for home loans that have been in default for over six months, and then modifying the monthly payments, which is hardly helping most homeowners. The monthly payments are changed only by a small amount. The government is encouraging bank lenders to seek out homeowners who are in default and modifying not only their mortgage balance, and making their monthly payments lower, but to basically forgive the large late payment balances. If these types of circumstances are not focused on, the foreclosure re-default predictions could go up to over seventy five percent, which will make the foreclosure crisis even more dangerous.
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Friday, September 3rd, 2010 at 7:25 am and is filed under realestate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
