Median home prices in the Tucson area ended the year about 14 percent lower than in 2010.
The median home price for December was $120,000, down from $139,500 in December 2010, according to statistics from the Tucson Association of Realtors Multiple Listing Service.
In November the median sales price – the point where half of homes sell for less and half sell for more – was $122,000.
Housing inventory shrunk 28 percent from 2010, with 4,911 active listings in December compared with 6,859 active listings at the same time a year earlier.
And while the median price remains far lower than in years past, home sales have increased.
There were 961 total unit sales in December, up from 907 unit sales in December 2010, the numbers show.
Tucson Housing Market
Dec.
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The typical owner in Baltimore paid a bit over $1,800 in property taxes for the current tax year. Get 190 of them in one room, and together their tab just equals Tom Clancy’s.
That’s by way of putting the bestselling author’s nearly $350,000 bill into perspective, which is of course on a not-at-all-typical property. He owns about 17,000 square feet at the Ritz-Carlton Residences alongside the Inner Harbor.
You can see all 10 of the homes with the biggest bills — and the top 10 commercial properties as well — in this photo gallery, if you didn’t already check it out over the weekend.
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Brand personality is a concept that you need to pay close attention to as a luxury real estate marketing professional, especially if you want to stand out from your completion in an instant. You only have a nano-second to make an indelible first impression on your target market. Before, you can present your extraordinary promise of value in words you must first capture their attention, visually. Clearly expressing your authentic brand personality graphically (as a brand identity) can do just that.
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A nation’s homes shape the quality of its citizens’ lives. Homes are where the workaday world ends and family life begins. Life’s passages take place in our homes; they are where children grow up and memories are made. Homes form the building blocks of every community.
Not since the Depression has a man-made disaster so threatened America’s homes and housing stock as the plague of foreclosures that began with the subprime meltdown of 2006 and continues to this day.
Since 2006, some 4.5 million homes have completed the lengthy, sad ordeal of default, foreclosure, repossession and resale. About 6 million more are in process as 2012 begins. A smaller but substantial number of beleaguered borrowers chose short sales to avoid foreclosure. These distressed sales accounted for more than 40 percent of all home sales every month for the past 23 straight months, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey or real estate brokers.
Houses entering foreclosure often suffer neglect, disrepair and even vandalism at the hands of cash-strapped, angry owners. Once abandoned, they languish empty for more than a year, deteriorating and inviting decay and destruction. So many are in need of serious repair when they finally come on the market that a new category of distressed sales has been created: damaged REO. As foreclosure timelines have lengthened over the past 18 months, the damaged REO category has grown to 13.9 percent of all home sales and perhaps more this year, more than 400,000 properties in 2011 alone.
Damaged foreclosures have an incredibly toxic effect on home values. Even one or two long-vacant damaged homes can hurt the value every home in a neighborhood. They usually list at a 5 to 7 percent discount below other foreclosures, which sell at 20-30 percent below a comparable home in the same area, though in November, damaged REO homes sold at a significant discount—58 percent below other distressed properties, according to the November Inside Mortgage Finance survey.
The discount reflects how difficult they are to sell; few owner/occupant buyers can afford the cost of repair to make them move-in ready. They linger on market, dragging down prices and values of neighboring properties, until they are purchased by those investors who are willing to take the risk to make a serious investment.
In major foreclosure markets such as Las Vegas, Phoenix, and Miami, damaged foreclosures have played havoc. The Las Vegas Review Journal reported in July that the deterioration of vacant homes — many of them bank-owned — continued to drag down home values in Las Vegas while other housing markets were showing signs of stabilization.
Las Vegas home values dropped more than 60 percent from their peak to a median price of $111,000 in May. Yet hundreds of foreclosed homes languished on the market for months, even years, often hurting home values in the surrounding neighborhood. They were consistently devalued by appraisers by $5,000 or more based simply on appearance.
“So here we’re stuck — the foreclosure capital of the nation — with a glut of vacant homes fueling the self-destruction of a once booming Las Vegas housing market. Local housing analysts estimate that
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One does not always have to be an architect to look at a building and recognize what architectural style it is based on, especially one of the more commonly used styles. However, many people only know a little about the many differentarchectural stylesand are too busy to studyany of them in detail. That is why I want to introduce you to one of the most famous styles, the Tudor. Read on and impress everyone the next time you discuss houses.
As its name suggests, the Tudor architectural style came into existence during the Tudor period in England, which lasted from 1485 to 1558. During this time, the houses in the country changed noticeably.
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December 30th, 2011 in
Mortgages Today |
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The Swig Company of San Francisco announced this month that it had sold the Arco Center in Long Beach, California to Molina Healthcare, a Long Beach‐based medical provider and Arco Center’s largest tenant, for $81 million, or $176 per square foot. Other major tenants include California State Lands Commission and California Marine And Intermodal Transportation System Advisory Council.
Built in 1983, the Arco Center is a 460,000 square foot Class A office complex located at 200 & 300 Oceangate in downtown Long Beach. It
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