Tucson Flat Fee Discount Commission Newsletter
January 27th, 2012 Clients have asked me how can I charge less to sell their homes, and still make money , when others charge thousands more? And, that's a great question to ask me. I'll start by saying the most important item when selling is pricing the home to sell, period. Charging thousands less by offering low fees to you the seller allows the price the home to be more competitively priced. Reasonable fee's, professional help, and ultimate marketing is what will help you sell your home fast and for top dollar, along with professional help in putting the deal together and making sure it closes escrow. If you are ready to sell call me!!!!
January 13th, 2012 Low Low discount fee commission broker-agent, and full service real estate office here in Tucson is provided by Reid Sossong Realtors. One of the main services I don't provide is holding open houses. In reality, the brokers focus is marketing and having everyone agree in writing. Then, be sure to hold the escrow together so it closes. I use a common sense approach that works for everybody involved in the deal. Please email or call me with your questions, or thoughts. I look forward to working with you.
January 6th, 2012 The Tucson Association of Realtors MLS, Multiple Listing Service, December statistics have been released and it's positive. The listing inventory dropped below 5,000 homes for sale. The average sale and listing price both show an increase. These are all positive indicators and could be the turning point for the Tucson housing market. Mortgage rates are low and the prices I see around Tucson are all screaming low low. Call me and let's talk real estate.
December 30th, 2011 My last Tucson real estate newsletter blog of the year. I have to say I'm glad 2010 is in the books, and I'm looking forward to the new year!! I'll be broadcasting the 2010 statistics for the Tucson, Arizona, Marana, Oro Valley, and surrounding areas soon. If you are thinking of buying or selling call me and get professional help, low fees, and your home in the Tucson Association of Realtors Multiple Listing Service for free.
November 23rd, 2011 Loan limits for FHA and conforming loans have dropped to 115 percent, from 125 percent of the median home price. Also, the loan limit cap dropped to $625,000 from $729,750. The National Association of Realtors is working trying to get congress to revisit the loan limit.
Congress has extended the National Flood Insurance program for awhile. This battle is still being fought. I'll keep you posted.
November 18th, 2011 Short sales in Tucson, Arizona have two letters that the lender usually sends. First, there is a short sale approval letter when the lender has agreed to the terms of the deal. Then, the lender sends a short sale authorization to close. This allows the escrow agent to record and disburse funds. Call, or email me with your real estate questions. Discount, low, flat fees with professional help, and MLS marketing.
November 11th, 2011 Caveat emptor," let the buyer beware," applies to Zillow and similar real estate sites. I mentioned over the summer how they can be off on the price of a home. I think most people that I have done deals with were aware of the home prices, or close enough. To make your home buying experience here in Tucson smooth use an experienced real estate broker, like me. I'm a discount real estate broker for Tucson homes for sale, call or email me with your questions. Low fees, professional help, and ultimate marketing.
October 13th, 2011 What does the closing date mean in Tucson, Arizona? The closing date is the day all the documents record, monies paid, and key's transfer. The day buyers and sellers sign is a few days before the closing date. Also, proration's are figured from the closing date. Another great tip is when entering into the contract, put any inspections etc... from the the opening date of escrow. So, remember the opening date of escrow and the closing date. Pick-up the phone and call me if you are buying or selling real estate. Reid Sossong Realty is a full service discount, low fee, fsbo, flat fee real estate business located here in Tucson, Arizona.
September 29th, 2011 Home inspector's in Tucson's real estate market play a very important role. I'm always amazed at what they find: dual pane windows with the seal broke, stove/oven with out a cord, etc... For the cost it really pays to have one. Are you thinking of selling? Let's talk, please email, or call me, you'll be glad you did!
September 22nd, 2011 The Tucson real estate market may be bottoming. Why? The inventory levels are getting low. However, I wouldn't expect the market to take off anytime soon. A sane market is best.
With a lower, discount commission, or fee, it is a tremendous help to the seller in having that extra room when negotiating. Especially in this market a seller needs all the help they can to sell their house.
If you have questions just email me, or call, and put my experience to work for you. I tailor make every listing to you, because each house and seller are unique.
September 16th, 2011 Low fee discount commission, and full service here in Tucson is provided by Reid Sossong realty. The main service I don't provide is holding open houses. In reality, the brokers job is marketing and getting everyone to agree in writing to be sure the escrow closes. My common sense approach works for everybody involved. Email or call me with questions, then start packing.
September 9th, 2011 Discount fee, flat fee, broker or agent here in Tucson, Arizona. I love what I do, mainly helping people. The main service I don't provide I holding open houses. Open houses are less than 1% of the market. The brokers real job is marketing and getting everyone to agree in writing,. Then making sure the deal closes. Call or email me, let's get your house sold!!
August 24th, 2011 New home sales were released this week and took a beating for July. The seasonally adjusted number was 298,000 units nationally, with 700,000 as the number representing a good market. I don't think anyone is surprised by the number. Last year was the worst new home sales in 50 years, however, new home sales represent only a fifth of the market.
August 12th, 2011 The Tucson Association of Realtors just released the July MLS statistics, and the average sales price increased 3.5% to $173,000 from June, along with the inventory numbers dropping to just over 5,000. Unit sales soared from a year ago 41%.WOW !!!! If you are wondering how a discount broker works call me. About the only thing I don't do is hold open houses.
July 27th, 2011 WARNING: The prices of homes on sites like Zillow, Trulia, etc... aren't exact, and many times can be extremely off. The best bet is to work with a knowledgeable broker. Also, now when you list a home that goes in the Tucson Association of Realtors multiple listing service the listing broker can have the listing go through point2 and they distribute it to many of the other real estate web sites. This is a new service for Tucson Association of Realtors multiple listing service and I have already signed up for the services. If you are looking for a broker in Tucson give me a call, or email me at reid@reidtucson.com.
July 14th, 2011 Did you know without reauthorization, the National Flood Insurance Program (NFIP) will expire on September 30, 2011, Wow!! In the U.S. 5.6 million property owners rely on the program to cover their property in over20,000 communities where flood insurance is required for federally related mortgages, so what do you think? I guess if your property is not in a flood plain who cares. Hum, what if they change the flood lines, again and you need it? I'm not up to speed on all the details, but something doesn't smell right about letting the program expire. When I receive additional information I'll let you know.
July 7th, 2011 This October the federal government will pull back the loan amount on the fha and jumbo loans they guarantee. From what I've seen the adjustment is just lagging the home prices that have dropped. Also, depending on the area, the loan limit will not affect the market drastically. It will be interesting to see how this play's out. Hopefully, the private sector will step-up and buy these loans, so the federal government can slow get out of the business.
June 30th, 2011 For sale by owner and flat fee real estate companies on the internet aren't even in Tucson. Here are the facts: The Tucson association of Realtors Multiple Listing Service is where most homes in Tucson sell, and my fees and services can't be beat because I tailor them to you. If you want the lowest real estate fees in Tucson and your home sold fast and for top dollar call me.
June 9th, 2011 People have asked me how can I charge less to sell homes, and still make money? That's a great question. Let me explain; The most important item when selling is pricing the home properly. Offering low fees to you the seller allows you to price the home more competitively. Reasonable fee's, professional help, and ultimate marketing is what will help you sell your home fast and for top dollar. I will be there every step of the way! Questions? Email or call me. Thanks!
June 1st, 2011 The May statistics for the Tucson real estate market from the Tucson Association of Realtors will be out soon. I think we will see a little lower inventory of homes on the market. With the current average sales price staying the same to slightly lower. Have we hit bottom? That is the big question.
With the shadow listings ( homes that they have not put on the market for sale) that the banks have plus the job market, consumer sentiment etc. It's still any ones guess. However, with energy and food prices going up and other inflationary pressures, along with rents going up house could make a turn to the up side. We'll just have to see. Call me about selling your property, 520-751-8686.
6-14-07 Fledman Mall Properties, a publicly traded company, has retained FBR to find a buyer because it has failed to match industry benchmark returns. Feldman Mall Properties owns the foothills Mall here in Tucson, as well as several other Malls around the country. Feldman reported it's financial results late, citing a lack of proper staff and a material weakness in financial controls. In my opinion, accounting issue's are a red flag. However, Feldman has been around along time and this maybe a bump in the road.
6-7-7 The Biosphere 2, located just north of Tucson, has sold for $50 million. The seller spent $200 million for the project. Pima County approved the property for the development of 1553 homes, a 200 room hotel resort and a 200 acre commercially designated space where the campus is now.
5-18-07 Pima County closed on the 22 story B of A building in downtown Tucson, Arizona. The closing price $24.1 million or approximately $125.00 per square foot . An occupancy rate of 82.5% was reported at the time of sale. I think Pima County came out ahead on this deal, plus they can consolidate offices to one location.
In northeast Tucson a 6,820 square foot free standing retail building in Colonial Verde Shopping Center recently sold for $1.48 million or $218 per square foot.
5-10-07 A Seattle firm buys La Reserve Villas for $28.7 million or $119,400 per unit. The seller a Canadian firm bought the property in December 2005 for $30.1 million and planned a condo conversion. They dropped their condo conversion plans due to a sluggish condo market. OCH!!
5-4-07 The 55,338 square foot former Albertson's, at 10805 N. Oracle Road just sold for $7.2 million, or $130 a square foot.
The US industrial market got off to a weak start in the first quarter of this year with the vacancy rate ticking up 10 basis points to 8.8% from the fourth quarter of last year. Much of the weakness was in the sector's flex product. The warehouse sector recorded positive net absorption of 18 million square feet.
4-28-07 A Chicago Developer recently acquired 38 acres in Tucson at the northwest corner of Shannon and Cortaro Farms Roads.The purchase price of $18 million equals about $473,700 per acre. The land includes a turn key condo project with entitlements, impact fees and permits for a high density intensive use with approval for 500 condo units in 35 buildings.
4-19-07 Research Corporation Technologies sold 101 N. Wilmot Road in Tucson for $18.5 million, or approximately $189 per square foot. The six story building totals 98,000 square feet, and was built in 1980. The new owner is an investment group called 101 N. Wilmot LLC.
4-13-07 A California LLC just purchased 6360-6370 N. Campbell for $15.5 million, or $410 per square foot. The property was built in 2004, has 37739 square feet and is 100% occupied. Current Tenants include CVS Pharmacy, Fleming's and Starbucks.
4-4-7 A Houston based retail REIT sold a portfolio of neighborhood centers in Tucson, Arizona. The portfolio includes Oracle Crossings a 253,000 square foot shopping center that sold for $47.4 million, Entrada de Oro Shopping Center with 88,000 square feet sold for $18.5 million, Oracle Wetmore Shopping Center will have 286,000 square feet and sold for $69 million, The Shoppes at Bears Path has 42,900 square feet and sold for $9.3 million and Madera Village with 96,700 square feet sold for $17.3 million.
3-30-07 NBC Telemundo Phoenix, Inc. leased 6,694 square feet of office space at 5151 E. Broadway. Previously, Telemundo had been located at 2919 E. Broadway, leaving space available at that building.
Sam Levitz Furniture Co. leased the warehouse at 1625 S. Euclid Ave. in Tucson, Arizona. The company will occupy the entire 42,880 square foot building. It has two loading docks and two drive in bays with an 18 foot clear height. The building sits on a 1.5 acre fenced lot.
3-21-07 I predict rising vacancies and softening demand for 2007 in the office and industrial space.Tenants are not filling old space and the construction of new space is increasing. It's a flight to quality, leaving the class B & C buildings with higher vacancies.
3-17-07 This past week the Federal Reserve's survey of economic conditions was released, it indicated a generally strong commercial real estate market, however, the word robust didn't appear. The Federal Reserve Beige Book is a monthly survey of economic conditions. What's interesting about the Federal Reserve is it isn't Federal and there aren't any reserves.
2-21-07 A 8,442 square foot office shell at 7636 N. Oracle Road just sold for $1.44 million, or $170 per square foot. The buyer is National Future Benefits Inc. from Scottsdale. This will be their second location in Arizona.
2-16-07 Tucson Medical Center "TMC" Holdings sold El Dorado Hospital for $41.5 million or approximately $223 a square foot.
2-12-07 Tucson, Arizona office complex Skyline Esplanade Office Condos just sold three buildings totaling 28,274 square feet. The sale price of $10.2 million equals $361 per square foot. These buildings are class A and the location is north central which is a superior choice location.
2-9-07 UK retailer Tesco will debut first new format stores here in the US. They will roll out the first 10,000 square foot " Fresh & Easy neighborhood market " stores in Phoenix, Arizona. Market research shows a demand for a return to the neighborhood stores. Tesco is the world's fourth largest retailer with 2,800 stores and 370,000 employees.
2-3-07 Tucson metro reached the million person mark a few months ago, that will bring new franchises and other companies to Tucson.
A client asked me this week about parking spaces allowed at office buildings.The number of parking spaces for office buildings usually runs about 3-4 cars per 1,000 square feet of space you lease. This item will be covered in the lease.
1-26-07 Tucson flex buildings total 97,000 SF at Exchange Place sold for $7.35 million or $76 per square foot.. The Exchange Place is located at 1870 W. Prince Road and was built in 1983.
The 110,000 square foot Colonia Verde Shopping Center sold for $192.00 per square foot, or $21 million.
The 95,542 square foot Ventana Village Shopping Center sold for $246.00 per square foot, or $23.5 million.
The Historic Westward Look Resort sold for $31 million, or $127,000 per room. What a deal.
1-21-07 Retail rents steadily have risen over the last several years as the retail vacancy rate has been dropping. The end of last year shows an average cost for retail space at $18.00 per square foot. Many new centers are around the $30.00 per square foot range. The average retail vacancy rate is 7.00% with the northwest area around 5.00%.
The Shops at Courtyard Center located at 6380 E. Grant Road has approximately 12,000 square feet and just sold for $4.9 million, making the square foot cost in the $400 range.
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