November 30th, 2007 by Michael Oliver

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Local real estate land baron and real estate developing icon of the Tucson area, Don Diamond, has given 15 million dollars of his own money to get a $55 million children’s hospital off the ground. This new children’s hospital, Diamond Children’s Medical Center, will also be a national player in children’s research and medical technology because it will be one of only a few national children’s hospitals across the Unites States. It is to be affiliated with the University of Arizona.

November 26th, 2007 by Michael Oliver

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Many home sellers hire a real estate agent either from a referral from a friend or relative or from a piece of the real estate agent’s advertising. Once the seller interviews the agent, many times he or she is hired on the spot. After hiring, how do you know if your home is getting the exposure that it deserves or know if your agent is doing a good job on your home sale? Many times this is hard to determine, especially when you have many other concerns and other items to worry about, i.e., work, imminent move, and other normal things. There’s little time to think about your real estate agent and the job he or she is doing for you.

November 26th, 2007 by Michael Oliver

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This week, Marana’s Town Council agreed to approve the rezoning of 205 acres on the west side of Interstate 10 at Marana Road for what’s being billed as “Uptown for Marana.” This new uptown plan is unconventional for Marana developments because it includes mixed-use areas that will intertwine commercial and residential developments. Uptown will be unlike anything that currently exists in Marana, and I, for one, as a Marana resident, am excited about the change. All the other new major residential developments, such as Gladden Farms, Continental Ranch, Continental Reserve, and Dove Mountain all feel very similar to me, although each has its own identity. I think Marana is definitely taking the right step to mix up the normal development. In my opinion, the location for this new mixed-use development could not be better because there is much land available to develop around this new Uptown project. The proximity of I-10 will make it a very alluring location for many companies looking to establish a business presence in Marana.

November 24th, 2007 by Michael Oliver

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I have this discussion constantly with sellers and it’s a hard one for them to understand initially. Real estate fees are part of the expense of selling your home. Trying to undercut or save by not offering at least 3% to the buyer’s agent only hurts you as a seller. Many buyers are unwilling or unable to pay out of pocket for the difference between the cooperation fee you pay as a seller and the fee the buyer’s agent receives from the buyer — typically at least 3%. Also, when selling your property, it is most important to give the property the maximum exposure possible (assuming it’s priced correctly, which is first in importance). Paying your listing agent at least 3% allows them to properly market your property so that buyers in the marketplace will look at it, and offering at least 3% on the buyer’s side makes buyers’ agents able to show the property without having to go to the buyer to ask for the difference.

November 19th, 2007 by Michael Oliver

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Most people who currently live in Tucson already understand why it is a high growth area. A world-class climate, low housing costs, an amazingly diverse and strong economy, and very scenic and varied natural surroundings make Tucson, Arizona, a destination spot for many. Retirees come here in droves to escape the cold weather of northern cities. The University of Arizona brings in a large number of students annually, many of whom decide to stay and live in Tucson indefinitely. The University of Arizona also attracts local and national investment dollars for research and development businesses that spring from it.

November 16th, 2007 by Michael Oliver

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As many people are aware, the Ritz-Carlton is building its first hotel in the Tucson area. A luxury residential community — the largest one Ritz-Carlton has ever been involved with — will be constructed adjacent to the hotel. The first phase of this development will consist of more than 90 residences. The total project will number close to 300 residences to be built in the Ritz-Carlton community. They will be offering 5 different floor plans, from 2771 to 4836 sq ft. The homes will be completely customizable and, I imagine, will offer a standards list that will be one of the most luxurious of any new home development in Arizona.

November 13th, 2007 by Michael Oliver

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Will it start to show soon? I have been talking with many buyers who are starting to think about purchasing but are still very concerned about what the market is doing and only want to buy “at the bottom”. Don’t we all? But, here’s the point. There are a great many potential buyers in the current marketplace. In normal market conditions, they would buy a home due to real needs: larger family size, relocation to Tucson, or care of a loved one requiring additional room or a different configuration of home. These buyers would be in the marketplace and buying homes, but due to the very unknown state of the Tucson real estate market, these buyers are trying to delay the purchase and wait for what they perceive as a bottom of the market. Now all these people cannot or will not wait that long. If you live in a 1100 sq ft home that you bought 4 years ago when you got married and now you have a couple of kids and another on the way, its difficult to wait around for the market to bottom (assuming you can afford a larger home). This is what is called “pent-up demand”. It’s essentially people who have a need or a real desire to make a purchase but are putting it off for as long as possible. These people are still going to buy but as time goes on, the pressure mounts for them to take action. What I feel will happen is that as soon as there is a hint that our real estate market has the worst behind it, this pent-up demand will show itself, and I imagine we in the industry will see a rally in the Tucson market.

November 11th, 2007 by Michael Oliver

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Real estate marketing has changed very little in the past 50 years. Imagine this: you hire a Realtor to sell your home in Tucson and he/she comes in and says, “Great! I’ll feature your home in the newspaper’s real estate for sale section, place it in the homes magazine, and do some open houses.” Which year is it –1957 or 2007? Well, surprisingly, the overwhelming majority of real estate agents are still doing the same thing today as they did in 1957, and it does work. But every day, the traditional marketing method loses a little more of its dominance. Just look at newspaper circulation numbers over the past 20 years and it’s easy to see the newspaper isn’t nearly as important in helping you get your home sold as it used to be. What other options should you and/or the Realtor you hire consider?

November 8th, 2007 by Michael Oliver

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Garfield Traub was recommended by the city selection committee to develop a new 707-room Sheraton. Now that the city selection committee has chosen Garfield Traub’s plan, it will go to the city council for final approval before Thanksgiving. Initially, the plan calls for the 250-room Hotel Arizona located on Broadway just past Granada Avenue to be completely renovated. Then, if market conditions allow, a 28-story 450-room expansion would be built.

November 7th, 2007 by Michael Oliver

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I am always talking to many people in the real estate industry and have been watching what the new home builders are doing. It’s my job to know where a certain builder is financially and otherwise. This helps me greatly in negotiating with them and representing clients. If the homebuilder has too many specs, they’re typically much more ready to give a few homes away to move the inventory. From what I have been hearing and my understanding of what I see happening, it looks as if some major homebuilders in the Tucson area may be planning to leave the Tucson market.