If you are thinking about buying a Tucson Condo unit. The financing is about to become very restrictive.

Kenneth Harney’s article “Securing a loan on a condo unit might now become far tougher” is a must read.

While not directed at the Tucson Condo Market specifically, he tells of new restrictions going into place by AIG United Guaranty a major private mortgage insurer and Frannie Mae new procedures that some lenders and mortgage brokers say could tighten up the availability of loans to condo purchasers.

If you are interested in purchasing or already own a Tucson Condo Unit this article is a must read for you.

For buyers paying cash it won’t be an issue.   For sellers of Tucson Condo Units it is a different story.   And if you are thinking about buying you should be aware of what might be an issue when you go to sell.

Tucson Condo Financing is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

They are actually being called condominium homes. I’ve never heard that phrase used before, maybe they have coined a new term. The El Dorado Condominium Homes start from $149,990 up to $189,990. I was impressed with the design and marketing of these condo homes. Typically there is a standard plan, then upgrade options in a variety of metal names like Silver, Gold, Platinum, etc. Here they are all the same, top of the line with slab-granite throughout.

The quick scoop is as follows:

• No Down Payment
• No Closing Costs
• No HOA Dues for First Year

To see the models and the amenities see the El Dorado Place Condo Gallery.

El Dorado Condos Interior Features

• Three decorator designed color choices
• New ceilings
• New medium cherry or natural maple stained cabinetry in kitchen and baths
• Slab-granite kitchen counters and backsplash with stainless steel sink and faucet
• New black GE appliances – range, microwave and hood, dishwasher, refrigerator
• New laundry space including GE Spacemaker stackable washer/dryer
• Granite shower surround
• Slab-granite bath counter
• New bathroom fixtures
• 18″ ceramic tile flooring as per floor plan
• Plush carpeting in all non-tile areas
• New heating/air conditioning equipment
• Fireplace
• New hot water heater

El Dorado Condos Exterior Features

• New tiled roof using existing red tile and new underlayment roof
• New energy saving dual pane windows
• New painted exteriors using coordinated southwest color scheme for each building cluster
• Reconstructed patio beams and decks

Three Plans to Chose From Phase One

• Plan A 744 sq. ft. $149,990 1 BR 1 BA 62 units
• Plan B 958 sq. ft. $174,990 2 BR 2 BA 20 units
• Plan C 1046 sq. ft. $189,990 2 BR 2 BA 62 units

El Dorado Place Amenities

Besides the pool and spa area there is a nice clubhouse with three meeting rooms upstairs and an outside elevated porch. There is a kitchen, fireplace and soon a large flat panel screen will be added to the clubhouse gathering area.

There are common areas with outdoor barbecue and fountains around the complex. This is just Phase one of many to come in the future. I like the fact they took these units down to the studs and worked up from there. I also like the fact they got the original architect involved in the project from the start. Finally, I like the no messing around with various upgrade plans. Every unit top grade.

The outdoor patios for the ground level units are small, but most people moving into a condo aren’t looking to do a lot of yard work anyway. The layout, is dated somewhat, refurbish mean you can put a new skin on old bones, but you can’t get new bones. However, the original design, is good meaning the place has “good bones”. I think people are going to be pleasantly surprised when they see what is available at The El Dorado Place Condominium Homes.

Again to see the models and the amenities visit the El Dorado Place Condo Gallery.

The address to El Dorado Condominium Homes, Tucson’s newest condo project is 1150 N El Dorado Place. This is North of Speedway and West of Wilmot.

El Dorado Condos – Tucson is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

• Great Central location – Close to Tucson Racquet Club
• Two and Three Bedroom Condos available
• Completely remodeled – New Cabinetry, Carpet, Tile, Paint and Appliances-including Washer and Dryer
• Amenities include a swimming pool and spa, covered parking, patios and walk in closets
• $2,500 credit towards buyers’ closing cost

HOA Information

The HOA fee is based on number of bedrooms. For a two bedroom unit it is $114 mo. a three bedroom unit is $141 mo.

Here is a link to the Winterhaven East Condominiums HOA information

This location is close enough to the campus of the U of A that it is an easy commute.

There really isn’t much else to say about it. It is in the historic Winterhaven community known for its’ Christmas lights and one of the few subdivisions in Tucson to have a lot of grass in their yards. The community has its’ own well.

It is a quiet community. Here are some more photos of the models with floorplans and the courtyard leading up to the pool and spa. There were a couple of families trying to stay cool while I was there so I didn’t disturb them and get any photos of the pool area.

Tucson Winterhaven East Condominiums is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

The remaining tenant leases are up in January 2008. Units can be purchased before then, but no renovations will be made until after these leases are completed on a unit by unit basis.
The current price list and available units and models are listed below.

The Brochure at the sales center describes Boulder Canyon like this:

Boulder Canyon Presents Tastefully Appointed Condominium homes surrounded by Resort Style Amenities

• Tranquil heated pool & spa with sparkling fountain
• Fully equipped fitness center & weight room
• Distinctive community center for special gathering
• Business center with conference area
• Picnic areas with barbecues
• Beautifully landscaped grounds
• Ideal Oro Valley location near shops, resorts, restaurants, golfing, hiking, bicycling and more.

Boulder Canyon Home Owners Association

Monthly dues are $141.68 (NO HOA DUES FOR THE FIRST YEAR)

I have no idea how they came up with the 68 cents part of this. Could be they took expenses, divided by units and . . . $141 and 68 cents each month.

The monthly HOA Dues include:

• Pool & Spa
• Furnished Clubhouse
• Business Center
• Workout Facilities
• Exterior Building and Roof Maintenance
• Building Insurance (Hazard & Liability)
• Professional Landscaping Care
• Trash Collection
• Street Maintenance

Here is a pdf document of All Models described below.

Boulder Canyon Available Units

August 3, 2007

IBD/IBA (A) ORACLE 717 SQ. FT.

Unit # Price
10106 $132,900 (Spec)
13102 $132,900 (Spec)

2BD/IBA (B) ROMERO 929 SQ.FT.

Unit # Price

7203 $167,900 (Spec) Fireplace
8102 $167,900 (Spec)
8206 $168,400 (Spec) Fireplace
17102 $167,900 (Spec)
17106 $167,900 (Spec)

2BD/2BA (C) SUTHERLAND 1,056 SQ. FT.

Unit # Price

10105 $184,900 (Spec)
10108 $184,900 (Spec)
14101 $184,900 (Spec)

3BD/2BA (D) CORONADO 1,268 SQ. FT.

Unit # Price
4101 $215,900 (Spec)
7104 $215,900 (Spec)
8104 $215,900 (Spec)
11101 $215,900 (Spec)

*prices subject to change without notice

To see where these are located on the site you can open, print, and save the Boulder Canyon Siteplan.

Finally for those who just love to sit around the pool at the end of the day, here is the pool at the end of this post.

Ah, that’s the way to spend the end of the day.

Boulder Canyon at La Reserve is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

When you get home you have a warm inviting pool and tennis courts with an inviting clubhouse.

The view of the city lights at night is stunning to say the least. Having the upscale La Encantada Mall just a hundred yards away is a big plus.

Tucson Second Home

Skyline Villas are correctly named. They have a great view of Tucson and the Catalina Mountains. When you are there, you feel like you are in a villa. From the moment you set foot on the grounds you begin to relax. The atmosphere there makes you feel better just being there.

If I were looking for a second home in Tucson this would be my first choice.

Luxury Student Housing

Located just 15 minutes from the U of A with a straight drive right down Campbell Avenue makes Skyline Villas the perfect setting for Luxury Student Housing.

If I were a parent with a student coming to college I’d be purchasing one of these.

1. Four spacious one and two bedroom plans
2. Wood-burning fireplaces
3. Generous walk-in closets
4. Large patios or balconies with ample storage area.
5. Amenities
   • Stainless steel appliance,
   • fine cabinetry,
   • granite counter-tops,
   • custom fireplace surrounds,

The Four Floor plans to chose from:

• The Crest, 1BD/1BA (768 Sq. Ft.)
• The Peak, 1BD/Den/1BA (931 Sq. Ft.)
• The Ridge, 2 BD/2BA (1059 Sq. Ft.)
• The Summit, 2BD/wBA/Townhome style (1149 Sq. Ft.)

The Peak model is currently available from $198,710 to $202,010

Let’s take a peak at the Peak:

The Monthly HOA Dues are $131.90
This includes:

• Pool and Spa
• Furnished Clubhouse
• Workout Facilities
• Exterior Building & Roof Maintenance
• Building Insurance (Hazard & Liability)
• Professional Landscaping Care
• Trash Collection
• Street Maintenance

Tucson Skyline Villas is a great place to call home here in Tucson. I really like the facilities, and location.

The proximity to La Encantada Shopping Center and all the wonderful shops and fine dining located there is something any potential buyer should take into consideration.

If I were looking for a condominium for my next Tucson real estate purchase it would be here at Skyline Villas.

Skyline Villas website with floor plans and detailed information.

Tucson Skyline Villas is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

• Total Units,
• Sold Units,
• Available Units,
• HOA Fees,
• Incentives,

In no particular order.

Skyline Villas

The Skyline Villas are located on Campbell Avenue in the North Catalina Foothills directly behind the La Encatada Shopping Center. It is a straight shot down Campbell Ave. to the U of A campus. There are a total of 168 Units 97 are sold. This is a great place for those wanting privacy and the beauty of the Catalina Foothills with easy access to dining, shopping and the U of A campus.

Villas at Hacienda Del Sol

These condos are located at River Rd. and Hacienda Del Sol. There are 218 Units total 80 sold. They have lofts and garages in a Gated community setting. The HOA is $125 a month. Current incentive: “Live Free for 6 months or Save 10K on the price of the condo.” They would like to be Hacienda Del Sold.

Veranda at Ventana Canyon

The Veranda at Ventana Canyon Condos are 55 – 60% sold out with a total of 408 units. The HOA breaks down by bedrooms 1 br $172 mo., 2 br $188 mo., 3 br $198 mo. They are offering as of this writing a 3% buyers incentive. There are no garages available.

Pinnacle Canyon

Pinnacle Canyon is in the Ventana Canyon area and opened in the Fall of 2005. There are only 8 one bedroom units left at $135,000 at this writing.
The HOA is $117 mo. There are no garages.

The Villas at Sabino Canyon

This project is also in the Ventana Canyon area. They opened in the fall of 2006. There are 144 Total Units, 87 units are available. There are not garages. The HOA is $125 mo.

Greens at Ventana Canyon

The Greens were just opening in the Fall of 2006. There are 265 Total Units. Phase 1 has 50 available units. Phase 2 will start in January 08 when the tenants move out. Phase 2 units are available for purchase but nothing can be done to renovate the units till January 08. The HOA is $175 mo. There are no garages.

Campus Walk Condominiums

The Campus Walk Condominiums are located within easy walking distance to the U of A Campus. They have 9 Units left ranging in price from $230,000 – $260,000. The HOA is $197 mo.

These units were originally the Arizona Commons.

There is a post with pictures of the units both upgraded and standard features. Here is the post for Campus Walk Condominiums with Photos.

Palcita Escondida

Placita Escondida is a new construction condo project in Tucson. It is located at River and Campbell close to shopping and the U of A. We will have a complete post with pictures soon. Here is a quick summary.

• 17 buildings
• 204 units
• Community Pool
• 735 sq. ft. (approx.) 1 Bed, 1 Bath
• 1033 sq. ft. (approx) 2 Bed, 2 Bath

There are 24 units in the first phase 18 are sold 6 remain. 1 car garages available for $28,000. The HOA is $139 mo.

Boulder Canyon at La Reserve

The Boulders at La Reserve are located in Oro Valley. They opened in early 2006. They have 18 units available now at the close of Phase 1. There are 12 garages available at this time. The HOA is $141 mo.

This is the Tucson Condo Market Summary for Summer 2007. We will be providing updates on some of these individual projects in the coming weeks with more detailed information. While sales volume is not what it was last year there are still steady sales reported at most of the condominium projects around Tucson.

If there are any questions please feel free to contact us and we will get the answers and get back to you as soon as possible.

Tucson Condo Market – Summer 2007 is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

You might want to read the original Campus Walk Condo post.

On to the update:

Of the 88-units:
all 15 of the 2 1/2 baths are gone.
30 of the 77 1 1/2 baths have been sold.

The remaining units can be purchased as is or upgraded.

The upgraded units really look nice with the granite countertops  in the kitchen and bath. The upgrades really make the units “POP”.   See for yourself.

Granite countertops and upgraded Cabinets in Kitchen.

 Looking from the kitchen to dining/living room area.

Granite Countertops in the Bath.

The bedrooms are nice and roomy.

The covered Pool table area and pool.

Here is the as is Kitchen.

The units are starting at $199,000.   They are all 1,100 square feet two-story townhouse-style units.   The HOA fees  is $197 mo.

There are only two drawbacks that we can see:

1. There is only one parking space per unit.
2. Upgrades have to be paid for after sale and they run approx. $10,000

The resale value on these units should be very good considering their location just across the street from the entrance to the U of A.

For more information on the condo market in tucson check out our post:

Tucson Condo Market Fall 2006

The web site for Campus Walk Condominiums is up and running.

Their contact person is:

Campus Walk Condominiums Update (with photos) is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

November 8 Update

All Exisiting Townhomes in the Tucson MLS now come up as Condos.   All townhome listings will have to be updated to Townhome.   If you are searching on Townhomes, it is going to look like there are very few townhomes available in Tucson.   It will probably take a couple of weeks for all the townhome listings to be updated.

We have updated the searches on our website to split out townhomes from condos. But as I stated above the only townhomes that will come up are the newly entered ones since yesterday, and the ones that have already been updated.

Not only did they split out Townhomes from Condos they added Townhome New Construction and Condo New Construction.   This will be a great help in narrowing searches.

We have made changes to our web site searches so you can now search Tucson Townhomes and Tucson Condos on their own pages.

Just a quick post.

The Tucson MLS has always had Townhomes and Condos lumped together on searches.   This morning new checkboxes began to appear on their agent and pubic search pages.

Finally we can search Townhomes separate from condos.

YEAH!

Tucson MLS Splits Out Townhomes and Condos is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

The optional upgrades are:

• granite-top counters,
• stainless appliances,
• maple cabinetry,
• washers & dryers, etc.  

You pay a premium for a pool view unit.

The Campus Walk condos will be a gated community with new landscaping and resort-style pool.     Right now, rents are averaging $1,300 to $1,600 per month.   Most units are rented through June 30, 2007 and then it would be a turnaround time of about 45 days to convert the unit.   About 18 units are currently vacant.   There will be 4 models to purchase with a leaseback from the developer.

• Lot reservations are being taken now with a $5,000 deposit.  
• Contracts will be taken starting October 21, 2006.

Arizona Commons is becoming Campus Walk Condominiums is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.

Like the rest of the Tucson real estate market and the national real estate market, the condo market has cooled from it record hot 2005 levels. Here is a brief summary of the condo market now and then, and a quick summary of the way things unfolded for the Tucson Condo Market last year and up to now.

Tucson Condo Conversion Kick-off 2005

The main trigger for the condo craze in Tucson was the condo conversion located by the La Paloma Resort called Tierra Catalina which opened Summer 2005. People camped out overnight to get these units and were sold out within hours. No one expected this, even the developers were taken completely by surprise.

In 2005 people were buying condos for a couple of reasons. Some bought as investments, they saw the prices of existing Tucson real estate appreciating at a rapid rate and they bought condos because they were the least expensive real estate purchase in town and could flip those investments in a few months and walk away with a profit. There were quite a few instances where people would hear that a particular apartment complex was “going condo” so they would rent an apartment there knowing they would be offered an opportunity to purchase for a reduced price as an existing tenant.

Others bought because they were the cheapest purchase in a rapidly appreciating Tucson housing market and it was all they could now afford. These buyers were simply looking for a place to live and wanted to make a purchase of some kind before they were priced out of buying a home of any kind in Tucson. They wanted to stop paying rent and make a personal investment while record low interest rates on loans were still available.

Where are we Now

There is huge competition in the market right now. Location plays a key roll as well as upgrades offered. The most popular areas are the ones bordering the mountains located in the North Catalina Foothills and the Northwest Oro Valley area.

Here is a breakdown of the condo conversions in these areas:

Our newest condo conversion in the North Catalina Foothills area located behind the elite La Encantada Mall called Skyline Villas. They sold 43 units the first week they opened in October.

Early this year Veranda at Ventana Canyon opened with 408 units. They have sold 190 so far this year. HOA fees are 1 br. $174 mo. 2 br. $191 mo. 3 br. $201 mo. Right now they pay the first 6 months.

Pinnacle Canyon, also in the Ventana Canyon area, opened Fall 2005 and have sold 152 units thus far.

The Villas & Sabino Canyon, also in the Ventana Canyon areas, just opened and have sold 7 with 157 active in MLS.

The Greens at Ventana Canyon are just opening as well so no statistics yet.

The only one currently in Oro Valley is called The Boulders. They too opened early 2006 and are about half sold. HOA fee $141 mo. First year free.

There are condo conversions all over town with a new one opening soon within walking distance to the University of Arizona campus formerly know as Arizona Commons now called Campus Walk Condominiums. HOA fee $197 mo.

There is another located centrally called Sunterra.

John Haase with Pinnacle Mortage here in Tucson said yesterday,

“From an investment standpoint the condo market is flooded. I feel if Tucson inventory is up on all other types of properties there isn’t much desire to get into a condo. Additionally, the HOA fees are killing clients with regard to monthly payment and they would rather that money go to a SFR payment than a management company.

On the flip side, 2nd home / condo sound more attractive to people who don’t want to take care of the property and/or are using it for a home seasonally. I personally have had more people from California and Colorado buying condo’s for vacation homes than anyone locally, which I think is smart.”

The desire is not what it was last year when our home inventory was at an all-time low but it is still strong and units sold are running at 2003 levels, which was a record year in and of itself. We have about 9,000 homes, townhomes, condos on the market currently. Builders are offering huge incentives to buyers and raising the coop fees to agents bringing the buyers. Sellers are having to be competitively priced and also offering closing cost assistance to sell their homes.

Our market is stabilizing and our 2006 appreciation is between 5-9%.

Tucson is a great place because of its year-round sunshine with the ability to play golf, tennis, hike, bike all year round. Tucson has wonderful resorts, spas, medical facilities, the University of Arizona, Raytheon, Ventana Medical, Honeywell, etc. While other parts of the national are declining we are, in fact, appreciating.

Tucson Condo Market Fall 2006 is a post Scrapped and Stolen from: Tucson Real Estate if you are not reading this in your Reader.