Archives for August 2011
Tucson Condos For Rent
Catalina Foothills Condos
Just Listed 2BR/2BA Pinnacle Canyon ground floor unfurnished condo for rent. This 1048 square foot condo comes with recently installed ceramic tile flooring, brand new stainless steel appliances, new wood blinds and just painted throughout. All this for only $900.00 per month. Pinnacle Canyon HOA amenities include spacious pool area with spa, fireplace and BBQ areas, recently remodeled exercise facilty, clubhouse, grass filled parks and gated access. This luxury condo complex is within walking distance to Sabino Canyon Park, Bashas grocery store and multiple restaurants: Gavis, Risky Business, El Charro, The Abbey and Ginza sushi. Contact The Servoss Group 520-395-7202 to schedule a tour of this great condo and complex.
Tucson Furnished Condo: Ventana Vista Condos
Tucson Condo Foreclosures Are Down
The number of pima county property owners who received foreclosure notices reached a 40-month low in July.
Per a recent article in The Arizona Daily Star “Michael Hannley, the president and CEO of Bank of Tucson, said part of the decrease in foreclosures is because homeowners who could afford their mortgages, but chose not to pay, have already walked away from their homes.”
During the peak of Tucson’s real estate market in 2006 and 2007 entire apartment complexes were purchased by developers and converted into condominiums. With many of these Tucson condo sales going to investors or second homeowners Tucson’s condo market saw a high number of strategic defaults, where buyers made business decisions to walk away from their mortgages because they were underwater on their loans.
Therefore with the glut of strategic defaults being absorbed we can expect to see and have already seen fewer distressed condos coming onto the market. And once the distressed condos have been removed from the market home prices will begin to rise.