TucsonKent's World: Tucson Real Estate Blog

Are HUD "Fairness" Policies Driving Prices Down In Some Markets?

Fri, 24 Feb 2012 10:10:59 -0800

HUD could be causing prices to tumble further as an unintended consequence of its attempts to be fair in assigning properties to listing agents in some communities.

While a particular community may be geographically close to another city, that city may belong to an MLS system that doesn't really serve the market area that the community belongs to. Case in point: Red Rock, Arizona.

Red Rock is a master-planned community north of Tucson by about 30 minutes. It really is a bedroom community for the Tucson region. Residents shop in Marana & Oro Valley in the NW sector of the Tucson Metro. Nevertheless, there is about a 50/50 split with agents in Casa Grande (which belongs to ARMLS - really serving the greater Phoenix region for the most part), and agents belonging to the Tucson MLS (TARMLS).

From a geographic standpoint, it looks like a fair division of property allocations. Casa Grande is about the same distance/drive time from Red Rock as Tucson is. HOWEVER, by doing so, putting these properties into an MLS that really serves a different region causes these properties to languish on the market much longer. People looking for properties in Red Rock generally see them through Tucson agents...so the homes listed in ARMLS usually go ignored or unnoticed.

We all know that longer time on market results in price reductions. Appraisals use hard data to help determine value - a government agency directing properties to the wrong market isn't a mitigating factor...it just produces lower appraisals. People don't see it (agents too), so they don't even know that a property is for sale! Nothing wrong with the house, nor with the agent listing it - the languishment is simply because it isn't being seen!

I've noticed in the last several months that HUD listings of the same relative size are selling within 30-70 days (depending on condition) for a price in the $60-$75k range when listed by agents working in the Tucson MLS. Properties listed by agents in Casa Grande have typically lasted 110 days or more before going under contract...and the prices are in the mid-$40's to mid-$50s & $60's. All because they are handled in an MLS where Red Rock is on the extreme southern end...and not a viable commute for people working in the Phoenix region. This is NOT because the Casa Grande agents are doing anything wrong - in fact, the ones that I have done business with are working harder to sell Red Rock homes at a lower price, and are relieved when someone finally shows one!

Luckily, TARMLS & ARMLS have a "data share" agreement that allows agents to see info on properties belonging to the other MLS (without agreement of compensation). When looking on behalf of my clients, I use both systems in order to ensure that they can have all of the choices in Tucson real estate available to them. When I can find price anomalies similar to the ones in Red Rock, my buyers are happy to save the money.

I know that HUD is trying to be as fair as possible - and applaud that desire. Unfortunately, an unintended consequence is that they are driving down prices because the asset managers don't understand what region actually serves the market their properties may be in.

There's enough factors contributing to price declines in outlying regions...it is Unfair to have a simple policy accidentally cause more damage to the market.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

The Real Estate Hall of Shame - How Not To Use Equity In Your Home

Thu, 21 Jul 2011 03:15:45 -0700

The Real Estate Hall of Shame - not sure if anyone has built one yet, but I found a property today that could qualify as a good place to house the "How Not To Use Equity In Your Home" exhibit. I think it used to be Homer Simpson's place. He lost it to foreclosure.

Lets take a peek behind the scenes and see how this property might qualify for Poster Child status on the Real Estate Hall of Shame:

Lets see...Homer bought it in 2001 for a little under $300,000. Bear Stearns got it for $465k last fall. Don't see any problems so far - probably a typical foreclosure on a note gone bad, purchased by the investment bank for pennies on the dollar.

This doesn't look so bad - what qualifies it for the Hall of Shame? Lets take a look at the loan history:

Okay...lets see: the buyer put down a little less than $15k - which works out to roughly 5% down back in 2001. No problem yet...less than 2 years later, the owners refinanced for about $20,000 more. Could have needed to pay somebody's tuition or something.

But wait - look at what happened in 2006! (Gee, isn't that when the market was going gangbusters & everyone was going to get rich quick?) After only 3 years, the owners refinanced AGAIN, but for 231% what it previously was worth!

Kind of strange how we dismiss claims of investments that promise amazing returns or "long-lost gold mines" as foolish or the stuff of legend, not reality...but not when it comes to our HOMES.

"Lets get all of the equity out of our home, we're GETTING RICH QUICK," Homer Simpson says to Marge, "they might change their minds!"

But WAIT...another year passes and lo & behold...the value has gone up ANOTHER 25%!

"We sure could use another $160,000 - now I can get that boat I always wanted & Marge can have that fur coat to wear when the temperature drops below 80 degrees...and I can show up to my high-school reunion in a shiny new Benz with spinners on the wheels!" -OR- "This real estate thing is a SURE-THING! It will NEVER GO DOWN...lets buy 3 or 4 other homes to MAKE MORE MONEY ON...we'll be ON EASY STREET!"

Homer refinances again in 2007, again pulling out all of the paper "equity" in the home - probably with an interest-only loan that adjusts after 3 years (which was the only way they could afford the payments on their $800,000 home that only cost $280,000 such a short time ago.

For some crazy reason, the lenders want Homer to pay the money back, and the home isn't magically going up in value anymore. The payments now start to include principal AND interest. Can't refinance again because the property isn't worth what it used to be. Time to sell the home!

But the market is going d-o-w-n. It doesn't sell at the price Homer & Marge need to get out of their debt. It forecloses. Homer isn't rich anymore and Marge has to sell her huge hair to rent an apartment. Easy Street has potholes that could swallow an ark because the City was counting on the revenue from all of these wonderful property taxes to fill the coffers that it depleted on consultants and studies to tell them how to spend all of that money that should be coming in.

It wasn't just Homer - Moe did the same thing with his bar. Marge's sister Patty bought 3 duplexes and a new 3500 square foot home because she was jealous. Otto the school bus driver got a loan to buy 20 acres with a bitchin' manufactured on it so he could turn his stereo up as loud as he wanted. Ned Flanders put Todd & Rod's names on loan applications and is now being investigated for mortgage fraud.

This didn't just happen in Springfield, or Tucson. It happened everywhere that values on paper rose extremely quickly. Apu still has the home he bought in 2002, and is easily making the payments. He just bought 3 more Quickee Marts at bargain prices, and is thinking of getting a bigger home since prices and interest rates are super-low. Principal Skinner & Groundskeeper Willie have been buying foreclosures, fixing them up and making a modest profit renting them out (which proves even a numbskull like Skinner can make smart decision if he doesn't get greedy).

Springfield is slowly coming back to normal (as is Tucson). Some people are at different addresses than before, some the same, but a sobering reality has set in & a lesson learned: "If it seems too good to be true, it probably is."

Did Homer learn anything? Probably not. He's trying to get all of his friends and family to come to a party to celebrate becoming an owner of a business that will soon make him money while he sleeps. He's changing his name to Homer MLM Simpson to show his dedication & commitment in front of his "Double-Platinum Diamond Distributor/Coach.

The property? Oh yeah...its still in good shape, in fact, it really is a good deal. Now. It can be yours for a little over $400,000. Needs a little work, but not too much. If you were smart with your money and still have some, give me a call. I don't have any get-rich quick steals to show you, but I do know how to spot a solid investment in real estate.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

"Can I Put In A Really Low Offer On This House?"

Tue, 19 Jul 2011 23:07:59 -0700

Buyers often ask me "Can I put in a really low offer on this house?" The short, simple answer to that is that anyone can offer whatever they wish on a property. What really matters is if the offer will be looked at...and even considered. A few times I've had clients who really, really liked a particular home, but ended up heartbroken because, in their attempt to "get a steal" because "it's a buyer's market," they either poisoned the seller against them or wasted time in a competitive foreclosure market by offering w-a-a-y below asking price.

Lets take a look at a typical scenario:

Buyer A is approved for a loan that will allow them to buy a home priced up to $200,000. The question comes up about the possibility of offering say $200,000 on a property priced at $225,000 (which is a 12.5% discount).

There's absolutely nothing wrong with offering that, if comparable properties in the area are going for the lower price.

In reality, chances are, that offer won't even get a response. Generally speaking in the Tucson market, prices being asked nowadays are fairly close to what the market is bringing. If the seller is asking more than what the market is showing, you can just about guarantee that asking for a discount like this is going to be met with rejection instead of a counter-offer back. If it is a bank-owned house, you don't have to deal with the "human factor" i.e. "ego" like you would with one that is owned by a human being - there's nobody that would take personal offense or get cranky about a "lowball" offer - but they have their bottom line too, and a rejection is a rejection.

In the Tucson real estate market of today, many bank-owned homes (aka REO, foreclosure) are underpriced and seeing multiple offers in the first week or two. Taking the time to submit a lowball offer and wait for a response can often be an exercise in futility - with a more realistic offer (many times OVER the asking price, but within comparables for the area) snapping it up before another offer can be made.

Most often, a home priced above market IS owned by a real-live person who is still attached to their property emotionally, and either can't or won't face the reality of the marketplace. Many times, the home will have been sitting on the market quite a while (DOM or, Days On Market), and will probably remain there for quite a while until the seller either takes it off of the market or comes to grips with it & eventually lowers the price.

If you see a home that is priced at $225,000 and want to offer $200,000 on it - I have no problem putting together the offer...just realize that the likelihood of positive results are close to nil in today's market. We could get lucky, just don't count on it!

Something else to factor into an offer is whether you want the seller to help pay your "closing costs" which generally run about 3% of the purchase price ($6000 on a $200,000 home). Typically, sellers in today's market are willing to help out that way, but not with a large discount on the asking price included...it is like asking them for 2 discounts at the same time - similar to showing up at a resort offering "Locals Only Summer Rates" and wanting a AAA discount on top of it. You might get one, but not both.

I also work with investors who are market-savvy, looking at capitalization rates, market saturation ratios, historic vacancy rates & projected growth patterns...the principles work the same way: If the property works for you, and you want it, messing around may cost you a good property.

Smart investors know where the market is & are willing to pay the price because it is right. Amateurs, blowhards & wannabes "paper the town" with offers looking for "the steal of the decade" while others make money.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Welcome "The Gadsden Girl" To Our Team!

Thu, 16 Jun 2011 23:58:58 -0700

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The TucsonKent Group proudly welcomes Emmary Nicholson, aka "The Gadsden Girl" to our team! She brings us a broad scope of skills (her Facebook & Twitter networks are of an amazing caliber), a great "can-do" attitude and fresh perspective as a new Tucson resident. Em is licensed in both Arizona & New Mexico, and is a wealth of knowledge about military relocation.

A native of the Desert Southwest, Emmary was born & raised in El Paso, Texas, living in Las Cruces, New Mexico, White Sands, New Mexico, the Washington D.C. area and back to Las Cruces before finally moving to Tucson this year. Having been an Army wife for 13 years, Nicholson is well-versed in the challenges & pathways facing military families relocating to new surroundings.

With 20 years of broadcasting experience - as on-air talent, program director & instructor (Connecticut School of Broadcasting), combined with success in marketing for several restaurants on Facebook & Twitter, the TucsonKent Group looks forward to her blend of time-honored and innovative approach to marketing for her clients in social media & other avenues. One of her passions in community involvement, and she wasted no time after her move - becoming involved with the Tucson Literacy Coalition within her first week!

Emmary's background, love of Southwest History and its people make her the true "Gadsden Girl" (Southern Arizona & New Mexico - Tucson & Las Cruces were purchased from Mexico in the Gadsden Purchase of 1853). Please join us in our excitement and welcome Emmary to our team!

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Announcing: TucsonKent Group Opening Tierra Antigua Realty Downtown!

Fri, 22 Oct 2010 22:49:21 -0700

Yep - the announcement is true: I'm opening an office right in the heart of Downtown Tucson. Tierra Downtown is a going to be a branch office of Tierra Antigua Realty...and the TucsonKent Group is one of the founding partners!

We're located in the historic Pioneer Hotel Building (could be haunted!), on the top floor with views that can't be beat. The best part of being located downtown is that we're right in the thick of the community that is revitalizing Downtown Tucson - Congress Street, Pennington Street, Broadway, Stone Avenue...the Modern Streetcar and much more.

We're having a Grand Opening Celebration on November 12 from 3PM to 6PM, with wine, women & song (at least the wine part is a go), munchies & a lot of fun. If you're in Tucson that Friday afternoon - come on up & help us celebrate the beginning of what portends to be a very exciting beginning in Tucson history as Downtown continues to grow & come alive again.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Mural Artists In Downtown Tucson

Fri, 22 Oct 2010 19:40:52 -0700

Downtown Tucson has quite a few murals adding a little spice to the walls and construction sites in the area. How often do you get to watch the artists at work?

Often it seems that these works spring up "overnight" or perhaps we get so used to seeing the same old monolithic walls on buildings or drab plywood "safety barriers" around construction sites that we don't notice the art until it stares us in the face!

Just the other day, I was fortunate enough to see local artists Rock Martinez & Ed Muren work on their temporary canvas in the heart of Downtown Tucson - at 50 E. Broadway Boulevard - as this building gets renovated.

If you haven't been to Downtown Tucson in the past year...or even in the last 6 months...you'll be amazed at the entergy, vitality & transformation that is happening. The downtown area is coming alive with new investment and a sense of destiny in becoming a showcase of promise in The Old Pueblo.

Yet one of many reasons my partners & I have decided to locate our office in downtown...right in the thick of things! Stay tuned for photos & updates on what is happening in the heart of Tucson.

Search Downtown Tucson Residential Real Estate

Downtown Tucson Commercial Properties

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Sombrero Peak - Continental Ranch Landmark in NW Tucson

Fri, 03 Sep 2010 00:18:56 -0700

This photo is of Sombrero Peak, which is a landmark to help point out where Continental Ranch is in Tucson. It is on the northern end of the Tucson Mountains - and stands out visible for miles and miles. If anyone needs to know where the community of Continental Ranch is, you can simply point out Sombrero Peak & say,

"Head that way, you can't miss it!"

I was driving to an appointment late in the afternoon when I saw this combination of clouds & light with Sombrero Peak silhouetted beneath them. Seeing the rays of sunshine defined like this doesn't happen very often, so I knew I just had to try to capture this scene!

Continental Ranch is a large, master-planned community west of I-10 in the northwest part of the Tucson Metro. Begun in the early 1990s, the community is still growing as it matures - new subdivisions are still being built, new commercial space is supplementing that which has been serving the area for the past 2 decades and more.

Late this fall, the Twin Peaks Interchange will add direct freeway access to the northern end of the community, which will ease traffic on Silverbell and make things much easier for those living on the northern end!

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Everyone's An Idiot

Thu, 02 Sep 2010 00:41:11 -0700

Is everyone an idiot? How about me? You? Are you just about ready to strangle the next moron who asks you the same stupid question as the last guy? How about just plain being fed up with those other agents who are so unprofessional that they shouldn't be allowed to breathe the same air as you, much less practice real estate?!

Sounds like it is time for a break and an attitude check. This afternoon I spent a few minutes at a coffee house doing my own version of R & R - people watching. It is sure interesting sometimes - today I heard a group of 4 agents talking smack about various things. Didn't hear the conversation per se, but you can tell a lot from body language and picking up a few phrases.

A few minutes after leaving, I got a couple of calls from colleagues who "just had to vent" - guess I'm the lucky guy! LOL (if it gets to be too much, there's always the old "guess my cell dropped the call" trick) :D
It has been a long, challenging summer - a hot one, too, guess a lot of fuses are primed to blow.

Well, this weekend is "national recharge the batteries weekend" aka Labor Day. So often, independent contractors and business owners feel so much pressure to make the next sale or "be there every moment for their clients" that they do themselves and everyone around them a disservice. Take a break! Enjoy living for a little bit!

Too often the extra work and the resulting stress backfires - irritation, frustration and burnout set in without realizing it. I'm going to do a little work this weekend but not a whole lot - taking advantage of the fact that the rest of the nation is on holiday...and recharge my own batteries a bit (so I'm not ending up like one of them).

A relaxed agent is a good agent. That's my story & I don't care what anyone else thinks!

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Stormy Sunset - Starr Pass Residences Tucson

Tue, 31 Aug 2010 23:54:46 -0700

If you live in the Starr Pass Residences of Tucson, you know one of the perks of owning a home here is a great setting for spectacular sunsets. Located on the west side of the metro, cradled by hills studded with saguaros, the JW Marriott Starr Pass Resort anchors this community of single family homes, condos and casitas.

Rated as one of the world's best spa resorts by the Conde Nast Traveler, Fodor's & other noteworthy guides, the Starr Pass Resort also serves as an intersting backdrop for sunsets - especially on a stormy night like this one.

Owning a home in the Starr Pass Residences isn't nearly as expensive as one would think - even one of the golf course casitas. Don't take my word for it though, check out the current properties on the market below. Lets play a round at the Jack Nicklaus Signature course, relax with a massage at the Hashani Spa then enjoy a meal at one of the 5 restaurants while we celebrate your new home with luxury at your doorstep - without paying a mint for it.

Current Properties for sale in the Starr Pass Residences community:

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Helping Clients Re-Home Pets

Sun, 29 Aug 2010 21:17:30 -0700

There is so much focus on how foreclosure affects people and communities, we often forget those who can't speak for themselves - our pets.

Thanks to Emmary Nicholson in Las Cruces, New Mexico for finding a good resource to help with our *other loved ones* who are just as important in our lives.

Via Emmary Nicholson:

Over the last week, on my intraweb email, there have been quite a few realtors looking to help their clients rehome pets. I can't imagine having to do that. My girl, Belle, is everything to me. Personally, I'd live in my car before giving her up.

That's my girl!

However, I've seen heart-breaking stories on why people have to give up their furry friends. Home foreclosed on, new rental place won't allow pets and no one in their circle can adopt or foster. What can you do to help out without having to utter those words: "I guess you'll have to take them to the shelter."

These days there are a ton of options and, thanks to the net, all it takes is a quick Google search to find help. Local animal lovers normally have a network set up for helping rehome animals either locally or attaching the animal to a transport to another town. There are also breed specific rescues that can help point you in the right direction if they can't take the pet themselves. Some rescuers will take on the role of a foster for a while until a person is set up in a place and are able to take the pet back. There is an organization called "Foreclosure Pets" that was created to help.

Take a moment, do a google search in your local area and create a reference list that you can keep handy in case you happen to run across this situation. It won't take that long to do and, in the end, you're helping someone deal with a very emotional and trying time.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

First Photos From RainCamp Prescott

Thu, 26 Aug 2010 12:30:50 -0700

Hopefully these are the first photos posted from RainCamp Prescott - Mike Jones & I met up about 4 AM today for the easy drive up to northern Arizona together.

As we pulled into Prescott, we spied quite a few intriguing photo opportunities - and took a short detour to take advantage of them. I'll let Mike share the best shots - since he had the luxury of the passenger seat!

The location for RainCamp is the Prescott Resort & Conference Center situated on a ridge high up above the Prescott Valley:

Prescott is known for its wide-open spaces and spectacular views.

Registration isn't even finished yet & look at all the people attending!

Why attend conferences like this? Learning new techniques and best practices to better help our business and our clients in more efficient ways.

Another benefit is connecting in human-to-human fashion with friends we've gotten to know online and meeting new friends & business associates to develop in the future.

RainCamp is more than just about technology - it is about the people behind it and the people we engage by using it...in the neverending quest to provide better service to the consumer in a manner that is best understood clearly.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Short Sale Listing "Pretenders" outed by real data

Wed, 25 Aug 2010 22:22:33 -0700

If you're considering doing a short sale...PLEASE DON'T GET SUCKERED by the loudest huckster - they're probably lying through their teeth.

Short sales are a serious matter, and should be handled by someone who is experienced, trustworthy and can back it up. I am not someone who lists short sales as a part of my practice - but I regularly refer people to a select few agents who do.

Smoke & mirrors are great for magic acts...but they have no place in real estate.

Via Tony and Suzanne Marriott, Associate Brokers, REALTORS® (Haven Express @ Show Appeal Realty):

One unfortunate phenomenon of the Phoenix Short Sale market is the abundance of self proclaimed experts who have closed "hundreds" of transactions with a closing ratio of "90% or better".

Folks - that just ain't true.

It's a simple search on our MLS (ARMLS) by date range, closed cancelled and expired, tagged with "short sale", and date range back as far as you want to go, to see exactly how many Short Sales a specific listing agent has listed that have closed, cancelled or expired. Actives and Pendings don't count as until they close - you don't know if they will.

Here's the harsh truth for all those who would blow smoke at unsuspecting sellers who are literally betting their financial future on the veracity of the Short Sale "Pretenders".

There is not one agent in the Phoenix metro area that has closed 200 or more Short Sales. Not one! And, to accurately claim that you have closed "hundreds" (plural), 200 Short Sale closings is the absolute minimum for that claim to be true.

In fact, you can count on one hand the number of Short Sale agents that have closed over 100 Short Sale transactions, and their closing ratios range from a low of 34% to a high of 73%.

We don't claim to have "closed hundreds" - which would put us in the ranks of the blatant liars - we claim "dozens" - a claim which is clearly supported by the data in the MLS.

We don't claim to have closed "90% or better" - which would put us in the ranks of blatant liars - we claim "100% for "regular" Short Sales", "74% or better for Hail Mary Short Sales, and an overall blended closing ratio of 89% which is clearly supported by the data in the MLS.

In reviewing the track records of all Short Sale Listing Agents in the Phoenix Metro Area that have closed as many or more Short Sale transactions as we have, we were pleasantly surprised to find that we had the best closing ratio of all!

Don't get me wrong, there are other well qualified Short Sale Listing Agents in our area, some of whom have closing ratios very close to ours. The next 5 Short Sale Listing Agents that have closed as many or more Short Sale transactions as we have are at closing ratios of better than 80%.

So - why this "rant"? Homeowners in trouble are making decisions on who to trust to list and close their short sale based on what they see in the market place.

If someone is claiming to have closed hundreds at a 90% or better closing ratio, when the truth is that they have closed less than a hundred, and their closing ratio is less than 50%, don't you think the homeowner would want to know the truth before they make a decision?

This is not a case of buying a listing with an unrealistic list price.

This is a case of a homeowner having a successful short sale or going to foreclosure.

This is not an opportunity to lie to get more "at bats".

This is the time to be honest - unless you want homeowners coming after you later on when they find out they were lied to in order for that agent to get their listing, and their reliance on the lie took them to foreclosure!

* All metrics calculated from data in ARMLS

* Graphic from PhotoBucket - free use approved

** Any Phoenix Metro Area Short Sale Listing Agent who disagrees with the metrics published here is welcome to contact me and request a correction or clarification, which will be done immediately if the data in ARMLS supports the claim.

About the Authors - Updated 2010

If you like what you've read, there is no better time to:

If you are considering a Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Show Appeal Realty to determine whether Tony and Suzanne Marriott are the best Short Sale real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Short Sale of your home.

Listed, Sold and Closed Dozens of Short Sales with a 100% success rate!

AvoidForeclosureInPhoenix.com

PhoenixForeclosureSolutions.com

HavenExpress.com

HavensAbuzz.com

Tony and Suzanne Marriott

Associate Broker, REALTOR

Show Appeal Realty

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Mercado District - Tucson's Downtown Green Community

Tue, 24 Aug 2010 20:12:48 -0700

Downtown Tucson is experiencing a rebirth. One of the newest developments is located on the actual birthplace of Tucson itself - with streets following the routes of the first canals in the area.

The Mercado District of Menlo Park is a truly unique community - setting the standard for sustainability and livability in the region. All of the custom builders in The Mercado use differing Green construction methods to achieve high-performance standards while providing a peaceful environment of privacy within a vibrant community.

Live/work opportunities are a part of the unique character of The Mercado - much like the original village that lies preserved beneath it. The narrow streets are by design to make the area more pedestrian-friendly. Parking for guests or visitors is plentiful and close, with Tucson's new Modern Streetcar an added bonus - The Mercado District is the western beginning of the route to the heart of Downtown and to the University of Arizona.

Architecture is a blend of Old Mexico and turn-of-the-century style, with one area, The Paseo, designed to be a walking street of shops, galleries and residences that bring back a simpler way of living.

Soon to come: a gallery of photos as we watch the first Paseo residences come to life from the ground up!

Lots For Sale	Residences

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Philadelphia Blog Tax - Showing No Bloggerly Love? Or Catching Up?

Tue, 24 Aug 2010 10:42:00 -0700

This morning I read that Philadelphia is charging bloggers a business privelege fee just like anyone else doing business in the city - which is $300 + taxes on the income. My first thought was along the lines of, "Where will the taxation STOP?"

After a bit, I started wondering if we bloggers have enjoyed a business privelege without paying the price that other businesses pay as a normal course of responsibility. Many people get a decent amount of income from their blogs - affiliate marketing can produce a good income stream for some, others like myself generate income indirectly as a result of the traffic generated by their blogs (about 70% of my clients find my real estate practice via my blog).

Should I be any different from the restaurants, architects, attorneys & auto repair shops in my community? Probably not. I don't want to pay more fees and taxes, but as a business owner and good citizen, I should not be treated any differently than other businesses. It isn't fair.

Several questions come to mind concerning the business license aspect of it though:

Will a business with an existing license have to pay another fee for their blog? (Double taxation?)
How will local governments enforce such a measure? (Most of the time my blog is written & published in the county, not the city)
Will multiple, interrelated social media platforms be taxed? (Facebook, Twitter, etc)
What about the legal aspects of a blog that is hosted in another state? Will that dictate the actual residence of the blog itself? (visualizing all sorts of hosting operations popping up in low-tax states)
Do cash-strapped governments actually have the staffing or technical experts to truly exercise measures like this?

All in all, it comes down to this: The Philadelphia Experiment is an indicator of the future. Blogging for fun & profit will soon face more governmental fees. We all know that the marketplace has changed to cyberspace...and we're going to have to pay for it as cities & other governmental structures catch up.

It has been a nice ride, for free, for a while. Gotta pay the piper someday.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Another Satisfied Buyer of University Property In Tucson - Testimonial

Thu, 19 Aug 2010 17:08:48 -0700

University property in Tucson has traditionally been very popular for investors and parents of students attending the University of Arizona. Benefiting from the proximity to campus and the ready supply of renters and buyers, the value of these properties has held up better than the overall real estate market the past few years - see this article.

This area in the Tucson real estate market is one that I enjoy concentrating on, not only because of the business, but the vitality of the people and the variety of styles, architecture and property types near the University. Recently, I represented a couple who purchased a condo for their daughter to live in. Just a few weeks later, they decided to invest in another condo to use as an investment property in the same complex.

Getting a testimonial from a client is a wonderful thing, but when they take the time to make a video, it is extra-special!

Investing in real estate may be better now than in decades - because of the combination of prices tumbling from artificial highs a few years ago & record-low interest rates. Some university properties are bargains while others are not - having an experienced REALTOR® who knows the area well can make a difference in getting good value for your dollar or finding a "bargain" that turns into a money-pit.

Below are current properties for sale in areas that are popular with University of Arizona students. The list on the left contains Residential Income properties, the list on the right are single family homes, townhomes and condos for sale. Click on either list to see more detail - no, you don't have to register or sign up for anything. If something interests you, please feel free to contact me.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Newest Discrimination: PREGNANCY and Your Mortgage App

Sat, 14 Aug 2010 12:07:30 -0700

Sure, the process of getting a mortgage has gotten stricter in the past few years...but this kind of questioning is not only immoral & unethical, but ILLEGAL.

If you are buying a home in Tucson, Las Cruces (or anywhere else) - if you get this kind of question from a lender, walk out immediately. There are plenty of other lenders in the market.

Tell your REALTOR®, and file a complaint. This kind of practice cannot be allowed to flourish in the darkness of silence.

Via Erica Ramus - Realty Executives / Pottsville PA Real Estate:

I closed on a house today where the buyer was asked by BANK OF AMERICA about their future child plans! Not if the wife was pregnant now, but FUTURE plans.

This is a young couple moving from their first to second home. At the last minute, the underwriter (of course) requested several more forms and more information. Okay, normal.

But one question they asked the husband was "Do you plan on having more children?"

WHOA.

Lani Rosales wrote about this recently on AgentGenius about this topic and her point was she was SHOCKED by the question. She didn't understand why more realtors were not outraged when this was pointed out in a Realtor Magazine article. It generated very little interest.

Well this buyer was insulted and not pleased. They have one gorgeous little girl now. They qualify for the new home on the husband's income alone. It is nobody's business if the wife is pregnant (she's not) or if they ever plan on having more children.

Why aren't more agents upset by this?

I am a full time worker and a mother of 2. I worked throughout 2 pregnancies. I understand if I had quit work our income would have dropped and perhaps we would have not been able to afford our house. I get that.

But in this case, the wife is a full time mother and her income would not "drop" if she got pregnant. How in the world does it matter?

Isn't this violating Fair Housing somehow? Discrimination?

In the past month other bloggers have posted about this being a lie (another mortgage blogger posted that lenders only ask this in case to see if the buyer will quit later, after getting pregnant). This is NOT THE CASE here and this is not hypothetical or third hand info.

This happened TODAY to a buyer client of mine and the lender was Bank of America.

Flickr photo courtesy CarbonNYC

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Erica Ramus is Broker/Owner of Realty Executives in Pottsville, PA. If you're looking for a PROFESSIONAL to represent you in all of your Schuylkill County real estate needs, call Realty Executives at 570-622-6006. Serving all of Schuylkill County ... Pottsville, Orwigsburg, Schuylkill Haven, Auburn, Pine Grove, Frackville, Minersville, Ashland, Shenandoah, Port Carbon, Palo Alto, St. Clair, Barnesville real estate. Click on the link above to search Pottsville PA homes for sale or any Schuylkill County homes for sale. We have all properties listed for sale in the Schuylkill MLS on our website -- free search! No registration is required!

We also run Schuylkill Appraisal Services, for all your appraisal needs in the area. If you need an appraisal, we are your Schuylkill County appraisal source.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Rip Van Winkle Buys A Home In Tucson (T.R.E.S. Episode 6)

Thu, 12 Aug 2010 16:40:46 -0700

So - is it a good time to buy a home in Tucson? Rip Van Winkle took another nap...for 5 years...see what he found out!

Things have changed dramatically in the Tucson Real Estate Market in the past five years. Prices have come down considerably, and - get this - interest rates are incredibly low.

The past several years have seen artificially inflated highs, so inflated that the economy of the United States suffered a severe downturn when the "bubble" burst in the Sand States of Arizona, Nevada, California and Florida. This was a serious contributing factor to the near meltdown on Wall Street - and affecting economies worldwide.

The speculators and "quick buck" artists of the go-go 00's are gone, with first-time homebuyers, people looking for 2nd homes and smart investors finding value in today's no nonsense real estate market. The days of "picking up a couple of homes for an easy flip" are over, and common sense has come back to the table, at least in the Tucson market.

The average homebuyer can now buy a good home at a good price, with a loan that has a historically good interest rates. Many "crystal balls" turned out to be cracked & made of cheap plastic in the "oh-oh 00's" but I have a feeling that several years down the road, the market we are in right now will be looked at as one of the best times to buy in a long time.

If you find something of value here, please feel free to share or forward this to your friends and colleagues. To learn more about Tom Heath & mortgages in Tucson, click here. To search for properties available in the Tucson real estate market, click here. To learn more about people & places in the Tucson area, visit our website, THE Tucson Real Estate Show.

Special thanks goes out to Barry Habib for his inspiration in making this video. The location we used is in the University of Arizona BioSciences Park, now under construction.

Kent Simpson likes

The Tucson Real Estate Show

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium

Fri, 06 Aug 2010 14:37:48 -0700

Jeff Belonger is acknowledged as one of the nation's top experts on FHA lending. If you are considering using an FHA loan to purchase a home in Tucson (or anywhere else), please read this post to help understand where some of the costs involved are coming from.

Thank you for sharing this, Jeff!

Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

FHA first proposed the monthly mortgage insurance changes in the beginning of 2010. Bill H.R. 5981 was first passed by the House in the spring and was just passed by the Senate the other day. What does this bill do for FHA mortgages? They have projected that it will yield approximately $300 million per month to the FHA insurance fund.

So what are the new FHA changes? - For terms greater than 15 years -

LTV's <= 95% will increase the monthly fee by 85 bps

LTV's > 95% will increase the monthly fee by 90 bps

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

The plan is to go into effect by September 7th, 2010 on all FHA case numbers. FHA gives it's reasons to this new plan. FHA letter from David H. Stevens

So what do the actual changes mean to the average borrower that will rely on FHA loans when purchasing a new home or refinancing?

                - The Old Plan -

LTV's <= 95% will increase the monthly fee by 50 bps

LTV's > 95% will increase the monthly fee by 55 bps

Example of the changes regarding the FHA monthly mortgage insurance known as MMI or annual mortgage insurance premium and the FHA upfront mortgage insurance premium known as UFMIP.

As you can see, it would be much cheaper monthly with the old plan, even though you pay $3,317 more upfront, on top of your loan. This can also be a tax write off since it's included in your principal. You break even point on this type of scenario is 47 months, which is roughly 3.9 years. After this break even point, you would have started to spend more money in reality. This is how FHA will increase it's mortgage fund. As you can see, it won't be increased as quickly upfront, but over a longer period of time. So if you held onto this mortgage for 7 years, you would have spent approximately $2,522.

Now, there are several other factors to consider when reviewing this kind of information. Just for the fact that your original balance on the loan will be $3,317 lower and in 7 years, still be that much lower. And as I mentioned, you would have a little more of a tax advantage on the higher balance though.

All I wanted to do was to present the basics of FHA loans and not get into the extreme details on how one could show either side. What could this do to a potential home buyer? It could reduce your purchasing power. In this scenario, if you had originally qualified for a $275,000 loan with qualifying ratios of 31/43, what would your new purchase price be.

- New Purchasing Power after September 6th, 2010 -

With the new FHA monthly mortgage insurance and the FHA upfront mortgage insurance premium changes, your purchasing value would drop approximately $10,000, a purchase price of $265,000. Now, these are just averages, because this will all be based on the actual purchase price. Meaning if values are higher or lower, the total amount could change some. But this should give you a good understanding of what changes lie ahead for FHA mortgages in the near future.

UPDATE : Travis Newton did a similar post, using a $200,000 purchase price and as you can see, the mortgage payment inceased by $45.29/month.   Notice *** FHA Changes

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

THE Tucson Real Estate Show - Episode 3 "Ride Tucson's Trolley - w/Conductor Karen Rodack"

Wed, 28 Jul 2010 13:10:26 -0700

In Episode 3, THE Tucson Real Estate Show takes a break from the business side of things to ride the Historic Tucson Trolley and learn about its history from Karen Rodack, who is a volunteer conductor for the Old Pueblo Trolley organization.

Currently, the trolley runs along University Blvd. from Main Gate Square at the University of Arizona, and down 4th Avenue where it stops before going down Congress Street in downtown Tucson. This nostalgic attraction is completely volunteer operated & funded by donations. It generally runs on weekends - weather & maintenance permitting.

Work is beginning soon on a new, Modern Streetcar for Tucson, which will expand the route significantly and be more useful as a practical mode of transportation. There has been quite a bit of new activity in the downtown Tucson area as businesses open up as part of the downtown revitalization effort - and in anticipation of the Modern Streetcar's debut in 2013. Yes, Mr. An has started construction on his new restaurant, An Congress, right by the Rialto Theater and Hotel Congress. Can anyone get us an interview with him?

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

THE Tucson Real Estate Show - Episode 2 "On The Right Track To A Mortgage"

Wed, 28 Jul 2010 01:56:25 -0700

In Episode 2 of THE Tucson Real Estate Show, Tom Heath and I visit Tucson's Historic Train Depot downtown to help illustrate how to be "On The Right Track" for getting a home mortgage.

Our mission with THE Tucson Real Estate Show is to provide consumers with information they can use about the local Tucson real estate market, while highlighting the people, places and things that make "The Old Pueblo" a special place.

Tom Heath is a mortgage professional with Sunstreet Mortgage and current President of the Southern Arizona Mortgage Lenders Association. Kent Simpson is a REALTOR® who is awaiting trial for impersonating someone who knows how to do a real estate show.

On our next video, follow along as we ride the Historic Tucson Trolley in search of Mr. An - while Conductor Karen Rodack tells us the trolley's history. Do we find Mr. An? Will he invite us to the grand opening of An Congress? Watch & see!

Visit our website

Episode 1 - Introducing THE Tucson Real Estate Show

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Introducing: THE Tucson Real Estate Show! (Episode 1 - Trail Dust Town)

Wed, 28 Jul 2010 00:30:52 -0700

Friends, readers and anyone interested in Tucson or Real Estate in general - I am proud to be introducing THE Tucson Real Estate Show! In Episode 1 - we start at a Tucson "Old West" landmark, Trail Dust Town, and ask the question, "Why another real estate show?" Hopefully you will like the answer:

Tom Heath of Sunstreet Mortgage, current President of the Southern Arizona Mortgage Lenders Association and I will be exploring different areas of Tucson, the people that make "The Old Pueblo" a special place and highlighting local businesses as well as interesting places. One of our goals is to tie in our wanderings with some helpful information about the Tucson Real Estate Market while providing some consumer education along the way.

We launched our all-video website yesterday (so bear with us while we iron out some of the wrinkles) with our first four episodes. Each week we will have a new segment for you to enjoy. Future episodes will include the Historic Tucson Trolley in downtown, the University of Arizona Bio Park, St. Phillip's Plaza Farmers Market & more!

Follow us while we search for the elusive holy grail Mr. An - a longtime Tucson figure for his fine cuisine, love of baseball, and try to wheedle an invitation to the grand opening of his new restaurant in downtown Tucson, An Congress - right along the route of the coming Streetcar. If you see something of value, please feel free to forward to your friends & colleagues.

Episode 2 - "On The Right Track To A Mortgage"
- from Tucson's Historic Train Depot

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Tucson Got More "Business-Friendly" In One Fell Swoop!

Sun, 25 Jul 2010 00:38:56 -0700

How can Tucson become more "Business Friendly" in one simple step?

It happened July 8th - by a 7-0 vote, the Tucson City Council decided to do away with the nightmare that obtaining a Certificate of Occupancy for commercial properties had become. Yippee!!!! Hooray!!!

A couple of years ago, after learning that less than 25% of all businesses had a valid C of O, a measure was passed in Council to require a new Certificate of Occupancy be issued for any commercial property changing hands. Whether lease, sale, trade - whatever - to get the permit to open a business' doors, a new C of O had to be issued.

Makes sense, unless you have no workable criteria in place to obtain one. Oops. Kinda forgot that part. The solution was to form a committee of 18 people drawn from the business world, neighborhood associations, public interest groups and other "stakeholders" to come up with an outline of the steps needed to satisfy the requirements.

Problem.

The committee couldn't even agree on when the meetings would be, much less come up with a workable plan! Meanwhile, there's an ordinance on the books that has no understandable rules to figure out how to comply with.

So...the past 2 years have been a nightmare for business & property owners. You've got to get a C of O to open the doors, but nobody knows what you have to do to get one. Okay, we can't just keep every business in town that wants to open up or move into an existing structure from being able to operate, can we? Solution - we'll just require a C of O for "change of use."

Cool!

Problem: change of use was interpreted so strictly that an shoe store couldn't move into a building previously occupied by a dress shop. "But they're both retail operations," you might say..."But they sell different things," the interpretation was, "so it's a change of use."

(Can you picture how much hair was lost due to pulling out large tufts with both hands?)

The towns of Oro Valley, Marana, Sahuarita and Unincorporated Pima County made out like bandits as frustrated businesses chose to locate there instead of Tucson. I have no doubt that officials of those entities regularly said (behind closed doors of course), "Thanks for the bonehead move, City of Tucson - we'll be glad to increase our tax base. Sorry about your budget woes, wonder why we're in the black? Hmm...snicker, snicker."

But that's all behind us now, isn't it? Thanks for your July 8 vote to rescind this ordinance, City Council - you're moving in the right direction...please don't do something that stupid again.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

The Little Horse That Could: B.I.G. - Another Tucson Champion! (& Equestrian Property Search too)

Tue, 29 Jun 2010 11:09:13 -0700

When relocating to Tucson, the reasons vary - a job transfer, health issues, lifestyle changes, pursuing a dream...or something as simple as following your heart. Here's a little about one man who did that...and has become a champion, along with his partner, a wild mustang named B.I.G. - one of the smallest horses in the Extreme Mustang Makeover competition. He Has A Winning Way With Mustangs.

Logan Leach listened to his heart many years ago, and settled in Tucson. He established Tanque Verde Stables in the Northeast part of the Tucson Metro, perfectly located by the Tanque Verde wash (full of great riding trails) with views of the Catalina Mountains to the north, the Rincon Mountains to the east, surrounded by semi-rural countryside. Arizona National Golf Course is just a skip away to the north, 49er Country Club is a dash to the east. Close enough to the urban core to be convenient yet away from the city enough to enjoy a little elbow room and do what he loves: training horses.

The Tucson area is full of horse lovers - there are even stables within minutes of downtown Tucson! Miles and miles of equestrian trails lead along the Rillito River, along washes and the spirit of the Old West remains a part of the region's core - but not readily apparent to many (in keeping with the cowboy way of life - it is a lifestyle of quiet enjoyment, not "in your face" hype and brassiness).

If horse property is something you yearn for, there are plenty of homes available within minutes of everything the city has to offer. The Equestrian Lifestyle is definitely a big niche in Tucson. Check out the properties on the left - there are over 300 homes on horse property available in the immediate Tucson Market from $185,000 to the multi-millions.

Should you care for more privacy - my team knows of several special parcels, including working ranches for sale in the area. Just contact us today & share your dreams!

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

Advertising On Your Car - Are You Truly Legal?

Fri, 25 Jun 2010 02:15:23 -0700

Are you advertising yourself on your car yet? For some, it seems a "no-brainer" - cheap, easy and, after all - we're on the road quite a bit in this industry, aren't we? Now comes the tough part...are you doing it legally?

Besides making sure that your signage is broker-approved & conforms to the commissioner's rules, you might want to check a little further! In some states, any vehicle that is used for commercial purposes must be registered as a commercial vehicle. Arizona is one of those states...and our state government is hurting for money. Big Time.

At a meeting of the Government Affairs Committee that I serve on, one of the members warned us that this law is on the books & that the police have been instructed (quietly) to focus on stepping up enforcement of previously ignored codes as a means of generating revenue!

For those who have magnetic signs & window decals...not to mention those with elaborate "wraps" on their cars, if you're not properly registered, you might get a pricey ticket as well as lose some valuable time as you hurry to that appointment across town. Hopefully you don't have a client in your car if you get stopped!

Save yourself some embarassment, lost time & hard-earned money - make sure you're legal, or ditch the signage!

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"

First Time Home Buyer/First Time Investor

Thu, 24 Jun 2010 01:06:32 -0700

Early this evening, I got a call from a young man looking to begin investing in real estate, but unsure of where to start. After a few questions, it was apparent that he really was at the very beginning of his journey, and was reaching out for some guidance. What resulted was the most rewarding conversation I've had with a prospective first-time buyer in a l-o-o-n-g time. I won't make a penny from this phone call, but that isn't the point.

Turns out, this young man is 19 years old, going to school in an area of the country hit extremely hard by the implosion of the real estate market, raw & inexperienced in purchasing real estate - but careful with his money & eager to learn. He has heard about predatory lending and "0 Down, EZ Qualify" scams.

His goal is to purchase a duplex, triplex or fourplex, live in one unit and rent the others to help him pay for the investment. Good idea. He spoke about his lack of knowledge as a challenge to be solved by consulting with professionals who would take the time to explain the process along the way & guide him to a smart decision "because I don't want to be a foreclosure victim, I want to start building my nest egg now, since prices are so low." Great idea.

We spoke about the pros & cons of investment property: what can happen when a tenant moves out unexpectedly - or doesn't pay the rent on time. Landlord responsibilities, maintenance issues, taxes, insurance and fair housing laws, cash flow & reserves, the reality vs the hype of short sales, factors involved in choosing an area to start looking, vacancy rates and much, much more.

As the conversation went on, I suggested he take advantage of some seminars and classes put on by the Association of Mortgage Brokers and the REALTOR® Association in order to have a clearer basis of understanding concerning the process and procedures in buying real property. Since I was by my computer, I looked up the contact information for these associations in his area and gave him the websites. Oh, did I mention that he lives nearly 1,000 miles away from Tucson? This young first-time homebuyer has never seen Southern Arizona, except for in movies & photos. He won't be buying in Tucson, either.

At the beginning of this phone call, my inquisitive young caller asked if I could spare 10 minutes of my time - we talked for just over 45 minutes.

In the first few minutes of the call, I already knew that this buyer was not interested in my market - but he was reaching out to me to help get him pointed in the right direction. Whether it was something I had written on my blog, posted on Facebook, Twitter, YouTube or somewhere else that caused him to ask me - or some random quirk of keywords on Google...it doesn't matter. He is the public, took the time to call me, and had realistic, rational goals in mind.

After hanging up with him, I felt a certain fulfillment - a feeling of living up to the vows I took to become a REALTOR®. It isn't all about the money or the deal. There is a service commitment implied in that oath. Sometimes all it takes is a conversation and some frank discussion. This was the best phone call I've had in a long time.

Thank you, Abraham, you made my day.
I wish you success and happiness in all of your goals...and yes, I WILL buy you lunch near the University of Arizona if you ever visit Tucson so that we can dine in the presence of "all those HOT Arizona girls!" (Now it is in writing - verbals don't count as a contract)

Being a REALTOR® has its moments, and this is one of them.

Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.

"Never forget - Real Estate Is About People"