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Cactus Flower at Picacho Peak

Green Real Estate Blog

Tony Ray Baker, ABR, CRS, GRI
NARgreen, EcoBroker
(520) 631-TONY (8669)
Tierra Antigua Realty
TonyRay@MyGreenTucson.com

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Things To Do In Tucson
# 16 The Lights of Tucson

One of the things I like to do for new clients, especially coming from other cities, is take them to see the lights of Tucson.

From Campbell and Sunrise/Skyline (La Encantada Mall is there) go North on Campbell to the end and make the circle (don't go through the guard gate).

As you come around the circle you can see almost all of Tucson, from mountain range to mountain range. The glittering lights are beautiful.

Tony Ray

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Tuesday, October 6, 2009

Lofts and Condos - The New Regulations

If you are thinking about buying a condo or a loft, you might find the process a bit harder lofts condos tucson realtor loft condo condominium az

than expected. In the last couple of months new condominium regulations are making it hard for almost anyone to obtain a good loan.

Government efforts to limit risky lending in this segment of housing have resulted in more strict regulations that make it a lot more harder to purchase a loft or condo. Take Fannie Mae or Freddie Mac, who amount to approximately 40% of all mortgages in the country, who have recently changed some of their guidelines as follows:

For new construction and newly converted condominium/loft developments, 70% of the units must be pre-sold (closed or under contract). Increased from 51%, this is perhaps the most complicated guideline because Fannie Mae will not approve mortgages unless 70% of the units are sold, but developers cannot sell 70% of the units without buyers being able to obtain a conventional mortgage. Buyers who want to buy, need to find loans from smaller, local banks often times resulting in not so good deals.

No more than 15% of condominium or loft units within a single project can be more than 30 days delinquent on condo fees.

Tucson condo loft condos lofts Arizona condominiums

Fidelity insurance required for condominiums or lofts with 20 or more units, ensuring that homeowner associations fund are protected.

The condominium/homeowners association must have at least 10% of its budgeted income designated in a capital reserve fund for replacement reserves and adequate funds budgeted for the insurance deductible. Many older condominium associations keep woefully inadequate reserves and operating budgets, so they are non-compliant.

Fannie Mae and Freddie Mac have also boosted fees on mortgages for condominium units. Buyers without a minimum 25% down payment have to pay closing-cost fees, regardless of their credit score.

According to Fannie Mae, the guidelines can be adjusted in a case by case basis depending mainly on the loft or condo project, but for the most part, these guidelines apply to the majority of condo and loft buyers. Buying a condo might be harder than it used to be, but it is not impossible; having an experienced lender and Realtor on your side will make all the difference.

Tony Ray

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About Us: On this page you’ll find information about our company Tierra Antigua Realty, our history, my goals and my real estate designations - NAR green, EcoBroker, ABR, CRS, GRI.

Blog: I use this space to write whatever is on my mind on any given day. I might right about Tucson real estate, homes, mortgages, gardening, Tucson treasures, craft ideas, recipes, well, I’m sure you get the idea.

Buyers: As your Accredited Buyers Representative (ABR), I will help you with all of your buying needs: Lofts, Condo's, Single Family Homes, Manufactured homes and Land. Use the form on this page to receive listings of homes for sale in the Tucson Realtor MLS. My computer system sends these homes to you within minutes of being listed so you see them before most other buyers and even most Realtors. If you are moving to Tucson, we'll send you a free relocation package.

Companies I Trust: The companies on this page are companies that I have worked with as a Realtor selling Tucson real estate ( many over 12 years). I can refer them with no reservation knowing that they will always take care of my clients and friends. You can trust that they will provide you with the best care and customer service. Let them know that Tony Ray referred you.

Contact Us: Find our contact information (Tony Ray Baker and Tierra Antigua Realty) or use the form on this page to send me your questions and / or comments about Tucson real estate.

EcoBroker: EcoBroker is an education and certification program for real estate professionals who care about the environment and want to promote energy-efficient and "green" features in homes and buildings. As your Tucson EcoBroker, I can help you identify homes with green features, market the green features of a home and help you make any home more green.

Environmental: This page has links to articles about environmental issues that can affect your home or buying real estate in Tucson. Indoor air quality, radon, asbestos, mold are some of the topics I will cover.

Green Homes: This section has information about green building issues for new homes or the home you already own. Solar, rainwater harvesting, recycled products, insulation, remodeling and many more ideas are to come.

Green Living: You can find out how to improve your indoor air quality by removing toxic chemicals from your home. How you can be better at recycling. What are no VOC paints? Green living is about everyday living and the things you can do to make your home safer and better.

Home Loans: If you need help understanding, Mortgages, APR’s, Fannie Mae, MIP, Interest Rates, etc., Phaedra is who I have referred my clients to for a long time. And I mean a long time. Many Realtor's in Tucson refer Phaedra. She is honest and will answer all of your questions in a simple, easy to understand way.

Home News: News and information, fun and serious, about real estate and home. This page is constantly changing, so check in often.

Lofts / Condos: Some of my favorite green projects are the stylish lofts around Tucson. The Ice House, Indigo Modern and Barrio Metalica are some of the ones I think you must see to compare. There are also some great condo projects, and apartments that have been converted into condominiums, if that’s more appealing to you.

Referrals: Since 1994, over 94% of my real estate business has been referred to me by clients, family and friends. Running my business by referral lets me spend more time working with my clients, not chasing new ones. My clients use the form on this page to refer someone who deserves the same service that I gave them.

Relocation: If you are moving to Tucson, be sure to fill out this easy form and we will send you a free, real estate relocation package.

Restaurants: Locally owned, great food, great customer service. Part of being a Realtor is eating out a lot, these are some of my favorite restaurants. Tell them Tony Ray referred you.

Sellers: Use the form on this page to receive a free, no cost or obligation, evaluation of your home. On this page, I also explain my full service real estate practice and unique marketing that sells homes even in slow markets. If you are moving away from Tucson, we can help with your relocation and refer you to a Realtor in your new city.

Short Sales: Information about short sales and foreclosures, including the Realtor Short Sale and Foreclosures Resource Certification.

Testimonials: My clients have something to say. On this page, they tell all about their experiences when buying and selling real estate with me.

Tierra Antigua Realty: Information about Tierra Antigua Realty and myself, our history, goals etc.

Tucson Weather: It’s all about Tucson’s beautiful weather, like our average temperature. It's one of the reason's so many people relocate to Tucson. I love it here. The weather allows me to enjoy the great outdoors almost any time I want. That is why I have put “Things to do” in Tucson on every page.