Long Realty’s ‘heat map’ charts hot markets - Inside Tucson Business: Construction / Real Estate

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Long Realty’s ‘heat map’ charts hot markets

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Posted: Friday, February 17, 2012 6:00 am

For potential home buyers, sellers and investors who have a "show me" attitude toward real estate, Long Realty has drawn up the perfect illustration. It's a "heat map" that CEO Rosey Koberlein describes as just a plain variation of that old real estate credo: location, location, location.

"It's an educational tool for agents and consumers, both buyers and sellers. Realtors have to have absolutely the best available information. For buyers, it educates them on how the market has turned. And if a seller is thinking of putting their home up, it helps them to see and understand the competition in the marketplace," said Koberlein.

The map is based on data from the Tucson Association of Realtors Multiple Listing Service. Long Realty analyzes where the most homes are for sale, and based on months of inventory, categorizes each zip code area into one of five "heat" categories.

The categories are a hot buyer's market, hot seller's market, normal market, and two "in between" markets.

A buyer's market has nine months or more of inventory. A seller's market has two months or less of inventory. Five to six months of product is considered a normal market.

"The map validates that you cannot approach each zip code or subdivision or home exactly as another. Supply and demand influences price bands," she said.

For example, it is a buyer's market on Tucson's far northeast side and across several zip code areas north of River Road and west into Marana. The key factor in those areas is high inventory.

Due to supply-demand balance, most of the city's western, central, eastern and southern areas are normal markets. When pricing is thrown into the equation, sellers have the advantage in the far southwest and areas surrounding Tucson International Airport.

Since the beginning of the year, it has been a buyer's market in zip codes 85658, 85715, 85716, 85718, 85737, 85739, 85749, and 85755. The in-between buyer-normal market is in 85750.

The normal market is in zip codes 85735, 85745, 85713, 85701, 85705, 85704, 85712, 85748, 85641, and 85719. The in-between seller-normal market is in 85653, 85743, 85741, 85746, 85629, 85756, 85711, 85710, 85730, and 85747.

Only two areas of the Tucson region are seller's markets: 85757 and 85706.

Long Realty created the map about four years ago "so our agents would have more expertise," Koberlein said. But in response to the housing market crash, it is now generally available to the entire real estate community "to help everyone get through this tough market."

Appraisers tap Baier

Bruce Baier, owner of Baier Appraisal Services in Oro Valley, has been named 2012 president of the Southern Arizona Chapter of the Appraisal Institute. Baier is a commercial real estate appraiser with over 30 years of experience.

Joining him as officers are vice president Michael Bernstein, M. Bernstein Real Estate Appraisers; secretary Sarah Baker, Baker, Peterson, Baker & Associates; and treasurer Robert Wenzel, Tucson Appraisals. Derrick Sinclair, Sinclair Appraisal Services, is the group's immediate past president.

Elected to the board of directors were: Carolyn Holliday, Pima County Real Property Services; Tom Harvey and Jeff Teplitsky, Baker, Peterson, Baker & Associates; Sarah Vetault, Compline Group; and Gordon Wicker, Quality Valuation.

With more than 24,000 members, the Appraisal Institute is the nation's largest organization of real estate appraisers. Baier said the local chapter has about 50 designated members and 35 associate members.

Sahuarita lot sale

Tucson-based Rancho Bridge LLC has acquired 48 finished lots within the Rancho Sahuarita master planned community for just over $1 million. The land was sold by Pulte Home Corp., represented by Will White, Land Advisors Organization.

Rancho Sahuarita is a 2,800-acre development in the town of Sahuarita about nine miles south of Tucson.

Sales and leases

• Equilibrium Fund Prop1 LLC purchased the 101-unit Craycroft Gardens Apartments, 5402 E. 30th St., for $2.1 million from Mid-First Bank, the court-appointed receiver. Bob Kaplan and Allan Mendelsberg, Picor Commercial Real Estate Services, handled the transaction.

• 4582 N. First LLC purchased a 4,300 square foot medical office building at 4582 N. First Ave., for $772,038 from Cinbin LLC, represented by Tony Reed, Long Realty Company. Randy Emerson and Gary Emerson, GRE Partners, represented the buyer.

• The Drawing Studio leased 9,228 square feet lease at 33 S. Sixth Ave. from Gibson Family LLC, represented by Tom Knox, Picor.

• Diversified Pharmacy Solutions LLC leased 5,288 square feet at 1171 E Rancho Vistoso Blvd. from Mountain Vista Plaza LLC, represented by John Yarborough, Romano Real Estate.

• 42Six leased 4,930 square feet at 3280 E. Hemisphere Loop, Suite 198, from Tucson Property Investors LLC, represented by Pat Welchert, Picor. Paul Hooker and Tom Nieman, also with Picor, represented the tenant.

• A Perfect Pantry leased 4,200 square feet at 21 E. Congress St. from Henriette Siebenberg Trust, represented by Tom Knox, Picor Commercial Real Estate Services.

• Phoenix Bolt USA LLC leased 3,763 square feet at 3745 N. I-10 East Bound Frontage Road from Peacock Investment Builders Tucson II LLC, represented by Rob Glaser and Stephen Cohen of Picor. Gabriel Gastelum, Century 21 Success Realty, represented the tenant.

• Rock Warehouse leased 2,470 square feet at 3710 S. Park Ave. from Gateway Industrial Park LLC. Jesse Blum and Ron Zimmerman, Grubb & Ellis, handled the transaction.

• Subway leased 1,505 square feet at The Shoppes at Rita Ranch, 8140 S. Houghton Road, from Rita & Houghton LLC, represented by Aaron LaPrise and Brian Harpel of The Harpel Company.

• Vineyard Services leased 1,200 square feet at 1101 W. Grant Road, Suite 205 from Sloat Family Partnership, represented by Steve Cohen of Picor. Ian Stuart of CBRE represented the tenant.

• Southwest Cargo Systems leased 1,200 square feet at 3710 S. Park Ave. from Gateway Industrial Park. Jesse Blum and Ron Zimmerman of Grubb & Ellis handled the transaction.

Email news items for this column to ryohem@azbiz.com. Inside Real Estate & Construction appears weekly.

 

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