TheTucsonFoothills

gee, I wonder why this one hasn’t sold

5280 N Valley View Rd sold for $830,000 in December 2005 and was listed for $1,345,000 in April 2008 - just 62% more. Since then it’s dropped down to $1,050,000, and still hasn’t found a buyer, and was withdrawn from the market today.

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2 down on Mission Hill

Mission Hill is in Skyline Country Club and there were 2 good sales yesterday.

7021 N Mission Hill Ln, range priced, $1,495,000-$1,895,000, aha, sold for $1,395,000 ($191/sf). Listed for a few months in 2008 at $2,495,000, it went nowhere and they quickly gave up. Then they listed it last September, at that range price, and stuck to their guns, that is, until they got an offer they couldn’t refuse.

And my favorite, 5280 E Mission Hill Dr, for which I was fortunate enough to represent the buyers, sold yesterday for $1,220,000 ($299/sf) off a $1,500,000 list price. A huge discount from it’s original $2,900,000 asking price and about half the cost of the lot & building the house. A huge deal. Which we were able to pull off by making a cash offer with a super-quick close. BAM! 8 days from contract to close of escrow.

When it was re-listed in late December at $1.5, I said it can’t, won’t last and I’m so glad that my wonderful clients are the one’s who got it.

Not a spec, it was custom built by master builder Mike Wachs, and then the owner had a change of circumstance, never occupied the house and put it up for sale. It’s all masonry construction with the very finest materials and craftsmanship, inside and out, and drop dead city and mountain views. It’s the real thing.

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another contract, but still a long way to go in Cat 10

4510 N Placita Camaleon, in Cat 10 and just 15 days on the market, went to contract yesterday listed at $899,000 ($290/sf). That makes 2 under contract in Cat 10, the other is at $890,000 ($227/sf).

And that’s good news. But neither of them make a dent in the growing inventory of homes for sale in Cat 10 at a million and up.
There are 18 for sale, 1 at $799,000 and 17 from $1,000,000 to $2,650,000 >average list - $1,669,556/median - $1,599,500/$330/sf

And to make matters worse, the last time a home sold for a million or more in Cat 10 was February 2008. It was a biggie and sold for $2,900,000 ($465/sf) - and is now for sale for $2,650,000 - and has been for more than 1 year.

Details, details;
3 sold in the last 6 months, at: $587,500 ($200/sf), $755,000 ($260/sf) and $995,000 ($168/sf). And if we include all of 2009 there was one other sale in Cat 10, for $640,000 ($268/sf) 
The averages; average sold - $744,375/median - $697,500/$224/sf

I represented the buyers of the $587,500 & $995,000 sales, both of which were priced much higher when they started out, but neither of which sold until they got to a price where buyers felt they were getting good value for their money.

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fighting over road kill

Originally listed in 2007 for $1,075,000, 5360 N Ventana Overlook Pl, a built by-the-side-of-the road spec home & ultimately a foreclosure, listed for $499,900 sold today for $527,000 ($162/sf). In a bidding war, I assume.

For more on this spec house, see> birds of a feather on Kolb Rd

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you can’t always tell a book by it’s cover

After 3 years and 57% in price cuts, 6001 N Vista Valverde sold today. Hurrah! And while it’s a bit odd, not everyone’s cup of tea, at $729,000 ($123/sf), it was a huge deal. It last sold in 2000 for $797,000.

But it’s death warrant was signed when it was first listed in December 2006 - for $1,859,000 – an off the wall, not a chance in hell, price. And by the time it got down in the strike zone, $1,085,000, it was November 08, and all hell had broke loose and, because it was a bit odd, for the very few that were buying, it was ignored. I wrote about it back then, thinking it was in the strike zone.

But the real obstacle, I think, is that most buyers just couldn’t get past the front of the house. No way. 

I took some buyers up to see it and as we pulled up out front
they were ready to cut and run before I’d parked.

But once we went inside, they saw that it was a different house than they expected. Very attractive and in superb condition with gorgeous sandstone floors, tall ceilings, but still somewhat unconventional.

The living/dining area was huge, maybe too huge, and in the middle of the house, with the bedrooms/bathrooms/kitchen/family room running around the perimeter on three sides.  

Built 1978/brick construction/5919 sf/2.69 acres/4 Beds/3.5 Baths

And not a short sale or foreclosure.

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bigger more better nicer

A new listing today in Pima Canyon takes the cake for both the biggest and the most expensive home listed in PC.

2304 E Sentry Ridge Ct, 1st time on the market, listed today for $4,950,000 ($639/sf)/New Construction - 2009 built/masonry construction/1.38 acres/7738 sf/4 Beds/5 Baths + 4 half baths/including a 691 sf guest house.

This new listing is also the latest member of an elite group of just 7 homes for sale in all of the foothills priced at $4.5 and Up. On the other hand, according to the MLS, the highest priced sale in the foothills, ever, through good times and bad, was for $3,800,000.

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maybe it’s a Joesler, maybe it’s not

The house at 5320 N Camino Real was listed today. Built in 1945 and listed as - Classic Tucson Home by Joesler (per owner),
in other words, the agent is not sticking her neck out on the pedigree.

1.6 acres/4395 sf/3 Beds/3.5 Baths/Pool/2 car/Charming and private/$1,150,000 ($262/sf) Last sold in 1993 for $334,000.

Joesler or not, it sure looks like a classic Tucson home, clay tile mission style roof and all.

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what’s selling

See for yourself the homes that sold in the last 30 days in the Tucson Foothills.

 SOLD

And the summary data for those 33 sales;

Average List price - $610,336 ($193/sf)
Average Sold price - $559,912 ($179/sf)
Sold for an average of 91.74% of list price (based on the latest list price, after any, and all, price cuts)

Median Sold - $425,000
Low - $208,500
High - $1,475,000

6 went to contract at $1,000,000 and up, 2 sold for under $1,000,000 and 4 sold over $1,000,000

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signs of life at a Million & up

In the last 7 days 6 homes priced at a million & up have gone to contract in the Tucson Foothills. And while I’m not able to dig up the data for previous 7 day periods, there’s no doubt that this is a marked uptick in activity in that price range.

If you’re keeping score, here are the details;

6433 N Placita Del Zopilote, Alta Vista, $1,450,000 ($302/sf)
6260 E Placita Del Nido, Alta Vista, $1,189,000 ($293/sf)
1887 E Desert Garden Dr, Pima Cyn, $1,250,000 ($288/sf)
2192 E Desert Garden Dr, Pima Cyn, $1,995,000 ($367/sf)
5280 E Mission Hill Dr, Skyline CC, $1,500,000 ($368/sf)
6609 N Eagle Ridge Dr, Ventana Canyon, $1,749,000 ($395/sf)

For other than Alta Vista, which, all along, has done better than most, high-end contracts in Pima Cyn, Skyline CC and Ventana are a welcome break from a long dry spell. Let’s see where we go from here.

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what the hell, what’s one more

Cat 10, with another new listing today, is now up to 19 homes for sale - $799,000 to $2,650,000.
$1,629,000 avg list price/$1,500,000 median list price/avg $328/sf.

vs

1 under contract
$890,000/$227/sf

&

1 sold last 3 months
$995,000/$168/sf

the new kid on the block> 3770 E Placita De Piacho

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these people want to sell

Listed on October 5th @ $1,625,000, it’s now $1,095,000($225/sf).
Unfortunately, in that short time, it’s become a short sale.
So they also need to sell.

This is a 2007 built mud adobe- expensive to build, and so, a rare bird these days – 4861 sf/3 Beds/3 Baths/1+ acre/polished concrete floors

with pool. $225/sf! see more here> 5905 N Camino Escalante

I’m embarrassed to say I’ve never seen it, but, from the looks of it, it’s worth a look. I have to get over there.

UPDATE; I received an email with a link to more good info on the construction of this house> Camino Escalante

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full disclosure

This is actually an attractive house in Hacienda Del Sol Est, but, as you’ll see, you’ve got to really like steps. And though it would have been hard to do, thankfully, the listing agent didn’t waste everyone’s time trying to hide them.

Also, I was just making a point, there is more to it than just steps, see it here> 5106 N Avenida De Castilla.

It’s a pretty safe bet that the steps have been the impediment to a sale, but the price is now down to $595,000 ($163/sf) from a 2+ year ago high of 1,199,000. Oh, and it’s a short sale too.

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they just keep comin’

million$$+ listings that is.

35 have been listed or re-listed since the 1st of the year.
And another one just popped into the MLS - 6440 N Desert Wind Cir – asking $1,295,000 or $359/sf.

Now I don’t mean to cast any doubt on this particular listing, I’ve never seen it, but, one thing’s not in doubt, you have to be awfully good these days to haul in $300/sf or more.

As I mentioned the other day - how does the market measure up using $$/sf – there were 76 homes listed at $300 & up/sf and just one sold in the last 90 days. So what are the odds?

And I wonder, people trying to sell must know that the
high-end market is in the toilet, but still they keep coming.
And, often, at not very attractive prices. Why is that.

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sure, prices are down, but not to where they were in 1999, are they

Try telling that to the people who just sold their house at 6460 N Thimble Pass, up in Ventana. They paid $1,550,000 for it in 2000 and sold it today for $1,475,000 ($252/sf). 

And to make matters worse, it sold in 17 days in 2000, while this time round it took a year.

Meanwhile the folks at 6201 N Whaleback Pl, also in Ventana, are hoping to do better. They paid $1,195,000 in 02, then tried selling it in 08 & 09 for $1,850,000 & $1,750,000 and are back today at $1,699,000. Time will tell.

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high-end doings

First the return of 1714 E Barrel Cactus Ct. A Pima Canyon spec home that left the market in June priced at $3,995,000 is back today at $3,384,000 ($543/sf). You can’t sell it if it’s not listed and by pulling it in early June they missed out on the spurt in high-end sales that happened in early to mid summer. So who knows why they pulled it. But just in case you’re looking for a 2008 built/6226 sf/3 Beds/3 Baths + 2- 1/2 baths/on 3.2 acres (for which they paid $1.3 in 2007)/Contemporary design/and according to the listing PRICED BELOW COST! There it is.

2701 E Camino Pablo, on the market 130 days had it’s first price cut today, but it was worth waiting for – it went from $1,299,000 to $998,000 ($259/sf). Camino Pablo is a remodel, and a nice one at that, of a 1989 home. But they paid $798 for it in 05, then did the remodel, and I have a feeling the numbers may not be working out as planned.

1813 E Sahuaro Blossom Pl, another Pima Canyon spec which started life in 2006 (before it was completed) at $3,200,000 can now be yours for $2,295,000, or, I’ll bet, even less.

And more Pima Canyon, Pima Canyon. 2192 E Desert Garden Dr a 2008 built spec, which is also a foreclosure, went to contract today listed at $1,995,000 ($368/sf). First listed just one year ago at $2,499,000, it fell to foreclosure rather quickly. 

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'small is the new big?'

From WSJ.com

read all about it; Small Wonders in Housing

Data released Wednesday by the National Association of Home Builders found the average size of a new home that was completed in 2009 fell to 2,480 square feet from 2,520 square feet in 2008. The last time the average completed-home size fell by a statistically significant amount was 1982.

Homeowners surveyed by Better Homes and Gardens magazine said downsizing was becoming a bigger priority: 36% said in November that they expected their next home to be "somewhat smaller" or "much smaller" than their current home versus 32% who said that in 2008.

"Not surprisingly, we see a 'cents and sensibility' approach when it comes to buying or improving a home, with practicality and price being the top priorities," said Eliot Nusbaum, the magazine's executive editor of home design.

While the small-house movement in the U.S. has been gaining steam for a number of years, the recession has accelerated it and home builders have responded, housing analysts speaking at the International Builders' Show here this week said.

"The era of easy money is over. You really have to think before you go out and decide you need that five-bedroom, five-bath home," said Rose Quint, the NAHB's assistant vice president for survey research. "Couple that with the energy [cost] concerns of consumers today and I think we will continue this trend. Houses will not shrink drastically but they will shrink."

Two other trends in home construction are contributing to the declining square footages: The prominence of first-time buyers in the housing market and the increasing number of households with members 55 and older who are buying homes.

First-time buyers, driven into the market in good part by the availability of an $8,000 tax credit, are more likely to compromise on home size in exchange for a lower price. And the 55+ crowd tends to purchase single-story homes, which generally are smaller because of the land costs that favor the more-efficient two-story plans.

"Barely over half of new homes today are built with two stories or more," Ms. Quint said. Two-story homes peaked at about 55% of the market in 2006.
____________________________________________________________
To bring that a little closer to home; While we may not have very many first-time home buyers in the Tucson Foothills, we more than make up for that shortfall with the 55+ crowd. Or, we have in the past anyway.
And glancing at the numbers, the average size of the 450 homes for sale in the Tucson Foothills is 3,475 sf. While the average size of the 521 sold in 2009 was 2,842sf.

So yet another gap between supply and demand.

PS – of the 521 sold last year, just 82 were 2 story,

2 good contracts

After 2 1/2 years 6609 N Eagle Ridge Dr, way up in the mountain estates of Ventana Canyon, went to contract today. 
 
It started at $1,999,999 and in all that time had only dropped to $1,749,000 ($395/sf) when this deal went down. 

And then there’s 5280 E Mission Hill Dr. Also way up there, near the top of Skyline CC, has also gone to contract. Originally listed @ $2.9, I wrote about Mission Hill last February when it dropped to $2.2 and called it my new favorite. Then it dropped to $1.8 and still no buyer, it left the market in May.

It came back a few weeks ago at $1.5 ($368/sf). And at that point
I said - at that price, it can’t, won’t last. And I’m happy to report that it didn’t. But better yet, I’m very pleased that my clients are the buyers. 

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how does the market measure up using $$/sf

I like using $$/sf to gauge home prices. It’s simple and levels the playing field a bit by eliminating price differences due to different size homes. There are 2000sf and 10,000sf homes, and everything in between, priced at $212 or 312, or whatever$$/sf.

here’s a look at how the Tucson Foothills market shakes out using $$/sf as our guide;
the # of homes for sale & the # sold in last 90 days by $$/sf

$100 - $150/sf
For sale – 42
Sold – 41

$150.01 - $200/sf
For sale – 157
Sold – 45

$200.01 - $250/sf
For sale – 104
Sold – 14

$250.01 - $300/sf
For Sale – 73
Sold – 7

$300.01 & Up/sf
For Sale – 76
Sold - 1

Now I know buyers are looking closely at $$/sf costs and considering them carefully when evaluating home prices. So if you’re trying to sell, you might want to get on board. Just find where you are on the $$/sf scale and see how many others are for sale and have sold recently in that range. It’s not the be-all and end-all, but it is a quick, easy and accurate gauge of where the market is in your $$/sf range.

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feeling lucky

Looking at the homes listed for sale vs those under contract and sold since the 1st of the year, a lot of foothills home sellers must be …

 

 

 

 

 

 

 

 

 

 

 

 

 

Since the 1st of the year;

New listings – 134 - $880,279/$599,500 average/median list $$

under contract – 23 - $652,170/$570,000 average/median list $$

sold – 20 - $496,795/$399,500 average/median sold $$

455 total for sale - $948,615/ $599,900 average/median list $$

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another one dips under a million

3141 E Crest Shadows Dr in Cobblestone, first listed in March 07 for $1,425,000, then, inexplicably, bumped UP to $1,495,000, then down to $1,225,000, has now been re-listed with a new agent at a new and nicer price, $999,000, that’s $212/sf, in Cobblestone! who’d a thunk it.

And this just in - 7441 N Moon Spirit Ln, also in Cobblestone, just sold. Listed for $1,350,000 for 209 days, it went for $1,100,000 ($293/sf), making Crest Shadows even a tad more attractive.

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I wonder what their nightmares look like

I saw this listing in the MLS – it’s titled  
“CONTRACTORS DREAM”

$215,000 on Calle Barril

price cuts on Ancient Indian

7827 N Ancient Indian in Pima Canyon dropped $545,000 today –
a nearly 16% price cut - and that’s on top of a $250,000 cut about a month ago. 112 days ago it started out at $3,750,000 and is now $2,950,000.

While another PC listing, also on Ancient Indian, also had a price cut today. On the market for 1 year, they slashed the price nearly 1.9%.
Why rush things.

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today, at a million & up

Alta Vista is kicking butt. Another Alta Vista house went to contract today - 6260 E Placita Del Nido, which I mentioned here when it was listed on Jan 8th – is now spoken for at $1,189,000 ($293/sf).

That makes 4 in contract in AV – @ $499, $799, $1.189, $1.450
and 4 sold in the last 3 months – @ $735, $757, $$860, $2,185
but 10 for sale – from $589 to $2.1, but still, if this keeps up, I may have to stop picking on Alta Vista.

Unfortunately, the same can’t be said for Pima Canyon. The only action in there lately has been more new listings, like today, another new one at 2004 E Desert Garden Dr for $1,999,999 ($464/sf) – built 2002/4309 sf/3 Beds/3.5 Baths/.98 acres/frame stucco/3 car/pool-spa

That’s 20 for sale now in PC - $974 to $3.495 - 0 in contract and 0 sold in the last 3 months. Deadsville.

And another new one for Finisterra – 6141 E Finisterra - $1,135,000 ($324/sf) – Built 1986/3501 sf/4 Beds/2.5 Baths/2 story. It was on the market in 06 & 07 for $1,399,000, but no go.

That makes 5 available in Finisterra -$485 to $2.999, 1 under contract @ $550 and 2 sold @ $550 & $2.7. So, not bad, at least it’s not dead.

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swimming against the tide

That little new home development down there was started about one year ago and, not surprisingly, has gone nowhere since. 
An LLC purchased those 5 teeny lots – conveniently adjacent to Sabino Cyn Rd, no less, they’re each about .07 of an acre - in August 2008 for $430,000.

And then - ignoring the collapse of the worlds financial markets, the near shutdown of home sales, the lack of credit, and the fact that homes by the side of the road, if they had sold at all had sold for pennies on the dollar - went ahead anyway and put up a model home. And then tried to sell it and custom builds on the 4 remaining lots. 
But nothing yet.

The model is for sale for $285,000-$325,000, it’s 1764 sf/3 Beds/2.5 Baths/2 car/2009 built

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what’s new

6426 N Desert Wind Cir in Ventana Canyon Estates is newly listed. Listed in 2008 at $2,350,000, it left the market in August 09 at $1,995,000 and is now $1,750,000 ($420/sf), so maybe that’ll do it.

And 6851 N Vista Del Pueblo in Finisterra is also a new listing. But this is a new-new listing, never before on the market, asking $1,795,000($322/sf).

The house at 4420 N Territory Pl, in Sunrise Presidio Village, was listed for 6 months in 08 for $695,000, but no go. So they took it off for 6 months, then re-listed it 42 days ago for $580,000($203/sf) and it’s already in contract.

And talk about quick. 6711 N Altos Segundo in Cat 9, just 13 days on the market, went to contract listed at $719,000.

And another hit for Alta Vista. 6433 N Placita Del Zopilote went to contract today listed at $1,450,000 ($302/sf). On the market from March 09 thru August at $1,499,000, it returned in October at $1,450,000.

And then there’s 4744 E Mission Hill Dr, which sold for $824,000, after just 6 days in 2007, and was re-listed 2 days later for $1,250,000
(I’m not kidding) and has been on the market ever since, is now down to $675,000. my how things change.

Plus 11 other price cuts, but none worth mentioning.

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another half-baked spec home foreclosure

4820 N Paseo Del Tupo, in Sunrise Presidio Village, went to contract today listed at $575,000 ($158/sf).

The listing says “Bank owned home for sale in District 16. Approximately 80% complete… Sold AS-IS - buyer to complete.”
And the listing shows the effective construction year as 2007.

But Paseo Del Tupo has been around for a while, long before 2007, and has, let’s call it, an interesting history.  

It was first listed in May 2004 for $699,000, and according to the listing at that time, it was a “Beautiful brand new home in School District 16…Almost done." And it shows the effective construction year as 2004. hmmm! But it didn’t sell, so they raised the price to $739,000. And still it didn’t sell.

So it was off the market until May 2008 and, ignoring everything, it was listed at $899,000.  And, this time, according to the listing “Beautiful brand new home in School District 16. Just shy of completion!”  But in that time, it somehow became a newer house, because the effective construction year now showed as 2007. But still it didn’t sell and was taken off the market again in December 2008.

It returned last week listed at $575,000, as a foreclosure, and was quickly snapped up. Still showing that 2007 construction date, but now only 80% complete.

So who knows, but it kinda makes you wonder, so I looked at the tax records and, wouldn’t you know it, it shows the construction year as 2005. So take your pick.

TA-DA – Paseo Del Tupo

in the cold light of day,

In the Tucson Foothills, homes priced at a million and up represent 26% of all the homes for sale

yet they also represent just 4% of all the homes sold in the last 90 days,

(448 total for sale/116 at a million and up, and growing)
(118 total sold/5 at a million and up)

that’s a 69 month supply of homes at a million and up

ask yourself, how do you think this is going to end

sold for 32% less today, than in 05

5360 N Apache Hills Tr, in Sunrise Territory Village, sold today - after many moons and many teensy price cuts – for $377,000 ($158/sf), off a $395 list. Unfortunately, when they bought the place in 05, they paid $560,000 ($235/sf).

That’s the market,

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one more for the short sale pile

6500 N Saint Andrews Dr, a long in the tooth spec home – first listed in October 2006 for $2,100,000 – has now joined the growing ranks of high-end short sale properties.

Saint Andrew was, as is typical for Skyline CC, a teardown and rebuild of a home originally built in 1967 – it went from this, for $480,000

to this, asking $2,100,000 

And it can now be yours for $1,300,000, or less,

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“In the high end, you’re seeing drops of $1 million in price, which starts to make them attractive.”

… starts to make them attractive. That, and more tidbits, from agents in Southern California,

When will prices at the high end start falling?

Dennis O’Connor, an agent with The Real Estate Professionals:
“I don’t have a good answer … other than to say it’ll be slow for awhile still. It’s hard to get credit. How many people can get credit for the $800,000 to $1 million range? These days, you need to have a W2. It’s hard for the self-employed person to do that.”

Gary Watts, real estate prognosticator and broker for Impact Real Estate in Mission Viejo:

“I just had a high-end (sale) that actually didn’t do too bad.”
It is a two-bedroom condo on the water that had sold for $1.79 million in 2006. It just closed escrow for $1.69 million.
“But the bottom line is it’s going to be awhile (for the high end). There are two markets. Above $2.5 million, it’s hot. Let’s face it, $800,000 to $2 million, is dead. You have no move-up buyers.”

Harrison Long, a broker-associate with Coldwell Banker in Irvine:

“I think it’s going to take a year and a half for the upper end of the market to stabilize and take off. $600,000 to $1 million is a very good market because people can get conforming jumbo loans (loans ranging $417,000 to $729,000, which can be sold to Fannie Mae or Freddie Mac). “$750,000 to $1 million, it’s slow, but stable right now. If you have a nice home, it’s going to sell. Almost every home in Turtle Ridge is over $1 million, and the market is slow. … It’s a challenging time.”
___________________________________________________________
I know, I know,  ‘all real estate is local’, but hey, if the high-ends still not moving in southern cal, what can we realistically expect in southern az,

Read all about it > High End Homes? Slow to dead

2 for 2 in 2

listed 2 days ago at new lower prices, 6981 N Ozona Dr & 6239 N Via Jaspeada, both went to contract today.

Ozona was first listed in July 07 for $949,000 and, slowly but surely, over 2 1/2 years worked it’s way down to $450,000. And, wouldn’t you know it, that did the trick. Unfortunately, after all that time and ill-timed price cuts, it’s also now a short sale.

Jaspeada, first listed in September 08 for $845,000, dropped to $790,000 then to $745,000. And no sale. So in May 09 it took a well deserved breather and returned to the market just 2 days ago at $699,000 and, Bingo! it’s long gone.

UPDATE
Possible bidding war on Ozona. As reported in the MLS, it now appears that Ozona has gone to contract at $50,000 above it’s latest $450,000 asking price.

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prices slashed, but still no go

These are some of the homes that, over the months and years, have had the biggest price cuts of any in the foothills, and still remain unsold. So, who knows, maybe they’re still overpriced, maybe they’re not. But my first thought was that these owners, at least, have stepped up and put big money where their mouth is and made an effort to adjust to the market.

Or maybe that’s just a bunch of bunk. And all we’re really seeing here is how greedy, wrong and far out of touch with reality some of us were. And now, after all this time, with still little or no light at the end of the tunnel, some are running for the exits.

3731 E Sumo Septimo, was $1,500,000 is $1,000,000

3900 N Camino Blanco, was $3,400,000 is $1,109,800

5910 N Mina vista, was $1,795,000 is $1,160,000

6174 E Avenida De Chaparron, was $1,595,000 is $1,190,000

3718 E Rose Peak Pl, was $2,300,000 is $1,200,000

5366 E Gleneagles Dr, was $1,750,000 is $1,250,000

2436 E Placita De La Victoria, was $1,800,000 is $1,385,000

5550 N Via Elena, was $2,100,000 is $1,475,000

4845 E Winged Foot Dr, was $2,400,000 is $1,490,000

4851 N Camino Sumo, was $1,899,000 is $1,495,000

5151 N Calle Ladero, was $2,590,000 is $1,495,000

4150 E La Paloma Dr, was $2,550,000 is $1,500,000

3771 E Sumo Octavo, was $2,195,000 is $1,550,000

5000 N Circulo Sobrio, was $2,850,000 is $1,775,000

2192 E Desert Garden Dr, $2,499,000 is $1,995,000

5227 N Campbell Ave, was $2,695,000 is $1,999,999

3401 E Camino A Los Vientos, was $2,900,000 is $2,100,000

7203 N Cloud Canyon Pl, was $3,250,000 is $2,220,000

6494 N Ventana Canyon Dr, was $2,750,000 is $2,249,000

7755 N Ancient Indian Dr, was $2,795,000 is $2,250,000

1593 E Sahuaro Blossom Pl, was $2,800,000 is $2,290,000

3601 E Lone Hill Pl, was $3,500,000 is $2,350,000

1813 E Sahuaro Blossom Pl, was $3,200,000 is $2,395,000

7049 N Mission Hill Ln, was $4,500,000 is $2,495,000

6755 N Hole In The Wall Way, was $3,200,000 is $2,495,000

3208 E Via Palomita, was $3,200,000 is $2,495,000

820 E Magee Rd, was $3,495,000 is $2,575,000

2087 E Desert Garden Dr, was $3,300,000 is $2,599,000

4647 E Palais Pl, was $4,450,000 is $2,850,000

7980 N Christie Dr, was $3,900,000 is $2,899,000

1682 E Sahuaro Blossom Pl, was $4,200,000 is $2,975,000

6921 E Rock Ledge Pl, was $4,500,000 is $2,995,000

6959 N Javelina Dr, was $4,900,000 is $2,995,000

5801 E Finisterra, was $3,887,000 is $2,999,000

7808 N Ancient Indian Dr, was $3,999,000 is $2,999,999

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so far this year, what are buyers buying

25 homes have gone to contract in the Tucson Foothills since Jan 1,

19 @ $0 to $600,000
4  @ $639,000 to $929,000
2  over a million @ $1,198,000 & $1,495,000

vs for sale, there are,

227 @ $0 to $600,000
100 @ $601 to $999
115 @ $1.0 & up

and the beat goes on,

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always room for one more

no sooner was the ink dry on the post down below – just what the doctor ordered - about the new listing in Cat 10, than up popped another new listing in Cat 10,

This latest, 3613 E PLACITA LINDURA,
built 2000/2.1 acres/3771 sf/masonry construction/2, that’s (t-w-o) Beds/3 Baths/pool/3 car/$1,7500,000 ($464/sf)

At first glance, and there may be more to it, this new listing has the distinction of being the only 2 bedroom home for sale in Cat 10 and also the highest $$/sf priced of all 18 homes for sale in Cat 10. Join in the fun,

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jeez, they’re practically giving them away

3179 E Corte De Andalucia – a 2007 built spec home, was first listed in 2007 for $1,495,000 ($310/sf) And over the next 2+ years the price gyrated around from $1,499,000 to $975,000. And though the listing boasts -ORIGINALLY PRICED AT $1,700,000, THIS HOME IS GREAT OPPORTUNITY!!! I couldn’t find any record of it ever being priced at $1.7.

Anyway, it left the market in September 09 and not another word.

Until today. When it came back on at $695,000, yes $695,000, and immediately went to contract. That’s $144/sf. And though it’s another one of those side-a-the-road specs off Hacienda del Sol, @ $144/sf …

Built 2007/4848 sf/4 Beds/4.5 Baths/1.26 acres/1 story/in Hacienda Del Sol Est, sort of.

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just what the doctor ordered

2 new listings, one for Pima Canyon and one for Cat 10. Yeah!

In PC, 7707 N Ancient Indian Dr, a new, never before on the market, spec home joins ranks with the other 19 homes for sale in PC, many of which are also specs.

Built 2010/5467 sf/1.35 acres/5 Beds/4.5 Baths/frame stucco/
3 car/pool-spa/$2,250,000 ($411/sf)/built by Coronado Custom homes who purchased the lot in May 2008 for $599,500 and then forged right ahead.

And for Cat 10, and also never before on the market - 4510 N Placita Camaleon. Built 2002/1.48 acres/3099 sf/3 Beds/2.5 Baths/masonry construction/5 (five) car/pool-spa/$899,000 ($290/sf)
That’s 17 to choose from in Cat 10.

Where will it end.

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the market speaks loud and clear

7390 N Cobblestone Rd sold for $800,000 in 1998, then for $1,318,000 in 2007 and for $950,000 today. 

For this last go-round it was listed one year ago @ $1,395,000 - eventually reduced to $1,195,000 – and folded at $950 ($237/sf), 
succumbing to a cash offer and a quick 2 week close.

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OK, enough with the bad news, where’s the sweet spot in the tucson foothills market

That’s easy, it’s at $0 to $600,000, where the lion’s share of homes that are selling, are selling. 

There are 75 homes under contract in the foothills in all price ranges, but 58 of them are priced $0 to $600,000 – that’s 77% of all homes under contract are priced from $0 to $600,000. 

112 homes sold in the foothills in the last 3 months - and 86 of them sold from $0 to $600,000 – that’s also 77%.

Meanwhile, there are 432 homes for sale in the foothills in all price ranges, and 222 of them are priced $0 to $600,000 – just 51%.

All told, the $0 to $600,000 foothills market has about 7.5 months of inventory – way less than other price ranges and dangerously close to what is considered a normal market.

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clearing out the bargain bin

if this sounds familiar, it is, it’s another one of those 3 years, 3 agents … hard luck stories

After 3+ years, 3 agents and 50% off the list price, 4733 N Camino Antonio, yes, another spec home/short sale is, now finally, under contract.

Listed in 2006 for $1,150,000, it went to contract today.
List price $575,000 – pray that it closes and we’re finally done with it.

I first mentioned it last week - lowered ex-spec-tations - when it dropped from $729 to $575, finally getting to where, I thought maybe, someone just couldn’t resist.

That’s as exciting as it got in the foothills today,

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starting off on the wrong foot

Hopefully this is not a sign of things to come, but, looking at real estate activity in the Tucson Foothills since the start of the year, there is a noticeable imbalance between the price of homes listed for sale and of those going to contract and sold.

112 listed – @ $932,244/$662,000 average/median list price

19 under contract – @ $585,236/$499,000 average/median list price

13 sold – @ $552,477/$449,000 average/median sold price

and PS – when we started the year with 399 for sale I guessed that we’d hit 450 to 475 before long. We’re now at 439.

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you never get a second chance to make a first impression

Nevertheless, hoping for a fresh start, of sorts, dozens of homes have been re-listed in the Tucson Foothills since the first of the year. But many of them, even most, were re-listed at the same old price they didn’t sell for in 2009.

So is it any wonder, if sellers are still not ready to face the music, that buyers still don’t have the slightest interest in what they’re trying to peddle. 

And thanks to my blogging buddy Christopher Fountain, at For What it’s Worth, for pointing out that we’re not alone in this predicament - The disconnect continues – and that many Greenwich, Ct home sellers continue to be in the same state of denial.  Misery does love company.

the more the merrier on Camino Sumo

Joining the party on Camino Sumo today is a new listing at 4851 E Camino Sumo – making it 6 homes for sale on just that one street, and 16 total for Cat 10.

And since the offerings on Camino Sumo run the gamut of Cat 10 pricing - $799,000, $1,175,000, $1,295,000, $1,495,000, $1,699,000 & $2,500,000 – there may be something for almost everyone.

On the other hand, buyers have not been breaking down the doors to join in the fun. So sales in Cat 10 remain in the doldrums – with just 4 sold since Jan 1, 09 - $587,500, $640,000, $755,000 and $995,000.

- the new listing, at 4851 N Camino Sumo, $1,495,000 ($244/sf)/Built 1988/1.4 acres/masonry construction/6127 sf/5 Beds/5.5 Baths/
1 story/3 car/pool-spa/

For Sale in Cat 10

Not that it matters a damn, but Cat 10 is my favorite gated community in the Foothills, and I hate to imagine what will be if the high-priced inventory continues to grow and sales continue to go nowhere.

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new in Cobo

1001 E Magee Rd in Cobo Catalina Hills/built 2006/5683 sf/including 1072 sf guest house/5 Beds/6 Baths/concrete block construction/
1 story/3 car/pool-spa/on 6.5 acres/but, ugh!, range priced $2,900,000-$3,200,000/$510/sf @ $2.9

That makes 5 for sale in Cobo from $1,250,000 to $2,900,000, all on 3.6 acres or more – nothing under contract at the moment and 2 sold in 09 – a tear down/fixer-upper on 6.3 acres went for $665,900($111/sf) and a lovely hacienda on 6.1 acres for $3,200,000 ($439/sf)

If you want privacy and room to spread out, Cobo’s the place to do it in the Foothills.

For Sale in Cobo

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making the numbers work

3+ years, 3 agents and $400,000 in price cuts and 6050 N Paseo Valdear has now sold.

First listed in July 2006 for $1,195,000 ($324/sf) it sold today for $757,500 ($213/sf), off it’s most recent $795,000 list price. Hurrah!

But according to how the MLS calculates these things, Paseo Valdear will go down in the books as having sold for 95.28% of list price. Period. Sale price $757,500/List price $795,000 = 95.28% SP/LP

And they wonder why home buyers are looking elsewhere for their real estate information.

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Homes in the most pedestrian-friendly neighborhoods generally command higher prices than those elsewhere, a study finds.

From NYTimes.com

REAL estate agents often chant the mantra “location, location, location,” which essentially means “find a home in a well-kept neighborhood with good schools and a low crime rate.”

Some may cite a fourth factor, “walkability,” a concept supported by self-styled “new urbanists” who advocate denser cities designed for the pedestrian and mass transit as much as for the car. In their ideal neighborhood, you could walk to a bookstore and then to an ice cream shop, and your children could walk to school, probably unescorted. (It sounds like so many movie depictions of America in the 1950s.)

Pedestrian-friendly generally does not apply here in the Foothills – just about everyone has to drive at least a little to get just about anywhere.

But, and I’ve made this point before, I believe that for us, proximity to shops, services, restaurants, galleries, etc, in an area where we can leisurely stroll around, is the best we can hope for and our equivalent of “walkability”. And the successful development of the 4 corners at Campbell & Skyline, anchored by La Encantada offers, by far, the largest & most diverse selection of shopping, dining and walkability in the Foothills. And because of it, the desirability & popularity of this side of the Foothills, and homes on this side of the Foothills, has grown.

And if you don’t buy that, at least read the article, it, I promise, is interesting,

Street Corners vs. Cul de Sacs

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if you’re planning a home inspection

don’t plan it for January 16 – 20th. Because your favorite home inspector – if they’re an ASHI member – will be whooping it up in Vegas at the annual American Society of Home Inspectors convention.

‘tis the season

today is the day when the selling season is supposed to kick into high gear, and also the season opener for Open Houses, in the Tucson Foothills.  There are 48 listed on the Long Realty site alone - from $124,900 to $3,450,000. Enjoy!

And I’d love some feedback, some comments on your open house experiences. Just click Comments at the bottom of this post and tell it like it is.

Open Houses Today

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well, at least it went quick

6161 N PASEO ZALDIVAR in Alta Vista, was listed on 12/9/09 for $995,000 and sold yesterday for $860,000 ($211/sf).

It last sold in 2001 for $785,000, but took 411 days.

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back in the fray on La Paloma Drive

First listed in January 09 for $1.0, 4151 E La Paloma Dr expired at $799,000 in October 09 and was re-listed today for $839,000. Hmm!

And just up the street, 4275 E La Paloma Dr expired in September at $985,000 is back today for $935,000. This was first listed in July 07 for $1.2.

There were 3 sales on La Paloma Dr in 09 – but the first, which I fear raised expectations, was in January and it sold in 1 day for list price - $1,400,000 ($358/sf). The other 2 were at $699,000 ($226/sf) & $1,000,000 ($186/sf).

I showed these and other houses last year on La P Dr, and often the owner or agent would bring up that $1.4 sale, ignoring the others, as if to say that that one off the charts sale defined the market on La P Drive.

Or maybe 4150 E La Paloma Dr, the high priced pioneer on La P Dr, was the culprit. First listed in 2005 for $2,450,000, it didn’t sell. But instead of cutting the price, screw that, they raised it to $2,495,000, then $2,550,000. It’s now available, and has been for some time, for $1,500,000 ($243/sf)

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in the foothills today, Jan 8, 2010

4200 N Painted Quail Pl sold today for $1,050,000 ($265/sf) off a $1,095,000 list price. And for that, the sellers should be thrilled.

But they may not be, because they started out in May 07 with the wish-upon-a-star price of $1,950,000, and by July 09 were still hanging tough at $1,499,999. Then in November they switched agents and listed it for a more sensible $1,095,000 and 2 weeks later they were in contract. I figured this one for under a million.

5321 N Via Condesa in cat 7 went to contract today listed at $929,000 ($268/sf) after 9 months on the market. Original list was $998,000. This was built in 1980, but beautifully & completely remodeled in the last few years – interior design by Robinson Shades.
___________________________________________________

A new listing for Cat 10, 4421 N Camino Sumo has come around again. – in 2006 it sold for $1,000,000. They then tried selling in 07 & 08 for $1,175,000 & $1,095,000, but that didn’t work. Then $995, then $899, then $795 and bingo, it sold for $700 in November 08. And today they’re asking $799,000($244/sf). Go figure.

Looking for 12,000 sf ft of living space? Step right this way -
5801 E Finisterra, in Finisterra, weighing in at 11,874 sf, is available today for $2,999,000 ($253/sf) – 6 Beds/5 Baths + 2 half Baths/on .79 acres/built 1991/masonry construction/3 story/
3 car/pool-spa. This left the market in October @ $3,495,000.

And a new one in Alta Vista - 6260 E Placita Del Nido, never before on the market far as I can tell, is listed today for $1,189,000 ($293/sf).
Built 1991/4056 sf/5 Beds/3.5 Baths/1 story/3 car/pool-spa and big time city/valley views – all the way to Mexico, the listing says.

Little by little, the new listings are adding up. We started the year with 399 homes for sale and just one short week into it we’re up to 430 432 homes for sale in the Tucson Foothills. And counting …

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