TheTucsonFoothills

never saw the light of day

A long awaited foreclosure in Pima Canyon showed up today as under contract just 1 minute after it showed up as a new listing. A done deal before it hit the market. And given that it sold for $2,900,000 in 06 – albeit, an astonishingly overpriced sale -  and was listed today for $1,075,000, I can’t help wondering if the lender, Capital One according to the tax records, got the highest and best price for this property.

Usually in a case like this, where the house is listed at a bargain price, the lender will stipulate that offers won’t be reviewed until day 7 of the listing. They do that to stimulate a little bidding war and make sure they do get the highest and best price. So I have to assume that Capital One was more interested in getting it over with quickly than in pursuing the bidding war thing. But I wonder why. I’m also not happy about it because I have clients that would have very likely been interested in making an offer. Sorry guys. harrumph!

Oh, the house, it’s 1643 E Sahuaro Blossom Place, and I’ve mentioned it often, HERE HERE HERE. How could I not. It has the dubious honor of being the highest $$$/sf sale in the foothills. (there are a couple that are higher but they were large multi-acre land sales with a shack). and the 3rd highest sale price in PC.

1643 E Sahuaro Blossom Place Tucson, AZ 85718
(listed by Catalina Realty 2100) 

and just for fun here’s the listing from 06 when it sold  for list price - $2.9 big ones

notice too that as it aged it shrunk, or is it shrank, hey it happens. In 06 it was listed as 4,650 sf and 4,305 today.

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the pain of buying then and selling now

6161 N Canon Del Pajaro sold for $1,040,000 six long years ago and was listed last October for $895,000 and quickly dropped to $795 then $775, $750 and so on and etc. until it reached $649,000 a couple of  weeks ago and today it’s in contract as a short sale. Heck, it sold for $705,000 in the last century, in 1999.

This is in Canyon View Estates a nice, smallish gated community that is very tucked away and private on the NE side of the foothills near Sabino Mountain.

6161 N Canon Del Pajaro Tucson, AZ 85750
(listed by Long Realty)

I had a little stab of that pain myself today when I saw a house that I personally had put in escrow for $815,000 in 2006 - and, thank God, ended up walking away from it, but someone else bought it - come on the market for $550,000. And it wasn’t that I was so smart or clairvoyant, no. It just didn’t work out, and I moved on and overpaid for another house.

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foreclosures move to the head of the line

7241 E Desert Moon Loop, in Ventana Canyon Estates, listed at $874,900 ($212/sf) as a foreclosure, is in contract after 21 days.

The 5 other homes for sale* average $271/sf and have been at it for 162 days, while the other 2 homes in contract average $320/sf and took 131 days to find a buyer.

7241 E Desert Moon Loop Tucson, AZ 85750
(listed by Long Realty)

*Since it’s a real outlier and would wildly skew the numbers I did not include 6620 N Eagle Ridge Drive, listed at $5,595,000 ($863/sf) in the homes for sale.

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another spec that didn’t pan out

Completed in 2007, 4365 N Camino Del Rey made its debut in May 2006 at $995,000, and didn’t sell, and called quits in August 08 down to $799,000. It took a four year hiatus and came back on in June 2012 at $749,000, dropped to $679,000 and expired in December, still unsold. And, 3rd time’s the charm, it’s back today at $680,000 ($195/sf) as a foreclosure.

We’re used to foreclosures being listed for less $$$ than what they didn’t sell for as regular/normal/non-distress sales, so we’ll see. But in this market it wouldn’t surprise me.

4365 N Camino Del Rey Tucson, AZ 85718
(listed by Keller Williams Southern Arizona 4783)

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when the right buyer comes along

7422 N Mystic Canyon Drive sold today as a foreclosure for $695,000 after starting out in 07, yes the year 2007, at $1,475,000. For a glimpse at the fascinating history of this sale see >  yeah, but what is it

7422 N Mystic Canyon Drive Tucson, AZ 85718
(listed by Integra Group Real Estate, LLC 4187)

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do I hear $325

6831 N Skyway Drive, a spec house that didn’t make it, started out in late 08 at $1,400,000 and showed up last week as a foreclosure looking for $830,000 And today, word is, it’s going to auction very soon with an estimated opening bid of $325,000 - Now, finally, that makes sense.

6831 N Skyway Drive Tucson, AZ 85718
(listed by Prudential Arizona Properties 356307)

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contracts

5870 N Piedra Seca sold for $1.2mil in 06 and went to contract today as short sale listed at $850,000. If there’s any consolation it’s that it was over fast, just 10 days from listing to contract.

5870 N Piedra Seca Tucson, AZ 85718
(Listed by  Long Realty)

Just 3 other contracts today, at $239,000, $354,000 and $420,000. Oh, and 6966 N Javelina Drive, that I mentioned last week when it went to contract - it took a few months longer than I thought it would - it’s back on the market, DFT. (deal fell thru)

That’s Thursday,

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everyone loves a good deal

5801 E FINISTERRA was listed 9 days ago for $1,320,000 ($116/sf), courtesy of mr lender, after a long and uneventful journey from $3,887,000 

And, with multiple offers for over list price, a lucky buyer has now been chosen, it’s in contract today. Deals like this just don’t wait around.

5801 E Finisterra Tucson, AZ 85750
(listed by Long Realty)

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looking for 11,336 sf of glamorous living

Step right this way,

5801 E Finisterra, in guard-gated Finisterra, is, after a long and uneventful journey from $3,887,000, now available for $1,320,000 ($116/sf), courtesy of mr lender. Yes, not a typo, $116/sf.

This could be quite the deal for the right buyer.
1.41 acres at the tippy-top of Finisterra bordering the national forest, built 1991, masonry construction, 6 Beds/5 Baths + 2 half baths, 2 story (though previous listings called it 3 story??), pool/spa and so on. 

5801 E Finisterra Tucson, AZ 85750
(listed by Long Realty)

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more fallout from the boom

6161 N Canon Del Pajaro sold for $705,000 in 1999 and sold again for $1,040,000 in 2006.

Then last October it was listed as a short sale for $895,000, but that didn’t do it, so it was reduced to $659,000 and is now in contract. This is the 2nd short sale contract on this house – the 1st was in January, but was short-lived.

6161 N Canon Del Pajaro Tucson, AZ 85750
(listed by Long Realty)

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to lucky buyer # 17

4335 N Camino Kino, which I’d written about when it was listed in January, was a foreclosure listed at $574,900 that sold the other day for $651,500. It last sold in 05 for $987,731

In that January post I said I’ll be very surprised if this doesn’t go for over list.
Zillow thought so too, but were pretty wide of the mark, having zestimated it at $819,977

4335 N Camino Kino Tucson, AZ 85718
(listed by Long Realty)

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if you missed it the first time

or are looking in Pinnacle Ridge - where there’s noting for sale,  6103 N Pinnacle Ridge Drive,
a foreclosure that was scooped up in a matter of days, is back on the market. The deal fell thru. HURRY!

6103 N Pinnacle Ridge Drive , Tucson, AZ 85718
(listed by  Long Realty)

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the party’s over on Corte de Andalucia

The other day I recited the grim details of the sale of 3189 E Corte De Andalucia, which sold as a foreclosure for $800,000 the other day after starting out 6 years ago at $1,895,000 > 6 years and 50% off <. 

And, like peas in a pod, today, its next door neighbor at 3199 E Corte De Andalucia sold for $1,050,000, after starting out nearly 4 years ago at $1,795,000 – mentioned here > too late < when it went to contract.

I think the buyers of 3199 did very well. 3189, eh, with all the steps and the west facing backyard, it’s just not to my liking.

3199 E Corte De Andalucia Tucson, AZ 85718
(Listed by Long Realty)                                                    3189 E Corte De Andalucia Tucson, AZ 85718
                                                                                                   (listed by RE/MAX Majestic 4044)

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reduced $1,000,000

Over in Ventana it looks like 6201 N Whaleback Place, a short sale that has been at it since 2008, is finally and firmly in contract. After selling in 2002, when it was brand spanking new, for $1,195,000, it was listed in September 2008 for $1,850,000. Oh well.

And as you might imagine, that didn’t fly. So after 4+ years and many price cuts, eventually getting down to $825,000, yes 8-2-5, it is now in contract. Hurrah!  And, apparently, with all parties, including mr. lender, signing on the dotted line. Hurrah again! 

But why so cheap I wondered. Based on the 2002 purchase price of $1,195,000, $825,000 would put it somewhere around 1998 pricing. Maybe earlier. And then I couldn’t help wondering if maybe they paid more than the going rate when they bought in 2002. So I looked at the sales in 2002 in this little section of Ventana (Whaleback) and, what you know, this one sold for the highest $/sf. And not just by a few bucks either. It sold for $284/sf, (in 2002) while the other 2 sales were at $221/sf and $193/sf. And they’re all within a few hundred sf and built within 3 years of each other.

At 221/sf they’d have paid $928,200, $266,800 less than they did. And there’s the culprit – at least a good part of it. And the market is not very forgiving these days. Like with most things, in real estate, you make (or lose) money when you buy.

6201 N Whaleback Place  Tucson, AZ 85750
(listed by Long Realty)

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6 years and 50% off

and just like that it’s over and done with for 3189 E Corte De Andalucia. in Hacienda del Sol estates.

It last sold in 2005 for $1,600,000 and, hoping  to recoup their investment and then some, was listed in 2007 for $1,895,000, and ever so slowly dropped to $1,449,000. But that didn’t fly so it was rented in 2010 and came back on the market in 2011 as a short sale asking $920,000 – wow!, but still no go. So eventually mr. lender swooped in, worked his magic and listed it for $905,850, which was whittled down to $776,655 and, lo and behold, it closed today for $800,000, west facing backyard and all.

mentioned here umpteen times, the latest, I think, was > this has been a long time coming

3189 E Corte De Andalucia Tucson, AZ 85718
(listed by RE/MAX Majestic 4044)

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I just wonder how many offers they got

6103 N Pinnacle Ridge Drive in Pinnacle Ridge (aka Paloma Canyon) was listed 13 days ago as a foreclosure and is reported in contract today. I mentioned it here > what’s happening in Pinnacle Ridge < when it was listed.

And it’s not that it was listed at such an absolute screaming deal of a price,no, it’s a good deal - but not to die for, it’s that there’s nothing for sale in Pinnacle Ridge and there hasn’t been in a while. And it’s a very desirable community, very. Particularly for young families – it’s the 21st century version of Shadow Hills. Supply & Demand.

6103 N Pinnacle Ridge Drive Tucson, AZ 85718
(Long Realty)

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and still hiding in the shadows

is 1643 E Sahuaro Blossom Place, in Pima Canyon. It was taken over by mr lender last February , after a long and fruitless history of the former owner trying to sell it, and has yet to show its face listed as a foreclosure. Why hang onto it for a year. With banks, who could know, but perhaps they’re betting the market will get stronger and prices will rise. hmmm! Anything’s possible. And with the cost of money, especially to them, at near 0%, it may be worth a shot.

This would be the only foreclosure listing in Pima Canyon and the only higher-end foreclosure in the foothills. And priced right, should get lots of attention.

here it is in 2007 as a freshly minted new listing starting out at $3.2 and dropping to $2.850
before giving in to the downward drag on prices and dropping all the way to $1.1 before slipping into mr lenders hands.

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what’s happening in Pinnacle Ridge

Not much really. And that may be a blessing. Pinnacle Ridge, which was wildly popular from the minute it opened its doors in 2002, went through a very rough patch during the downturn. The few homes that did sell sold at sharply reduced prices, along with its share of distress sales. For a while there it was pretty grim. And since it had been so popular, I think it was difficult for people to accept that it could slide so far so fast. I listed a house there in August 2004 and had the winning offer that afternoon. And 2004 was just the beginning of the upswing.
see >  getting back to where it needs to be < and  >  scraping bottom in Pinnacle Ridge < and then by last Feb 2012 I noted that things were picking up > then and now in Pinnacle Ridge, aka Paloma Canyon < And it kept picking up. Last summer I called on a new listing to set up a showing and was told they already had 3 very good offers.

And now a year later there’s been nothing for sale for months and months, and of course nothing sold in the last six months either, well, because there’s been nothing for sale. It was just stable and quiet. But a house was listed a few days ago, and here I thought distress sales were over and done with, but, unfortunately, not quite. The new listing is an unexpected and late blooming foreclosure. This place was for sale in 2011 – 2012 starting at $750 and ending at $625, but with no sale. And is now available for 569,900, courtesy of Bmo Harris Bk. The last foreclosure in Pinnacle sold in April 2012.

6103 N Pinnacle Ridge Drive , Tucson, AZ 85718
(listed by Long Realty)

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this one’s taken

In Cat 10, 4975 N Via De La Granja showed up in the MLS this evening at 6:00PM as a brand new foreclosure listing asking $800,000. And 48 minutes later it was in contract at $850,000, ($140/sf). That’s for 6059 sf of masonry construction, built in 94 on 1.5 acres, which last sold in 94 for $837,238. In 94. Courtesy of Bankunited, which appears to be lightly saddled with the $965,000 mortgage it handed out in 2004.

After a few years of having our appetites whetted on deals like this, now, suddenly they’re all gone. It’s not fair. So when one does come along, if you want it, you gotta go for it.

4975 N Via De La Granja Tucson, AZ 85718
(listed by Win3 Realty 3285)

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well, at least it sold

3430 E Placita De La Jolla Del Sol sold today as a short sale for a measly $775,000 ($121/sf), for a 6600 sf house designed and built by David Tyson in 1998 in a small gated community off Hacienda del Sol.

In better times it sold for $950,000 in 04 and for $1,240,000 in 07. It looks like there was just an $840,000 mortgage on it, so mr lender got off easy, though the other homeowners in this community are probably not too thrilled. FYI – Back in 2003, when I also did listings, I had it listed for $990,000 and couldn’t move it.

3430 E Placita De La Jolla Del Sol , Tucson, AZ 85718
(listed by RE/MAX Trends 5105)  & intentionally or not, the pictures leave a lot to the imagination.

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trying for $1.3 in a $500k community

6831 N Skyway Drive, built in 2006 in Vista De Las Candelas, was listed for $1,400,000 in 2008 then dropped to $1,375,000 (really) then to $1,299,500 and expired unsold in July 2009.

Failing that it was then put up as a rental – whether or not it actually found a renter I don’t know – but it came back on the market last October as a short sale for $749,000 and dropped to $725,000 and went to contract today. What happened to $1.3. Well, as nice as it may be in VDLC, $1.3 is a dream that has never even come close to coming true. Since January 20005 47 homes sold in VDLC for an average/median sold price of $432,256/$400,000.

I’m pretty sure that I wrote about this Skyway Drive house back then, but I can’t find it. But I did find a piece I did in October 09 on 6825 N Calle Mechero - also in VDLC and also priced light years ahead of the market, to put it kindly, and also ended up as a distress sale selling for 31% of original list price.  where oh where did things go wrong

This is just another side of the high-end spec building boom that went on from 2005 – 2008 when builders were frantically putting up mega buck homes in not-so mega buck locations -virtually all of which failed.

6831 N Skyway Drive , Tucson, AZ 85718
(listed by e-Realty & Investments 2896)

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foreclosures and short sales

You hear less about them these days, but they’re still with us. Looking at single family homes in the Tucson foothills there are;

27 for sale
24 are priced $139,500 to $499,900
3 at $609,900 to $825,000

That’s 7% of total inventory (378), that’s it, very small potatoes.

35 in contract
28 are priced $149,900 to $574,900
7 from $625,000 to $900,000

But with 117 total homes in contract, the 35 distress contracts represent just under 30% of all contracts - not such small potatoes. Which shows once again that buyers love a good deal and are willing to jump through the hoops and navigate the murky waters required to get one.

PS- the average/median list price of all non-distress sale homes in contract is
$527,763/$397,000 - while the average/median list for the 35 distress sales in contract is $412,721/$350,000.

And finally, the sold numbers – for the last 3 months;

40 sold
36 sold for $140,000 to $544,000
4 from $625,000 to $1,000,000

And with 185 total homes sold in the last 3 months distress sales were a tad over 21% of all sales. Which shows once again …..

PS – the average/median sold price of all non-distress sale homes is $473,853/$401,000 – while the average/median sold price for the 40 distress sales is  $346,608/$293,500. So, yes, distress sales continue to exert a downward drag on average prices and, I suppose, on appraisals.

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REO’s, they’re still with us

4335 N Camino Kino, a 2005 built 3,666 sf home that sold new in 05 for $987,731 is now in contract after 14 days listed at $574,900, courtesy of Wells Fargo. It’s not to my liking but it looks like a lot of house for the money.

In order to stimulate a little bidding war the lender stipulates “No offers MLS days 1-7”. So if you’re bidding on this little gem you know that others are as well and you’ve got 7 days to get it right. But they do too. So the tendency is to raise your bid and wonder, and what-if it to death, and, after another anxious night, to raise it again. I’ll be very surprised if this doesn’t go for over list.

4335 N Camino Kino Tucson, AZ 85718
(listed by Long Realty)

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back to reality

Listed in 2009 for $1,350,000, 6142 E Hawks Nest Place sold today for $625,000 – as a foreclosure. This is in Rio Verde Vista where, since Jan 1 2008, there’ve been 38 sales with the average sale price hovering around $458,679.

But there were 2 sales that broke the bank during the height of the hilarity in 06, for $1,052,000 and $1,125,000. So maybe they figured, they did it, we can too. But that wasn’t to be in 09, and the $1,125,000 sale sold again in 08 for $575,000, also as a foreclosure. Meanwhile, the loan on the 06 sale was for 100% of purchase price ($1,125,000) courtesy of, not surprisingly, First Magnus Financial. One of the first, if not the first, to go belly up in meltdown of 07.

On the bright side there was a sale for $945,500 in 2011 and one for $960,000 in 2012 – the highest $$$ sales since 06 – so maybe things are turning around in RVV.

6142 E Hawks Nest Place Tucson, AZ 85750
(listed by Elite Real Estate Pros 4943)

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a short sale sells, and it didn’t take forever

5911 E Placita Primitiva was listed in late August 2012 for $725,000, went to contract 4 days later, and closed today for $725,000. Nice n’ tidy. And even though they got what they asked for it still sat on mr. lenders back burner for 4 months. But that’s pretty quick in short sale time. I mentioned it back in August> hurry up and wait

The sellers paid $1,005,000 in 07 and it looks like the outstanding on it was $904,500.

5911 E Placita Primitiva , Tucson, AZ 85750
(listed by Long Realty)

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Monday, Monday

In Cobblestone 7411 N Catalina Ridge Drive was listed today for $1,950,000, the priciest listing in Cob (listed by Tierra Antigua Realty) That makes it 12 for sale in Cob, nothing in contract and nothing sold in the last 6 months. Not such good odds. See them here > 12 in Cobblestone

And a new listing in Pima Canyon. 1963 E Quiet Canyon Drive, last sold for $820,000 in 01, was listed today for $1,200,000 (listed by Long Realty). Hey, I only report this stuff.
But PC is enjoying a much better year than Cob, that’s for sure (17 sold for the year in PC vs. 1 in Cob)  9 for sale, 1 in contract and 7 sold in the last 6 months. And for high-end sales, list and sold prices are more aligned in PC than anywhere else in the Foothills. > 9 in PC

And just when you least expect it, a contract on Sabino Mountain. And not another puny one either. 4488 N Sabino Mountain Drive, listed just 141 days ago at $895,000 is in contract. (listed by Long Realty) There’s a ways to go yet, but, assuming it goes the distance, it’s good news for SB which has had quite a dry spell for sales above $600k. For the gory details see getting over the hump on Sabino Mountain 

And best of all, I think, is 3189 E Corte De Andalucia. It last sold in 05 for the amusing sum of $1,600,000 and was then listed in January 07 for an even more amusing $1,895,000. And it took its time and cautiously worked its way down to $776,655 and, bingo!, went to contract today – just 6 years later.  But why rush into things. (currently listed by RE/MAX Majestic 4044) in Hacienda del Sol Estates.

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hurry up and wait

That’s how it goes sometimes with short sales. You come across a house you like that’s a short sale that looks like a really good deal. And you hurry to prepare the documents and make your offer before someone beats you to it. And the seller accepts it, YEAH!, and then you settle in to  wait for mr. lender to make up his mind. And that can take months. And along the way you never know. After months of waiting your patience may be rewarded by the lender giving it their blessing, or with an email rejecting it. With short sales it can go either way. 

The buyers of 6218 N Zorrela Segundo were very patient and lucked out. After going to contract on May 13 they waited thru the remaining spring, summer and fall and closed on 11/29.
Just 6 months, lucky for them.

But not everyone’s so lucky,

4501 N Camino Del Obispo went to contract on January 25, 2012 and has yet to close.

7605 E Crested Saguaro went to contract on March 30, 2012 and the jury’s still out.

And it may still be early innings at 3430 E Placita De La Jolla Del Sol, it went to contract on 8/25/2012, and no word yet.

Ditto with 5911 E Placita Primitiva which entered contract on 8/31/2012

But then,
6760 N Placita Acebo closed successfully after 5 months, not an eternity.

and 4411 Camino Sumo went to contract on 8/31 and closed on 11/16. Practically record time. But here the lender had a few practice runs – it had gone to contract and fell out twice before.

Ditto with 1495 E Canyon Spring Court. It went to contract twice, fell out twice and the 3rd time it stuck - going to contract in mid April and closing in mid August. 

And no one really knows when the verdict will be reached. Not even mr. lender. And certainly not the agent representing you as the buyer, and not the listing agent either. Not in my experience anyway.

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4 years, 4 listing agents and, bingo!, a sale

Sold in December 2005 for $1,303,575 and listed in December 2008 for $1,650,000, 
4411 Camino Sumo, the poster child for capricious overpricing, finally sold yesterday for $950,000. Did I say capricious overpricing, well, as an example, after 4 months and no sale at $1,650,000 they raised it to $1,750,000, in April 09 no less.

But 4411 has been good to me, a constant source of juicy material, most recently > the well trodden path to a distress sale <  but all good things come to an end. Amen.

4411 Camino Sumo , Tucson, AZ 85718
(listed by Long Realty)

 

location location

I’m not sure what the allure is, but in the last 2 weeks 2 homes that front the entry/exit gate to Ancient Indian in PC have sold.

7898 N Ancient Indian Drive, the X on the left, closed today at $1million even, ($212/sf) for a foreclosure that fronts the entry/exit gate to this 2nd gated area within Pima Canyon. It had been for sale for 9 months as a short sale at $995,000, and did go to contract a couple of times, but fell out each time. As a foreclosure it found a buyer in 50 days, and they stuck with it. 7898 N Ancient Indian Drive Tucson, AZ 85718 (listed by Long Realty)

And that follows the sale just 2 weeks ago, at the X across the street, of 7899 N Ancient Indian Drive for $1,650,000 ($281/sf) after just 7 days on the market. 

7899 N Ancient Indian Drive Tucson, AZ 85718
(listed by Tierra Antigua Realty)

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when the market speaks it usually pays to listen up

the listing information for a short sale listed at $499k contains the following guidance from the listing agent;

Approved Short sale, no low offers please, the bank has rejected several offers and will not look at anything lower than $475K.

no low offers, what a kick, meanwhile, the house has been on the block for 9 months and in that time 71 homes have sold from $400,000 to $475,000.

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short sales and foreclosures are dwindling

At this time last year I reported on distress sales in the foothills and concluded that > Tucson Foothills home buyers favor short sales & foreclosures by a wide margin < 

I said;
Short sale and foreclosures (distress sales) continue to go to contract & sell at disproportionately higher rates than non-distress homes – relative to the number available for sale. You see, while distress sales represent just 12% of the homes listed for sale, they represent 47% of the homes in contract at the moment & 29% of the homes sold recently.<

As you look at the numbers below for this year you’ll see that while it’s still true that distress sales continue to go to contract and sell at disproportionately higher rates than non-distress sales, their percentage share of contracts and sales are down quite a bit from last year.

This year:
353 single family homes for sale in the foothills (last year 366)
10% are distress sales  (last year it was 12%)

106 homes in contract (last year – 79)
35% are distress sales (last year – 47%)

65 homes sold last 30 days (last year – 34)
18% are distress sales (last year - 29%)

and at a million $$ & up

72 homes for sale in the foothills (last year 68)
0% are distress sales (last year – also  0%)

6 homes in contract (last year – 8)
17% are distress sales (last year - 62%)

5 homes sold last 30 days (last year – 3)
0% are distress sales (last year – also 0%)

And, clearly, while distress sale numbers are down, the overall number of contracts and sales is up this year vs. last.

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and then there were none

7898 N Ancient Indian Drive, a Pima Canyon foreclosure listed on 7/30 for $1,135,000, is now in contract at its slightly reduced price of $1,095,000 ($232/sf) – when it was listed I mentioned it here> out of the shadows and into the inventory <. And unlike recent years when PC was plagued by distress sales, this is the one and only foreclosure this year.

7898 N Ancient Indian Drive Tucson, AZ 85718
(listed by Long Realty)

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how not to make a killing in real estate

6021 E Calle De Vita is located in the Rio Verde Vista II subdivision where in the years 2005 to 2007 homes were selling for an average/median of  $681,706/$650,000. And in 2005 the buyers of 6021 paid $875,000 for it. And out to make a killing – what else would you call it - they listed it two years later for $1,525,000 – 74% in two years. Hey, why not, if  you don’t ask you don’t get. Right. But somehow everyone was able to resist and it’s available today, now from mr lender, for $650,000. Yet the bar has also dropped in Rio Verde Vista - homes are now selling for an average/median of $497,688/$478,500.

6021 E Calle De Vita Tucson, AZ 85750
(listed by Real Estate Marketing Professionals 590)

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why homes end up in foreclosure

5815 N Pontatoc Road was listed in Feb 07 for $1,200,000 – and I guess no one bothered to check, or didn’t think it mattered, but the highest sale price ever in this community was $750,000, ever – and, guess what, it sat untouched for years. As a matter of fact it’s still for sale and after its today’s price cut is now available for $639,900 as a mr. lender special.

5815 N Pontatoc Road, Tucson, AZ 85718
(listed by Win3 Realty 3285)

Hurry!

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hurry up and wait

Listed just 4 days ago at $725,000, 5911 E Placita Primitiva in Alta Vista is already in contract. But it’s a short sale, so it could be weeks or months before mr lender gets around to deciding whether to play ball or pull the plug.

5911 E Placita Primitiva Tucson, AZ 85750
(listed by Long Realty)

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the well trodden path to a distress sale

this is about 4411 Camino Sumo in Cat 10 but bears striking similarities - in the art of pricing and in the amount of time it took to realize that the days of wildly escalating prices were long gone - to the post just below this > this has been a long time coming 

4411 sold for $1,303,575 in December 05 (a reasonably reasonable price for that market) but, here’s where they tripped up, it was listed again in December 08 for $1,650,000. And after a few months, and no takers, it was raised to $1,750,000. see > see if this adds up < and > you can ask whatever you want < (yes, 4411 has been a good source of material over the years)

And it’s been at it ever since with price cut after price cut and 3 or 4 different listing agents along the way. It’s not the agent, it’s the price. And this past March it finally got down to $999k and promptly went to contract as a short sale > it just won’t be the same < But after sitting on mr. lenders back-burner for 5 months the deal fell apart the other day. Yes, kaput, after 5 months of waiting. 

But all’s well that ends well (I hope) and, it is an attractive house, particularly at $999, 2 days later and it’s back in contract.

4411 Camino Sumo, Tucson, AZ 85718
(listed by Long Realty)

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this has been a long time coming

The die was cast on a hot, humid day in August 2005 when someone paid $1,600,000 for
3189 E Corte De Andalucia  – way more, in my opinion, than it was ever worth. Ever, even back then. And a year and half later, January 07, they put in on the market for $1,895,000. But no such luck. So it sat until June 2011, by which time it had been reduced and reduced to it’s final resting place as a short sale looking for $920,000. And somewhere in there I represented a buyer who offered, I don’t remember exactly, in the neighborhood of $700k. But of course that didn’t fly and soon after it left the market.

And today, after more than a year in mr lenders hands, it’s back in play as a foreclosure, brought to you by JPMorgan Chase Bank, at $905,850.

There’s just one picture in the listing so if you have any interest whatsoever, you’ll have to go see it for yourself. I wonder, seriously, is that a good way to get more showings. Particularly these days with inventory so low, with just one picture it’s impossible to dismiss it. So you have to go see it.

3189 E Corte De Andalucia Tucson, AZ 85718
(listed by RE/MAX Majestic 4044)

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no earth shattering news on distress sales

But if you’re interested here goes,

From April 1, 2010 to August 24, 2010 there were 58 distress sales of single family homes in  the Tucson Foothills.
19 short sales & 39 foreclosures 
they sold for an average/median of $408,004/$321,500 – in 192 CDOM (cumulative days on market)

During the same period last year there were 50 distress sales;
9 short sales & 41 foreclosures
and they sold at an average/median of $341,747/$327,500 – in 90 CDOM

During the same period this year there were also 50 distress sales (honest);
but this time 19 were short sales & 31 were foreclosures
and they sold at an average/median of $399,302/$308,450 – in 103 CDOM

The biggest change is the number of days on the market from 2010 to now. And I’m guessing that that’s at least partially due to everyone – buyers, sellers, real estate agents and lenders –having become more familiar and comfortable with the idea and process of buying distress properties. And also, of course, the increased availability of credit today.

And if you’re looking for a short sale or foreclosure, the pickins' are slim. There are just 26 for sale in the Foothills today – last June there were 46 – in June 2010 there were 56.

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third times the charm

In Pima Canyon, 1495 E Canyon Spring Court finally sold today for list price at $985,000 ($270/sf) as a short sale. It was listed this January for $939,000 and went to contract twice, with both offers accepted by the seller. But mr lender wouldn’t have it and countered both offers at quite a bit more than list price. In one case more than $100,000 more. And as you might imagine, both buyers walked.

When those deals fell apart the list price was upped to $985,00 (presumably the amount mr lender would now be willing to take) and offer #3 eventually came in in April. I mentioned it here > more contracts < (could it be that the mr lender was convinced that at $939k they’d have a little bidding war and end up getting more than list $$. And when that didn’t pan out they just ignored the list price and countered at what they thought they should get – it wouldn’t surprise me) I’ll bet they were hung up on the fact that Canyon Spring sold in 06 for $1,550,000 and in 07 for $1,525,000. But then again, who wouldn’t be.

Anyway, I think the buyers got a terrific house at a very good price - if you like David Tyson’s homes this is very nice example of his work and on one of the most private lots in PC. 

And the listing agent, Bill Mac Morran, should get a medal for patience and persistence.

1495 E Canyon Spring Court, Tucson, AZ 85718
(listed by MacMorran & Assoc. R.E. Svcs)

out of the shadows and into the inventory

In Pima Canyon, 7898 N Ancient Indian Drive left the market in February as a short sale at $995,000 and turned up today as a foreclosure at $1,135,000 ($240/sf). When it left in Feb it had had two offers that were accepted by the sellers, but, for some reason, not accepted by
mr lender at Wells Fargo. Is it worth $140k more today than it was then? We’ll see.

But don’t break your neck running over there because, in the interest of encouraging multiple offers, aka a bidding war, mr lender has stipulated that No offers will be considered during the first 7 days on the MLS.

This is the first foreclosure in PC this year. Three sold last year and, coincidentally, 2 of them were also on Ancient Indian and the 3rd was right down the street on Saguaro Blossom. And there’s one more foreclosure percolating in PC, that I know of, and it’s on Saguaro Blossom too. And then that’s it, I think, for now anyway.

7898 N Ancient Indian Drive  Tucson, AZ 85718
(listed by Long Realty)

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The New York Times claims, Home Prices in the West Are Rebounding as Inventory Shrinks

Well, maybe. But there’s more to it than that. The article is not so much about the west as it is about Phoenix, where for a long time distress sales accounted for a staggeringly high percentage of overall home sales – like 50 - 60% and more.
__________________________________________________________________________
Home Prices in the West Are Rebounding as Inventory Shrinks

PHOENIX — Prices for existing homes here and in surrounding areas climbed by 25 percent during the 12-month period that ended in April, pointing to a decisive shift in the market realities of a place where foreclosed signs, abandoned properties and deserted neighborhoods became one of the most enduring symbols of the nation’s crippling real estate bust.

But hold off on the fireworks for a moment.

The rise in prices may be driven less by a resurgence in the local economy — real as it is — than by an inopportune dearth of houses for sale, as well as a steep decline in the number of bank-owned bargains hitting the market.

I think Professor Mayer hits the nail on the head;
Christopher J. Mayer, a professor of real estate at Columbia Business School, said the price increase happened because foreclosed homes, which were usually among the cheapest, were no longer widely available. In the Phoenix area alone, the number of distressed homes on the market fell by 81 percent in the year ended in April, and the number of foreclosures fell by 62 percent, the report showed.
___________________________________________________________________________

Here in the Tucson Foothills distress sales topped out at maybe 20% of overall sales, at their  peak. And for the period March 1 – May 31 for 2011 they accounted for 16% of overall single family sales while for the same period this year they inched up to 17%. A pittance of Phoenix’s numbers.

And as a result, unlike Phoenix, which is recovering from a deluge of distress sales, our prices have not risen. But they also never declined to anywhere near the extent they did in Phoenix.

During the March 1 – May 31 period last year  average/median sale prices in the Foothills were $495,550/$419,000 – while this year they’re $466/074/$375,000.

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of course you can ask whatever you want

And they sure did over at 6021 E Calle De Vita.

It was listed in 01 for $895,000 and didn’t sell, so they upped it to $995,000 in 02, and still no sale.

Then it was off the market until 07 when it came roaring back at $1,595,000, but called it quits 10 months later after dropping to $1,399,000. And once again it was off the market for an extend period before coming back this February at $760,000, and owned by mr. lender, and now reduced to $650,000.

6021 E Calle De Vita Tucson, AZ 85750
(now listed by Real Estate Marketing Professionals)

who you gonna believe

I was poking around looking at foreclosure activity on RealtyTrac and came across a house in Cat 10 at 5025 N Circulo Sobrio that was picked up by mr lender in January but has yet to show its face in the mls. And I noticed that RealtyTrac estimates its value at $1,140,322, which looked a little high to me.

So for the heck of it I checked Zillow and they have it at $940,300, and that feels more like it – but they also estimate that its value increased $24,300 in the last 30 days. And maybe that’s what mr lender is waiting and hoping for. I’d mentioned Circulo Sobrio back in March > waiting for a high-end foreclosure to come along < and at that time Zillow had it at $920,600.
And I tried Trulia but they don’t show it.  
and PS – the problem with C. Sobrio is that it’s the 2nd house just inside the Cat 10 gate so you get all the comings and goings.

Once I got started I was hooked and had to plug a few more houses into RealtyTrac, Zillow and Trulia. Just for the fun of it, of course.

Wells Fargo took back 7898 N Ancient Indian Dr in Pima Canyon in early March and it too is still in the shadow inventory. It was listed last May at $1,200,000 and expired this Feb at $995,000. Yet RealtyTrac estimates its value at $1,461,019. Value to who, I wonder.
And Zillow doesn’t even venture a guess, while Trulia calls it at $872,000 – and I’ll go with that.

And good old 1643 E Sahuaro Blossom Place, which left the market this January asking $1.1m – and is also lurking in the shadows - is nevertheless estimated by Realty Trac to be worth $1,277,646, while Zillow has it at $1,117,100 – with a mere $1700 increase in value over the last 30 days. That seems way too close  to call, but then Zillow may have a sharper pencil than I do. And breaking from the pack Trulia calls it at $909,000.

Dropping down a notch, 5815 N Pontatoc Rd which expired in the mls last August after failing to get $750,000 - and was foreclosed just last month - is valued at $754,845 by RealtyTrac and at $693,300 by the big Z - who also estimates that its value dropped $20,300 in the last 30 days. How do they know. And Trulia calls it at $533,000.

At the Villages of La Paloma 6138 N Campo Abierto was foreclosed this February - and has yet to return to the market – but is valued at $414,812 by RealtyTrac, at $394,900 by Zillow and this time Trulia took a pass.

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have you heard

Foreclosures made up 26% of U.S. home sales in first quarter

but, incidentally, they made up just 12% of home sales in the Tucson Foothills, a measly
22 out of 179 total sales

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if you’re selling in the Canyons this is not good news,

though you may see it differently if you’re a buyer, 

7417 N Secret Canyon Drive, a posh 2009 built spec home was listed for $4,500,000 ($622/sf) when it started out in October 08 and sold today for $2,050,000 ($283/sf) from an already greatly reduced list price of 2,995,000 ($414/sf). (listed by long Realty)

My goodness how could this happen, and in the Canyons no less.
Very easily really if you look at actual sale prices in the Canyons over the last 4 years.
7454 N Secret Canyon, also a posh spec home, started out asking $5,000,000 ($722/sf) in March 09 and ended up selling as a foreclosure for $1,850,000 ($267/sf) last May.
And down the road apiece 7203 N Cloud Canyon Place, which was not a spec, started out at $3,250,000 in Feb 07 and ended up getting $1,400,000 ($252/sf) last November, after more than four years. And prior to those three sales there was a long dry spell, with the last sale in the Canyons in July 2008 (ancient history), when 7550 N Secret Canyon Drive sold for $2,600,000 ($490/sf). The way it was.

So while the only 3 sales in the Canyons in recent history sold in the $252 to $283/sf range, the 5 homes remaining for sale are still in the $400 to $620/sf range – which may not go down so easy. And, to boot, 3508 E Secret Canyon Place, on the market since July 2010 and listed at $3,200,000 ($503/sf) was cancelled today. Coincidence? (listed by Russ Lyon Sotheby's Int Realty)  Stay tuned.

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much ado about not very much

4151 E La Paloma Drive sold for $715,000 in 2006. Then the new owner poured a pile of money into it renovating and remodeling.

and turned the kitchen from this;

 

to this;

along with other remodeling projects throughout the house. 
Then they listed it in March 09 for $1,000,000. And despite all the time, money and effort,
it didn’t sell. Not until after many moons and many price cuts, it finally sold today for $355,000. Yes, 3 5 5, after all that.

For all the juicy details see > here’s one for the books < which I wrote in January when it went to contract. 

4151 E La Paloma Drive Tucson, AZ 85718 (listed by Long Realty)

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3 years and nothing, and now 2 contracts in 6 weeks

4411 Camino Sumo (now a short sale) has been available since December 08. And in all that time it never went to contract. At least not until last month when it dropped from $1,195,000 to the always irresistible $999,999, down from a very high high of $1,750,000. And that did it, it’s been to contract twice since then – the first one didn’t stick.

And of course the reduced price is what did it, but also, there’s not much to pick from in the $900 to $1.1 range. 4411 Camino Sumo  Tucson, AZ 85718 (listed by Long Realty)

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not a terribly exciting day for foothills real estate

3620 E Lone Hill Place, in Foothills ll, turned up as a new listing for $749, and now as a short sale. Lone Hill had been at it since March 2010, starting at $1,025,000 and eventually dropping to $829,000, all for naught, and was canceled just a few days ago. 3620 E Lone Hill Place Tucson, AZ 85718  (listed by Long Realty)

And 5420 N Camino Real, in the old foothills, is also back as a new listing. This time for $745k. It sold in 04 for $835,  was listed in late 2011 for $899 and was canceled at $789 a few days ago. 5420 N Camino Real Tucson, AZ 85718 (listed by Long Realty)

Any takers for  6720 N Saint Andrews Drive in Skyline CC.  It dropped from $1.5 to $1.295 ($283/sf) (listed by Russ Lyon Sotheby's Int Realty)

And after many moons and many price cuts 820 E Via Linterna has sold. It started out in September 2010 at $825,000 and after being whittled down to $499,900 went to contract last month and closed today for $449,000. Disappointing, but reality sometimes is.
820 E Via Linterna Tucson, AZ 85718 (listed by Long Realty)

And 6051 N Paseo Zaldivar had its first price cut today. Listed at $1.4 in early March it can now be yours for $1.375. 6051 N Paseo Zaldivar, Tucson, AZ 85750 (listed by Long Realty)

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more contracts

In Pima Canyon, a short sale at 1495 E Canyon Spring Court has another contract - 
the 3rd this year. The first two were accepted by the owner and then countered by the lender, but countered at quite a bit higher than list price. Which of course turned off the buyers, and they walked. So we’ll see what happens, but I’ll bet mr lender has learned his lesson.

It’s now at $985,000 and sold quickly in 06 and 07 for $1.550 & $1.525.
1495 E Canyon Spring Court , Tucson, AZ 85718
(listed by MacMorran & Assoc. R.E. Svcs)

That leaves PC with just 9 homes for sale. PC hasn’t been in the single digits in forever, or as forever as I can remember. 

And in Cat 10 - 4751 N Camino Sumo has a contract (the 1st this year)
Listed in November at $995 it’s now at $885,000 ($239/sf) and has happily found a buyer.
4751 N Camino Sumo Tucson, AZ 85718
(listed by long Realty)

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why buyers like foreclosures

Because they’re usually priced right right from the jump.

4901 N Avenida De Castilla tried selling last year for $799 then $789 then $649 and went nowhere. So mr lender came along and took it over and put in on the market last week for $574,900 and, poof, it’s gone.

And while De Castilla is behind the pearly gates of Hacienda del Sol Estates, it’s also located on its eastern flank and therefore adjacent to Hacienda del Sol Rd. With the inescapable whizz of cars and trucks that accompany such locations. And not surprisingly, if homes by the side of road aren’t priced like they’re by the side of the road, they usually just sit there until they are.

4901 N Avenida De Castilla Tucson, AZ 85718
(listed by Keller Williams Southern Arizona)

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