TheTucsonFoothills

Foreclosures climbed in January + other cheerful news

From CNNMoney.com

Foreclosures climbed in January
Foreclosures picked up in January, yet another sign that the nation's huge glut of delinquent homes may soon start making their way onto the market.

The number of homes hit with a notice of default, auction sale, bank repossession or some other foreclosure filing in January rose 3% since December, but it was still significantly lower than it was a year ago, according to RealtyTrac.

+

Home prices at lowest point in more than 10 years
The National Association of Realtors reported that the median home price in January fell 2% from December to $154,700. That's the lowest price reading since November 2001, before the run-up in home prices that became known as the housing bubble.

+

Multi-million dollar foreclosures
Even these mega-mansions in some of America's wealthiest neighborhoods are not immune to the housing crisis. Duh

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you can ask whatever you want

7151 N Lemmon Rock Place sold for $756 in 06 and for $400k today – as a short sale. 
That’s a steeper drop (- 47%) than that experienced by many other homes in similar circumstances.

Could it have something to do with rolling the dice in 08 and listing it for $830k after paying $756k at the tippy-top.

7151 N Lemmon Rock Place Tucson, AZ 85718
(listed by Long Realty)

PS- even Zillow thought they should get more, they zestimated it at $440.

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looking for a short sale in the $7’s

Well here you go, 5870 N Pierdra Seca, a 2006 built, 3700 sf, 1 level, 4 Bed, 3.5 Bath with pool was listed today and range priced from $700k to $770,000 - Aha, range priced. 

Anyway, the important thing is that it’s priced somewhere in the $7’s and the owners paid $1,200,000 for it in 2006.

5870 N Pierdra Seca Tucson, AZ 85718
(listed by Long Realty)

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short sales and foreclosures in the Tucson Foothills

Here’s a look at the current state of distress sales in the foothills, 
(for single family homes)

there are;
32 for sale – 18 foreclosures - 14 short sales
all priced from $174,900 to $549,900
so nothing available in the mid or upper price ranges

44 in contract – 14 foreclosures - 30 short sales
38 priced from $69,000 to $580,800
  6  from $675,000 to $995,000
  0 at $1million & up

31 sold – 19  foreclosures – 12 short sales (last 3 months)
28 priced from $69,000 to $555,000
1  at $690,000
1 at $1,400,000 & 1 at $2,325,000

How do those distress sale numbers stack up in the overall foothills market?

- with 364 total homes for sale, 32 distress sales represent just under 9% of all homes for sale,

- with 122 total homes in contract, 44 distress sales represent 36% of all homes in contract. 
   That’s a hefty share, though many of them will fall out of contract for one reason or another  
   - often because mr. lender is not quite ready to play ball. But that aside, it’s obvious that –despite the hurdles -  buyers have developed a voracious appetite for the lower prices of short sales and foreclosures.

- sales are where the rubber meets the road and with 147 total homes sold in the last 3 months 31 distress sales represent 21% of total sales - nothing to shout about but by no means a devastating number.

And while more high-end homes are falling into the ranks of distress sales, the lion’s share are still at the lower-end of the market, in the $0 to $599k range. 

A grand total of 2 distress properties sold for $1.0m+ in 2009. In 2010 it jumped to 6 sold, and in 2011  9 sold. Meanwhile at $0 to $599k there were 44 sold in 2009, 104 in 2010, and 112 in 2011.

And for you history buffs here’s a look at where we were with distress sales over the last few years,

In June 09 I wrote, >  wondering about short sales & foreclosures < the numbers looked like this:

There are 559 single family homes for sale in the foothills. 
30 are listed as short sales & foreclosures.
That’s just 5.36% of the total for sale.

109 homes are under contract, 19 of them, or 17%, are short sales or foreclosures.

219 homes have sold since Jan 1 and 35, 16%, were short or foreclosure sales.

One year later, June 2010 I wrote > short sales and foreclosures, buyers prefer them 3 to 1 <
looked like this;

Right now there are 478 single family homes for sale in the Tucson Foothills – and 46 of them, just 9.6%, are short sales or foreclosures.

Yet of the 112 homes currently in contract, 39, or a disproportionate 35%, are short sales or foreclosures.

And of the 229 single family homes sold in the Tucson Foothills since Jan 1, 33, or 14.4%, are short sales or foreclosures.

And finally, in September 2011, > Tucson Foothills home buyers favor short sales & foreclosures by a wide margin <

366 single family homes for sale in the foothills
12% are distress sales

79 homes in contract
47% are distress sales

34 homes sold last 30 days
29% are distress sales

Amen.

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ready or not, another distress sale for Pima Canyon

According to Realty Trac, 1643 E Sahuaro Blossom Place is now bank owned.

A spec, it was still under construction when listed for $2,900,000 ($624/sf) in 2006.
But no-go, gee I wonder why, and it left the market in July 07 at a mere $2,795,000 – not to return anytime soon.

Vacant during that time it was also available as a rental, first for $10k – but no-go there either – then for around $5k. And that worked and it was rented and occupied over the years (very un-spec-like behavior, most just plug along for sale) and then, while rented, it was listed for sale last November (after 4 years off the market) for $1,100,000 as a short sale. And it went to contract pronto, in 20 days, but as a first stage short sale contract, with just the owner signing off on the deal.

Meanwhile mr. lender, the one calling the shots, was, as usual, taking their sweet time and had not gotten around to giving it their blessing.

And now despite having an offer in hand it appears mr. lender has gone ahead and foreclosed. Which means everyone’s out of luck - the former owner, the tenant, and the intended buyer. Not to mention the listing and buyers agents. So much for the year of the short sale.

Sharpen your checkbooks, because, assuming they price it right, I’m sure there’ll be plenty of competition for this when it shows up as a foreclosure. 

1643 E Sahuaro Blossom Place Tucson, AZ 85718
(was listed by Coldwell Banker Residential Br)

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I’ve heard that 2012 was going to be the year of the short sale, and now I see why

Banks pay delinquent borrowers $35,000 to sell their homes

CNNMoney.com

In an effort to cut their losses, banks are paying some struggling homeowners as much as $35,000 to sell their homes before they end up in foreclosure.

This new approach by the banks has startled plenty of homeowners, according to Elizabeth Weintraub, a Sacramento-area real estate agent who specializes in short sales.

"Initially, the homeowners are skeptical," she said. "The bank may have already turned down their request for a modification. Then, one day, they call and say, 'Let us give you some cash.'"

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everything has a price

Take 5615 N Wilmot Road, which has been on and off the market since 2007. And as of today is finally reported in the first phase of a short sale contract from a much reduced $675,000 list price. hip-hip

Along the way I wrote about it a few times, most recently here> Having failed to sell while listed for $899,500 in 2004 – when the market was roaring along - 5615 N Wilmot Road was listed again, this time in December 2007, for $1,299,000. This, despite …

5615 N Wilmot Road, Tucson, AZ 85750
(listed by Rich Realty)

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short sales, two steps forward, 3 steps back

After being in the first stages of a short sale contract, or contracts, since last July, the house at 7898 N Ancient Indian Drive in Pima Canyon is back on the market today 

Apparently a few different buyers made offers on the house in July or shortly thereafter.
And one of the offers was chosen and accepted by owner and forwarded to the lender (who appears to be those wonderful folks at Wells Fargo) for their stamp of approval. But for one reason or another it didn’t work out and the offer was rejected.

So they moved on to backup offer # 1 and forwarded it to Wells Fargo – but that one didn’t work out either – Strike 2. And backup offer # 2, no go, Striiike 3. So now, after 3 offers and 6 months with the listing in limbo, and the owners hoping to move on, it’s back to square 1.

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

No, not all short sales go like this. Some are better than others.
But the one thing you can count on in a short sale is that nothing’s for sure – neither how long it will take nor what the outcome will be. And that’s regardless of how good your offer is.

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is $9 something the new million five

In Pima Canyon,1495 E Canyon Spring Court sold for $1,550,000 in March 2006. Then it sold again in January 07 for $1,525,000.

And last November the current owners (who paid $1.525) listed it (as a short sale) for $989,000. That’s right $989,000 right out of the chute. And you’d think that would do it, but no, after two months nothing happened, so they reduced it to $939,000 and that did do it. It went to contract the other day.

It, is a 2006 built David Tyson desert contemporary on the most private lot I’ve ever seen in PC, and with big mountain views. And for those wanting an extra dose privacy and security, along with a tad more exclusivity, (and who doesn’t) it’s at the north end of Pima Cyn behind the 2nd gate.

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

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how’s the high-end market doing

Let’s look at the numbers and see.
At $1 mil and up there are 75 homes listed for sale
(average list price $2,166,359) (none are distress sales, yeah!)

There are 10 in contract - 
(average list price $1,388,400) (2 distress sales)

And 13 sold in the last 3 months
(average sold price $1,350,154) (3 were distress sales)

With the current inventory and rate of sales, there is a 17+ month supply of homes at $1 mil and up – about 3X what is considered a normal or balanced market.

And then there’s this - the average list price of homes for sale exceeds the average list price of those in contract by 56% – and the average list price of homes for sale exceeds the average sold price of those sold by 60%.  Why, because for the most part,  buyers are choosing homes from the  low end of the high-end inventory. And not from the mid to high-end of the high-end inventory. Make sense?

So looking at it with eyes-wide-open, it’s clear the high-end continues to be a very unbalanced market that is heavily weighted in favor of buyers. Or at least it should be. 
But there are still quite a few home sellers who apparently don’t care about that stuff, you know, the facts.  

On the other hand we’ve recently entered our high season for home sales here in the Tucson Foothills – a hopeful time which runs January to May or June – when, presumably, there are more buyers looking for, and buying, high-end homes. A time when, if the market is going to improve,(a very big if) this is when it’s most likely to do it. Of course, unless another shoe drops somewhere in the world.

PS – since January 1st just 2 homes listed at $1 mil or more have gone to contract.

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after 36 years it ends up a short sale

In Skyline Country Club, 6840 N Saint Andrews Drive has gone to contract as a short sale -now listed at $499,000 ($113/sf) - though not before doing the same old dance as everyone and trying for $849,000 and $699,000 and so on.

And sadder still, the listing says, Owners have lived in home for 36yrs and raised
5 children…

And in the only colonial I’ve ever seen in the foothills,

6840 N Saint Andrews Drive Tucson, AZ 85718
(listed by Long Realty)

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spec homes, then and now

Once upon a time they were the darlings of Tucson foothills real estate but, more recently, many spec homes have ended up as huge anchors around the necks of their builders/investors and lenders too.

On the other hand a new crop of specs have come along in just the last year (a mini crop really) that are starkly different, and have been more successfully received, than their predecessors.

It looks like 8 spec homes sold in 2011 from $925,000 to $2,325,000.
Let’s see how they fared,

First the new crop – more modestly sized and appointed and priced accordingly, than the old crop, and with none venturing into the 2, 3 and 4 million $$$ arena. And the $/sf costs, in the low $200’s - at that price, buyers would run, not walk, for a nice new home in the foothills.
And in fact they did.

6520 N CALLE DE LA LLUVIA – first listed @ $989,000 Feb/2011 – sold $925,000 ($218/sf) Dec/2011. Anchors Away!

6650 N Sutherland Ridge Place – first listed @ $1,095,000 March/2011 – sold $950,000 ($199/sf) Dec 2011, no pain and suffering here,

5201 N CIRCULO SOBRIO – first listed @ $1,400,000 Sept/2011 – sold $1,400,000 ($233/sf) Sept/2011, talk about a quick sale.

And now the old crop. You know, the specs that were built on a wish and a prayer for a market that never quite materialized, and ended up selling in yet a very different market that, unfortunately, did materialize. And that continues to rear its ugly head to this day.

2123 E Sentry Ridge Court – first listed @ $2,750,000 Nov/2007 – sold $1,517,250 ($249/sf) Jan/2011. Yes, 3 long years to end up with a million-two less than planned – but worse yet, imagine the 3 year carrying costs for this behemoth.

Likewise with 7828 N Ancient Indian Drive – first listed @$3,295,000 ($447/sf) Jan/2010 – sold $1,660,500 ($223/sf) Mar/2011 – but this one never really had a chance because the party was so over by Jan 2010.  (sold as a foreclosure)

And the bell of the ball - 7454 N Secret Canyon – first listed @ $5,000,000 ($722/sf) Mar/2009 – sold $1,850,000 ($267/sf) May/2011. What’s there to say. (sold as a foreclosure)

Straddling the middle ground - 6101 N Paseo Zaldivar – first listed @ $2,150,000($362/sf) Jan/2011 - sold $1,850,000 ($312/sf) June/2011, snuck in under the wire.

And the best for last - 2304 E Sentry Ridge Court – a very special house- beautifully built, absolutely gorgeous, worth $3.5 - 4 million, but not in this market.
First listed @ $4,950,000 ($639/sf) Jan/2010  – sold Dec/2011 $2,325,000 ($300/sf).  
**Even though it ended up ‘behaving’ just like a spec home, I’m not absolutely sure that it was planned as a spec from the get-go. It is possible that listing it was due to something else entirely, a reversal of fortune, a change of heart, who knows. But somewhere along the way money did become an issue because it sold as a short sale.

see them here > the new crop, the old crop <

Next I’ll pull together the leftovers, the specs still for sale ,

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another one bites the dust in Pinnacle Ridge

Originally listed at $750,000, 6376 N Pinnacle Ridge in the Pinnacle Ridge/aka Paloma Canyon subdivision, sold today (as a normal sale) for $572,500 ($162/sf). This is the 3rd sale in there in 6 months.

The other two - 4311 E Pinnacle Ridge Place sold for $1,135,000 in 2006 and for $700,000 ($157/sf), as a short sale, in October. And right up the street, 6325 N Pinnacle Ridge Drive, sold for $1,100,000 in 2006 and for $605,000 ($136/sf), as a REO, also in October.

See them here > sold in Pinnacle Ridge <

There are 2 homes in contract and 3 remain for sale in Pinnacle Ridge.

This may seem pretty bad, and it is, but there was a time a couple of years ago when nothing was selling in Pinnacle Ridge. Why, because sellers were holding out for prices that were
long-gone and buyers weren’t budging. At least now we’re pretty much past that madness.

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sure prices have come down, but not for my house

First some fun reading from the LA Times - Bridging the great divide between home buyers and sellers. Many owners "have not adjusted their price expectations downward" to keep pace with local declines in property values after the mortgage bust, Engelhardt said, thereby contributing to the sharp divergence in their real estate visions compared with those of buyers”
It’s oddly comforting to hear they’re still having the same struggle as we are in la-la-land

Then a little closer to home the AZ Daily Star weighs in on how drastically home prices have dropped at the lowest end of the market >  1 in 3 homes here sell for under $100K < along with a very candid but not too comforting quote from Marshall Vest – our local star economist – who, after predicting that prices will stop falling in 2012, admits, "Of course that was my forecast last year, the year before that and the year before that."

WELCOME TO 2012!

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psst!, wanna sell your house really fast

Just do what they did over at 4625 N Placita Roca Blanca in Cat 10.

In 2007 they paid $2,595,000 for it and they listed it yesterday for $1,595,000 – 38% less. 
It was under contract for more than list price before the ink was dry on the listing agreement.
(and it’s not a short sale or foreclosure either)

4625 N Placita Roca Blanca Tucson, AZ 85718
(listed by Long Realty)

Despite the woes of the high-end market – mostly because most of what is for sale is just more $$$ than buyers are willing to pay - it’s no secret there are high-end buyers waiting patiently for a deal to come along. And when one does, they pounce. That’s right pounce, because, while there are plenty of high end homes for sale, really well-priced high end homes are in very short supply in the Tucson Foothills. And once they’re gone, they’re gone.

Just recently we saw 1682 E Sahuaro Blossom Place in Pima Canyon, listed years ago at $4.2mil and more recently at $2.3ml and still go nowhere. Until it was relisted at $1.075 and got 9 offers in 3 days and sold for $229,000 over list.

Then 2304 E Sentry Ridge Court, also in PC, after almost 2 years at $4.9 and $4.250, dropped to $2.250 and had at least 3 offers in 2 days and also sold for over list.

7808 N ANCIENT INDIAN Drive struggled along since 2005 priced from $3.799 to $2.999mil and went nowhere, until it dropped to $1.990 and quickly went to contract.
This is what high-end, discretionary purchase, don’t have to have it, buyers want.

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you make your money when you buy

That’s the old saying, and of course it’s true. Overpay when you buy and you don’t have much chance of doing well when you sell. And in this market, forget about it.

And they stepped in that one big-time over at 6420 N Miramist Way.
It sold for $838,000 in May 2004 - when the market was roaring along and going higher every day – OK, that was the market back then.
But then it sold again in June 2010 for $850,000 – that’s after 2+ years into a serious downturn and going nowhere but down – for $850,000, the sellers must have been dancing in the aisles – downturn, what downturn.

But the love affair was short-lived and those buyers listed it 9 months later - in March 2011 -  for $879,000, hoping, I suppose, that an uninformed and carefree spender would come along and do what they did. Didn’t happen. So it was reduced and reduced until it hit $699,000 and went to contract in late September and closed today for $690,000 as a short sale.

6420 N Miramist Way , Tucson, AZ 85750
(listed by Long Realty)

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well, at least it sold

nearly 6 years, $3 million in price cuts, 4 listing agents and 4647 E Palais Place sold today for $1,400,000 ($199/sf) off a $2,650,000 list price – as a very short sale.
It looks like a WaMu loan for $2.2

Back in the day it debuted at $4,450,000 ($590/sf) 

 4647 E Palais Place Tucson, AZ 85718
(listed by Andy Courtney Properties, Ltd)

+ a not so fun fact, there’ve been just 2 homes for sale in the Summit in the last
2 years and while both did sell, they both sold as short sales.

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the biggest sale of the year

In Pima Canyon 2304 E Sentry Ridge Court sold today for $2,325,000 ($300/sf) from a $2,250,000 list price. Not only did it go for $75k over list, but it’s also the highest priced sale
in the Foothills this year. And, ironically, it’s a short sale.

Soon after it went to contract I wrote about it >  HERE

In that post I mentioned that I represented buyers who made a $2 million cash offer and we came in 2nd. They, the owner and, really, the lender, just accepted the other offer without giving us a shot at a counter offer – my clients and me, we were pretty pissed. But given the amount of the higher offer – which I didn’t know at the time - I can see how they might just want to take the money and run rather than risk alienating that buyer by dilly dallying with a counter offer when they had a bird in hand. But still, that’s a tough one to lose.

the sold listing > 2304 E Sentry Ridge Court Tucson, AZ 85718
(listed by Long Realty)

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distress sales are a drag on prices

In Alta Vista, 6720 N Placita Apajo, a short sale, sold today for $555,000 ($134/sf).

The good news is that it’s the first and only distress sale this year in Alta Vista but, by far, it is also the lowest priced sale. Not including Apajo, the other 9 homes that sold this year in AV sold for an average/median of $902,167/$849,000 @ $221/sf.

And Pla Apajo itself sold in pre-boom 2003 for $684,000 ($165/sf)

6720 N Placita Apajo, Tucson, AZ 85750
(listed by Long Realty)

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heavily reduced and still for sale

The good news is there are no high-end ($1.0+) foreclosures or short sales for sale in the Tucson Foothills. None, they’re all gone, for now anyway. But there are still plenty of buyers out there hoping and waiting for more of them to come along.
And though I’m sure there will be more distress sales, if recent history is any guide, it seems likely that demand will far outstrip the supply.

So with no distress sales to fight over here’s a possible alternative. 
Homes that have either been heavily reduced from their starting list price – and I mean heavily reduced - or that are now priced for much less than they sold for  during the boom, or, better yet, are at or below their pre-boom sold price. So homes that, at a glance, appear to be making a serious effort to get in sync with todays prices and finally hook a buyer.  

And while price cuts like these do not necessarily mean that the house is a great deal or even that it’s priced right, (because maybe they were so over priced to begin with that even with a big reduction they’re still way high) it is often a sign that the owner has (finally) come to grips with the market and is now motivated to do a deal. And an owner coming to grips with the market and adjusting their price to reflect that realization, is a giant step forward in getting to a good market price.

Disclaimer - this is by no means a comprehensive list, it is simply a list of some of the homes that caught my eye. I’m sure there are other homes, not on this list for one reason or another, that are priced right and are good deals too, etc. 

In Ventana (at $1.0 & up there are 17 for sale)
7200 E Desert Moon Loop sold for $1,280,000 in 2003 and is listed today at $1,049,000. (listed by Long Realty)

6426 N Desert Wind Circle , Tucson, AZ 85750 started out in 08 at $2,350,000 and is now $1,350,000. (listed by Long Realty)

6201 N Whaleback Place is now priced at what it sold for in 2002 – $1,199,000 – and also down a bundle from the $1,850,000 it started at in 2008. (listed by Long Realty)

Skyline Country Club
*nothing

Hacienda del Sol Estates
3199 E Corte De Andalucia, a spec house, was $1,795,000 and is now $1,195,000 (listed by Long Realty)

Catalina Foothills Estates 10
nothing

Cobblestone
nothing

Canyons (7, starting at $2.795)
Are these priced right,

three years ago 7417 N Secret Canyon Drive , Tucson, AZ 85718 was $4,500,000, today it’s $2,995,000 ($414/sf). ?? (listed by Long Realty)

Last summer 3508 E Secret Canyon Place Tucson, AZ 85718 was $4.2, today it’s $3.2($503/sf). (listed by Russ Lyon Sotheby's Int Realty)

One year ago 7557 N Secret Canyon Drive , Tucson, AZ 85718 was $5,500,000 today it’s $3,250,000 ($620/sf) (listed by Russ Lyon Sotheby's Int Realty)

18 months ago 7431 N Secret Canyon Drive , Tucson, AZ 85718 was $5,950,000, today it’s $3,950,000 ($410/sf) (listed by Long Realty)

and even though 7582 N Secret Canyon Drive has had the largest price drop I’ve ever seen, from $13,500,000 to $7,900,000 ($592/sf), it has yet to find a buyer (listed by Long Realty)

Sin Vacas
0

La Paloma (3 at $1.0+)
Three years ago 3208 E Via Palomita , Tucson, AZ 85718 was $3,200,000, today it’s $1,939,000 ($310/sf) (listed by Lynn Kline Realty, Inc.)

Pima Canyon (13 for sale at $1.0+)
1347 E Desert Garden Drive was $2.6, is now $1.295. (listed by Long Realty)

1407 E Desert Garden Drive ( a ‘to be built’ home) was $2,595,000 ($493/sf) in August 2010 and is now $1,299,000 ($433/sf). Accordingly, the size of the house has shrunk from 5264 to 3000 sf. Though I could’ve sworn that the minimum square footage in PC is 3500 or so. Does anyone know. (listed by Tierra Antigua Realty)

Many moons ago 2004 E DESERT GARDEN Drive was asking $2,700,000. Today it can be yours for a mere $1,385,000 ($321/sf). And, more to the point, these sellers paid $1,725,000 ($389/sf) for it in 2004.  (listed by Long Realty)

See them all here> heavily reduced and …<

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more fallout from the boom

It took 19 days, an eternity for a deal like this, but 1643 E Sahuaro Blossom Place –  another Pima Canyon casualty, a short sale – finally did find a buyer. Well sort of. According to the listing designation – Active CAPA – the seller has signed off on the deal, but the real decision maker, Mr lender, has yet to concur.  The attraction - this house sold in 2006 for $2.9mil and was listed a few weeks ago for $1.1. aha
But it’s short sale, so it could be complicated, maybe there’s more than one lien, maybe there’s who knows what between the owner and the lender, you don’t really know until you get into it,

On the other hand I wouldn’t be surprised either if they had a dozen offers and it just took a while to sort through them. Also, there’s a tenant in residence and that may have caused some second thoughts for buyers – because the new owner very likely would inherit the tenant for the terms of the lease.

When it was listed I mentioned it here >   what sold for $623/sf in 06 and is available today for $255

see it here> 1643 E Sahuaro Blossom Place Tucson, AZ 85718 (listed by Coldwell Banker Residential Br)

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sold quickly and for way over list price

2620 E Miraval Place, a foreclosure, was listed on September 16th for $359,000, went to contract very quickly and closed escrow today for $450,000 ($145/sf) –
25% over list.

It happens, because if it’s a really good deal you can be pretty sure that you’re not the only one who’s looking at it.

2620 E Miraval Place Tucson, AZ 85718
(listed by Win3 Realty)

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what sold for $623/sf in 06 and is available today for $255

how about 1643 E Sahuaro Blossom Place, a new short sale listing in Pima Canyon, now available for $1,100,000 ($255/sf).  And yes, in 2006 it was listed for $2,900,000, and it also sold for $2,900,000 ($623/sf) – just like that, in just 53 days.

And, for some reason, barely 6 months later the new owners listed it again, this time for $3,200,000. And it didn’t sell and they reduced it and it still didn’t sell and so starting in mid 07 they rented it. And it’s still rented today. So if you buy it, chances are you inherit the tenant until the lease is up.

Even during those wild and crazy days of 06, $623/sf was big big bucks – so while it does make for a fun headline I’m not so sure we should look at it as fair value paid. In 2006 20 homes sold in Pima Canyon, imagine 20 sales at a $$million +++
in just one year, and just in PC, dream on …

SLAP! SLAP!, back to reality - the average/median sold price that year was $1,849,533/$1,766,500 vs. 10 sales this year at $1,197,335/$1,200,000 – @ $250/sf.

And not including the Sahuaro Blossom sale, the average $/sf sold price in 06 was $392. So at $623 Sahuaro Blossom was up in some very thin air - the next highest was a mere $501/sf. ha ha!!

1643 E Sahuaro Blossom Place Tucson, AZ 85718
(listed by Coldwell Banker Residential Br)

This showed up in the MLS late on Friday, so by now they’re probably sorting thru
15 or 20 offers.  

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hey, how’s the market doing at $1.5mil and up

Well let’s see, there are 34 homes listed for sale from $1,599,000 to $7,900,000.

And then there are 2 in contract.

And coincidentally, they’re both short sales. 
One is listed at $2,650,000 after failing to sell at $4,450,000 or at any of the many price reductions since then. And the other is now at $2,250,000 after starting out at $4.9 and going nowhere.

And nothing in that range has sold in the last 3 months, or even in the last 6 months. But there were 3 sales earlier this year of homes listed at $1.5 and up. 

One sold for $1,660,500 and the other two went for $1,850,000 each. Coincidence. 
And talk about coincidence, all 3 were foreclosures. Really. And all 3 followed the falling market, but they didn’t break a sweat doing it, and so they never caught up. That is until mr. lender came along and reared his ugly head – and then they caught up real quick. And sold in no time.

So if you’re listed at the $1.5 and up price range, but you’re not a short sale or a foreclosure, or not doing a good imitation of one, pricewise that is, well, then things are not looking up.

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short sales and foreclosures- a growing influence in the Tucson Foothills market

Three years ago, in the 90 days from August 2008 to November 2008 a grand total of 9 homes sold as distress sales in the Tucson Foothills – 4 foreclosures and 5 short sales - and they topped out at $783,500 but with the bulk of them selling under $500k.

While in the 90 days prior to today, 35 homes sold as distress sales –
25 foreclosures and 10 short sales – and they topped out at $1,304,000, but still the bulk of them were under $500K.

Lifted from a blog post I did in November 08 > > short sales and foreclosures, how close to list price are they selling < very close, even then, much closer than normal sales,

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here’s the lowdown on the Tucson Foothills real estate market for October 2011

There are 364 single family homes for sale in the Foothills today,
with 33 sold in October and 86 homes currently in contract.

here’s what it looks like by price range,

Price	# for sale	# sold	# in Contract
$0 - $599	221	23	66
$600 – $999	71	8	9
$1.0 - $1.499	39	2	7
$1.5 – $1.999	16	0	2
$2.0 & up	17	0	2
totals	364	33	86

The average/median and $/sf sale prices for October are >
$468,317/$357,500 @ $152/sf. And the 33 that sold sold at an average of 93.7% of list price.   As compared to October 2010 > $484,361/$440,000 @$167/sf @95.6% of list price. 

 

Months of inventory (moi) is as follows;
foothills overall is 11 months (364 ÷ 33 = 11) which is up (a whopping) 3 months from last month (lower is  better) see > (a snapshot of the Tucson Foothills home market, 9/29/11)

And when broken down by price range, months of inventory is all over the lot;

$0 – $599 is 9.6 moi (this represents a sudden 50% increase from where this price range has been for some time now)

$600 – $999 is 8.9 moi (way down from last month)

$1.0 – $1.499 is 19 moi (way-way up from last month)

$1.5 – $1.999 the same as last month, no sales and therefore no way to measure months of inventory, let’s just say it’s going to take a while,

$2.0 & up, ditto

 

And finally, what was the impact of distress sales (short sales and foreclosures) on October sales;

> of the 364 homes for sale in the foothills just 9% are listed as distress sales, very small potatoes. 

> BUT, 33% of all the homes that sold were distress sales.
   AND 41% of the homes in contract are distress sales.

So, obviously, buyers love distress sales. Because, even with very limited availability, they’re eagerly snapping them up in numbers that are wildly disproportionate to their availability. Why, because after getting a taste of distress sale prices, they’re hooked. And it’s hard to go back to paying retail and, certainly, they have no taste whatsoever for homes that are still listed at yesterday’s prices. And we have more than a few of those, particularly at the upper-end where, not coincidentally, the market is at its worst.

And, coincidentally, get this;
33 homes also sold last October 2010, really, it must be an October thing, but only 4 of them (12%) were distress sales. In October 2009, 50 sold and 11 were distress sales, 22%.

For comparison here are last months numbers

Thanks for tuning in and let me know if I can help you.

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scraping bottom in Pinnacle Ridge

The other day I mentioned that 4311 E Pinnacle Ridge Place (which sold for $1,135,000 ($255/sf) in July 06) sold as a short sale for $700,000 which - at $157/sf, was by far the lowest $/sf sale in there. (in Pinnacle Ridge, aka Paloma Canyon)

That is, it was, until today. 6325 N Pinnacle Ridge Drive, a foreclosure, sold today for $605,000 – 45% less than the $1,100,000 the sellers paid in 06 - and at $136/sf it takes the cake as the cheapest $/sf sale in Pinnacle Ridge.
6325 N Pinnacle Ridge Drive Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage)

Needless to say, if you’re a buyer looking in Pinnacle Ridge these 2 el-cheapo sales are very good ammo for you.

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PS- I’m still out of town but I couldn’t resist sneaking a peak at what’s going on.

in Pinnacle Ridge, aka Paloma Canyon

4311 E Pinnacle Ridge Place sold for $1,135,000 ($255/sf) in July 06, and as a short sale today for $700,000 ($157/sf).

This is the 4th sale this year in Pinnacle Ridge and, by far, the lowest $/sf sale in there. It is also the only distress sale this year and the only 2 story home to sell  this year. The three other homes sold for $715,000 ($202/sf), $750,000 ($212/sf) and $785,000 ($222/sf).

There are 4 for sale and they’re all single story and none of them are distress sales. There is however one foreclosure under contract, which is also, coincidentally, a 2 story.

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buyers flock to great deals, even at $2 million +

2304 E Sentry Ridge Court, relisted just 5 days ago for $2,250,000 ($291/sf) went to contract late yesterday.

It was first listed in January 2010 for $4,950,000, then dropped to $4,250,000 in December 2010 and held there until late last month when it dropped to $3,250,000 – and finally to $2,250,000 when it was relisted last week as a short sale. So in 3 weeks it dropped $2 million, that got some attention.

And it’s also a great house, the best I’ve seen, bar none, and I’m not exaggerating – the design, build, materials, finishes, amenities –all of it – this was put together by someone with real talent and who  didn’t stint on anything.
My educated guess is they had between $3.5 and $4.0 in it, including the lot and landscape/hardscape/pool, etc.

And after just 2 days there were multiple offers. I represented buyers who made a very good, very clean cash offer at $2.0, and we came in 2nd. Apparently someone offered quite a bit more because they just took it, and we didn’t even get a chance to counter.

2304 E Sentry Ridge Court Tucson, AZ 85718
(listed by Long Realty) 

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sold today, for $229,000 over list

Listed since 2004, 1682 E Sahuaro Blossom Place (a foreclosure) finally sold today. It went for $1,304,000 ($222/sf), or $229,000 over its most recent $1,075,000 list price. Not bad, eh.

Well, not so good really, not if you consider that that’s nearly $3 million less than it’s original $4,200,000 list price & that it took 7 years to do it.
I think that’s called HELL.

The buyer did well though, very well.
 1682 E Sahuaro Blossom Place , Tucson, AZ 85718

for a little background on this icon of the boom & bust in the Tucson Foothills, check out > from the height of the glory days to scraping the bottom of the barrel, 1682 E Sahuaro Blossom Place has seen it all 

and more recently,

have you heard, there are cash buyers out there

Amen.

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distress sales in the Greater Tucson area vs. in the Tucson Foothills

A report today from Long Realty pegs YTD distress sales (Reo & short sales) in the Greater Tucson area at 53.7% of total residential sales (including condos, townhomes & single family)

While for the Tucson Foothills (I pulled these numbers) (including condos, townhomes & single family) distress sales were about half that at 26.3% of total residential sales.

And for single family homes only in the Tucson Foothills distress sales were 19.6% of total sales.

We’ve gotten off relatively easy.

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no one is immune

As most of the country struggled with the widening recession in 2008, Paul Parmar, a private-equity investor, said that as one of the super rich, he was continuing to support the economy by spending on luxury cars, homes and jets, without worry about the cost.

In April 2008, he was quoted in a newspaper interview as saying the downturn didn't affect him at all "on a spending level." He said he had recently acquired a $110,000 BMW for his girlfriend, and a Bentley for himself.

Now Mr. Parmar has joined the many homeowners who have faced foreclosure on their properties.

His 32-acre classical-style compound in Colts Neck, N.J., which features a private lake, outdoor pool with beach, an oversize indoor pool and two bowling lanes, has gone through foreclosure proceedings and is scheduled to be auctioned off by the Monmouth County Sheriff on Oct. 31.

Read all about it;
From WSJ.com
A High Roller Feels the Bite of Foreclosure

you can ask whatever you want

In the old foothills 5151 N Calle Ladero sold today after 3 years. hip-hip

Previously, it sold in June 2005 for $2,200,000 with 5.51 acres. And 3 years later,
in August 08 (mind you), it was listed for $2,590,000, but, get this, with just 1.19 acres. The new math.

But that didn’t add up. So Calle Ladero spent the next 3 years with one price cut after another and along the way became a short sale and finally sold today for $1,255,000 ($154/sf) with 1.19 acres. hoorah

Back in 08 I had a client - a good client who I’d done business with in the past and who was also a no nonsense cash buyer - who was interested in this house. But no matter how we tried we couldn’t figure out how, after 2 years in a down market and now with 4 fewer acres, it could be worth $390,000 more than they paid in 05. Apparently no else could either.

5151 N Calle Ladero Tucson, AZ 85718
(listed by Long Realty)

(also, because of the lay of the land, in my opinion, and my client agreed, it made no sense to buy it without the other 4 adjoining acres – though, apparently, todays buyers did not feel that way)

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prices in Pinnacle Ridge take a big hit

6325 N Pinnacle Ridge Drive found a buyer in just 32 days in 2006 and sold for $1,100,000 ($247/sf). 

And one year later it was listed for $949,000, then dropped to $899,999, and still no go – while somewhere along the way it became a foreclosure - then dropped to $799,900 and on down until it reached $630,000 ($142/sf) earlier this month and, bingo, it went to contract today as a foreclosure.

6325 N Pinnacle Ridge Drive, Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage)

I’m guessing that with all the economic turmoil and uncertainty that this is a very good time to be negotiating on foreclosures. The banks are all too aware of the situation and are probably more eager than ever to unload this stuff. Just a guess.

However, lately, with more buyers interested in well priced foreclosures you are also more likely than ever to be up against other bidders.

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Tucson Foothills home buyers favor short sales & foreclosures by a wide margin

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. And it seems their popularity may also be on the rise.

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.
 
366 single family homes for sale in the foothills
12% are distress sales

79 homes in contract
47% are distress sales

34 homes sold last 30 days
29% are distress sales

 

and at a million $$ & up

68 homes for sale in the foothills
0% are distress sales (they’re all gone, for now anyway)

8 homes in contract
62% are distress sales

3 homes sold last 30 days
0% are distress sales
________________________________________________________________

So at 29% of all single family sales in the foothills, distress sales for this 30 day period are higher by about 10% & more than any other month this year.
And who knows, maybe it’s just a blip, we’ll see, but a few things occur to me as to why distress sales continue to be popular and maybe, at this time, even more popular than ever.

-the banks have gotten their act together and are now able to handle these transactions so that more often than not they actually close escrow in a reasonable amount of time, though that’s still in bankers time.

-buyers and Realtors have gotten familiar with distress sales and now approach them with much less trepidation than in the past

- right out of the gate distress sales are better priced these days than they were in the  past

- as a result of the poor economy and poor everything, distress sales are now more attractive than ever

- What else?

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it’s finally official

The latest Pima Canyon foreclosure, at 1682 E Sahuaro Blossom Place, is in contract.
It was actually in contract about a week ago, but didn’t show up as such until today.

That’s after about 6 years on the market, starting at $4.2mil and ending up as a foreclosure at $1.075, whereupon it was quickly snapped up.

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the bigger they are …

There’s an article in today’s AZ Daily Star about Saguaro Ranch, the ultra-luxe home community on the northwest side that went belly up before it got off the ground.

according to the article,
In June, Kennedy Funding and Anglo-American took over Saguaro Ranch (for $14 million) after filing a foreclosure notice on the property earlier this year.

Developers of the property in Marana, led by Stephen Phinny, had defaulted on a $50 million loan recorded in December 2005, documents filed with the Pima County Recorder's Office show.

Read all about it, from The Arizona Daily Star > Real estate: New Saguaro Ranch owners turn to Tucson developer <

The article goes on to state that lots sold for about $1 million when the market was at its peak and that they are now selling for $300,000. That’s bad enough, but the truth is that lots sold for much more than that. The mls shows 15 lots sold from $1.1 to $1.9, with multiple sales at $1.3, a couple at $1.5ish, a couple at $1.6+ at $1.7+ and the king of the hill at $1.9. That was in 2004 to 2007. And then the music stopped.

Saguaro Ranch was an extraordinary development that promised the peak of luxury. And even though it is nowhere near the foothills, because it was so extraordinary, I’d mentioned it > here > here & finally here.

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the latest foreclosure action

from Realtytrac, the foreclosure rate based on new filings during the month of August and expressed as a ratio of the housing market in each area;

USA – 1 in 570 homes
(that’s 1 foreclosure filing in August for every 570 homes)

AZ – 1 in 248

Pima County  - 1 in 349

Tucson, AZ – 1 in 369

Tucson Foothills (85718) – 1 in 964
(85750) – 1 in 825

the Northeast (85749) – 1 in 665

the Northwest
(85741) – 1 in 286
(85742) – 1 in 385
(85743) – 1 in 239
(85704) – 1 in 956
(85739) – 1 in 369
(85755) – no data, darn it

Marana, AZ – 1 in 181

and From CNNMoney.com
Foreclosures rise in August

The increase in default notices may signal that lenders are starting to finally push through foreclosure paperwork that was previously delayed by the "robo-signing" controversy last fall, said RealtyTrac CEO James Saccacio.

"It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process," he said in a release.

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have you heard, there are cash buyers out there

but they’re looking for good deals,

Here’s one they jumped on, the foreclosure I mentioned > you’re in luck if you like cantera < the one at 1682 E Sahuaro Blossom Place, listed for $1,075,000, it has 9 offers, nine, and 7 of them are cash. And some are for over list price.

And I’m told that since so many of the offers coming in were cash, the lender decided not to even bother with anything but cash offers, tut tut.
But it’s a done-deal now, or close to it, they've picked the lucky winner and are alerting them, as well as the 2nd, 3rd and 4th place backup bidders - all wrapped up in about 2 weeks.

Why, because it’s a really good deal, you couldn’t build this place for $2 million,

But having said that, I’m still very surprised there were so many ready, willing and able buyers for it. Because its architectural style, which is heavy duty Spanish Colonial, is not, in my experience, a style that is all that popular today.

1682 E Sahuaro Blossom Place Tucson, AZ 85718
(listed by Coldwell Banker)

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you’re in luck if you like cantera

I stopped by today to have a look at the newly listed foreclosure at 1682 E Sahuaro Blossom Place. (this is a follow up to yesterdays post > from the height of the glory days to scraping the bottom of the barrel, 1682 E Sahuaro Blossom Place has seen it all < if you haven’t read that it would make sense to read it first < it’s just below this.

The truth is I’ve seen a lot of foreclosures that were in much worse shape than this. 
The one that sold 5 months ago on Ancient Indian, for example – 7827 N Ancient Indian Drive - no contest. The thing about this one is, that while a lot of stuff has been removed, it felt as if it was all surgically removed, and not like it was ripped out – in anger & vengeance -  while trashing the house.

And it appears to be built like a fortress. It’s all masonry construction with an incredible tile roof and big timber or cantera support beams. This builder has built other homes in Pima Canyon and they’re all very formidable structures.  

But from my quick once over - all the interior doors + the front door and the front and rear ornate iron gates are missing and the mirrors and light fixtures in the bathrooms are gone. Of course the kitchen appliances are long gone and most of the landscaping is dead. Oh, the barbeque grill and whatever else was there is also gone. But other than that nothing jumped out at me. The walls aren’t full of holes and, other than the stuff that’s missing, it doesn’t appear to be destroyed.

And there’s plenty of cantera to go round, probably enough to sink the QE 2, it’s everywhere

outside, inside
(the following are pictures I took today)

framing the windows and door ways and holding up the roof,

dark cantera, light cantera,

ornately carved cantera

ornamental cantera,

the pillars, the arches, the spa and the patio floor, yep, they’re all cantera,

But please, if you’re interested in this house, don’t take my word for it about its condition. I did a cursory look, a quick once over, that’s it. So check it out, thoroughly, inside and out. With a professional home inspector.

1682 E Sahuaro Blossom Place Tucson, AZ 85718
(listed by Coldwell Banker Residential Br)

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from the height of the glory days to scraping the bottom of the barrel, 1682 E Sahuaro Blossom Place has seen it all

1682 E Sahuaro Blossom Place in Pima Canyon, 
the spec house that was an icon of the lavish mega-luxe spec home movement to hit the Foothills in 2004 – it was asking an unheard of $4,200,000 back then – but that didn’t pan out and it expired this March, still unsold at $2,295,000.  And now, to complete the circle, it’s back on the market today for $1,075,000($183/sf) – as a foreclosure.
this picture is from the glory days,

this one is not

I mentioned it here > they watched the market come and go < and here >
this just in

here’s the current listing > 1682 E Sahuaro Blossom Place Tucson, AZ 85718
(listed by Coldwell Banker Residential Br)

Plus one of many from back then > 1682 E Sahuaro Blossom Place Tucson, AZ 85718

The last time I saw it was in March when the listing expired, and at that time it had been pretty well picked over. I’ll check it out tomorrow and see what kind of shape it’s in now. 

PS- that’s now 17 for sale in PC – and SB, at $183/sf, is by far the low cost $$/sf leader.

And, details details, the listing does not show up if you search Pima Canyon.
Why, I’m guessing because the subdivision is listed as > Pima Canon Estates, rather than Pima Canyon Estates (1-14). So for now it’s our little secret. But I will call them.

PPS- for what it’s worth, the 2011 Pima County tax appraisal is $1,661,865

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apples to apples

Yahoo finance, via something called 24/7 Wallstreet, has voted Tucson the sickest housing market in the country.

They based their conclusion on the very high homeowner & rental vacancy rate.  Period.

And far be it from me to defend the condition of the Tucson housing market – I don’t work the Tucson Metro, only the Foothills. But the methodology used in this analysis is not a reliable measure of the market – not for here in Tucson anyway.
Yet the conclusions they reach, wrongly, smear us all.

High vacancy rates go hand in hand with being a vacation seasonal/winter visitor resort destination - there are lots of vacation rental homes here in Tucson that are not occupied by their owners. Not ever. Why? Because they’re strictly vacation rental homes. Period. And rental homes are also vacant for a good portion of the year;  Why? because no one spends good money to come here when it’s 110, or even when it’s 99, and so vacation rental homes are not occupied all the time.
They just aren’t.

And if they’re including condos in their figures, forgetaboutit. There are oodles of condos in the foothills alone whose only purpose in life is to serve the seasonal/winter visitor market. The rest of the time they are vacant.

And if you are going to use vacancies as a criteria, how could you put Tucson up against Dayton Ohio and Indianapolis and Detroit. Please, tell me how many people vacation for months at a time – hence the need for vacation rental homes – in Detroit, or Dayton or Indianapolis or St Louis. Give me break.

The vacancies being measured in those cities are owner occupied homes that are no longer owner occupied because the owners have bailed out and moved on. Period. And while there is also plenty of that in Tucson, there is also a high percentage of homes whose only purpose is to serve the seasonal/winter visitor rental market. 

I think a far more accurate gauge of the market is simply supply and demand. You know, supply and demand as in homes for sale and homes sold. At this very moment there are 4174 homes for sale in the greater Tucson Metro and, Oscar, the envelope please,  984 sold in the last 30 days.

That, Mr & Ms 24/7 Wallstreet, equals a 4.24 month supply. And by anyone’s measure, that’s a very lean supply.

close, but no cigar

On June 4th I submitted an offer for buyers I’m representing on a short sale that had just come on the market.

The house was listed for $750,00 – that’s after having been listed for $1,899,000 & $1,750,000, and failing to sell – and my buyers offered $750,000. But for insurance we also submitted an escalation clause along with the $750,000 offer. The escalation clause stated that if there was a higher offer, then my buyers offer would automatically be raised by $2,500 more than that higher offer, up to a maximum of $780,000. But even with that we ended up coming in 2nd, because the other offer was for cash. No mortgage. And today we finally got word that the other offer had not only been fully accepted by the lender but had also made it thru the inspection period. So that’s it, it’s all but a done deal.

And other than knowing it was a cash, I don’t know what the other offer was. But I suspect it was also $750,000. But because it was cash, and didn’t involve the contingencies and uncertainties and strung out time-line of getting a jumbo mortgage these days, it was more of a sure thing for the seller & lender.

My buyers weren’t happy about how it turned out, but they made the best offer they were willing to make at the time and they were good sports about it. And while they’re optimistic that other opportunities will come along, and I’m sure they will, it’s also true there are fewer of those opportunities today than in the past. And there are also more buyers lurking around who are ready and able to pounce on a good deal.

But that’s at about a million and under. At the upper-end, at a million eight or two million or more, I think we may have only just scratched the surface.

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calling all affluent Brazilian buyers

MIAMI — South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default. 

And yet much of Miami is gripped by a housing mania as the oversupply of distressed homes dries up and foreigners and investors swoon. Only a few years after it seemed there were so many unwanted high-rise condominiums that the only solution was to tear some of them down, there are plans to build even more.

Home sales in the metropolitan area during the first half of the year rose 16 percent from 2010 for the best spring since 2007, according to the research firm DataQuick, far outpacing the negligible growth in the rest of the country. Two-thirds of the sales were all cash.

Prices, after a brutal drop, are firming up or even increasing. During the first six months of the year, there were 439 sales for at least $2 million, up 13 percent from last year.

“People thought it would take at least a decade to get back to this point,” said Peter Zalewski, founder of Condo Vultures, a real estate consultant.

“The Brazilians walk in, they don’t even negotiate,” said Mr. Dezer, who said he would announce two new projects by the end of the year. “It’s a no-brainer for them.”

Read all about it, From NYTimes.com

By DAVID STREITFELD
Published: July 26, 2011

Affluent Buyers Reviving Market for Miami Homes

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where are all the short sales and foreclosures

here’s the skinny on short sale and foreclosure activity in 12 popular foothills communities – how many are currently for sale, how many have sold in the past
18 months & what % of total inventory and sales do distress sales represent,

(the SOLD data is SOLD from 1/1/2010 to today )

Subdivision	Total For Sale	# distress For Sale	% of Total	Total SOLD	# distress SOLD	% of Total
Pima Cyn	15	1	6%	15	4	26%
Cat 10	5	0	0	15	2	13%
Sin Vacas	4	0	0	12	2	16%
La Paloma	25	4	16%	46	3	6%
Hac del Sol	2	0	0	8	4	50%
Cobblestone	4	0	0	3	1	33%
Canyons	7	0	0	2	2	100%
Skyline CC	10	0	0	14	3	21%
Shadow Hills	9	2	22%	35	6	17%
Ventana CC	28	0	0	31	3	9%
Fairfield	9	0	0	26	2	7%
Sabino Mtn	10	3	30%	22	4	18%

Judging by these communities, the number of homes sold as distress sales in the foothills is low. And more encouraging is that the number of distressed homes for sale is dwindling.

In all of the foothills there are just 46 single family homes available for sale as short sales and foreclosures  vs 383 total homes for sale – 12%.

And from the beginning short sales & foreclosures have accounted for a much smaller percentage of sales than other areas of Tucson, and Arizona overall.  
And forget about Phoenix, Vegas and certain areas of California. And so far this year, short sales & foreclosures are 17% of all single family home sales in the foothills.

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up on Sabino Mountain

Once upon a time 7605 E Crested Saguaro Place was listed for the princely sum of $2,195,000. But it never sold, and after more than a few price drops it ended up at $1,275,000 this February, whereupon it quickly went to contract as a short sale. But after 4 months in contract it fell out of escrow yesterday and returned to the market at $980,000. And then today it expired. And I don’t know if it was the buyers that got tired of waiting for the lender to make up their mind, or the lender did make up their mind and it was not in the buyers favor. Who knows. But  one thing is for sure, short sales are often an exercise in frustration. I wrote about Crested Saguaro > gee, I wonder why this one didnt sell sooner <  7605 E Crested Saguaro , Tucson, AZ 85750

UPDATE- Crested Saguaro is, once again, back on the market 7605 E Crested Saguaro

And down the road apiece, 4085 N Black Rock Drive dropped from $825,000 to $799,000. Just the latest in a series of price cuts that began after it was listed for $1,500,000 last January. 4085 N Black Rock Drive , Tucson, AZ 85750

And not much is happening elsewhere on Sabino Mountain.
There 7 homes for sale from $293,500 to $1,099,000, 1 in contract at $383,500 and 2 sold in the last six months at $250,000 and $535,000. And the last time anything sold for a million or more was in April 09.

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the bottom of the barrel for Cat 10

5260 N Circulo Sobrio sold today for $497,000 - or an extremely puny $129/sf, as a foreclosure – off a $497,000 list price.  So, as some see it, it sold for 100% of list price.

But keeping in mind that once upon a time it was listed for $1,395,000 or $363/sf, it went for about a 65% discount from its original list price. (yet - as the MLS sees it, this will go down in the books as selling for 100% of list price. No wonder consumers are flocking to Zillow, Trulia, et al.)

Anyway, going back to January 1, 2006, there’ve been 45 homes sold in Cat 10 and 5260 N Circulo Sobrio, at $497,000, is the lowest, rock bottom, sale of the bunch.

While the dubious honor of the highest price sale goes to 4331 N Placita Camaleon – sold for $2,900,000 ($464.96/sf) in Feb 2008.  And all told, that works out to an average sale price of $1,160,682 ($269/sf) over these last 5 tumultuous years.

What’s next.

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the mystery of 7487 N Secret Canyon Drive

7487 N Secret Canyon Drive, up in the Canyons, was listed in October 2009 (in the Tucson MLS) for $4.7m & it expired this past February at $3.4m.

Then, mysteriously, on March 1st it was listed in the Phoenix MLS - but not in the Tucson MLS – huh, I wonder why -  by a Phoenix RE broker, huh, again I wonder why, as a short sale for $1,650,000.  And I’ll be darned, would you believe it, it went to contract immediately and closed escrow on Friday for $1.650,000. So neat, tidy and perfect, it’s almost hard to believe. I wrote about it here > here’s an interesting twist <

It was described in the  Phoenix MLS as > Terrific home ready for you to pick your appliances. A Short Sale that is just right for that special someone in Tucson.

aha, sure, well why not list it in the Tucson MLS so that special someone might have a chance in hell of actually seeing it

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aren’t you glad you waited

7617 E Snyder Road, a 1996 built, 8,375 sf home on 3.3 acres, was first listed in November 2007 for $1,200,000 – which was just $143/sf – is still for sale and now available for $450,000, yes $4-5-0-K – or a measly $54/sf

The listing says> DRASTIC PRICE REDUCTION, BRING ALL OFFERS! Diamond in the rough foothills property that can be shined up beyond any buyer's expectations! …

7617 E Snyder Road Tucson, AZ 85750
(listed by Long Realty)

And another offering at $450k, this one in Shadow Hills.
6201 N Camino Padre Isidoro was listed in 06 for $965,000, then $945 then $899 and on & on  – never sold – and it too is available today for $450,000, so take your pick

6201 N Camino Padre Isidoro Tucson, AZ 85718
(also listed by Long Realty) 

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sold for $1,399,500 in 04 and for $856,400 today, as a foreclosure

from an $899,900 list price on a house where all the landscaping was completely dead from lack of water and the house itself needed some work. Wells Fargo got more than I thought they would, or even should, on this one

6019 N Pinchot Road , Tucson, AZ 85750