TheTucsonFoothills

talk about lowballing

Zillow’s zestimate for 6820 N Los Leones Drive, a new spec in Skyline CC, is $1,010,800.

Meanwhile Los Leones sold today for $1,525,000.

6820 N Los Leones Drive Tucson, AZ 85718
(Listed by Long Realty)

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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to contract in record time

Listed just 14 days ago, 6820 N Los Leones Drive, a recently completed spec home in Skyline CC, range priced from $1,600,000 to $2,000,000, is in contract. Already!

This is the spec I mentioned when it was listed two weeks ago that claims to have
“Views you have only dreamed of” (making their debut today)

6820 N Los Leones Drive Tucson, AZ 85718
(listed by Long Realty)

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another day, another contract in Pima Canyon

Today it’s 2162 E Sentry Ridge Court’s turn. It’s a 2009 built spec, (and in good company on Sentry Ridge which has seen more than its share of specs, but more on that later) that was first listed (well before it was completed) in the easy-breezy days of January 07 for the not so easy-breezy price of $2,800,000 ($612/sf)

And as with many other high-end homes that were dreamt up during the boom years it sat around enduring one price reduction after another, and going nowhere, until 11 days ago when it was relisted and reduced to $1,550,000 ($339/sf), from $1,755,000. And presto, it’s gone.

And it’s a beautiful house too, with a very striking and distinct design that, though it wouldn’t appeal to everyone, I’m sure it would have sold long ago had it been more reasonably priced, long ago.

2162 E Sentry Ridge Court Tucson, AZ 85718
(listed by Long Realty)

That makes 5 homes in contract in PC, from $939,000 to $1,550,000
+ 5 sold in the last 3 months, from $1,038,000 to $2,325,000.
No doubt, the market in Pima Canyon is kicking into gear.

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it’s not a spec home and it’s not a custom built, what is it

It’s a to-be-built, and there are 3 to-be-builts for sale right now in the foothills.
They’re not specs, because they won’t be built until a buyer comes along who likes the lot and the existing plans (hence, also not a custom built) and trusts the builder enough to sign a contract and put down a big down payment and then make progress payments – all the while waiting 16 months or more for it to get done. Who could resist.

2981 E Plaza Encantada Tucson, AZ 85718
(listed by Long Realty)

4045 E Coronado Drive Tucson, AZ 85718
(listed by Long Realty)

1407 E Desert Garden Drive Tucson, AZ 85718
(Tierra Antigua Realty)

And perhaps not having complete faith themselves that it’s going to fly, two of the builders have hedged their bet by listing the lots for sale separately – so you can do it the old fashioned way, buy the lot, pick your own builder and build what you want.  

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a spec home sells

Back in March when 6650 N Sutherland Ridge Place was listed I said, “You’d think that anyone thinking about building specs these days should first have their head examined. But if you can do it for this price, make a decent product, and still make a buck, then go for it”

I have no idea if they made a buck or not but Sutherland Ridge did sell today. It went for $950,000 ($198/sf) off a $999,000 list price, reduced from the $1,095,000 it was listed for in March. I have to wonder though, at $198/sf, can you buy the lot (they paid $245k for it) prep the lot, build this house, finance the whole deal, pay commissions and closing costs and whatnot and still make enough to make it worthwhile?

Or maybe they figured that it was such a good deal at the original list - $1,095,000 - that it would sell at or very close to that, or maybe even over list. I wouldn’t have disagreed.
That seemed possible back then, but that was March and things were looking up in March.
  

6650 N Sutherland Ridge Place , Tucson, AZ 85718
(listed by Long Realty)

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to each his own

6520 N CALLE DE LA LLUVIA, a spec home in Alta Vista, sold yesterday for $925,000 off a $919,000 list price. I’m guessing the bump in price was due to some additional amenity or feature or something that the buyers requested, and not due to a mini bidding war.

Calle de LLuvia is in that tiny northeast section of Alta Vista that is zoned CR-4, allowing multiple homes/acre – rather than the majority of Alta Vista that’s zoned CR-1. This lot is 10,000 sf, just under a quarter acre.

And as you can see it’s a tight fit with the homes butting right up to the lot lines – the X is where this house is parked,

but as they used to say in Detroit, there’s a butt for every seat

6520 N CALLE DE LA LLUVIA Tucson, AZ 85750
(listed by Long Realty)

Meanwhile, they’re kicking butt in Pima Canyon,
7501 N Whisper Canyon Place, on 1.3 acres, sold yesterday after dangling the for sale sign for just 8 days. First time on the market, Whisper Cyn was listed at $1,349,000 and sold for $1,200,000 ($292/sf). This is the 6th sale in PC since mid June (the off season) + there are three homes in contract.
7501 N Whisper Canyon Place Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty)

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new spec home goes to contract

yes a spec, built this year and listed at $999,000 ($209/sf), wow $209/sf, how are resales going to compete with that

6650 N Sutherland Ridge Place , Tucson, AZ 85718
(listed by Long Realty)

It was listed this past March at $1,095,000 and dropped to $999 two weeks ago.

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for those who are not hunkering down

6151 E Finisterra is a brand new spec home in Finisterra, really, a NEW spec completed just 6 months ago

And at 8921 sf/6 Beds-7.5 Baths/it’s bigger than your average spec and bigger than your average anything, spec or otherwise

It was first listed in Feb 2010 – for $4,200,000 – but back then it was in the early days of construction, so who could tell – and it caught my eye today when it came back on, again at $4,200,000 ($470/sf)

 

 

6151 E Finisterra Tucson, AZ 85750
(listed by Long Realty)

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inquiring minds want to know

What’s up with 1714 E Barrel Cactus Court. It expired on June 30th - range priced from $2,998,000 to 3,284,000 - and we haven’t seen hide nor hair of it since.

Barrel Cactus is a gorgeous contemporary styled spec on one of the very best lots in Pima Canyon - (and not scrimping, like many spec builders do, the sellers paid $1.3 for the 3.22 acre lot in 07). Then the house was built in 2010, but listed a full year before it was completed for $3,995,000 – ($642/sf).

1714 E Barrel Cactus Court Tucson, AZ 85718
(was listed by Russ Lyon Sotheby's Int Realty)

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no one holds out forever

A 2009 built spec home in Hacienda del Sol estates, 3199 E Corte De Andalucia, started out two years ago asking $1,795,000. But with today’s cut it’s down to $1,195,000 ($250/sf). And for the first time the listing says
SELLER MOTIVATED – MAKE AN OFFER

3199 E Corte De Andalucia Tucson, AZ 85718
(listed by Long Realty)

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the changing face of Camino Escuela

Built in 2006 as a spec home, 4907 N Camino Escuela sold for $1,371,150 in 06, then for $1,250,000 in 2008 and it was listed yesterday for $1,149,000.

That’s it under construction with the new black roof,

The street, Camino Escuela, is home to some of the oldest estates, some of them Joesler estates, in the foothills. And many of them are, or were, on larger tracts of land-  5, 10 and more acres. Cmo Escuela is also one of the few remaining dirt roads in the Foothills. The long time residents like it that way, original old foothills style, and it keeps the looky lous away.

And even though this home is on more than an acre, it was built to be pretty cozy with its three neighbors, going so far as sharing a common driveway.  
And had the real estate market not crapped out I’m sure that more homes would have been built up along Escuela.

4907 N Camino Escuela Tucson, AZ 85718
(listed by Long Realty)

making a comeback

4733 N Camino Antonio N was listed about a month ago for $625,000 and already 
it’s in contract.

But last time round, in July 2006, when it was a brand new spec home, it was listed at – the guaranteed to go nowhere price of - $1,150,000

and it went nowhere, until Feb 2010 when it finally sold for $562,000 as a short sale.

I saw it back in its glory days and I remember it well because it was so obviously not a million $$ house, not even close. I wrote about here > clearing out the bargain bin

But now, at $625k or thereabouts, sure.

4733 N Camino Antonio N Tucson, AZ 85718
(listed by Tierra Antigua Realty)

head and shoulders above the rest

The AZ Star ran an article yesterday on the 13,350 sf house in the
Canyons that’s listed for $9,995,000 – 7582 N Secret Canyon Drive Tucson, AZ 85718. (Listed by Long Realty)

 At $10M, mansion could be tough sell

‘Opulence abounds inside the home, which has 24,000 square feet under its roof. Gold-leaf accents gleam in hallways and on doorways. Antique marble brought from Europe encases fireplaces. In the foyer, a scene depicting ruins, perhaps in an ancient Roman town, has been hand-painted onto walls. Marble columns, also European antiques, …’

At $9,995,000 it’s the highest priced listing in the Foothills and also the highest in the entire Tucson metro area. By a bunch. There are just 3 homes listed above 6 million – at $6.2, at $6.5 and Secret Canyon at $9,995,000 – and we have front row seats for all three – because they’re all in the foothills.

And this is a return engagement for Secret Canyon. It was originally listed in June 2009 for $13,500,000 and held there until July 2010, when it left the market.

One other fact not mentioned in the Star article – the highest sale ever in the Tucson Foothills for a single family home listed and sold thru the Tucson MLS is $3,800,000. And two homes sold at that exact price. But that’s it, nothing higher. (there were a few other higher priced sales elsewhere in the Tucson area – the highest was a $4.950 sale at Saguaro Ranch – which otherwise and despite all the hoopla, never got off the ground, at least not as planned)

And while I can’t be absolutely sure of the thinking and impetus for building Secret Canyon, or the other super-luxe homes for sale in the foothills, given the timing of their construction, it’s obvious the plans for many of them were hatched during the boom with the expectation of raising the bar ever higher. What’s the plan now.

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Alta Vista spec – yet to be completed - goes to contract

On the market just 86 days, 6101 N Paseo Zaldivar is reported under contract from a 2,150,000 ($362/sf) list price. (listed by Long Realty)

On a 1.1 acre lot/5,935 sf/5 Beds-5.5 Baths/pool-spa/4 car/to be completed in late spring

That’s the first spec in many moons to go to contract prior to completion – Congratulations!

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the new ‘non speculative’ spec home

it’s not really a spec home & it’s not a custom home either.
It’s a TO BE BUILT home – a byproduct of the real estate bust.

It’s kinda like a custom home because it won’t be built until a buyer comes along and lays down a nice fat deposit. And it’s kinda like a spec because the lot, the price, the design, the square footage, amenities, etc have all been decided and drawn up ahead of time. It just hasn’t been built yet.

And like a custom home the buyer may have an opportunity to make some limited changes and choose their preferred finishes and so on.  Oh, and they get also to wait around for a year or so until it’s built. So it’s hybrid house, part spec, part custom.

It’s a safer bet for builders because they start with a buyer, and cash in hand, before they start swinging their hammers. But they also get some of the headaches of building a custom home. Like having to deal with, get the approval of and satisfy the buyer every step of the way. Because now it’s the buyers house they’re building, not their own - I’ll do it my way - spec house.  A big difference. And a difference that many spec builders will have a tough time dealing with, if they attempt it at all.

And being on the cutting edge, as we are, we now have two of these new hybrids for sale in the foothills,

2981 E Plaza Encantada Tucson, AZ 85718  $1,100,000

4045 E Coronado Drive Tucson, AZ 85718  $1,378,00

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tucson foothills spec homes, you’ve come a long way baby

In August 2008 – just before it all hit the fan – I did a post titled - the land of opportunity, Tucson Foothills spec homes - where I wrote
‘In the last few months I've given a lot of coverage (some would say too much) to the million$+ spec home market here in the Tucson Foothills. I did it because there are unmistakable signs of vulnerability in this category. And along with that there's opportunity. And now unfortunately, though it was inevitable - two of these million$+ spec homes have been listed as short sales.

I count 27 new vacant million$$+ spec homes for sale in the Tucson Foothills. And amongst them, I see opportunities to make some very good deals. New, old and in between, there are 128 homes for sale in the Tucson Foothills priced at $1,000,000 and UP’ (August 2008)

That was then. And since then those perceived opportunities became reality and many buyers stepped up and took advantage of them, with many of those high-end spec homes selling for cheap and ending up as very good deals. And along the way short sales and foreclosures – which were a novelty back then - became commonplace in our high-end real estate market. And in fact, they’ve become the preferred way to go for many high-end buyers.

But from all that turmoil has come a lot of improvement in the market. Particularly lately. We’re now down to 11 vacant spec homes for sale at a million+ and, including specs and re-sales, we’re down to 86 homes for sale at a million bucks or more. (and of the 11 specs for sale today, just one is a leftover from that hot day in August 2008)

And most importantly, most buyers aren’t sitting on the fence anymore. When a good deal comes along they recognize it and go for it. They realize that, while we may not be at the very bottom, when a house comes along that’s right for them and priced right too, that it’s time to make a move.

Right now in the Tucson Foothills there are 13 homes priced at a million $$ or more in contract. 4 of them are in Pima Canyon alone – and we haven’t had 4 homes in contract in PC since I don’t know when.

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this just in

“…  Just wanted to tip you to a possible foreclosure in Pima Canyon. The Saguaro Blossom property you recently posted in your blog has recently had it's front door removed and replaced with plywood, the ornamental iron gate removed and all potted plants. Looks like the expired listing has turned into a foreclosure. It is surreal to see a beautiful multiple-million dollar home boarded up and stripped of it's beauty. What a sign of the times......” (from a reader)

he is referring to 1682 E Sahuaro Blossom Place, which I talked about in my post > they watched the market come and go <  I ended that post asking,
…now it’s going on 7 years old and it’s expired again today, this time at $2,295,000 ($392/sf). What next. (here are a couple of shots of the backyard from then & now)

Well I never expected that foreclosure was what was next. Really I didn’t.
Not for this house. Probably because Sahuaro Blossom was one of the most exotic spec homes built during that early boom time and being for sale from 04 ‘til now, it had become a fixture, an icon really, of the excesses of the boom in high-end spec building. But it was fun while it lasted.

looks like the fall of ancient Rome. What next.

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they watched the market come and go

In Pima Canyon, the listing on 1682 E Sahuaro Blossom Place expired today.

But they’d been down this road before. You see Sahuaro Blossom was in the vanguard of the mega spec home movement that hit the Foothills in early 2004 when it was first listed for $3,400,000 while still under construction.

And even though no one snapped it up at $3.4 and, illustrating perfectly the rising market mentality of the time, instead of lowering the price - no way - they raised it.
To $4,200,000. But they did wait until it was completed to do that. But still.

So it hit the market again in August 2005 for $4,200,000 - at a nosebleed $715/sf, but no one cared about that. No one except nerds and appraisers even bothered to look at $/sf costs in those days.

So the market went up up up and then it went down down down and Sahuaro Blossom went nowhere. And now it’s going on 7 years old and it’s expired again, this time at $2,295,000 ($392/sf). What next.

1682 E Sahuaro Blossom Place Tucson, AZ 85718

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conveniently located on Craycroft Rd

If you head north on Craycroft from Sunrise, on the east side of the street just north of Cimarron there’s that stretch of road where those mini cul-de-sacs were developed a few years ago. You know the ones I mean, they’re just below Pinchot Rd - see the map below where I’ve marked them off in red with yellow arrows at each cul-de-sac.

I’ve passed there countless times during and after the development and wondered ‘what could they possibly be doing’. I couldn’t believe that that land, that fronts directly onto Craycroft, was being developed as residential building sites. No way, couldn’t be. Well yes, could be and is. That is exactly what’s been done - 10 or 11 building lots fronting Craycroft Rd.

This plan must have been hatched during the boom and then put on hold during the bust. But when the dust settles and builders start swinging their hammers again, are we going to see houses sprouting up along that strip of Craycroft.

I’d have thought builders and investors, having lost their shirts on houses they built by the side of the road, had learned their lesson. But maybe not. Over the last few years I’ve written often about the homes, usually specs, that were built by the side of the road  – I call them road kill – and how absolutely miserably they fared in the marketplace. No one wanted them. Why, because people don’t want to live by the side of a busy road. duh (for more of my posts re; road kill, plug road kill into the search box on the upper right)

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what a waste

6500 N Saint Andrews Drive was purchased in 2004 as a knockdown
for $480,000
 

and they knocked it down and rebuilt it and in 2006 listed it $2,100,000  

it sold yesterday for $700,000 as a foreclosure.

So what went wrong. Simple, from the beginning, when they had a good opportunity to sell it, it was so overpriced that it couldn’t sell.  Not even in 06, when you had to miss the mark by a pretty wide margin to be overpriced.

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the bigger they are …

3900 N Camino Blanco - a nearly 10,000 sf, 2007 built spec home with an indoor pool - once listed for $3,400,000 has sold today for $710,000 as a foreclosure. 
That’s $73/sf, including the 2.6 acre lot that it sits on. Cheap, for sure. But does that make it a good deal. I don’t think so, I think it’s a headache in the making.

The last time I saw Camino Blanco it looked like the new owner would be spending a few bucks fixing it up. Not that it was abused, it wasn’t. But after just three years some of the materials that were used to build it were already showing signs of excessive wear and tear and starting to break down. It’s big, you can say that for it.

3900 N Camino Blanco Tucson, AZ 85718

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the best laid plans

This, I hope, is the final chapter in a long running tale of foreclosures and short sales that have beset this little community on the west side of Campbell Ave.

#1, the mother ship, 5775 N Campbell Ave, is the original property that encompassed all 7 acres and a 6300 sf house built in 1973. 

And all was well until a visionary with big plans came along and bought the mother ship for $1,325,000 in 2003 and split up the 7 acres to build spec homes. And that left the mother ship with just one acre, which they promptly listed for $1,795,000. And it finally sold in 2009 for $660,000 as a foreclosure.

Talk about starting off on the wrong foot, here’s how the rest of it went;

#2, 5761 N Campbell Ave was listed for $1,234,000 in 2006 and sold for $700,000 in 2007 as a foreclosure. A pioneer, it was one of the very first foreclosures in the old foothills.

#3, 5771 N Campbell Ave started off on the right foot, but it soon got tripped up. It sold as a new spec home in April 2007 for list price, $2,200,000. Then just ten months later, in February 2008, it was listed as a short sale for $1,100,000. And it finally sold in August 2009 for $860,000.

#4, 5759 N Campbell Ave was listed in 2007 for $935,000 and finally sold in 2009 for $540,000 as a short sale.

and last but not least, #5, 5805 N Campbell Ave was listed in May 2007 for $1,989,000 and sold yesterday for $825,000 as a short sale.

The End

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your guess is as good as mine

Remember 5910 N Mina Vista. The spec home that started life in 2007 listed at $1,795,000. The one that, after many moons and many price cuts, finally got down to $1,160,000 and went to contract and sold this past April for a cool $1,000,000, as a short sale. Yeah, that Mina Vista. 

Well who knows what, but apparently something’s happened because it’s back on the market today at $1,100,000 ($213/sf).

So if you missed it then, here it is again > 5910 N Mina Vista Tucson, AZ 85718 (listed by Long Realty)

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someone couldn’t resist

It’s reported that 3900 N Camino Blanco, the 10,000 sf spec home that’s also a foreclosure went to contract today, once again. Yes Camino Blanco has been down this road before. Actually, Camino Blanco has been down many roads before. So I hope this one sticks.

It started in 07 as a brand-spanking new spec looking for $3,400,000. As it went to escrow today it was at $749,800 or 76 bucks a sf.

Because I was asked to I showed Camino Blanco a while ago.
But I also pointed out the reasons why I didn’t think, even at $76/sf, that it was a particularly good buy for them. And they took a pass.

3900 N Camino Blanco Tucson, AZ 85718
(Listed by Liberty Properties & Associate)

in the Canyons

3657 E Canyon Wind Pl is back in the game.
Canyon Wind left the market in June at $3,400,000 and returned today at $2,995,000. At 5691 sf that’s $526/sf. It last sold in 2004 for $2,700,000. (Listed by Russ Lyon Sotheby's Int Realty)

With Canyon Wind there are now 6 homes for sale in the Canyons -
from $1,990,000 to $3,990,000 and then one at $13,500,000.
An impressive lineup.

On the other hand the last time a home sold in the Canyons was in July 2008. Nothing since. And there’s nothing in contract up there either. So if you’re looking, you’ll have the pick of the litter.

see them here > for sale in the Canyons

or here > for sale in the Canyons

or here too > for sale in the Canyons

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beating the odds

On the market for more than 2 years at $1,795,000, 5855 E Placita De La Zuerencia was relisted in April with a new agent at $1,295,000 and,  Presto!, sold today for $1,200,000 ($210/sf).

The sellers should thank their lucky stars.
La Zuerencia is a 2008 built, 2 story spec home that overlooks Craycroft near the top of it’s curve thru Alta Vista.

5855 E Placita De La Zuerencia Tucson, AZ 85750

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are we there yet

1682 E Sahuaro Blossom Place was one of the pioneers of 
super-luxe Pima Canyon spec homes. Built in 2004, it has, nevertheless, been on & off the market ever since.

Originally listed for $3,400,000 in April 2004, and though it didn’t sell, the price was raised to $4,200,000 ($715/sf) in August 2005. It held there until October 07 when it was knocked down to $3,750,000 and in 08 to $3,399,000, then $2,975,000. And there it sat until this February when the price was slashed $580k to $2,395,000 and another $100k today to $2,295,000 ($390/sf).

1682 E Sahuaro Blossom Place Tucson, AZ 85718

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from the bargain bin

4845 E Winged Foot Drive, in Skyline CC, just two weeks on the market at $1,072,500 ($265/sf) as a foreclosure, is already in contract.

But it’s been a long haul for Winged Foot. It comes off four years of hoping to get $2.4, $2.3, $2.190, etc, etc, mincing along until Mr lender knocked at the door.

I mentioned Winged Foot here>  another failed spec home, another foreclosure when it was listed.

4845 E Winged Foot Drive Tucson, AZ 85718

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another failed spec home, another foreclosure

Listed with a lot of fanfare for $2,300,000 in June 06,
4845 E Winged Foot Drive can now be yours for a mere $1,072,500 ($265/sf). And with not a bit of fanfare. It left the market a few months ago at $1,495,000 and returned today as a foreclosure.

I stopped by to see it earlier today and with the exception of some missing bathroom light fixtures and mirrors and a few ceiling speakers, everything else looked to be in good shape.

This is another in a long line of Skyline CC teardowns. 
Originally 2600 sf and built in 1978, it was torn down and rebuilt in 2006 as a 4071 sf spec home that didn’t pan out.

That was then,

This is now,

see it here> 4845 E Winged Foot Drive Tucson, AZ 85718

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2 months, 2 contracts

5855 E Placita La Zuerencia, listed at $1,295,000, went to contract on 6/23, fell out on 7/1 and is reported back in contract today. So two solid hits in about 2 months.

Meanwhile, it sat around for two years listed at $1,795,000 and nothing happened, but still no one did anything. Unbelievable.

La Zuerencia is a 2008 built Alta Vista spec home that was
finally re-listed in April with a new agent at $1,295,000 ($226/sf).
(Listed by Long Realty)

see it here>  5855 E Placita De La Zuerencia Tucson, AZ 85750

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luxe Pima Canyon spec, now under $300/sf

7828 N Ancient Indian Drive had a $300,000 price cut today, bringing it in at $2,199,000, or $298/sf - significantly cheaper/pound than any of it’s luxe competitors in PC. And the old Indian is now down a million+ from the $3,295,000 it started at in Jan 09.

see it here> 7828 N Ancient Indian Drive Tucson, AZ 85718
(Listed by Long Realty)

The PC scene - 18 homes for sale 
5 priced from $1,050,000 to $1,299,000, averaging $320/sf. 
13 priced $1,895,000 to $4,950,000 at an average of $485/sf –not including Ancient Indian at $298.

6 homes sold in the last 6 months;
3 for $875,000 to $1,075,000 @ average $254/sf
3 for $1,800,000 to $2,000,000 @ average $342/sf

With 18 homes for sale, and slow sales, it was bound to happen.
And it’s just another example of how utterly blind are those who say, ‘oh, my sellers, they can afford to wait’. Oh yeah. 

When 2112 E Sentry Ridge Ct went to contract a few weeks ago - at a much reduced and I thought bargain price - I said, at that price it’s a thorn in the side of other PC sellers, such a deal  
Ouch! Here’s another.

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a (rare) happy spec home tale

This past February in - high-end goods, bargain price - I talked about a new spec home that had just been listed.
We need another spec like we need … too early to tell, but if they’re able to pull it off and build a good house at this price, the builder is going to be very popular…

And slam-bam, three weeks later and that spec, listed at $1,149,000 ($207/sf) was in contract.

And it closed today, on schedule and on budget too, at $1,149,000.
(listed by Long Realty)

See it here> 2801 E Plaza Encantada Tucson, AZ 85718

At the right price …

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(only) at the right price

5855 E Placita De La Zuerencia, a 2008 built spec home first listed in January 08 for $1,800,000, dropped to $1,795,000, that oughta do it, and held there, and went nowhere, for 2+ years.

Was relisted in April with a new agent at a new lower price($1,295,000 - $226/sf) and went to contract today just 2 months and a few days later. 

And it’s not a short sale or foreclosure.

house flipping for fun and profit

6811 N Camino De Fray Marcos is reported as sold today for $377,250. And get this, this is the 2nd sale this year for Fray Marcos. It also sold this past January for $280,000 as a short sale. (listed by Tierra Antigua Realty)

Leading up to today’s sale - it last sold in August 05 for $440,000 and was back on the market in May 06 for $600,000. But it didn’t sell so, what the hell, they raised it to $699,000. But still no sale. And somewhere along the way it was renovated, with a new kitchen, baths and more. Imagine, there they were at the height of the market and instead of taking a fair profit and moving on, they held out for the golden goose.

Then it was off the market until June 2009 when it returned as a short sale listed for $329,000, and resulting in January 2010 sale for $280,000.

So someone paid $440,000 in 05, spent a small bundle on renovations and ended up giving it to a flipper for $280,000. Who turned around and flipped it for $377,250 in no time. Nice work if you can get it.

see it here> 6811 N Camino De Fray Marcos Tucson, AZ 85718
(link expires 7/6/10)

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new spec construction in Skyline CC

OK you got me, what’s the punchline.
No, I’m serious. 5 new townhomes are going up in Skyline CC and they’re all specs, and for now, all priced at $625,000.
There they are, see.

They’re slated to be 4 Bedroom/3 Bath/2 story/with the golf course on one side and Turnberry Dr on the other.
-the listing does not state the square footage.

But here’s what it  does say;
1 of 5 brand new townhomes being built in gated Skyline Country Club. GREAT city, mountain & golf course views. These homes will be finished with all the newest designs; granite countertops, SS appliances, Solid alder wood doors and much more, or still time to choose your own. Private decks or patios off 3 bedrooms. All main living areas including Master BR, den or 2nd BR, kitchen, living room all on 1st level, secondary BR's only upstairs. Owner/Agent.

New spec construction in Skyline, come on, can’t be.

see for yourself>  6544 N Turnberry Dr

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you can’t always get what you want

Four years ago 7049 N Mission Hill Lane in Skyline CC was asking $5,000,000. Today $2,495,000, or less, will do the trick.

7808 N Ancient Indian Drive – in Pima Canyon – sold for $2,650,000 in March 05, as a brand new home, and was back on the market
6 months later listed for $3,899,000. Not surprisingly, no one took the bait. And today it’s still for sale, now for $2,799,000.  

Imagine seeing the best years for selling a luxury home –2005, 2006 –pass you by, and end up still trying to sell, but now, in the worst luxury market in a lifetime.

Up at the very top of Swan, in the Summit, 4647 E Palais Place was $4,450,000 in 2005 and is yours today for $2,750,000. 

Just one year ago a new spec home in the Canyons was priced at $5,000,000 and promised, YOU WILL FALL IN LOVE! Well no one did.
But, were you to fall for it today, it would cost you just $2,699,000. That’s at 7454 N Secret Canyon Drive.

Was $4,500,000, is now $2,595,000.
That’s at 6921 E Rock Ledge Place in Ventana CC’s Mountain Estates.

Over at 820 E Magee Road they’ve dropped from $3,495,000 to $2,575,000 in the past 18 months. That’s in Cobo Catalina Hills, with 6.2 acres.

It also took 18 months for 2087 E Desert Garden Drive to drop $800k and get to $2,499,000.

In La Paloma, 3208 E Via Palomita is down $700k from its $3.2 price in December 08.

1682 E Sahuaro Blossom Place started out at $4.2 in August 05 and, after almost 5 years and no takers, is now looking for $2.395.

7203 N Cloud Canyon Place was $3.250,000, is now $2,220,000. In the Canyons.

Going on 3 years now, 5227 N Campbell Avenue has chased the market from $2,695,000 down to $1,999,999.

2004 E Desert Garden Drive sold for $1,725,000 in November 2004, and was back on the market about 2 years later asking $2,700,000.
After 9 months they called it quits and sat it out until this January when they again listed it, but this time for $1,999,000. So maybe.

It’s been a long slog over at 6494 N Ventana Canyon Drive.
First listed in August 2007 for $2,750,000 (right as the mortgage meltdown hit, forgetaboutit, talk about bad timing) it’s still for sale, and can now be had for $1,995,000. 

It’s the same story over at 2123 E Sentry Ridge Court in Pima Canyon. Listed for $2,750,000 in 07, it’s now $1,995,000. And a spec home too.

Listed just 7 months ago for $2,490,000, 4341 N Placita Camaleon in Cat 10 has already dropped $500 thou hoping to snag a buyer.

7827 N Ancient Indian takes the cake for not beating around the bush. Listed last September for $3,750,000 it’s already down to $1,900,000.

3613 E PLACITA LINDURA was listed for $2,600,000, for almost a year in 06, but went nowhere. So it left the market and didn’t reappear until this January when it came on for $1,750,000. And still no sale.

Way back in 2006, 4845 E Winged Foot Drive was asking $2,300,000. But aren’t you glad you waited because you can have it today for $1,490,000. Winged Foot is another Skyline CC-teardown-spec-home that hasn’t lived up to expectations.

A couple of years ago 5000 N Circulo Sobrio was $2,850,000. Today it’s $1,399,000. That’s in Cat 10.

Over in La Puerta, a posh little gated community off Hacienda del Sol Rd, 3451 E Calle Puerta De Acero has seen it’s ups and downs.
It sold for $970,000 in 2004, and for $1,350,000 in Jan 06. But then the music stopped.

After the 06 sale, the new owner plowed a bunch of money into it. They put in a new and very large high-end kitchen, and with all the trimmings, plus stained concrete floors throughout. And then put it back on the market in Feb 08 for $2,195,000. It’s been on and off ever since and is currently available for $1,375,000. Ouch.

5855 E Placita De La Zuerencia didn’t sell for $1,795,000 in 09. So it was relisted for $1,295,000 in 2010. And so far, still no go. It’s an Alta Vista spec home.

3 years and $825,000 in price cuts, and 5550 N Via Elena is still available. Now for $1,275,000.

In Alta Vista, 6174 E Avenida De Chaparron was $1,595,000 in September 08 and is $1,085,000 today. 

And over in Skyline CC, 6500 N Saint Andrews Drive is now $930,900. That’s $1,169,100 off its 06 peak of $2.1. Saint Andrews started out as a Skyline CC-teardown-spec-home. And ended up a short sale.

These are the homes that have had some of the biggest price cuts, and yet they haven’t sold.  And as we wind up the season for high-end homes here in the foothills, we’re left with 107 homes for sale priced $1,039,000 to $13,500,000 vs just 19 mil+ homes sold since Jan 1 - from $1,050,000 to $2,200,000. 
What now.

See them all HERE

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a latecomer to the party

5510 N Sundance, a recently completed spec home came to market today for the first time. (listed by Keller Williams Southern Arizona)

Listed at $895,000 ($236/sf) it is, 0.9 acres/3800 sf/4 Beds/4 Baths/
2 story w/elevator/masonry stucco construction/no pool/but a 5 car garage/completed on 3/22/2010/in Sunrise Estates

Unlike this one, specs usually get listed the minute they break ground. Perhaps they were holding off for a better market. oh well.

FYI – Sunrise Estates is a bit east of Swan and south of Sunrise.
This is the only home for sale at the moment in there. And there are none under contract. And, going back to Jan 07, there have been just 3 sales, @ $435, $450 and $565.

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finally facing the music

After nearly 3 years of trying, yet another spec home sold today.

2436 E PLACITA DE LA VICTORIA was first listed in June 07 for $1,800,000, and reduced and reduced again, it eventually settled in at $1,385,000 and the sellers threw in the towel today for $1,150,000 ($249/sf). (listed by Long Realty)

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another spec home gone bad

It all started in 2004 when a builder/investor bought 6500 N St Andrews Dr as teardown for $480,000. At that time it was a 1967 built, masonry constructed 3200 sf house on the 7th fairway at Skyline Country Club,
that looked like this

and this,

But they quickly tore that down and put this up - a new 4200 sf frame stucco place that looks like this,

and this,

So before you could say Home Depot, another spec home was born
in Skyline CC – ground zero for teardowns in the Foothills.

But they listed it in 2006 for the very un-Home Depot like price of $2,100,000. And after countless price cuts, dragged out over nearly 4 years, it left the market last month, still unsold, at $1,300,000 as a short sale.

And if you dragged your feet on this one, fear not, it’s back today, at what should be a very attractive price - but who can say anymore - of $949,900 ($229/sf) as a foreclosure. And it’s still on the 7th fairway at Skyline.

see it here> 6500 N St Andrews Dr  (no pictures in the listing as of this writing) (Listed by Bidegain Realty, Inc)

PS- Just yesterday I mentioned a spec home in Pima Canyon that sold for $2.0M. So it can happen, but these days there are fewer and fewer winners in the high-end spec home game.

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supersize me

3900 N Camino Blanco dropped another $36,000 today, bringing it in at under a mil - now $994,800 ($101/sf). Camino Blanco is a monster of a spec home – a 9776 sf spec, complete with indoor pool, that’s alongside River Rd and is also a foreclosure. What a combo.
(Listed by Keller Williams Southern Arizona)

In the good old days – in the summer of 07 - they were asking $3,400,000.

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a dying breed

After 3 + years and $795,000 off its original list price,
5910 N Mina Vista finally sold. It went for $1,000,000 ($193/sf) as a short sale. (Listed by Long Realty)

Mina Vista was a spec house built on a teardown lot that had been occupied for 45 years by this 1700 sf adobe. 

until this went up in its place, ↓ a nice improvement  

along with the new guest house, which stands where the original
house stood ↓ and is about the same size


And as I mentioned once before, I thought this was a decent house, and unlike many other specs it’s on a decent lot, so I’m surprised it took this long - (it’s been listed for $1,160,000 since last June).

The 2 things that did bother me were the utility poles/wires out back – which I’m sure killed the deal for half the buyers - and the small covered patio – which probably killed it for the other half.  Oh, and it had the kind of mountain views you could enjoy as long as you stood in just the right spot. Not for $1,795,000.

Mina Vista was one of the last of the first wave of boom-time spec homes to sell. And many of them were built on s-crap lots here and there throughout the foothills and, not coincidentally, many of them ended up in short sale or foreclosure.

Interestingly, the second wave of spec homes are bigger, more expensive and selling even less well than the first wave.

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the other kind of spec home

4905 E Mission Hill Dr was a 1969 built old clunker in Skyline CC, that hadn’t had a thing done to it, yet sold in Feb 2005 for $640,000.

The new owners then did an extensive and very nice renovation –
top to bottom new kitchen, new baths, travertine floors and more,
all through the house, 
 

And a little more than a year later, in April 06, at the tail end, but still, things were still roaring along, they put it on the market for $1,390,000. Then they dropped it to $1,275,000, then $1,175,000 and by then the window was closing.

Four years later and it’s still for sale and was reduced today to $739,000 ($219/sf). And it’s still in Skyline CC and still has great mountain views.

Just imagine how differently things would have gone had it been reasonably priced in 06.

I mentioned Mission Hill last September on the occasion of a prior price cut > aren’t you glad you waited on this one

more info, more pictures> 4905 E Mission Hill Dr
(Listed by Long Realty)

(it is NOT a short sale or foreclosure)

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knowing when to fold ‘em

5855 E Placita De La Zuerencia, an Alta Vista spec home built in 2008, was first listed in January 08 for $1,800,000. (already they’d missed the boat) But then, inexplicably, by August, when it was 110 in the shade and everything was crumbling, they’d cut the price a whole 5 grand to $1,795,000 - and then held tight there until the listing expired in Dec 09 – do I hear, make your bed and lie in it

Well, between then and now, reality must’ve finally dawned really hard. Because after holding out for all that time, it was
re-listed today with a new agent for half a million less, yes 500 big ones, to $1,295,000 ($280/sf). And it’s not a foreclosure or a short sale. It’s just another spec that hasn’t quite lived up to
ex-spec-tations. And maybe an opportunity, if it’s your cup of tea.

See it here> De La Zuerencia
(listed by Long Realty)

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high-end goods, bargain price and a Quick Sale

3 weeks ago I wrote about a new spec house being built in the foothills - high-end goods, bargain price - We need another spec home like we need another Walgreens, but a new spec was listed today at what appears to be a real bargain price.
It’s under construction, to be completed in July, so too early to tell…

21 days later and that project is under contract.
See it here> 2801 E Plaza Encantada

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Finally! Finally!

That’s finally a home priced at over a million has gone to contract and broken our 14 day dry spell. Though I may be jumping the gun here because I’ve got a feeling this one went for under a mil. Just a feeling. And finally this long in the tooth spec home has gone to contract. jeez.

5910 N Mina Vista, first listed in January 2007 for $1,795,000, went to contract today listed at $1,160,000($225/sf) as a short sale.

This was part of that original crop of specs - most of which sold last year through foreclosure or short sale - that appeared early on, just as the fizz was going out of the boom.

But I never thought this was a terrible house and am surprised that it had to sink this low before a buyer bit. But who knows, maybe they turned down offers that they would now kill for.

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if it’s cheap and by the side of the road, is it a bargain,

Road Kill,

In recent years quite a few builders have chosen to put up spec homes by the side of road. I’m guessing it’s because good building lots are very scarce in the foothills and the scraps left over by the side of the road are plentiful and cheap. What else could it be. It’s certainly not because buyers are clamoring for them.

Here’s a look at some side of the road specs and how they’ve fared in recent years.

Cheek to jowl with Kolb Rd is 7055 E Foothills View Ct, listed for $900,000 in July 06 & Sold for $475,000 in December 09 – a foreclosure.

And keeping watch over the other side of Kolb is 5360 N Ventana Overlook Pl. It was listed for $1,075,000 in January 08 and Sold for $527,000 in January 2010 – also a foreclosure.

And then there’s the triple crown of specs, 5551, 5543 and 5527 Camino Real. 3 new specs carved out of 1 old lot.

5551 started out in August 07 at $1,449,000 and sold in Feb 09 for $850,000 - Foreclosure

5543 did a little better. It was listed in August 07 for $1,495,000 and sold for $1,000,000, also in Feb 09 – Foreclosure

and 5527 was asking $1,649,000 and got $895,000 in June 09 – Foreclosure

And no stranger to spec homes, on Hacienda del Sol Rd we have
5171 Hacienda del Sol Rd – originally listed for $2,700,000 in April 07 and Sold for a measly $1,200,000 in March 09.
And right next door, and doing a good job of keeping up with the Jones’s, is 3550 E Camino A Los Vientos. Listed at $2,450,000 in December 05, a bargain hunter picked it up in March 09 for $900,000 – as a short sale.

 

And a little ways down Hacienda del Sol Rd are a couple of homes on the very edge of Hacienda del Sol estates.  
On the left, down below, is 3179 E Corte De Andalucia, built in 2007 and first listed at $1,495,000 and now, 2+ years later, in contract listed at $695,000. (Listed by Long Realty)
And on the right is 4911 N Avenida De Castilla which started out at $1,149,000 in March 07 and is still for sale, and now asking $699,900, as a foreclosure. (Listed by Coldwell Banker Residential Brokerage)

 

But oddly enough, 2180 E Calle Los Altos a spec which backs up to Skyline Dr, by far the busiest road in the foothills, didn’t do too bad.
It was listed in Feb 07 for $1,375,000 and sold for $998,000 in September 08. But it was, in my opinion, the nicest house of the bunch. A very cool contemporary. The first time I saw it, I liked it so much, even in that awful location, that I found myself struggling with whether or not I would buy it. I wouldn’t, but it was tempting.
In a good location it would have easily gone for it’s full $1,375,000 and probably more.

Caveat emptor

high-end goods, bargain price

We need another spec home like we need another Walgreens, but a new spec was listed today at what appears to be a real bargain price.
It’s under construction, to be completed in July, so too early to tell, but if they’re able to pull it off and build a good house at this price, the builder is going to be very popular.

2801 E Plaza Encantada/2010 built/1.3 acres/frame stucco/5561 sf/
5 Beds/6 Baths/1 story/3 car/with pool & spa/for, get this, $1,149,000 ($207/sf), that’s for new construction, in the foothills.
(Listed by Long Realty)

The listing says;
BRAND NEW CONTEMPORARY HIGH ON A RIDGE W/BREATHTAKING MOUNTAIN & CITY VIEWS,EXQUISITE LIVING RM & DINING RM W/HIGH CEILINGS,WALLS OF WINDOWS,FIREPLACE,GOURMET ISLAND KITCHEN W/GRANITE COUNTERTOPS,LOVELY BRKFST AREA,LARGE FAMILY RM W/FIREPLACE,BEAUTIFUL TILE FLRS,5 BEDROOMS EACH W/OWN BATH+STUDY,(GUEST SUITE W/LIVING AREA,BEDROOM & BATH),MSTR W/FIREPLACE,LUXURIOUS BATH,LARGE WALK-IN CLOSET,FABULOUS BKYD W/POOL,SPA,DISTRICT 16 SCHOOLS,VIEWS!VIEWS!

Check it out> 2801 E Plaza Encantada

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betting the farm at around 4 million

Another new listing today, and a spec home too, at over 4 mil has come on the market. That’s the 4th home listed this year between
4 & 5 million & 3 of them are specs. Specs at 4 million & up, ah-ha.

The last time a home sold in the Foothills at 4 million or more (thru the MLS anyway) was never. The highest sale was $3.8, and there were two of them, one in 07 for a house up in the Canyons and one in 03 for a 1947 house on 20 acres off Camino Antonio - which was promptly carved up every which way to make room for spec homes.

With this new one, at $4.2, we now have 6 listed between 4 & 5 mil and 6 more from $5.0 to $13.5. 
And here I thought conspicuous consumption was O-U-T.

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a once new spec home

Back in 2006 6954 E Gate Ridge Pl was a brand new spec home asking $2,150,000. Now it’s closing in on 4 years old, still for sale and in that time the price has dropped 16.5% to $1,795,000.

Now, putting aside for the moment the near record fall of world economies, credit markets and the real estate market; do you think that buyers, looking at this house today, might possibly see it as worth less, maybe even more than 16.5% less, than it was 4 years ago when it was brand new.

But also, keep in mind that we have no idea what it was worth back then, because it didn’t sell. 

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