TheTucsonFoothills

this is special

A 2002 mud adobe with guest house built by Jim Gray, listed today.

Timeless southwestern architecture, authentic materials, all beautifully finished with modern amenities and conveniences. These are exceptionally rare in the foothills. $1,195,000

6760 N Montezuma Drive Tucson, AZ 85718
(listed by Long Realty)

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if you’re shopping prices in the Canyons,

and who isn’t, 7431 N Secret Canyon Drive returned to the market yesterday at $3,500,000, $450k less than when it left last month. And at $3.5 it’s $363/sf, by far the least costly/sf of the four for sale in the Canyons and, at least, closer to the sale prices of the four homes that have sold in the last three+ years. It started out in 08 at $6,450,000 ($670/sf).

7431 N Secret Canyon Drive Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty 472203)

Since Jan 1, 2010 there’ve been just four sales, and all at steeply reduced prices.
Sold;
$1,400,000 ($252/sf) – started at $3,250,000 ($585/sf)
$1,850,000 ($267/sf) – started at $5,000,000 ($722/sf)
$2,150,000 ($345/sf) – started at $3,800,000 ($610/sf)
$2,050,000 ($283/sf) – started at $4,500,000 ($622/sf)

And 7431 is a big house - bigger by 2000sf or more than any of those sold – it’s listed as 9,630sf, while the tax assessor shows it at 10,040sf

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I’m on pins and needles

as I’m sure you are too. Yesterday was May 14th, the deadline for bids on Campbell Cliffs.
Yet the listing still shows as ACTIVE in the Tucson MLS, and still listed at $9,900,000.

And the Campbell Cliffs/Sheldon Good web site offers nothing in the way of an update on the outcome of the bidding. If you have any juicy leads on this, please share it.

7474 N Catalina Ridge Drive Tucson, AZ 85718
(listed by Long Realty)

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never saw the light of day

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

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

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

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

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

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

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a long dry spell

At the Mountain Estates at Ventana Canyon, 6603 N Eagle Ridge Drive, now at $1,495,000 ($301/sf), is in contract after 243 days. And a welcome contract it is.

There are four other homes for sale, all higher priced, from $1,895,000 to $2,675,000. Yet the last sale up there was in January 2012 when 6725 N Hole In The Wall Way went for $1,700,000 ($439/sf) - exactly what it sold for in January 2008. But everyone has different priorities and, to some, paying (early) 2008 prices in 2012 may be nothing more than a mere trifle.

And back in the day it was commonplace for homes to sell in the high $300’s and well into the $400’s/sf, and a few in the $500’s, in the Mountain estates. But not so much today. The four for sale are all listed under, and two are well under, $400/sf – and the clock’s still ticking.

But back to the Eagle Ridge house in contract - if it sells even at list price, $301/sf, it will be the lowest $/sf sale up there going back to August 2002.

6603 N Eagle Ridge Drive Tucson, AZ 85750
(listed by Russ Lyon Sotheby's Int Realty 472203)

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just 5 days to get your bid in

7474 N Catalina Ridge Drive, aka Campbell Cliffs, is heading into the final days before the sealed bid auction to be held by Sheldon Good & Co. Minimum bid $8.4 million.

With all the global PR that’s gone into this auction I’m dying to know how it shakes out. Aside from what CC brings at auction, it would interesting to know how many bidders there are and where they came from. And of course, how much they bid, but we’ll never know that.
Just knowing how many bidders and where they came from would tell us something about the drawing power of super-luxe properties in the Tucson Foothills. And hopefully it would be something we’d like to hear.

Sheldon Good has taken control of the Campbell Cliffs web site where you can now register to participate.

Or, better yet, have me write it up and submit your offer today. And lock it up before the auction, and avoid the crowds, the nail biting, and the uncertainty of competitive bidding.

7474 N Catalina Ridge Drive Tucson, AZ 85718
(listed by Long Realty)

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back to square one

4705 N Via De La Granja went to contract last month and that deal has now fallen thru and it’s back on the market today. 

Also interesting, it was $1,795,000 when it went to contract after just 72 days and came back on today at $1,650,000 ($268/sf) – a bit closer to what it sold for in 2010 – noted here
> cha-ching < when it went to contract. 

4705 N Via De La Granja Tucson, AZ 85718
(listed by Realty Executives Tucson Elite 498301)

it never fails

yesterday I wrote, … No contracts at $1,000,000+ in two weeks … blah blah blah

And of course today, not only is there a contract at $1,000,000+, it may be the biggest contract in years.

8375 E Canyon Side Road, in Canyon Ranch, listed at $3,950,000 ($618/sf) is reported in contract today.

It started out in 09 at $6,900,000 and after a few years and a few big cuts got down to $3,950,000 this January, and that did it. So after 4 years it goes to contract today.
Too funny.

8375 E Canyon Side Road Tucson, AZ 85750
(listed by Long Realty)

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enough already with Pima Canyon

I know I know, but what can I say, I just report what’s happening, I don’t get pick where it happens.

7593 N Mystic Canyon Drive went to contract today after 75 days listed at $925,000. 
And for fear of overdoing it I didn’t even mention that 2232 E Quiet Canyon Drive, also in PC, went to contract this past Sunday listed at $850,000. They are also notable because they are the 1st and 3rd highest contracts in 10 days – in a higher-end market that appears to be winding down. The 2nd highest, in Ventana, got equal time when I mentioned it the other day. 

7593 N Mystic Canyon Drive Tucson, AZ 85718
(listed by Long Realty)

2232 E Quiet Canyon Drive Tucson, AZ 85718
(listed by Tierra Antigua Realty)

This leaves just 4 for sale in PC - 4 in contract and 9 sold since Jan 1 – with barely a 2 month supply of homes. From the bottom of the barrel to the top of the heap.

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a contract in Cobblestone

7440 N Catalina Ridge, a colorful Tyson-Murphy house, went to contract the other day listed at $1,275,000($304/sf) after about a year on the market.

That’s now 6 for sale, 2 in contract and 2 sold in the last 6 months in Cob.

7440 N Catalina Ridge  Tucson, AZ 85718
(listed by Long Realty)

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for a million $$$$ more

After leaving the market last November at $5,200,000, 6620 N Eagle Ridge came back on in early March at $4,595,000, prompting me to remark, and not entirely facetiously – now’s your chance, but it was an awfully short window - it expired a month later – and it’s back today for $5,595,000. It’s still awfully special, just a wee bit more.

6620 N Eagle Ridge Drive Tucson, AZ 85750
(listed by Russ Lyon Sotheby's Int Realty 472203)

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cha-ching

Listed at $1,795,000 in Cat 10, 4705 N Via De La Granja just went to contract after 72 days.
In and of itself that’s impressive, but it’s all the more impressive since it last sold in 2010 after 318 days and along the way was reduced from $1,895,000 to $1,695,000 and finally sold for $1,450,000. And as far as I can tell it’s the same house it was with no substantial improvements since 2010.

Of course this may all be blather on my part since I don’t know the contract price and, who knows, it may have gone for close to what it did in 2010. I doubt it, but we’ll see.

4705 N Via De La Granja Tucson, AZ 85718
(listed by Realty Executives Tucson Elite 498301)

An impressive contract for Cat 10 where 4705 was the 2nd highest priced home.
There are 3 remaining for sale, at $915,000, $1,250,000 and $2,000,000 – 3 in contract – and 5 sold in the last 6 months. Cat 10, along with Pima Canyon, is doing well in an otherwise still uncertain high-end market.

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another quick hit for Pima Canyon

7598 N Mystic Canyon Drive was listed 29 days ago for $1,050,000 ($295/sf) and is in contract today. That’s despite having finally sold in 2010 for $875,000 after more than 2 years on the market. 
7598 N Mystic Canyon Drive , Tucson, AZ 85718
(Listed by Long Realty)

The score - 6 for sale, 4 in contract and 7 sold since the 1st of the year – leaving a very lean
3 month supply of homes in PC. In the post I did the other day titled  the high-end market has barely budged I noted that 16 homes have sold for 1$million or more in the entire foothills since Jan 1 –  but I failed to mention that 6 of those $$million sales were in Pima Canyon.

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the high-end market has barely budged

since last year.

From January 1st 2012 to April 16th - 17 homes sold for 1$million or more for an average/median of $1,318,529/$1,295,000 in 173 cumulative days on market (CDOM)

Same period this year – 16 homes sold for 1$million or more for an average/median of $1,337,750/$1,217,500 in 237 CDOM.

But there are 8 in contract, and that’s encouraging, but there are also 78 still for sale at an average/median list of $1,995,718/$1,417,000 at 218 CDOM and counting.

And come Memorial Day the last of the winter visitors/snow birds will be gone and with them many of the high-end buyers of foothills homes.

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raising the bar on Sabino Mountain

4187 N Sabino Mountain Drive sold today for $1,374,000 ($308/sf) from a $1,395,000 list price, in 90 days. And this was the first time on the market for 4187 – it was custom built for the seller in 08.

Back in the good old days sales like this were not out of the ordinary on SM, but, until now, there hasn’t been a sale at $1million or more since 2009, and that was one sale at an even $1million.

4187 N Sabino Mountain Drive Tucson, AZ 85750
(listed by Tierra Antigua Realty)

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head and shoulders above the crowd

When it was listed two months ago I wrote -
3287 E Camino Juan Paisano went on the market the other day at $1,995,000 (374/sf).
Built in 2004 by John Kline it’s 5338 sf, 5 Beds/5 Baths (separate his and her baths in master with steam shower), masonry construction, one level – no steps, pool/spa, 4 car garage and all the attention to detail, amenities and top end features that go into a John Kline house. It last sold in 2006 for $2,400,000. Hurry!

And today it’s in contract. Great house, lucky smart buyers,

3287 E Camino Juan Paisano  Tucson, AZ 85718
(listed by Long Realty)

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a swing and a miss

in the Canyons. The listing for 7431 N Secret Canyon Drive was canceled today.
It started out in 08 at $6,450,000 and hung it up today at $3,950,000.

The Canyons has not fared well these last few years. Since January 2009 there have been four sales in the Canyons, and all of them were big $$$$ sales, but all were also at drastically reduced prices;
7203 N Cloud Canyon Place started at $2,750,000 in 07 and sold for $1,400,000 in 2011
7454 N Secret Canyon started at $5,000,000 in 09 and sold for $1,850,000 in 2011
3657 E Canyon Wind Place started at $3,800,000 in 09 and sold for $2,150,000 in 2012
7417 N Secret Canyon Drive started at $4,500,000 in 08 and sold for $2,050,000 in 2012.

5 in the Canyons

It’s not just the Canyons though, since 2009 there’ve been just 2 sales at $3,000,000 or more anywhere in the foothills. One in La Paloma and one in Cobo Catalina Hills. The trouble  with the Canyons is that practically everything in there is $3mil and up, and some way up.
See for yourself, 4 for sale in Canyons

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a surprisingly quick flip

7377 N McManus was a house in Cobblestone with very good bones, in need of remodeling, that sold last October for $780,000 ($185/sf) in 8 days, and was quickly remodeled and put back on the market on 2/21 for $1,150,000, and went to contract in one day and sold today for $1,000,000 ($264/sf).

more here >  lightning strikes twice

When it went to contract in one day listed at $1,150,000 I assumed that the deal was for pretty close to list price – like $1.1 or more. Wouldn’t you. It’s odd that they would take $1.0 on day one.

7377 N McManus Trail Tucson, AZ 85718
(listed by Long Realty)

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short, but not very sweet

When 6620 N EAGLE RIDGE was re-listed just 32 days ago at $4,495,000 I wrote now’s your chance .But no one took it and today the listing expired. What now.

6620 N EAGLE RIDGE , Tucson, AZ 85750
(listed by Long Realty)

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Pima Canyon is eating the competition alive

I made that off-the-cuff remark yesterday when talking about the recent sale in there for  $2.5mil.

And it wasn’t just because of the big sale, it’s because PC is doing better than other high end communities, which I knew, but I didn’t realize how much better until just now when I pulled the numbers. More homes are selling in PC, and for more $$$, resulting in an enviable 4.2 months supply of homes in a high end market where the overall foothills supply is in the neighborhood of 20 months. (See Market Snapshot)

In PC – 7 for sale, 4 in contract, 10 sold last 6 months = 4.2 month supply
Avg list of 7 for sale $1,264,857 – Avg sale price of 10 sold $1,317,050

For example, how does Cobblestone compare;
8 for sale, 0 in contract, 2 sold last 6 months = 24 months supply

Cat 10; a runner up.
5 for sale, 2 in contract, 6 sold in the last 6 = 5 month supply,

The Canyons; not so much.
5 for sale, 0 in contract, 0 sold in the last 6, 0 sold in last 9 months …

La Paloma; only those listed at $700k +
4 for sale, 0 in contract, 1 sold = 24 months supply

Skyline CC; only those listed at $700k + 
8 for sale (for big money $959 – $3.495mil), 0 in contract, 1 sold = 48 months

Ventana anyone; just those listed at $700k +
18 for sale, 4 in contract, 6 sold in last 6 = 18 months supply

Sabino Mountain; only those listed at $700k +
5 for sale, 2 in contract, 2 sold in last 6 = 15 month supply

There are others, but, if I haven’t already, why belabor the point.

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a record sale in Pima Canyon

I mentioned 2102 E Desert Garden Drive the other day when it went PENDING – … Depending on where it sells, and I don’t have a clue, it could be one of the highest priced sales in the foothills in a few years. If it went for $2.5 (I just pulled that out of my hat) it’d be tied with just one other sale at $2.5 for the highest sale since January 2010.

Well, lucky guess, it closed today for $2.5 ($468/sf Yeow!). So, tied for the highest sale in the foothills since Jan 2010 and it is the highest sale in Pima Canyon since March 2007.

Congratulations to all!

2102 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)

In other news in PC 7562 N Mystic Canyon Drive, listed at $1,050,000 and on the market 73 days, went to contract. PC is eating the competition alive.

7562 N Mystic Canyon Drive , Tucson, AZ 85718
(listed by Long Realty)

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a nice contract in Bellas Catalinas

Listed last October at $1,085,000 ($260/sf), and holding the line ever since, 4399 N Placita de Sandra went to contract today still at $1,085,000. The sellers paid list price, $1,225,000, in 05. Just one remains for sale in BC at $815,000.

4399 N Placita de Sandra Tucson, AZ 85718
(listed by Long Realty)

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Campbell Cliffs does the Wall Street Journal, again

It made its debut appearance last April when it was chosen as House of the Day in WSJ, and now this - read all about it, Auction Set for Estate Once Listed for $22 Million

This ups the ante a notch or two, don’t you think.

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almost home

2102 E Desert Garden Drive started out 3 years ago at $4,199,000 and after a few hefty price cuts went to contract last month listed at $2,849,000 ($534/sf), and today is reported as PENDING - all issues resolved and full steam ahead.

Depending on where it sells, and I don’t have a clue, it could be one of the highest priced sales in the foothills in a few years. If it went for $2.5 (I just pulled that out of my hat) it’d be tied with just one other sale at $2.5 for the highest sale since January 2010.

Desert Garden is a spec home – the last of that once esteemed group in Pima Canyon – all of which fared very poorly if judged by how long they took to sell and the differential between their initial asking prices and final selling prices. In addition to which a high percentage ended up as foreclosures or short sales. But this is neither of those.

2102 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)

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the next chapter for Campbell Cliffs

Weighing in at 25,000 sf and on and off the market since 2004 for as much as $22,000,000 and as little (ha-ha) as $12,950,000, Campbell Cliffs is, as of today, scheduled to go to auction on May 14th with an $8.4mil minimum bid - a private auction, not a foreclosure auction – see listing for details.  

Who’d a thunk it. Well, actually, I’d written glowingly about Campbell Cliffs a few times over the years (HERE – HERE and elsewhere)  and more than a few readers predicted its demise.

Nevertheless, it is a magnificent home, though apparently, until now anyway, without a market for that much magnificence here in Tucson.

see the web site > Campbell Cliffs <

and the new listing  7474 N Catalina Ridge Drive , Tucson, AZ 85718
(listed by Long Realty)

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March home sales in the Tucson Foothills

In reporting February sales last month I said, “home sales in the foothills have been boringly consistent …. So let’s hope we follow last year’s pattern and see a big jump in the action in March”

And, presto, 73 sales in March, among the top three months since Jan 2012

 

And prices didn’t do too badly either, with March a close 2nd behind last July, (July, huh,that’s weird) , for highest sale prices.

Last month at this time there were 128 homes in contract, this month there are 163 in contract,105 of which went to contract in March. So it’s looking like April may have a shot at topping the charts.

Footnote; with all those sales in March, not  one house sold in the $800’s and just 2 sold in the $9’s. But that cloud passed and in the latter half of March  6 homes priced in the $800’s went to contract.

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the right price at the right time

and another sale for Pima Cyn. 2405 E Long Shadow Place was re-listed on Feb 26th for $1,000,000, went to contract 8 days later, and closed today in a cash sale for $1,000,000 ($240/sf).

Prior to the Feb listing it spent about 10 months trying for $1,295,000 and $1,095,000.

2405 E Long Shadow Place , Tucson, AZ 85718
(listed by Andy Courtney Properties, Ltd. 2049)

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searching for a home in the Tucson Foothills

I ran this piece a few years ago and I ran across it and thought that it’s just as appropriate today, maybe even more so since there are fewer homes for sale, so I ran a new search and updated the numbers and here it is again.

There are 391 single family homes for sale in the foothills and with that many homes you’d think you would find plenty to choose from.

OK, let's look at a hypothetical buyer looking for a home in the Tucson Foothills with a price range of $750,000 to $900,000.

At $750,000 to $900,000 there are 31 homes for sale, more than plenty, really too too many. Absolutely, so let’s start entering your preferences in the search and see what we come up with.
- let’s start with the key criteria, bedrooms and baths,
- 4 bedrooms & 3 or more baths, bingo, that narrows it down to a much more manageable
16  homes
- and you’d like somewhere between 3000 to 4000 sq ft - no prob, 15 homes. Nice.
- you want about an acre, let's say .80 or more – 13 winners
- and in District 16 schools - OK, 10 homes, Perfect!
- (or, you don’t care whether it’s District 16 or not but you do want to be in 85718 zip, that  leaves 6 homes)
- and you only want single story, yes of course-  7 really great homes to choose from
- and you don’t want an older home, nothing built before 2000 – aha – OK, that’s 2 to choose from.
- or, alternatively, you’d like an older home, a burnt adobe from 60’s or 70’s. In that case we’re done, there’s just 1 to choose from. Let’s write it up.

And we didn't even get into the style or whether it’s in a gated or non-gated area, city or mountain views, and other typical buyer preferences. And of course, you want to get a good deal too. Geez,

It happens every time. Once you start breaking down all the homes for sale in the Foothills, which run the gamut from under $200k to over $7 mil, you end up with too few, not too many, to choose from.

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Alta Vista’s on a roll

Listed at $1,199,000 ($252/sf), 6597 N Calle De La Lluvia, a spec home, is in contract today after 420 days. And, with nerves of steel, not even a teeny price cut in all 420 days.

That’s 4 contracts for AV in the last 10 days, at – $729,000, $895,000, $895,000 again, and now $1,199,000 + one at $899,000 from earlier in the month, on a big roll,

6597 N Calle De La Lluvia Tucson, AZ 85750  (street of rain)
(listed by Long Realty)

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nothing lasts forever

5120 N Hacienda Del Sol Road sold 3 months ago for $1,140,000 and is back on the market today for $1,250,000. (listed by Long Realty)

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what’s happening in Hamptons (as in South, East & Bridge) real estate

In today’s New York Times > Well Before Summer, Hamptons Luxury Real Estate Is Scorching. It’s an interesting and amusing read about the turnaround in Hamptons real estate, which may even bear some similarities to what’s happening here in the foothills – the Hamptons are also a 2nd home, discretionary purchase market, albeit at a gazillion $$$$ and Up.  And for me it’s bit nostalgic too. I spent many summers in the Hamptons from about age13 and into my early 20’s – many moons ago. And it was wonderful back then, easy, breezy and fun, and while it was also a popular getaway from the rigors of life in NYC, it was fairly accessible to those of middle class means. Today, forgetaboutit

Here are a few passages that stood out for me;

Harald Grant, a senior vice president of Sotheby’s International Realty, has already rented out an oceanfront house in Southampton for $550,000 for the month of August alone and has a stack of 14 contracts and purchase memos on his desk representing pending sales of $4.5 million to $25 million.

For high-rolling renters, Mr. Grant has a trio of oceanfront rentals in Southampton that can be had for the summer for $400,000, $600,000 or $800,000. Why pay $25 million to buy, and more to maintain, a summer getaway when you can rent and run? Or, for a million or so, you can rent year round.
(I wonder, is that happening here in the foothills, are would-be 2nd home buyers now opting to rent for the season instead of buying)

“But in general what’s different this season,” Mr. Grant said, “is that in the mind of most buyers, less is more, and nobody wants to be the king of the hill and flaunt their wealth the way people were doing before the recession. (or spend the money for the privilege of being KOTH)

“Folks who spent $20,000 for a month’s rental,” he continued, “may be looking to spend $15,000. Folks who could be driving a Rolls-Royce are settling for a Mercedes. People aren’t saying, ‘I have to have it; I’ll pay anything,’ and writing checks on the spot. An owner who says, ‘I want $32 million for my oceanfront house’ probably isn’t going to get it. He’ll get somewhere in the mid-20s.” (ditto, Aha)

Properties under $1.4 million (their low-end) in turnkey condition are, said Caroline Sarraf of Brown Harris Stevens, “flying off the shelves,

“Value was the word of the year for 2012,” Mr. Gicking added. “The smart money watched and waited patiently for a correctly priced home, and among prime properties in the most desirable areas, we’ve seen bidding wars continuing into 2013, a clear indicator that, after a few turbulent years, buyers are confident about jumping back into the Hamptons market again.”

The record price for a house remains the $60 million paid in 2008 for 108 Gin Lane in Southampton, but not every buyer operates on an elastic budget.

(but even in the Hamptons) Back on less rarefied ground, Ms. Desiderio said, most transactions in 2012 occurred in the $500,000-to-$999,000 range, where shared baths occasionally apply. “There were 542 recorded sales, more than any other price category.”

“For years,” Ms. Saatchi said, “time was on the buyers’ side. They would look and look and from one visit to the next, prices would go down and inventory up. Now, waiting is starting to mean higher prices and fewer choices. As in the city, we’re running out of prime inventory.” (Yes - for the lower-end and screaming deals in almost any price range and maybe for prime properties that are attractively priced, but otherwise No)

Well Before Summer, Hamptons Luxury Real Estate Is Scorching

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everyone loves a good deal

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

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

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

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it took a few months longer than I thought it would

but 6966 N Javelina Drive is in contract. This is seldom found new construction in Skyline CC, like brand new, and not a knockdown either, which is typical in Skyline. And it’s a contemporary, also rare. Listed at $1,499,000 ($283/sf).

The lot was purchased in 04 for $672,500. Yikes!

6966 N Javelina Drive Tucson, AZ 85718
(listed by Long Realty)

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this buyer made out

3561 E Calle Puerta De Acero was listed on 2/9 for $1,750,000, went to contract on 3/12, and closed yesterday for $1,600,000. This is a great house at a very good price. And given that it was on the market just one month it went for less than I would have thought.

previously mentioned here > this doesn’t surprise me one bit <

3561 E Calle Puerta De Acero  Tucson, AZ 85718
(listed by Long Realty)

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this doesn’t surprise me one bit

3561 E Calle Puerta De Acero was listed 31 days ago at $1,750,000 and is reported in-contract today. I went to see it a couple days after it was listed and from the house called some clients of mine to tell them about it. But for various reasons it wasn’t right them. Darn.

It’s no secret that I’m a great admirer of Mike Wachs work, it’s the real thing, and 3561 is a great example. Though, take note, the magnificence of the house and setting surpass what’s been captured in the photos.

3561 E Calle Puerta De Acero Tucson, AZ 85718
(listed by Long Realty)

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now’s your chance

After having left the market last November at $5.2mil, 6620 N Eagle Ridge came back on today at $4,595,000 - after starting out in 09 at $8,250,000.

Nevertheless, it’s pretty special, designed by Rick Joy and featured in the National Building Museum exhibit.

6620 N Eagle Ridge Tucson, AZ 85750
(listed by Long Realty)

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another upper-end sale that went to contract in early January

6223 N Desert Moon Loop, which was listed on 1/9, went to contract 3 days later and closed yesterday for $980,000 ($283/sf).

6223 N Desert Moon Loop Tucson, AZ 85750
(listed by Long Realty)

The action was fast-paced back then, all of two months ago, and noted often:

sensible pricing pays off

when the right one comes along

starting off with a BANG!

a slew of contracts

they’re flying off the shelf

Those were the days!

**unfortunately the links to the listings within those posts (or any post) expire after just 30 days – it’s an annoying limitation of our flex mls system, and there’s nothing I can do about it, sorry**

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two good sales and a big contract

Late yesterday afternoon 2 higher-end sales were reported in the MLS;

4911 N Avenida De Vizcaya, listed on January 2nd for $1,200,000 went to contract that same day and closed yesterday for $1,050,000 – in Hacienda del Sol Estates. Ha! Way to go,

and 5980 E Terra Grande in Finisterra, listed on Jan 6 for $1,625,000, went to contract on Jan 12 and closed yesterday for $1,625,000. Two buyers who knew what they wanted and did what they needed to do to get it. Both listed by Long Realty.

These homes that went to contract at the very beginning  of the year are part and parcel of why I was so gung-ho about the market in early January. But unfortunately it didn’t last. But also, as I mentioned yesterday, there were two contracts this week in Pima Canyon and today there’s a 3rd, and it's a biggie. So maybe the upper end market is waking up. Or it is in PC anyway.

2102 E Desert Garden Drive, first listed in Feb 2010 at $4,199,000 and reduced and reduced again, went to contract today listed at $2,849,000 ($534/sf). Even in good times contracts at $2.8 are pretty scarce.

2102 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)

back in the dark days of 2011 I mentioned 2102 Desert Garden > does anyone really expect to see record breaking sale prices anytime soon in the foothills

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when you’re hot you’re hot

While the rest of the high-end market in the foothills continues to struggle along, Pima Canyon seems almost immune to those troubles.

There are 6 homes listed at $1mil or more in PC – average list price $1,662,167

2 in contract – one went to contract Monday and another today - average list price $1,025,000

3 listed at $1mil or more have sold since the 1st of the year – average sold price $1,228,333

for a nice lean 6 months inventory.

Compare that to the $1mil+ market in the rest of the foothills – (not including  PC) 

83 for sale - average list price $1,870,405

7 in contract – average list price $1,347,143

3 sold since the 1st of the year – average sold price $1,341,667

for a rather bloated 55 months inventory.

And more times than not PC is hot, even when the rest of the market is not. Because buyers like Pima Canyon, it’s as simple as that.

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blips don’t last 25 days, do they

A couple of weeks ago, wondering about the lack of high end contracts, I wondered, “how long do blips last” and a few days later asked, where’s the big money?

And now February is almost gone and so far this month just 2 homes listed at $1million or more have gone to contract. 1 at $1,495,000 and 1 at $1,150,000. And from there it drops to $825,000 (completely bypassing the $9’s) then to $799,000 then $699,000 and …

Meanwhile, during the same 25 days,18 homes were listed or relisted at $ 1million or more, fleshing out the inventory to 90 homes for sale from $ 1 million to $7,900,000.
Good golly, this does not resemble a blip.

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pure contemporaries

they don’t come along very often in the Foothills,

But this one was listed today at $1,349,000 in Pima Canyon.

 

 

The sellers paid $1,725,000 in 04. And since then it’s been on and off the market for as much as $2.7 and as little as $1,385,000 when it left the market last February. But with no success.

I showed it in 2011 and it’s an attractive house with nice grounds and good views from inside and out. There are oodles of soft contemporaries, southwestern contemporaries and desert contemporaries, even Mediterranean and Sante Fe contemporaries, but pure and simple contemporaries are hard to come by.

2004 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)

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lightning strikes twice

When 7377 N McManus Trail was listed last September I wrote -
Get this, there are 10 homes for sale in Cobblestone and just one sold this year. Pretty dreary. And then last week along comes 7377 N McManus Trail, newly listed at $799,000, bringing that total to11. But not for long. Because McManus is already in contract. And I showed it on Saturday morning and already it had two offers. But my clients didn’t care for it, for them the interior needed a top to bottom renovation -  It’s the proverbial good bones house with brick everywhere, and I mean everywhere…

And go figure, but 8 days later it went to contract and sold for $780,000. Just like that. 
psst!, a sale in Cobblestone

And after completing the renovation McManus Trail went back on the market yesterday listed at $1,150,000, and is in contract today.

It went from this,

to this,

and this,

to this,

and more, but you get the idea. These flips are tricky and risky and don’t always work out as planned. But it looks like this one sure did.

7377 N McManus Trail , Tucson, AZ 85750
(listed by Long Realty)

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a gorgeous new listing in La Paloma

3287 E Camino Juan Paisano went on the market the other day at $1,995,000 (374/sf).
Built in 2004 by John Kline it’s 5338 sf, 5 Beds/5 Baths (separate his and her baths in master with steam shower), masonry construction, one level – no steps, pool/spa, 4 car garage and all the attention to detail, amenities and top end features that go into a John Kline house. It last sold in 2006 for $2,400,000. Hurry!

And the views,

3287 E Camino Juan Paisano Tucson, AZ 85718
(listed by Long Realty)

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another quick sale in Pima Canyon

1588 E Desert Garden Drive was listed on January 4th for $1,090,000 and went to contract 17 days later and sold today for $1,015,000 ($265/sf). It last sold in 02 for $845,000.

1588 E Desert Garden Drive , Tucson, AZ 85718
(listed by Long Realty)

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finally, a 7 figure contract in February

6000 E Finisterra went to contract yesterday breaking the 20 day dry spell on million $$ contracts. It was listed at $1,495,000 after starting out last Feb at $1,695,000.

6000 E Finisterra Tucson, AZ 85750
(listed by Long Realty)

1 down, 91 to go

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1 down 8 to go

In Cobblestone, 7411 N Catalina Ridge Drive sold today for $1,700,000 in a very short 42 days off the current listing of $1,950,000. It was first listed in October 2009 asking $2,649,000 but that didn’t fly and they called it quits in May 2011.

That leaves 8 for sale in Cob, and with just one sale in all of 2012. But there are 2 homes that are firmly in contract, that is, past the inspection period and coasting to COE.
So maybe Cobblestone is waking up.

for sale, in contract and sold

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the party’s over on Corte de Andalucia

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

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

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

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

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a nice juicy sale for Pima Canyon

7562 N Whisper Canyon closed today for $1,510,000 ($344/sf) off a $1,545,000 list price. 
And it went quickly - just 5 days from listing to contract, and it didn’t go cheaply – on the contrary, it’s the highest $/sf sale of the 20 homes sold in PC in the last 12 months, and the 3rd highest sale price overall.

mentioned here > cutting to the chase > when it was listed

7562 N Whisper Canyon Place Tucson, AZ 85718
(Long Realty)

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take your pick in La Puerta,

a small, gated community off Hacienda del Sol Rd, consisting of a grand total of no more than 10 homes, 4 of which are now for sale. 3561 E Calle Puerta De Acero joined the fray today listed at $1,750,000.

Homes in La Puerta are on larger lots, 2 – 4 acres, larger than most in the foothills, and they’re also big homes. The 4 for sale are 4594, 5904, 6166 and 7037 sf, and are priced accordingly, from $1,145,000 to $2,195,000. And they were all built by master builder Mike Wachs, and all are southwestern or Sante Fe style, masonry stucco, and beautifully built.

And I like La Puerta, very much, it’s special and unique as foothills subdivisions go. And Mike Wachs is one the top 2 or 3 builders in town, hands down. That said, 2 of the 4 homes for sale have been for sale for a year or more, and they now have even more competition.

See all 4 in La Puerta
(3 listed by Long Realty and 1 by Homesmart)

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and still hiding in the shadows

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

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

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

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