In the News and Alerts section of it's web site, The Arizona Department of Real Estate lists Arizona home builders, along with the developments they are currently involved in, who are in financial trouble. list of known builders
Of the 44 developments listed, there are 5 in the Tucson metro area, with RiverWalk the only one located in the Tucson Foothills.
The developer/builder of RiverWalk is River Elks, LLC.
RiverWalk is the luxury townhome development that sits adjacent to the Rillito River just east of Campbell Ave. The ADRE site does not provide details as to the extent of 'financial trouble' the builders are in, but does provide an advisory for home buyers,
Commissioner’s Advisory No. 2 Guidance for Homebuyers
Last year I wrote about RiverWalk, and said it was a bold and interesting concept that I thought would be very successful -
New concept for the Tucson Foothills. And while I still think it's a bold and interesting concept, and I hope they're able to work through their troubles, the collapse of the credit markets about a month after I wrote that piece put this and many other projects in jeopardy.
According to the site plan there are 140 units built or planned for in RiverWalk. But because RiverWalk has an on-site sales office and does not put all sales through the MLS I can't tell how many units have sold in there.
When I wrote that piece last year, the on-site agent told me that all 40 units in phase one had SOLD OUT. But I didn't take take that to mean SOLD, as in closed escrow. What she was probably (not) saying was that only some of those 40 units had actually SOLD, and the remainder just had deposits on them. And then when the credit markets collapsed a month later, I'm sure it took many of those buyers with deposits, right out of the market.
In any case, the MLS shows just 12 sales last year ranging in price from $432,569 to $735,000, and no sales this year and nothing listed for sale. And the tax records are no help either, listing just 7 sales in RiverWalk. There's gotta be more than that. Doesn't there? I'll look and see what else I can come up with.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
