Because it’s so well located, beautiful, peaceful and private, and offers a good selection of smaller, low maintenance homes, La Paloma has long been popular with the Foothills 2nd home crowd.
But since so many of them are bought as 2nd homes - and therefore a completely discretionary purchase, because let’s face it, when it all hits the fan no one has to have a 2nd home – their popularity has waned. And so, unlike past years, there are quite a few for sale and very few selling.
I mentioned this yesterday to a friend and client who is thinking about buying a smaller home in the Foothills, and was wondering where he might find a nice smaller house and a good deal.
At that point I was winging it, and didn’t have the data at my finger tips, so I thought I’d follow up with a closer look at the La Paloma
2nd home market.
Looking at homes priced up to $800,000 in La P over the past few years, here's what I found. This data is for Jan 1 – May 27 for each year noted.
| 2004 | 2005 | 2006 | 2007 | |
| # homes Sold | 28 | 40 | 20 | 13 |
| Avg Sold$ | $376,796 | $522,049 | $563,330 | $493,746 |
| Med Sold$ | $380,000 | $517,500 | $545,750 | $495,000 |
| $ Value of all Sold | $10,550,300 | $20,881,950 | $11,266,600 | $6,418,700 |
| 2008 | 2009 | 2009 | 2009 | |
| # homes Sold | 13 | 7 | # for sale | 39 |
| Avg Sold$ | $553,385 | $466,856 | Avg list | $560,443 |
| Med Sold$ | $543,000 | $450,000 | Med list | $549,000 |
| $ Value of all Sold | $7,194,000 | $3,267,995 | $ value of all for sale | $21,857,290 |
Green is good, Red is not so good.
As you can see, 2nd home sales are suffering in La Paloma
for 2009 we’ve had;
-the fewest # of homes sold, by a wide margin
-the lowest average and median sale prices since 2004
-the lowest $ value of homes sold going back longer than I know
And yet;
the average and median list prices of homes currently for sale are practically identical to what sold prices were at the peak of the market in 2006. Consequently, we sit with $21,857,290 of unsold inventory waiting for buyers. And sales for these 2nd homes are even more seasonal than for your average Foothills hacienda, and that season is now kaput.
So you’d think, given the sorry state of affairs, there oughta be some deals to be had in La P.
see thefoothillsToday.com
search for Tucson Foothills Homes
