The Catalina Foothills

homes under contract & recent sales in the Tucson Foothills

On this hot day in August, 80 homes are under contract in the foothills, ranging in price from $148,000 to $2,495,000.
So, except for the highest of high priced homes, they run the gamut of foothills prices.

Of the 80-

-54 are priced under the $600k median list
-of the remaining 26 priced over $600, they’re evenly split
-with 13 priced $601 to $999
-and 13 priced over a million
-and 2 of those are over 2 million

And right now, with 490 homes for sale and July sales showing 71 homes sold, it works out to 6.9 months of inventory. 
And that’s dramatically lower than it’s been in a couple of years.

And with 80 under contract, it appears, at least for the short term, the pace of sales may well continue.

Now we need a fresh look at the inventory based on price range.
That’s for tomorrow.

see thefoothillsToday.com
to find your Foothills home

UPDATE, and the last I hope, on 5771 N Campbell Ave

Last week I wrote that the listing information for this home was,

‘… a travesty. And not just clearly deceptive but counterproductive and a waste of everyone’s time.’ And I showed why.
( oh yeah, a sow’s ear into a silk purse)

And I’m happy to report that since then the listing info has been tweaked and it now more accurately reflects the actual condition of the property. Yeah!

It now reads,
”Newer Construction near Campbell and Skyline~Unbelievable mountian views! This home is listed for less than half of previous sales price-it's truly the best deal in the foothills!High ceilings, floor to ceiling windows and classy contemporary architecture make this a true gem in the rough. Pool is unfinished but has an amazing layout. The home has been vacant for some time and needs TLC.”

So now it’s, Newer Construction – not - New Construction.
true gem in the rough – not – true gem.
and with the helpful addition of - The home has been vacant for some time and needs TLC

And the pictures of the perfect looking kitchen are now accompanied by the following disclaimer:

‘Pictures don't reflect current condition. Appliances have been removed.’

That was easy and good for one and all.

"You're not sure if it's a price issue or if there just aren't any buyers,"

From The Wall Street Journal, WSJ.com
High-End Homes Frozen Out of Budding Housing Rebound

A recent forecast by analysts at J.P. Morgan Chase & Co. said it would take until at least 2012 for the expensive-home market to recover and that peak-to-trough declines could surpass 60%, compared to 40% for the rest of the market.

KENILWORTH, Ill

… in the affluent town of Kenilworth, with a median income of $230,000, home sales have stalled.

Few in Kenilworth ever expected the price declines that began in markets decimated by subprime loans and house-flippers would ever reach their streets, which are lined with Tudor mansions, manicured lawns, and for-sale signs.

The community, which has a bowling league and a sailing club and is consistently named as one of America's wealthiest towns, was developed as a planned community 100 years ago on land purchased by Chicago retailer Joseph Sears, son of the founder of Sears, Roebuck & Co.

Today, the neighborhood is a microcosm of other high-end housing markets across the country, where homeowners are frozen in their homes, postponing relocations or a planned downsizing because they aren't willing to cut prices.

"We're in a 'trade-down' environment for the first time since the 1930s," says Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.

High-end homes are also being hurt by changing perceptions about how much home one should own. For years, people were encouraged to buy the most expensive home they could afford because there would be a payoff when it was time to sell. But buyers can't count on that any longer.

Having lost large amounts in the stock market and on real estate, "a lot of people are licking their wounds and hoarding their cash," says Sally Daley, a real-estate broker who sells luxury homes in Vero Beach, Fla. She says many customers are asking, "Do I really need this big a house?"
________________________________________________________

And for the guy who’s not sure about whether it’s a price issue or if there just aren’t any buyers, that’s easy. Just reduce your price
7 – 10% below recent comparable sales (if you can find any) and if you haven’t sold in 60 days you can stop wondering.

good things come to those who wait

6240 N Cadena De Montanas in La Paloma sold in Feb 2005 for $995,0000 and, after some spiffing-up, was re-listed six months later for $1,150,000 as a spec home. That was August 2005.

It’s been for sale since then with a list price that’s jumped around from a high of $1,250,000 to it’s current $949,000 low.

And on this hot day in August, just 2 weeks shy of it’s 4 year anniversary, it’s gone to contract. Doesn’t that make you wonder, after all this time, why now? And after all this time it’s not a short sale or foreclosure either.

Congratulations! I hope it closes effortlessly and soon.

See it here> 6240 N Cadena De Montanas

see thefoothillsToday.com
to find your Foothills home

why short sales are a nightmare

… short sales can take months to complete — if they're even completed at all.

"The short-sale process is much more complex than the traditional buyer-seller transaction," said Gwen Oberg, vice president of Wells Fargo's loss- mitigation group. "Not only is there the homeowner, the buyer and the agents, but we have to bring in now the investors, private mortgage insurance companies, and junior lien holders" to approve a deal.

And by the time that happens — if ever — many prospective buyers have moved on.

I’ve had this conversation about the short sale process with a number of home buyers interested in pursuing them. And sometimes I feel like they’re looking at me funny and thinking, how could that be, he must be making this up. 

So thanks to Josh Brodesky of the Arizona Daily Star for a very good article explaining how and why the short sale process is often a nightmare.

Short sales for desperate sellers, patient buyers

taking a breather

Along with higher sales and fewer homes being listed for sale -Withdrawn and Expired listings have also taken a bite out of our higher-end inventory.

Since the end of May 65 homes listed for $900,000 & Up have either Expired or been Withdrawn. And so far, just 31 have been relisted.

So in case you can’t find what you want from the 134 that are still for sale, here are the 34 that have yet to return - but probably will sooner or later.

EXPIRED/WITHDRAWN
**link will expire on 9/1/09**

see thefoothillsToday.com
to find your Foothills home

sales UP inventory DOWN

So far, for the month of July, 66 69 71 sales of single family homes have been reported for the Foothills. And it’s likely there are at least a few others that have yet to be turned in.

66 69 71 is the highest monthly sales this year: Jan-25, Feb-43, Mar-42, Apr-36, May-41, June-48 - by a bunch.

And inventory is down to 497 homes for sale, whereas a few months ago it was up in the 570’s.

The average & median sold price and $/sf are also up.
$609,311/$472,500/$190/sf.

And sales are higher than during the same period last year,
-52 sold in 08
-and the year before- 57 sold in 07
-and the year before that- 61 sold in 06

And traffic and home searches on my web site are at an all-time high.

It's turning out to be not as long and hot a summer as expected.

see thefoothillsToday.com
to find your Foothills home