The Catalina Foothills

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

one that got away

3451 E Calle Puerta De Acero, in La Puerta, a small gated community off Hacienda del Sol is on the market today at $1,375,000 ($292/sf)
(Listed by Diamond Foothills Properties) 

This is a classic Foothills home. Built in 1995 by Mike Wachs and updated in the last few years with stained concrete floors and a top to bottom new kitchen.

On 3.6 acres/masonry construction/massive mission tile roof/4707 sf/
4 Beds/4.5 Baths/1 story/pool-spa/4 car/sprawling mountain views

It sold in 06 for $1,350,000. The new owner then put in the new kitchen and concrete floors and it went back on the market in early 08 for $2,195,000 and, seeing that that wouldn’t fly, they quickly dropped it to $1,695,000 – then in 09 to $1,295,000.

At that point I submitted an offer for some clients but, no go, we weren’t able to come to terms. It left market in May 09 at $1,295,000. It’s the real thing.

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to find your Tucson Foothills home

Friday, 2/26

3 mini spec homes (1764 sf) cheek to jowl with Sabino Canyon Rd failed to sell and were withdrawn today.
They’re at 4251, 4271 and 4291 N Red Sun Pl and priced at $285,000 each. (Listed by Tierra Antigua Realty)

Road kill, once again. Because builders, either obstinately or without bothering to do any research, keep putting up spec homes by the side of the road in the face of overwhelming evidence that they don’t sell. Not at anything close to normal market prices anyway. If and when they do sell, they sell for pennies on the $$. I wrote about this one before> swimming against the tide

the red dots, that’s it. What now?

__________________________________________________________

This hurts. 6226 N Via Paloma Rosa is back on the market today after falling out of escrow, that’s after being in escrow for 30 days.
Worse yet, Paloma Rosa was on the market from Dec 08, starting at $643,000 and finally went to contract last month at $479,000 ($210/sf).  And since it fell through this late in the game, I’m guessing that it was the financing that fell apart at the last minute. Just a guess though. (Listed by Long Realty)

Homes like this in La Paloma - 1800 to 2300 sf, with mountain/golf course views – used to fly off the shelf. They were immensely popular as second homes. In late 2007 I represented the buyers of the house just next door to this one. And we looked at it 3 times on the day we wrote the offer, and each time it was swarming with eager looking agents and buyers chomping at the bit. But we beat them to it and got, what was at the time, a good deal. That was then.

On the other hand 6414  N Desert Wind Cir sold today for $980,000 ($294/sf) off a $989,000 list price. That’s in Ventana Country Club Estates. Originally listed for $1,150,000 in Oct 08. So it took a while but they made out OK. (Listed by Long Realty)

4530 N Paseo Pitiquito left the market last September, over-priced and range priced, - Seller will accept/counter offers between $350,000-$390,000 – and returned today as a foreclosure for $314,500 ($172/sf). They may have to do better than that.
(Listed by RealEstate.com)

And 3742 N Camino Sinuoso, after selling for $450,000 in July 04, is back today for $384,000 ($124/sf), also as a foreclosure.
Property sold as is. No warranties/CLUE/SPDS. Buyer to verify all info.Allow 3-5 business days for offer review. (Listed by Realty Executives Southern Arizona)

And why hasn’t this one sold?
I mean, right in the listing info they admit that they rejected offers that maybe they should have taken, and presumably will take now -Reduced and priced to sell!!! Seller now more motivated than when offers near this price were rejected.

That’s refreshing, get it out in the open.Then again, they’ve had lots of time to think things over. First clue, they paid $991,500 in June 05.

And about a year later, in Sept 06, they listed it for $1,595,000.
But it didn’t sell and left the market in September 07 at $1,375,000. But it was back in February 08 for $1,795,000 (yes $1,795,000, after failing to sell in a better market for less moola) and has been for sale ever since, now asking $1,395,000 ($335/sf).

And who knows when it was done, but the current listing says Extensive & total remodel. See it here> 6273 N Desert Moon Lp
(Listed by RE/MAX All Executives)

And though it did sell today, 7598 N Mystic Canyon Dr definitely did not do much for the comps in Pima Canyon. A spec home, and a nice one, but with a triple handicap – somewhat awkward access, some road noise, and a nearby electric booster station – all in Pima Canyon, imagine. Well it’s just barely in PC, kind of on the ropes of the southwest perimeter. (Listed by Long Realty)

It sold for $875,000 ($246/sf) off a $974,000 list price. Originally listed in Nov 06 at $1,400,000. And let me get this dig in. The MLS reports it as having sold for 89.84% of list price. And technically, I guess, and if you ignore the $1,400,000 original list price, you could say that’s true.
But practically it’s nonsense. Particularly when you compile a bunch of sales and present it as market data, it ends up offering a very distorted picture of what’s really happening out there. To what purpose I wonder.

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what happens in Vegas stays in Vegas

There’s an interesting and kind of amusing article on WSJ.com today, Las Vegas House Bargains Dry Up , that talks about bidding wars and frustrated buyers competing for a dwindling supply of foreclosed homes. Ironic, no.

And though our foreclosure scene is miniscule compared to Vegas, it reminded me that it might be useful to see how quickly and for how much foreclosures are selling for here in the foothills, relative to their asking prices. For reference, see> the foothills foreclosure scene

14 foreclosures sold in the last 3 months;

List price/Sold price/days on market + previous sale $$ & year

$204,188/$203,000/27 - $195,000, 2001

$215,000/$208,500/16 - $150,000, 2001

$275,050/$270,050/27 - $215,000, 1997

$374,900/$310,000/68 - $335,000, 2000

$354,900/$338,000/21 - $360,000, 2004

$356,051/$343,500/63 - $350,000, 2003

$362,900/$352,000/13 – $253,000, 1999

$407,425/$420,000/82 - $750,000, 2005

$469,900/$450,100/29 - $202,500, 1986

$509,000/$475,000/69 – new spec, no prior

$499,900/$527,000/8 -   new spec, no prior

$564,900/$536,000/24 - $320,000, 2001

$690,000/$635,000/34 - $640,000, 2002

$1,995,000/$1,800,000/147 – new spec, no prior

From this latest crop of foreclosure sales it doesn’t appear that there’s much in the way of bidding wars going on.

As a group, albeit a small one, they sold for an average of $490,582/$386,000 median @ $142/sf. And for 94.3% of list price in an average of 45 days on the market.

Compared to non-foreclosure sales, sold for an average of $569,366/
$463,750 median @ $182/sf. And for 92.2% of list price in an average of 97 days on the market.

**in all cases the list price shown and the % sale price/list price is based on the latest, and often reduced, list price**

maybe this’ll do it

3174 E Via Palomita in La Paloma Estates and on the market since February 2007, when it was $1,850,000, dropped 30 thou today from $1,599,000 to $1,569,000 ($315/sf). (Listed by Tierra Antigua Realty)

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from a short sale skeptic

short sales, they usually take an eternity to get worked out, if they ever do get worked out, meanwhile, you can wait months only to find out that your offer is going nowhere. Other than that they’re a really nifty way to buy a house.

In the few instances where I’ve represented buyers on short sales we’ve never gotten past 1st base. We got the offer accepted by the short seller and then settled in for the long winter’s wait to hear from the lender. And in every case, after waiting a few months and getting nowhere, we ended up bailing. Frustrating, to say the least.

And again, my experience with them is limited, but, in each case the listing agent led me to believe that ‘this one is ready to go’, yessirree, and ‘the lender’s really on this one’ and that we’d have an answer in less than 90 days. It never happened. And I couldn’t say if they’re just saying that to keep us in the game or they actually believe it. But I do know that it’s in theirs and their clients interest to keep us in the game. Because if we bail, it’s back to square one for them.

On the last short sale I handled, and hopefully my last forever, we got the offer accepted in September and, after not hearing a word, bailed out at the end of November. But in this case they were glad to see us go because they had a back-up offer that was higher than ours. And when we cancelled, the back-up just slipped into first position.

And the listing agent assured me that they’d have an answer in just
3 weeks – now for the back-up offer. That was in late November,
it’s now late February – 3 months - and it’s still in limbo.  

Here’s the latest on short sales for single family homes in the foothills:

15 for sale - $225,000 to $2,099,900

25 in limbo, er, contract - $215,000 to $1,495,000

6 sold (last 3 months) - $225,900 to $1,100,000

So unlike foreclosures - (which represent just 4% of the homes for sale & 5.5% of those in contract, but 13% of the homes sold)

   - short sales represent just 3% of the homes for sale but a whopping 23% of those in contract,  yet just 5.5% of the homes sold

Why, because most never get past 1st base. 

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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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holding the line

7043 E Fox Sparrow Pl, a Ventana Canyon golf villa, returned to the market today at $567,500($258/sf) after having failed to sell in the previous 12 months at $585,000 and $575,000. So will a $7,500 cut do it.  (Listed by Long Realty)

We’ll see, but there is a lot of competition in Ventana Cyn golf villas.

16 currently for sale, $394,900 to $620,000 and just 1 under contract and 1 sold in the last 3 months. I wouldn’t hold my breath.

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Finally!

6301 N Placita Arista in La Paloma is in contract today at $1,100,000 list price. That’s $171/sf for a 1995 built, adobe constructed home, and built like a fortress, in La Paloma. A deal. (Listed by Long Realty)
This was re-listed just 7 days ago for $295,000 less than the last listing.

As I mentioned here> today, 2/16, I’d made an offer on this house last year for some clients, and it was a lot closer to the current list than to the $1,395,000 year ago price. But it didn’t work out. I guess we were ahead of the curve.

Finally? Well yeah, you see this was originally listed in 06 for $2,395,000 and more or less on the market ever since. So Finally they got the price right and Finally it sold.

2 days, 2 biggies under contract

Yesterday it was Hole in the Wall Way that went to contract at $2,495,000. Today it’s 7755 N Ancient Indian Dr - a new Pima Canyon spec house listed for $2,250,000 ($399/sf), is under contract. (both Listed by Long Realty) Ancient Indian first hit the market in November 08 listed for $2,795,000.

And along with Hole in the Wall Way, and because they’re the highest sales this year and are both mainstream players in the Foothills luxury home market, it will be instructive to see what they sell for.
And, because of that, I think they’ll have a hand in establishing a benchmark of sorts for other high-end sales this season. The pressure’s on.

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odds ‘n ends

4733 Camino Antonio N – a spec home short sale, built on a less than perfectly desirable lot – sold today for $562,000 ($153/sf) off its most recent $575,000 list price. First listed in July 06 for $1,150,000 and reduced in dribs ‘n drabs, until this January, when it dropped from $729,000 to $575,000 and I mentioned it here>
lowered ex-spec-tations

4912 N Avenida De Castilla – in Hacienda del Sol estates – dropped a good 200 thou today - $1,059,700 to $850,000 ($223/sf).
(Listed by Coldwell Banker Residential Brokerage)
Unfortunately, De Castilla last sold in 04 for $1,100,000.
And more unfortunately, it was listed for $1,395,000 in 06.
Then for $1,210,000 in 08.
And, giving up $13,000, for 1,197,000 in 09. And now 271 days later, guess what, it’s at $850,000. Good things come to those who wait.

And 6231 N Camino Esquina also had a price cut today. It dropped a hundred bucks - from $475,000 to 474,900. (Listed by Clayton Farnsworth Realty)

why follow the crowd

5371 N Buckhorn Dr (Listed by Pioneer Properties & Invest) is closing in on
2 years on the market and has been priced at $435,000 since last October – that’s down from $450,000, $475,000 & $499,900. 
But still it remains unsold. So today, in what may be a very canny move, rather than lower the price, they raised it to $475,000.

And the listing says, Seller says Sell it now!

new and noteworthy in La Paloma

A Santa Barbara style home built in 2001 by John Kline.
John Kline is the real thing, I’d say one of the top 3 builders, up there with La Quinta and Mike Wachs.

This one, at 5969 N Camino Preciado, (Listed by RUSS LYON SOTHEBY'S INTERNATIONAL) on 1.8 acres/4304 sf/4 Beds/4 Baths + 2 half baths/masonry construction/1 story/pool-spa/and the all too rare
4 car garage/$1,395,000 ($324/sf).

A little background; this house last sold in 2003 for $1,600,000, and listed now for $1,395,000, so I'm just guessing, but I’d say they want to sell and have priced it accordingly.

It was on the market in 08 for $1,799,000 and did drop down to $1,395,000, but that was just after Lehman fell, and at that point no one was listening. Then off the market since Feb 09.

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just 1 new contract reported

but it’s a biggie

6755 N Hole In The Wall Way - way up in the Mountain Estates of Ventana Canyon, and listed for $2,495,000($390/sf) - has found a buyer. (Listed by Long Realty) And first listed in May 07 for $3.2. & last sold in 06 for $2,450,000. So it’ll be interesting & informative to see what it went for.

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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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an observation

This afternoon I spent some time going to open houses and was very surprised to see that all of them were busy, really busy, verging on crowded. I’m serious. I do this at least a couple of times a month, to see houses I haven’t seen and to keep my finger on the pulse of what’s going on.

And in the last 3 or 4 months all the open houses I stopped at were pretty slow. Slow enough that I could sit and have a leisurely chat with the open house agent. And that was nice. But today they were so busy I could hardly get a word in.

Then again, last Sunday was Valentine’s Day, so, hmm, who knows, and the Sunday before was Super Bowl, a definite open house killer. So maybe this is just pent-up demand, you know, open house withdrawal finally being satisfied. Or could it be the season is finally kicking into high gear.

Did anyone attend an open house today?

the foothills foreclosure scene

Here’s the latest; for single family homes.

19 homes for sale;
$139,900 to $1,087,800, but with the majority of them (14) from $139 to $399 – then 3 in the $5’s, 1 at $699 and 1 at $1,087,800 (that monster on Camino Blanco)

6 in contract:
$198,220 to $349,800

14 sold in the past 3 months:
$203,000 to $1,800,000, with 12 from $203,000 to $536,000, then 1 at $635 and 1 at $1.8.

net-net, foreclosures represent just 4% of the homes for sale in the foothills & 5.5% of those in contract, but 13% of the homes sold in the past 3 months. So they’re popular with buyers, more popular, relative to the number available, than non-distress sale homes. And at the current sales rate there is a scant 4 month supply of foreclosures.
What does that tell you.

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when you wish upon a star

A reader sent me a link to an LA Times article about the luxury home market in Bev Hills, Malibu and such. And if you lop off a zero here and there it bears a striking resemblance to the market here in the Tucson Foothills.

Same overpricing, same denial, same playing catch-up with the falling market – … sellers' thinking has been slow to adjust to the sea change in pricing since the bubble burst, same  ‘my house is better than theirs’ syndrome, same taking of overpriced listings - It's one thing for an agent to take an overpriced listing when prices are rising. "It's possible the market will catch up with the price eventually," Davis said. "But the reverse is happening. To take an overpriced listing now is pointless for the agent and the homeowner."
but in la la land, they do have one reason for overpricing that we do not, the magical belief that a star will happen upon their place and be willing to pay any price.

High-end home sellers lower their sights

 

in case you’re wondering

Now that I’m naming the names of the listing brokerage of homes I mention here, you’re probably beginning to notice that the majority of them are Long Realty listings. And in case you’re wondering why, here’s why.

At $800,000 and up, Long Realty’s share of the market is 67.1%. With the remaining 32.9% divided amongst all the other real estate brokerages in Tucson. (those figures are for 2009)

 

And since much of what I talk about is $800 and up, well, Long Realty is often involved.

And while we’re at it, I’m naming names because I’ve been asked to, in order to avoid violating one of those Realtor code of ethics things -

"Realtors shall not engage in any practice or take any action inconsistent with the exclusive representation or exclusive brokerage relationship agreements that other Realtors have with clients. 

and to properly identify the brokerage that has the listing and avoid leading people to believe that, let’s say, a Coldwell Banker listing is mine, when of course it’s not. None of them are. And not surprisingly, after some of the things I say here, who would have me.

at just under a mil

5741 N Moccasin Tr was just listed for $999,900 ($232/sf).
This is in Indian Trails estates, on the northeast side of the foothills
in the area of Sabino Canyon. (listed by Realty Executives Southern Arizona)
It’s 2004 built/frame stucco/4300 sf/5 Beds/4 Baths/- last sold April 04 for $880,000.

And 7222 E Desert Moon Lp in Ventana Canyon estates is a new listing at $999,000 ($258/sf). Built 1993/frame stucco/3867 sf/
4 Beds/2.5 Baths/2 story- last sold in 98 for $460,000. (listed by Long Realty)

And here’s a new twist for leaner times. 2981 E Plaza Encantada –
a 1 acre lot - is being offered along with a new, to be built, 4000 sf house for $999,990 ($250/sf). The new no risk spec. (listed by Long Realty)

Plus 3, priced just under a mil, have gone to contract in the last week.

Just under a mil looks like it could be the new sweet spot for what would have been $1.2 or better, in better days.

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frustrated by the lack of choice at around $4,000,000

Who isn’t, but don’t despair. A new listing popped up in Pima Canyon today that may be just the ticket. Listed for $4,199,000 ($787/sf) (by Long Realty), it appears to be a brand new spec home, so move-in ready too.

2102 E Desert Garden Dr

That’s still just 5 to choose from in the 4 mil range - 2 in Pima Canyon and 3 in the Canyons - so hurry!

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the big picture

466 homes for sale in the Tucson Foothills, at
$937,371 average list price/$599,000 median @ $241/sf

104 sold in the past 3 months, at
$565,405 average sold price/$455,050 median @ $175/sf

That’s just the way it is.

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a half million here a half million there

1682 E Sahuaro Blossom Pl in Pima Canyon - Built in 2004 and on & off the market since then, when, at it’s peak, it was asking $4,200,000 it’s now down to $2,395,000. That’s after a $580K price cut today.
(listed by Coldwell Banker Residential Brokerage)

This was also built by Monty Bartholomew, who I mentioned the other day in connection with another PC house.

And this too is chock full of cantera and quite unique. Believe me,
you won’t see yourself coming and going in this one.

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OK, which hat should I eat

Less than 2 weeks ago I wrote about 6954 N Gate Ridge Pl, 
I said,-- 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 …
blah blah blah > read it, if you must> a once new spec home

In other words, if it didn’t sell in 06 & 07 at $2.150, why the heck would it sell today for just 16.5% less. The chances seemed slim to none, to me.

Well, someone didn’t agree because it SOLD today for $1,700,000 ($289/sf). But nothing was reported in the MLS until today. It went from Active to Pending to Sold, all today. A stealth deal, and Cash too. So the deal may well have been in the works when I wrote that piece on Feb 4.

Oh well, that’s what makes the world go round.
(and yes, a Long Realty listing)

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another one down in Pima Canyon

Moments ago 1872 E Quiet Canyon Dr was reported as under contract at $1,050,000 ($302/sf) list, after just 42 days on the market. (listed by Long Realty) Originally listed at $1.2.

It joins 2 others in contract in PC, at $974,000 ($274/sf) and at $1,250,000 ($288/sf). Plus 1 sold last week, a foreclosure at $1.8 ($332/sf) – the only sale in the last 3 months.

And while this a promising change from what has been a dry season for PC, it’s worth keeping in mind, these contracts are at the low end of Pima Canyon’s price range - where the remaining 19 for sale are at an average list price of $2,459,445, median $2,342,500 and $448/sf.

See them all here> For Sale in PC

searching for the right price

7311 E Thimble View Way, way up in the Mountain Estates at Ventana Canyon dropped 100 thou to $1,395,000 ($294/sf).
(listed by Long Realty) 
And that’s on the cheap side for the Mountain Estates. The next three for sale up there are; $2,495,000 (390/sf), $2,995,000 ($557/sf) & $8,250,000 (1,273/sf)

+ there’s 1 in contract at $1,749,000 ($395/sf). But nothing has sold in 18 months or more, which is quite a change from the good old days of 05, 06, when 10 homes were snapped up for an average of $1,902,600 & $370/sf.

And then there’s 7454 N Secret Canyon Dr, a spec home in the Canyons. It’s dropped to $4,250,000 ($614/sf) from its recent $4,500,000 and its original $5,000,000. And in a few weeks it will celebrate it’s 1 year anniversary on the market. Unless of course it sells before then. (listed by Bill & Eve Smith, Partners in Real Estate) 

But the recent track record in the Canyons is even less encouraging than in the Mountain Estates, with more for sale and at loftier levels.

8 for sale in there from $2,200,000 to $13,500,000 – average list $5,326,250 ($638/sf). Nothing in contract and nothing sold in 18 months or more.

see thefoothillsToday.com
to find your Tucson Foothills home

… at the right price

5106 N Avenida De Castilla – the house with lots of steps, I mean
lots of steps, has gone to contract listed at $539,000 ($148/sf).

It’s been a long haul; first listed in April 07 for $1,199,000 
I mentioned it here> full disclosure <(with pictures of the steps) 
a few weeks ago when it dropped to $595,000. (listed by Long Realty)

in contract today

4681 N Camino Sumo, listed 5 days ago for $995,000 ($217/sf) is in contract today. This was a no brainer and I’m just sorry I didn’t have anyone for it. (listed by, J Bar M Realty)

See> this is a no brainer
And as I said in that post, this is yet another wake-up call for other sellers in Cat 10.

And breaking the 13 day stalemate at over a million, 5109 N Camino Real, listed for $1,075,000 ($256/sf) went to contract today. That’s after a relatively brief 128 days. (listed by, Long Realty)

On Jan 19th I wrote - And then there’s 4744 E Mission Hill Dr, which sold for $824,000 after just 6 days in 2007, and (get this) was
re-listed 2 days later for $1,250,000 (I’m not kidding) and has been on the market ever since, is now down to $665,000.

Well it took a while to get there, but apparently $665,000($234/sf) was the magic number for this house because it too went to contract today. And according to the listing, not a short sale or REO. (Listed by, Long Realty)

So with Camino Pablo earlier today, that’s 3 solid hits and a save for the Foothills market. But keep in mind, all of them are at least in the realm of being reasonably priced for what they are. And who knows what they went for.

see thefoothillsToday.com
to find your Tucson Foothills home

just these 2

For sale for 2 years and no go, 2087 E Desert Garden Dr expired today. It was range priced - Seller will entertain offers between $2,599,000-$2,899,000. Well entertain this, at $2,599,000 it’s $448/sf and sales in that range have not been terribly popular lately. And the thing is, it last sold in 03 for $2.2 and went back on the market in early 08 looking for $3.3. And a lot of not so good stuff has happened since then.

Anyway, I know this house well. I showed it and held it open a number of times when it was for sale in 03. It’s very sturdily built masonry construction with some elaborately detailed finishes, and, if you like cantera stone, you’re in for a treat. It was built by Monty Bartholomew who owns, or owned, a cantera stone business and it’s chock full of the stuff. (was listed by Long Realty) And I’m guessing, will be back on the market sooner or later.

But good news for 2701 E Camino Pablo. Listed at $998,000 ($259/sf) it went to contract today after about 5 months.

And coincidentally, you think, Camino Pablo recently had it’s first price cut, and a hefty one, from $1,299,000 to $998,000, which I had mentioned > high-end doings (listed by Long Realty)

see thefoothillsToday.com
to find your Tucson Foothills home

today, 2/16

First, let me get this off my chest.
3718 E Rose Peak Pl expired today at $1.2.

It was my listing and I had it for 2 years. It was also on the market with 2 other agents, for 3 years, before I got my hands on it.
First listed at $2.3 for a long time, then $2.2 then $1.95. Then I took it at $1.8, dropped it to $1.495, then $1.350 and finally $1.2. We had 2 offers, but that’s all I can say, except, I’m very sorry that I wasn’t able to get it sold.

It’s now official, I only represent buyers.

6340 N Pinnacle Ridge Dr came back on the market today as a new listing at $699,999($224/sf) - first listed one year ago for $839,900.
This is in Pinnacle Ridge, aka Paloma Canyon, where, in it’s heyday a few years ago, homes flew off the shelf. (listed by Long Realty)

At Villa Milano at Rancho Sin Vacas, 7600 N Viale Di Buona Fortuna expired at $650,000($268/sf). And unlike Paloma Canyon, Villa Milano has had a tough time getting off the ground from the very beginning.
Back then I think their expectations were too, too high.
(listed by Long Realty)

6301 N Placita Arista, in La Paloma, is back on the market with a new agent at a new lower price. It’s now $1,100,000. It’s a rare, newer, built 1995 and like a fortress, mud adobe. And rarer still for La P. It was first listed in March 06 for $2,395,000 and left the market 6 weeks ago at $1,395,000. Last year I made an offer on this house for some clients, but we couldn’t come to terms. They’ve moved on –
I found them something else, but it’s still around. (listed by Long Realty)

And, oh what a relief it is … 7598 N Mystic Canyon Dr – the Lowest price & price per square ft (house) in Pima Canyon – moved from Active Contingent to Pending. On the market 1178 days and first listed at $1.4, it went to contract listed at $974,000($274/sf) and now it’s almost over. (listed by, guess who, Long Realty)

And in case you’re keeping track, with 121 waiting patiently in the wings, it’s now 13 days since we’ve seen a contract at $1.0 or more.

see thefoothillsToday.com
to find your Tucson Foothills home

just to be crystal clear

It has come to my attention that some readers of this blog may be under the impression that homes that I mention here are my listings.

In fact they are not. Please note, unless otherwise clearly stated that a listing is mine, I assure you, it is not. As a matter of fact, as of 12 midnight tonight, February 15, 2010, I do not represent any sellers and will, for the foreseeable future, only represent buyers of homes in the Tucson Foothills or anywhere else in the Tucson metro area.

Furthermore it is not, and never was, my intention to lead readers to believe that I am ‘advertising’ other agents listings on this blog.
I thought it was crystal clear, but apparently it is not, that my only purpose has been to provide information, along with my opinion, that may be helpful and useful to those who are interested in Tucson Foothills real estate and choose to read this blog. Be they buyers or sellers.

I apologize for any misunderstandings.

Please add your comments, point of view and criticism as you see fit.
I look forward to hearing all of it.

there’s a kind of hush

because not much has happened in Tucson Foothills real estate over the last few days, I’ve haven’t had much to report. But this is our busy season, right, so I’m sure things will perk up sooner or later.

lets play what if

But first, lets start with what we know;
-there are 121 homes for sale priced $1,000,000 & up in the Tucson  foothills
- 8 have sold in the last 3 months, 
that works out to a 45 month supply of homes for sale.

Now in the next few months we should see, because this is the busy season, an increase in high-end sales.

So what if sales double over the next 3 months to 16. That’s quite possible. (and just to keep things neat and tidy, what if no new listings come to market, it won’t happen, but)

So, 121 for sale, 16 sell, that leaves us with just 105 for sale, or about a 19 month supply. But now it’s mid May, summer is upon us and the season is all but over and we still have 105 for sale. dum-da-dum-dum

Not optimistic enough, I agree, what if sales triple - 24 sell over the next 3 months, it could happen, and come mid-May there are just 97 still for sale. How’s that, feelin’ groovy yet.

quadruple you say, no problem and, while we’re at it -  what if the DJIA hits 15,000, summer temperatures never get above 85 and …

take a trip down memory lane

on Camino Real. This house was custom built in 1960 for Dr & Mrs Don B. Campbell, who’ve owned it for all these 50 years, imagine. It was listed today for $699,000 with 2.5 acres. Check out the rendering of the foothills in 1960. You gotta love it.

4920 N Camino Real

The first time I saw houses like this was about 30 years ago in Palm Springs. Back then they were all over the place in PS, and I believe to this day they’re prized and preserved rather than gutted and ‘fixed up’.

And just for the heck of it I looked at the county appraisers assessment of this house and he rates the construction quality as ‘Excellent’. Now I hate to sound like a crotchety old fart but, if you look at the appraisers opinion of homes in the foothills built in the last 10 or 15 years, you’d be lucky to find 1 in 100 rated ‘Excellent’.

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to find your Tucson Foothills home

the lucky 7

Since the 1st of the year 7 homes priced at $1,000,000 and up have gone to contract in the Tucson Foothills.

6433 N Placita Del Zopilote @$1,475,000
6609 N Eagle Ridge Dr @ $1,749,000
3401 E Camino A Los Vientos @ $2,000,000
1887 E Desert Garden Dr @ $1,250,000
2436 E PLACITA DE LA VICTORIA @ $1,385,000
5280 E Mission Hill Dr @ $1,500,000- Now Sold @ $1,220,000
2192 E Desert Garden Dr @ $1,995,000 – Now Sold @ $1,800,000

Hurry! that leaves just 121 for sale.

see thefoothillsToday.com
to find your Tucson Foothills home

over in PC

1887 E Desert Garden Dr went Pending today. So presumably all inspection contingencies have been met and it’s onward and upward to close of escrow. Congratulations! Desert Garden is listed at $1,250,000 ($288/sf), down from $1,495,000 when it was first listed in July 09.

And 1813  E Sahuaro Blossom Pl, a spec that’s been on & off the market since 2006 dropped another 100 thou today bringing it to $2,195,000 ($392/sf). - 1 million off its 06, 07 list price.

While, for the moment, the other 21 for sale in Pima Canyon - $1,050,000 to $4,950,000 – sit tight.

see thefoothillsToday.com
to find your Tucson Foothills home

this is a no brainer

It’s a new listing today in Cat 10 and it goes straight to the head of the class.

4681 N Camino Sumo was built in 2002 and sold for $1,015,000 in 2001 (prior to completion) and is listed today for $995,000 ($217/sf).

1.5 acre/masonry construction/1 level – no steps/4581 sf/3 Beds + Office/3.5 Baths/3 car/pool-spa/

From the listing:
Beautiful Kevin Howard designed Hacienda,brick driveway, courtyard entry, w/Dramatic city and Mountain views.17'wood beamed ceiling,Pella windows and doors. Open split floor plan.Dream kitchen w/granite counters, Cherry cabinets, sub zero fridg. lux master bath.large partner office. Outdoor patios, easy care backyard, flagstone, w/pool/spa water feature-outdoor fireflace & gas barbeque-priced to sell.

Priced to sell, no kidding. It can’t, won’t last! And will be yet another wake-up call for other Cat 10 sellers.

See it > 4681 N Camino Sumo
Tucson, AZ 85718

see thefoothillsToday.com
to find your Tucson Foothills home

a long road to nowhere

7110 N Mercer Spring Pl, (Tucson AZ 85718) last sold in April 2008 for $940,000 and, for whatever reason, was back on the market 7 months later, now for $900,000. Well $40k was a nice gesture, but 7 months later was November and November was 2 months after it all hit the fan. So, nice gesture or not, no go.

Then in 09 it dropped a teensy bit to $879,000. But that didn’t do it and so it dropped off the radar for about 8 months – waiting, perhaps, for a more forgiving market.

So when it came back in October 09, it came back at $998,000, as if everything was hunky-dory. But of course it wasn’t, and isn’t, and again no go. Today it was withdrawn, still looking for $998,000.

see thefoothillsToday.com
to find your Tucson Foothills home

back in the game

and at a friendlier price.

6920 N Solaz Primero Tucson, AZ 85718, in Catalina Foothills Estates 9, has returned to the market today with a new agent at a new price.

Solaz Primero was listed for sale from 11/07 through 1/09 – starting at $1,175,000 and finishing up at $985,000. And no go. So it’s been off the market for 1 year and returns today at $880,000 ($237/sf).
Now that adds up.
Described in the listing as;
Custom designed and constructed to be reminiscent of the Arizona Inn, this home has all the classic charm of Tucson's most iconic property. This is Tucson's only home to be 3 times featured in Tucson Lifestyle Magazine, as well as Better Homes and Gardens, and the Arizona Daily Star. Burnt adobe construction with brick floors, beam ceilings, steel casement windows, lush mature landscaping, and canopy of mesquite trees.

Likewise with 4510 N Camino Kino, Tucson, AZ 85718. It started out in October 2007 at $1,475,000 and called it quits in May 2009 at $1,295,000.

It reappeared today @ $1,069,000 ($336/sf). This is 2007 built and a spec home, though, it appears to be an owner/builder/investor, or some such, occupied spec home.

see thefoothillsToday.com
to find your Tucson Foothills home

ever get that sudden urge to visit an open house

Me neither. But if you do, just cruise down Campbell from Skyline and you’re sure to find a welcoming open house at Camino Miraval just east of Campbell. 
It’s open almost everyday of the week and has been for longer than I can remember. It is now, awaiting certification, a Campbell Ave landmark.

some things are just not worth fixing

The other day I upgraded my laptop from Windows Vista (which was working just fine) to Windows 7, the latest operating system from Microsoft. And it all went very smoothly, everything works perfectly, except my Hewlett Packard all-in-one printer/fax/scanner/copier.
For some reason it didn’t make the transition too well. Suddenly the HP and the laptop weren’t communicating.

So I spent some time on the HP site searching for a solution. 
And oddly enough, there was no official HP solution to be found, but I did find a bunch suggestions in the HP user forums. I tried a few and none worked so I wrote to HP tech support.

They responded promptly & pleasantly with simple, detailed instructions; download this patch – uninstall that software, download this other software and install it, restart and you’ll be on your way.
Cool.

After doing that for about 3 hours it still didn’t work. Not so cool.
So I emailed the HP tech guy again to let him know. He got back to me right away, apologized that his first solution didn’t work and cheerfully suggested that I take the following steps to resolve the issue. And, as far as I could tell, he did so with a straight face.
Get this.

Hello John,
Thank you for writing back to us and providing us an opportunity to serve you again in this matter.
I appreciate your efforts that you have performed in troubleshooting the issue. I regret to note that the issue remains unresolved even after performing the recommended steps. I apologize for the inconvenience caused.
Solution
=======
To resolve the issue please follow the steps listed below:
Step 1: Uninstall the All-in-One software.
Step 2: Disable the firewalls and antivirus.
Step 3: Clear the temporary files.
Step 4: Turn off the 'terminate and stay resident' programs.
Step 5: Install the All-in-One software.
Here are the steps in detail:
Step 1: Uninstall the All-in-One software
===================================
Please uninstall the All-in-One software using the below steps:
1.  Click Windows Logo à All Programs à Accessories à Run.
2.  In Run dialog box, type “%temp%” and press OK.
3.  In opened Temp folder, open any folder starting with “7z”.
4.  In opened ‘7z” folder, open “Util” folder.
5.  Open “CCC” folder.
6.  Run “Uninstall_L3.bat” (32-bit) or “Uninstall_L364.bat” (64-bit).
7.  Continue with the un-installation wizard.
Restart the computer to make the changes effective.
Step 2: Disable the firewalls and antivirus
==================================
Perform the below steps to disable the firewalls and antivirus which might be blocking the HP installation files which might result in incomplete installation:
To disable the firewall in windows 7, please follow the steps given below:
1.  Click the Pearl button (windows) located at the bottom left of the screen, and then on Start Search type "windows firewall" then press      [Enter].
2.  Under Control Panel, select Windows Firewall.
3.  When the Windows Firewall window appears, select Turn Windows Firewall on or off at the side bar.
4.  When the Windows Firewall Settings screen appears, select Turn off Windows Firewall then click OK.
5.  Click  cancel button(x)  to exit the Windows Firewall Settings screen.
NOTE: If you need to turn on the Windows Firewall again, you can follow the steps above to come back to the Windows Firewall Settings screen to turn on the Windows Firewall.
To disable the anti virus software, please follow the steps given below:
On the bottom right corner of the screen right click on the icon of your anti virus software and select the option disable.
Step 3: Clear the temporary files
================================
Perform the below steps to use the Disk Cleanup Utility in Windows 7 to clear temporary files to free hard disk space on the computer.
1.  Click the Windows icon (  ), click All Programs , click Accessories , click System Tools , and then click Disk Cleanup . The Disk Cleanup Utility window opens.
2.  Disk Cleanup Utility analyzes the hard disk, and then displays a report containing a list of optional Files to delete . Click the check boxes next to unnecessary files, and then click OK .
Step 4: Turn off the 'terminate and stay resident' programs
===================================================
Turn off the 'terminate and stay resident' programs:
Perform the steps to temporarily turn off Terminate and Stay Resident (TSR) programs.
Background information: When the computer starts Windows 7, TSR software programs automatically load. TSR programs activate computer utilities, such as antivirus software, but are not required for the computer to function. TSR programs can interfere with product software installation.
1.  On the Windows taskbar, click the Windows icon ( ), type msconfig in the Search Programs and Files box, and then press Enter . The User Account Control windows opens.
2.  Click Continue . The System Configuration window opens.
3.  Click the General tab, and then click Selective Startup check box.
4.  If there is a checkmark next to Load Startup items, click the checkmark to remove it.
5.  Click the Services tab, and then click Hide All Microsoft Services (at the bottom of the Services tab).
6.  Click Disable All , and then click Ok .
7.  Click Restart . The computer automatically restarts.
Step 5: Install the All-in-One software
===================================
Install the All-in-One software from the below weblink to avoid any improper installation due to the corrupted All-in-One software CD:
http://h10025.www1.hp.com/ewfrf/wc/softwareDownloadIndex?softwareitem=mp-76229-1&lc=en&dlc=en&cc=us&lang=en&os=4063&product=1153491
NOTE:  Clicking the link may give an error indicating it is invalid. Please copy from "http" to "1153491" and paste it in the address bar of browser, then press Enter Key.
Installation Instructions
---------------------------
Internet Explorer:
1.  Click the Download only button.
2.  When a new pop-up window appears, click on the Run button.
Note: Make sure the printer is not connected to the computer before running the file.
Note: Depending on your connection speed, the file will take some time to transfer to your computer.
3.  If an ""User Account Control"" pop-up windows appears, click the Continue button.
Note: The file is compressed and may take time to extract and run.
4.  Follow the on-screen instructions.
Firefox:
1.  Click the Download only button.
2.  When a new pop-up window appears, click on the Save File button.
Note: Depending on your connection speed, the file will take some time to transfer to your computer.
3.  When the download completes, double-click the most recent file to start the software installation.
Note: Make sure the printer is not connected to the computer before running the file.
4.  If an "Open Executable File?" pop-up window appears, click the OK button.
5. I f an "User Account Control"" pop-up windows appears, click the Continue button.
Note: The file is compressed and may take time to extract and run.
6.  Follow the on-screen instructions.
Now check the functionality of the All-in-One.
I believe this information will help you to resolve the issue. However, if the issue persists or if you find any difficulty in troubleshooting, please reply to this message with the results. I will be happy to assist you further.
We appreciate you giving us the opportunity to provide you with superior customer service. I wish to take this opportunity to thank you for being one of our most valuable customers.
Have a Nice Day.
Sincerely,
Rodney K
HP Total Care.
__________________________________________________________

This is just too funny. When I first saw it I thought he was kidding but, no, he was serious. It’s so absurd I roared with laughter. 
Screw it, some things are just not worth fixing. On to Epson. Cnet.com says they make some very good all-in-ones that are also Windows 7 compatible. Imagine!

PS- I did write to Mark Hurd, CEO of HP, because I thought he might be interested to know the kind of service advice being dispensed.
We’ll see.

see if this adds up

4411 N Camino Sumo is now, after a $104,000 cut, $1,595,000 ($351/sf). It started out in December 08 at $1,650,000, then went to $1,750,000 (yep, it didn’t sell so they raised the price) and so on.
So not much downward movement for a year+ on the market.

And the thing is, Camino Sumo last sold in December 05 for $1,303,575 –that’s at the height of the market and as a brand new house. Now it’s 5 years later and it’s 5 years older, it’s been lived in, and we continue to be bogged down in the worst economic/real estate cycle in eons, and they’re looking for almost a $300k bump. 

the market continues to do exceptionally well

that is, as long as you’re in the $0 to $600,000 arena.

In the last 14 days 36 homes have gone to contract in the Tucson Foothills. And that’s a very healthy number of homes getting snapped up.

But consider, 26 of them (that’s 72%) are priced $215,000 to $599,000 – with 4 more in the $6’s, 2 in the $7’s, 2 in the $8’s, just 1 in the $9’s and just 1 over $1.0.

look out below,

see thefoothillsToday.com
to find your Tucson Foothills home

Joesler fails to defy gravity

Listed in December 2008 for $1,495,000 and eventually reduced to a range price of $1,150,000 to $1,195,000 the Joesler estate at 4320 N Alvernon Way expired today. Still unsold. How come.

Who can really know. But it may have something to do with the fact that when it last sold, in December 2004, it sold for $875,000 and when it was listed 4 years later, in December 2008, it was listed for $1,495,000. But in that time, rather than going up, up, up, the market went down, down, down.

see thefoothillsToday.com
to find your Tucson Foothills home

buyers getting all A’s in the new math, but sellers still slow to learn

On the market since November 2008, 6580 N Regal Manor Dr is reported as under contract today. Why now?

While I can’t say for sure, if you put 2 & 2 together, it wouldn’t be too far fetched to figure that price had something to do with it.
It was originally listed at $1,495,000 ($271/sf) and, coincidentally, only last month dropped down to $998,000 ($181/sf) when it soon went to contract.

___________________________________________________

Similar story with 6302 N Ventana View Pl. It’s been on the market since April starting at $699,999, that’s despite having sold in 05 for $635,000, oh well, and went to contract today not too long after dropping down to $630,000 ($284/sf).

In La Paloma - Listed for $645,000 in 08, 6170 N Via Paloma Rosa sat around until two weeks ago when it finally got down to $460,000, yep 4-6-0 ($205/sf) and Bingo!, it went to contract.

And more on Paloma Rosa, same story and almost the same numbers. 6226 N Via Paloma Rosa was listed in December 08 for $649,000 and nothing happened until it dropped to $479,000 ($210/sf).
And now it’s history.

It also wouldn’t be too far fetched to assume that this pattern that’s developing may make it even more difficult for other sellers to sell at yesterday’s prices. And keep in mind, right now we’re looking at list prices, who knows what they went to contract for.

see thefoothillsToday.com
to find your Tucson Foothills home

Monday 2/8

With rainy, cold weather and the Super Bowl all on the same weekend, what can you expect,

well, a new listing in Pima Canyon wouldn’t be too much of a surprise – so make that 22 for sale in there. And with those really cute, tiny little pictures of it in the MLS, it does stand out from the crowd.
7303 N Mystic Canyon Dr - $1,127,000 ($319/sf)

And there’s more to choose from in Ventana too - 6030  N Desert Sun Ct hit the market today. Built 2001/5239 sf/4 Beds/4.5 Baths/1 story/3 car/pool-spa/$1,750,000 ($334/sf)/last sold 2001 - $1,206,500

In Foothills ll 6920 N Mercer Spring Pl sold for $740,000 ($226/sf) off a $780,000 list price. It’s worth noting that Mercer Spring last sold in 2001 for $735,000. So 5 grand in 9 years, uh oh. On the other hand, it went quick, just 64 days. But I’ll bet, at that price, the other home owners in Foothills ll may not be too thrilled. (it looks better in real life than in the pictures, much better)

5106 N Avenida De Castilla has once again dropped its price, this time to $539,000 ($148/sf). In April 07 it was $1,199,000. So the question is, how low can they go and still pull off a short sale.

And in Vista de Las Candelas - 7030 N Camino De Fosforo has found a buyer. List price $825,000($199/sf). 18 months ago it was $1,049,000 and, if it sells in just the mid 7’s, it’ll be in the top 3 highest sales ever in VDLC. 

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to find your Tucson Foothills home

playing the price game

$775,000 > $765,000 > $758,800 > $758,750 > $758,700 > $750,000 > $751,000 > $750,000 > $750,100 > $750,000 > $738,900 > $738,895 > $725,000

No kidding, those are the actual prices changes an agent made to their listing over 5 months. Of course the owner had to go along with it, but I’ve got a hunch that this ‘strategy’ was the brain-child of the agent. What mere mortal could pull this off with a straight face.

And let’s look at what they’ve accomplished; they’ve managed to waste 5 months on the market and squandered what could have been a reasonably impactful $50,000 price cut, had it been done, let’s say, in two $25,000 cuts.

And if I were a buyer I’d have to ask myself if I really want to get involved with people who are into playing such silly games.

see thefoothillsToday.com
to find your Tucson Foothills home

winners and losers

5805 N Campbell Ave started out 2+ years ago at $1,989,000 and expired yesterday at $850,000 ($194/sf). Built in 2005/4379 sf/
4 Beds/3.5 Baths/& a short sale to boot. Now what.

While 2436 E PLACITA DE LA VICTORIA – which also started out about 2 years ago at $1,800,000 - is now in contract off a $1,385,000 ($300/sf) list price.

And 5424 N Sundown Dr was listed in 08 & 09 starting at $850,000 and ending at $720,000, but went nowhere. It was then re-listed and realistically priced just 18 days ago, with a new agent at $599,000 and already it’s in contract.

In Pima Canyon 2192 E Desert Garden Dr sold today for $1,800,000 ($332/sf) off a $1,995,000 list - as a foreclosure. Listed 1 year ago at $2,499,000, somewhere along the line it fell to foreclosure. The online info shows they were on the hook to Bank of Tucson for $2,240,000. That’s either foreclosure # 2 or 3 for PC.

A couple of years ago, if you’d mentioned Pima Canyon and foreclosure in the same sentence, you would have been heckled out of town.

Yet most people I talk to with a vested interest in PC continue to make nice and ignore the real estate situation in there, or do a damn good job of pretending to, and instead take comfort in burying their heads into the warm & pearly sands of PC.

What do you think,
21 for sale in there - $1.050 to $4.995 – 16 of them @ $2.0 & up,
10 @ $2.5 & up, 3 @ $3.0 & up, 1 @ $4.950.

1 sold in the last 3 months @ $1.8
Last sale over $2.5, May 2007
Last sale over $3.0, April 2006
Last sale over $4.0, never
But I digress. 

It’s back to square 1 for 6260 E Placita Del Nido. Listed for $1,189,000 on Jan 8 it quickly went to contract on Jan 20 and, unfortunately, fell out today.

Same raw deal for 6106 N Placita Pajaro. It went to contract 3 days ago and is back on the market today. Listed for $699,500 in La Paloma.

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to find your Tucson Foothills home

contracts this week

20 homes have gone to contract since Monday;

16 from $0 to $599,999
2  from $600,000 to $999,999
2  from $1,00,000 & up

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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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to find your Tucson Foothills home