The Catalina Foothills

the most expensive house on the block

5920 N Via Serena sold today, that’s in Cimarron. And that’s the good news.
The other news is the sellers paid $1,300,000 for it in 2004 – to this day the highest sale ever in Cimarron. And then, despite all the evidence to the contrary, they listed it in June 2010 for $1,500,000. Jeez!

So, not unexpectedly, it didn’t sell for anywhere near that. It went for $950,000, which is now, small consolation, the new post-boom high for Cimarron.

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sold today

In Pima Canyon, 7510 N Mystic Canyon Drive sold for what I’m sure was a disappointing price to the sellers. It went for $946,100 ($247/sf) off a $1,195,000 list price – which was down just $100 grand from where it was first listed in June 2010. But worse yet,  they paid $1,300,000 for it in November 04. So not an easy pill to swallow. (listed by Long Realty)

And 3271 E CAMINO JUAN PAISANO in La Paloma Estates, which has had it’s share of ups and downs over the years, sold again today. (listed by Long Realty)

Juan Paisano first sold 10 years ago as a brand spanking new home for $1,780,000 ($316/sf). Then the current sellers paid $2,550,000($444/sf) for it in January 2007 – when the lower end of the market was slip slipping away but the upper-end was still roaring along. But that too soon came crumbling down. And they ended up selling Juan Paisano today for $1,640,000 ($290/sf) off a $1,795,000 list price. So right off the bat they bit the bullet and listed it for three quarters of a mil less than they paid. And then they ended up taking $150 thou less than that – so they’re in for $900 grand plus closing costs, commissions, etc.  Talk about a bitter pill.

But there’s more. When it was first listed, about 6 months ago, I represented buyers who, after some negotiation, offered $1,675,000 for it, cash. But it was too early in the game and the sellers must have figured they would get more – probably thought they should get more since they had listed it for so much less than they paid.
So they didn’t take the $1.675. And my buyers wouldn’t go any higher, and I didn’t disagree. I thought $1.675 was more than a fair price. So the sellers held onto the house for another 6 months, only to take 35 thousand less. Which probably ended up costing them about $100 grand.  Whatever!!

And last but not least, 7828 N Ancient Indian Drive in Pima Canyon sold today.
The old Indian was a spec home that was first listed in January 2009 - a full 10 months before it was completed - for $3,295,000 ($447/sf). And it left the market two years later, January 4th this year, at $1,995,000 and returned just two weeks after that as a foreclosure asking $1,850,000. I represented the very happy buyers as we snapped it up for the bargain price of $1,660,000 ($223/sf).
And, worth noting, it is one of the very few foreclosures that didn’t have a scratch on it. Not a single thing missing and not a hair out of place. (Listed by Russ Lyon Sotheby’s International Realty)

So just like many others that have sold recently, these high-end homes finally did sell, but to do so the sellers had to pay a very steep price. 

See all three – Mystic Canyon, Juan Paisano & Ancient Indian

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looking for a high-end foreclosure, get in line

It wasn’t too long ago that there was a growing supply of high-end foreclosures here in the Tucson Foothills, while for quite a while demand for them was willy-nilly.
Not any more.

7827 N Ancient Indian, a Pima Canyon foreclosure, sold today for $1,200,000 off a $1,186,000 list price. So it went for a few bucks over list. But more important, with that sale there are no more foreclosures listed at $1,000,000 or more. None. They’re all gone, at least for now they are.

In January in a post titled > foreclosures, the new black < I said,

‘Think about this, if 7827 Ancient Indian, Javelina Drive and the unnamed foreclosure all go to contract – which does not seem unlikely – there will be no foreclosures listed for sale in the foothills at million $$ or more. None, at least for now anyway’

Well guess what, all of that came true. 7827 Ancient Indian is sold, Javelina Drive is in contract and getting ready to close, and the unnamed foreclosure that I couldn’t mention, because I was representing the buyers, is the one at 7828 N Ancient Indian and it’s closing on Wednesday. (yes there are, or were, two foreclosures on Ancient Indian, one at 7827 and another across the street at 7828)

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uh oh

From the Arizona Daily Star;

The Catalina Foothills, an area synonymous with growth and prestige for the past 70 years, is losing residents.

It was one of just three Pima County communities to show population declines in the 2010 census, along with the southeast-side neighborhood of Littletown and the old mining town of Ajo.

The Foothills, where household income approaches twice the norm in Pima County, lost nearly 3,000 people from 2010 to a population of 50,796, U.S. census figures show. It is the first time since the area was developed in the 1930s that it lost population, said David Taylor, a retired planner and longtime demographer who happens to live in the Foothills.

For as long as anyone can remember, the Foothills has been considered one of the most desirable places in Pima County to live. The average sales price for a home there runs about $375,000 today.

First developed in the 1930s by pioneer developer John Murphey, the Foothills has long proven attractive in part simply because it lies literally in the shadow of the Catalina Mountains, right next to the Coronado National Forest. It's also drawn many people because of its own rolling hills and ridges and because of the many large-lot subdivisions, particularly in older areas, that left plenty of natural open space.

Will Pew, a lifelong Foothills resident and president of a neighborhood association there, said he wasn't troubled at the reported population decline in the Catalina Foothills.

"Having grown up here, I don't necessarily think more people is a good thing. In the past, it felt like there was more wide open space here, and I'm not against people moving in, but it has not necessarily improved the quality of life here," said Pew, who is president of the Catalina Foothills Association, which was founded in 1956 to represent an area that was developed by pioneer builder Murphey.

____________________________________________________________________

I’m a former city kid – I grew up in NYC, lived in LA for a while and for 20+ years in Chicago – and have only been in the Foothills for 10 years now and, despite being a Realtor, I’m with Will Pew on this one. From what I’ve seen I also don’t think more people has necessarily improved the quality of life here in the Foothills. Amongst other things it has of course led to more development, and a fair amount of that development has changed the character of the old Foothills, and not for the better. With homes squeezed in on marginal lots, often by the side of the road, and has led to the breakup and subsequent over-development of many of the original Joesler estates. The 5 and 10 acre estates that lent breathing room to the old foothills. And gave it the feeling of openness, space, character and charm that Joesler and Murphey had the foresight to create.

On a more positive note I am very appreciative, and I think many residents are, that retail development in the Foothills has not been allowed to run rampant. And has been largely limited to the corners of Kolb & Sunrise, Swan & Sunrise, Campbell & Skyline and Campbell & River.

But read all about it> Foothills area sees 1st drop in population

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we’ve hit the doldrums

it was a very dull week for Tucson Foothills real estate

Since Monday -
Just 10 homes went to contract, priced from $299,900 to $935,000.
and 7 of the 10 were listed for under $600k. Not very promising.
(but here’s the thing, with the little uptick in sales we’ve seen this year many of the nicest homes, and the best priced homes, have already been snapped up. and quite a few of those remaining are either not as nice and/or not as well priced. it’s true and it’s not just my opinion either. I know other agents looking at the upper end who are frustrated by the lack of good, well priced inventory. So, odd as it sounds, if you have a nice upper-end house that’s not on the market and you’d like to sell it, and are willing to price it right, there may in fact be some good opportunities to do so)

18 homes were listed for sale as new listings – even though 6 of them were relisted old listings - priced from $250,600 to $1,595,000. (The $1,595,000 re-listing has been on the market for about a year now and I’d be surprised to see it move anytime soon. You see it’s one of quite a few homes at the upper-end that are still holding out for prices that are long gone)

And in the ‘aren’t you glad you waited’ department 4525 N Santana Place was relisted, this time for $785,000, down from its October 2009 debut price of $1,249,000. So $464,000 off, and that’s off the asking price. At 4278 sf it’s now $185/sf, which may attract some attention. But for some reason it’s listed as a
1 story even though it’s a 2 story. So maybe that’s the problem. When buyers looking for a 1 story go to see it, they’re going to be disappointed to find out it’s a 2 story. And buyers looking for a 2 story are not going to see it because it’s listed as a
1 story.  (listed by Long Realty)

9 homes sold, 8 of them from a low of $310,000 to a high of $592,000, then one at $835,000. not much to shout about there either,

That’s it, a dull week

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round up all the usual suspects

The New York Times, March 25, 2011
By Joe Nocera

In Prison for Taking a Liar Loan

I read this article early this morning and was seething, so (*&)(*%^*&(&*%^ angry that I couldn’t put it on the blog without making a complete ass of myself.
That our Justice Department could actually put Charlie Engle in jail while that fat +%)*^@ cat Angelo Mozilo and his ilk go scot free is the height of hypocrisy.

See what you think,

paying the piper

The good news is 6269 N Paseo Valdear in Alta Vista finally sold the other day for $555,000. The problem is they paid $879,000 for it in September 07 – so a $324,000 loss, plus closing costs & miscellaneous. A real whopper.

And Paseo Valdear has plenty of company
Here are just a few examples of homes that sold then and again now   

2530 E Calle Sin Pecado- sold $839,000 in 2006/$520,000 NOW
5540 E Silver Mine Place-sold $700,000 in 2008/$500,000 NOW 
6002 E Placita de las Luces-sold $650,000 in 1999/$605,000 NOW 
4912 N Avenida de Castilla- sold $1,100,000 in 2004/$690,000 NOW
6040 N Desert Sun Court- sold $895,000 in 2004/$610,000 NOW
6100 N Camino Arturo- sold $830,000 in 2005/$600,000 NOW
6778 N Calle Sin Nombre- sold $742,500 in 2008/$580,000 NOW
7110 N Mercer Spring Place- sold $940,000 in 2008/$680,000 NOW
6151 N Piedra Seca- sold $875,000 in 2006/$680,000 NOW
 
I recently sent this short list to a client who wanted to see actual sale prices for individual homes – then and now.

Unfortunately that’s the price sellers must be prepared to pay if they bought then and want to sell now. And there’s no getting around it. And many of them are finally realizing that.  Because many of these homes, even most of them, hoping to recoup what they paid during the boom, started out asking much higher prices - hoping they would get a free pass and somehow still be able to sell for what their neighbor sold for 3 years ago. Yeah sure.

So when I talk about how the market has picked up and more homes are selling and isn’t that a wonderful thing. Well, yes it is. But homes are only selling because more sellers have finally realized there are no free passes and they have therefore capitulated to the realities of the market.

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another icon bites the dust

and I don’t mean Elizabeth Taylor either,

I’m talking about 6959 N Javelina Drive, which has been with us through thick and thin since September 2003 when it was listed for $4,900,000 and it is now, after more than 7 years on the market, reported in contract off a $2,200,000 REO list price.

And while Javelina Drive was perhaps the longest running listing in the foothills, isn’t it ironic that when it sold just 2 years before, in 2001, it sold in 1 day for $2,800,000 off a $3,000,000 list price.

For more on Javelina Drive see the little tribute I did, at least for it’s longevity,
last September - Remembering Javelina Drive

And here’s the current listing, marked as PENDING - which indicates that it is past the inspection period & sailing to COE – so a done deal. (it was not reported as under contract when it first went under contract. (listed by Santa Maria Realty)
6959 N Javelina Tucson, AZ 85718 
and unfortunately, as I’m sure you’ll notice, it appears to have lost much of its exotic good looks along the bumpy road to foreclosure

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remnants of the boom

Planned and built during the boom – when no one quibbled about building by the side of the road – but not listed until June 2009, 4549 N Hacienda Del Sol Rd was by then a pipe dream. It was asking $879,000 then, and nothing happened until the other day when it got down to $499,000 ($150/sf) and someone couldn’t resist.
And then it went to contract as a short sale. Amen.

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word is

the house at 5527 N Camino Real that I mentioned last week – the best laid plans – had two offers in the first 3 days and is now under contract for over list

Listed at $935,000 (($198/sf)

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the new ‘non speculative’ spec home

it’s not really a spec home & it’s not a custom home either.
It’s a TO BE BUILT home – a byproduct of the real estate bust.

It’s kinda like a custom home because it won’t be built until a buyer comes along and lays down a nice fat deposit. And it’s kinda like a spec because the lot, the price, the design, the square footage, amenities, etc have all been decided and drawn up ahead of time. It just hasn’t been built yet.

And like a custom home the buyer may have an opportunity to make some limited changes and choose their preferred finishes and so on.  Oh, and they get also to wait around for a year or so until it’s built. So it’s hybrid house, part spec, part custom.

It’s a safer bet for builders because they start with a buyer, and cash in hand, before they start swinging their hammers. But they also get some of the headaches of building a custom home. Like having to deal with, get the approval of and satisfy the buyer every step of the way. Because now it’s the buyers house they’re building, not their own - I’ll do it my way - spec house.  A big difference. And a difference that many spec builders will have a tough time dealing with, if they attempt it at all.

And being on the cutting edge, as we are, we now have two of these new hybrids for sale in the foothills,

2981 E Plaza Encantada Tucson, AZ 85718  $1,100,000

4045 E Coronado Drive Tucson, AZ 85718  $1,378,00

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don’t believe everything you read

 Existing home sales tumble 9.6%

NEW YORK (CNNMoney) -- Sales of existing homes fell in February after three straight monthly increases, an industry group said Monday.

According to the National Association of Realtors, homes sold at an annual rate of 4.88 million in February, down 9.6% from January and 2.8% lower than February 2010 sales.
__________________________________________________________________

That may be so in those locales where the NAR took the count. But here in the Tucson Foothills, existing home sales are up, not down.

Feb 2011 - 55 sold
  “   2010 – 33
  “   2009 – 43
  “   2008 – 30
  “   2007 – 37

Sales for the year are up as well. This year 121 sold Jan 1 thru today.

Last year 114, 2009- 89, 2008 – 106, 2007 – 118.

The numbers are small, this is a tiny niche market, but, unmistakably, the trend is up.

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it just goes to show

you can never have too much of a good thing,

 

ha-ha, this house went to contract after just 66 days

why risk leaving $5 thou on the table

7303 N Mystic Canyon Drive dropped another $5 thou today, this time  from $975,500 to $970,500. The strategy, started this month, is, apparently, to drop $5 thou every few days – $995,500 > $990,500 > $985,500 > $980,500 > $975,500

tell me the high-end isn’t picking up

The other day I mentioned-  ‘there are 13 homes priced at a million $$ or more in contract in the Tucson foothills, and 4 of them are in Pima Canyon alone - and we haven’t had 4 homes in contract in PC since I don’t know when’

Well make that 14 in contract in the foothills with 5 of them in Pima Canyon -
2063 E Quiet Canyon Drive, in PC,  is reported in contract today after just 71 days on the market. A stunning Sante Fe, beautifully appointed and on a private and peaceful lot with gorgeous mountain views, it’s listed at $1,349,000 ($326/sf).

2063 E Quiet Canyon Drive Tucson, AZ 85718
(Listed by Long Realty)

Plus, I have it from a reliable source that a $900k+ home that was listed just a few days ago already has an offer.

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east or west, where are homes selling in the Tucson foothills

Recently I’ve noticed a lot of new higher-end listings coming to market over in Ventana and Finisterra and around there. And, yet, despite all my talk about more homes going to contract lately, I’ve also noticed that not many of them going to contract are from the east side of the foothills, that’s 85750. Most of the action I’ve noticed has been in 85718. 

But instead of just going with what I’ve noticed, and maybe haven’t noticed, let’s have a look at the actual numbers for recent real estate activity in 85750 vs. 85718. And in case you’re not familiar with it, 85750 encompasses the eastern portion of the Tucson Foothills -from approximately Craycroft Rd east to Sabino Canyon Rd, while 85718 covers the area from Craycroft Rd west to First Ave, or, technically, to Oracle Rd. 

In 85750 (at $800,000 & up, since Feb 15th)

14 new listings (from $849,000 to $6,200,000)

2 homes have gone to contract (listed at $835,000 & $900,000)

3 sold ($849,000, $925,000, $1,525,000)

So while there’s been some activity, the bulk of it is in new listings - and who needs more new listings.

In 85718 (at $800,000 & up, since Feb 15th)

13 new listings (from $850,000 to $1,395,000)

9 homes have gone to contract ($925,000 to $2,120,145)

3 sold ($840,000 to $1,725,000)

So a somewhat more balanced market, at least recently, than in 85750.

On the other hand there are just 47 homes total, listed at $800,000 and up in 85750, while there are 80 in 85718.

OK just for fun, how about 85750 vs 85718 during the height of the market – 2005 – (at $800k & up)

85750 – 79 sold
85718 – 126

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it’s now a little less lonely at the top

6620 N EAGLE RIDGE, listed today for $6,200,000, becomes just the 3rd member of the very exclusive  - over $6mil in the Tucson Foothills club.

It joins a house in Canyon Ranch Hills listed for $6,500,000 and another in the Canyons currently asking $9,995,000.

This is a return engagement for Eagle Ridge, which was previously listed (with a different broker and agent) for $8,250,000 and left the market unsold last June. 

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

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Endangered Missing, Tucson AZ

 

ASHLEY KINGSBURY

DOB:  Mar 18, 1997
Missing:  Mar 14, 2011
Height:  5'2" (157 cm)
Eyes:  Hazel
Race:  White
Age Now:  13
Sex:  Female
Weight:  95 lbs (43 kg)
Hair:  Brown

Missing From:
TUCSON
AZ
United States

Ashley was last seen at home on March 14, 2011. She may be in the company of an adult male. She may still be in the local area or she may travel to Utah in a 2000 silver Hyundai Elantra with Utah license plates Z754UV.

ANYONE HAVING INFORMATION SHOULD CONTACT
National Center for Missing & Exploited Children
1-800-843-5678 (1-800-THE-LOST)

---

Pima County Sheriff's Department (Arizona) 1-520-351-4900

more homes are going to contract, 3/16/2011

A little more than a month ago, on Feb 12th, in a post titled > what’s selling <
I mentioned there were 82 homes is contract in the Tucson Foothills
Today there are 101 in contract

With 101 in contract and 475 for sale, that’s 21% of the number of homes for sale are currently in contract. On Feb 12th, with 484 for sale, it was 17%

the average/median list of the 101 in contract today is $590,514/$449,900
on Feb 12th it was $541,340/$444,500

today, 13 of those in contract are listed for a million and UP
on Feb 12th 8 of those in contract were at a million and UP

today, 20 of those in contract are listed from $600k to $999
on Feb 12th 15 of those in contract were at $600k to $999

today, 68 of those in contract are listed from $0 to $599
on Feb 12th 59 of those in contract were at $0 to $599

more homes are going to contract

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tucson foothills spec homes, you’ve come a long way baby

In August 2008 – just before it all hit the fan – I did a post titled - the land of opportunity, Tucson Foothills spec homes - where I wrote
‘In the last few months I've given a lot of coverage (some would say too much) to the million$+ spec home market here in the Tucson Foothills. I did it because there are unmistakable signs of vulnerability in this category. And along with that there's opportunity. And now unfortunately, though it was inevitable - two of these million$+ spec homes have been listed as short sales.

I count 27 new vacant million$$+ spec homes for sale in the Tucson Foothills. And amongst them, I see opportunities to make some very good deals. New, old and in between, there are 128 homes for sale in the Tucson Foothills priced at $1,000,000 and UP’ (August 2008)

That was then. And since then those perceived opportunities became reality and many buyers stepped up and took advantage of them, with many of those high-end spec homes selling for cheap and ending up as very good deals. And along the way short sales and foreclosures – which were a novelty back then - became commonplace in our high-end real estate market. And in fact, they’ve become the preferred way to go for many high-end buyers.

But from all that turmoil has come a lot of improvement in the market. Particularly lately. We’re now down to 11 vacant spec homes for sale at a million+ and, including specs and re-sales, we’re down to 86 homes for sale at a million bucks or more. (and of the 11 specs for sale today, just one is a leftover from that hot day in August 2008)

And most importantly, most buyers aren’t sitting on the fence anymore. When a good deal comes along they recognize it and go for it. They realize that, while we may not be at the very bottom, when a house comes along that’s right for them and priced right too, that it’s time to make a move.

Right now in the Tucson Foothills there are 13 homes priced at a million $$ or more in contract. 4 of them are in Pima Canyon alone – and we haven’t had 4 homes in contract in PC since I don’t know when.

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the best laid plans

5527 N Camino Real was designed and built by renowned architect David Tyson to be his own home in the foothills. But it didn’t work out that way. Instead, it ended up going to foreclosure along with two adjacent spec homes he built in 2007 along the north end of Camino Real. And very sadly, it was also his last hurrah. David Tyson died in October 2008 while all three homes, his last three, were still for sale and slipping into mr lenders grubby hands.  

Meanwhile 5527 ended up selling as foreclosure in June 09 for the bargain price of $895,000. And if you’re a Tyson fan, or just looking for something more stylish & contemporary than your average southwestern,  you’re in luck. Because 5527 is now for sale again, this time for $935,000 ($198/sf) - as a result of a corporate relocation, I’m told.

5527 N Camino Real Tucson, AZ 85718

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more foreclosure action

Up in the Canyons, 7454 N Secret Canyon, a failed spec home & a foreclosure, once listed for $5.0mil, is reported as PENDING off a $2,120,145 list price – they didn’t bother reporting it under contract (active contingent) – playing it close to the vest,
I suppose, until the deal was solid.  7454 N Secret Canyon Tucson, AZ 85718  (listed by Toma Partners)

This makes 2 homes to contract in the Canyons in 2 days. (see my post just below this) And both of them distress sales – one short sale, one foreclosure - at an average $265/sf.  And while it does help flush out the system, it’s sure to make the remaining 6 homes for sale – priced as they are from $1,990,000 to $9,995,000 at an average $597/sf – a little tougher to swallow.

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here’s an interesting twist

Remember 7487 N SECRET CANYON DR - the house I talked about last week in the Canyon’s that was listed earlier this month as a short sale for $1,650,000 – that is after failing to sell as a normal sale for $3,490,000, reduced from its debut price of $4.7.

Where I wrote  > And last but not least, the house I mentioned the other day in the Canyons that was just listed as a short sale, but (mysteriously) only listed in the Phoenix MLS  is reported under contract after just 5 days.

well get this, from a January 7, 2011 article 
By Roger Yohem, Inside Tucson Business 
More foreclosures: Owls Club, apartment complex, 2 luxury homes

A trustee’s sale notice has been filed on a $3.1 million luxury home in the Catalina Foothills, owned by executives of an international real estate development company who tout their financial expertise in helping clients with “extraordinary investment opportunities.”

The 3.3-acre, five-bedroom home, at 7487 N. Secret Canyon Drive, is owned by Businge Stephen Balinda and Joanne Carras, husband and wife, according to public records. The two are principals with Global Economic Strategies LLC with offices in California and Athens, Greece.

The company’s website lists Carras as the firm’s chief executive officer and managing partner, and Balinda as president and partner.

The 7,320 square foot, two-story home was built in 2009 and currently is listed for sale with Long Realty for $3.49 million. The home has a pool, swim-up bar, barbecue fireplace, putting green, five bathrooms, five fireplaces, and a three-car garage, according to Long Realty. It is in the Canyons development, an exclusive area by the Finger Rock trailhead at the north end of Alvernon Way.

Carras founded Global Economic Strategies in 2001. Her career experience includes 10 years with the Federal Deposit Insurance Corporation as a supervisory project manager and real estate asset specialist. She also served as assistant deputy mayor and director of economic development for the City of Los Angeles and, according to the Global Economic Strategies website, currently serves on the Castaic Area Town Council in northern Los Angeles County. It also lists Balinda as having served in the President Ronald Reagan’s Administration an African diplomat.

CitiMortgage of Missouri holds the note, according to the trustee’s sale notice. CR Title Services, O’Fallon, Mo., is scheduled to auction the property at 11:30 a.m., March 15, at the Pima County Courts Building, 110 W. Congress St.
___________________________________________________________________

Thanks to Caroline Freedman, a reader and a Realtor with Tierra Antigua Realty, for sending the link to the article.

Now that the house is in contract, and marked as PENDING, and therefore dangerously close to closing, it will be interesting to see if the auction goes off as planned or if the mystery buyer gets the keys.

Anyone with more information, if you’d like to share it we’d like to have it.
Thank you.

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Pinnacle Ridge is waking up

A few weeks ago I mentioned that 4 optimistic home owners had recently listed their homes for sale in Pinnacle Ridge – bringing the total to 6 for sale. And they’d done so despite the fact that there were no homes in contract at the time and that it had been almost 5 months since the last sale. (more to choose from or more competition)

But since then two homes have gone to contract and 3 more have been listed.
So there are 7 for sale  - 2 in contract – and 3 sales in the last 6

Pinnacle Ridge today

Before the bust Pinnacle Ridge was wildly popular, and for good reason.
Great foothills location, great foothills location, gated, family friendly, all newer homes built since 2001, and did I mention great foothills location. And at a price, until things got out of hand, that many upper middle class families could handle.
And that’s all still true today, and so I don’t doubt that Pinnacle Ridge will soon be wildly popular again.

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more good news for Pima Canyon

2002 E Quiet Canyon Drive sold for $715,000 in 2002, for $850,000 in 2003 and for $1,100,000 in 2007. That was July 2007, just moments before the mortgage market meltdown. 

And then Quiet Canyon was listed again in Feb 2010, this time for $1,200,000 –
hey, if you don’t ask you don’t get, right. Well they asked but they didn’t get, not until they got the ask down to $949,000 – that happened last week – and Quiet Canyon went to contract yesterday. 2002 E Quiet Canyon Drive Tucson, AZ 85718 Congratulations! (listed by Realty Executives)

That makes it 14 for sale & 4 in contract – a giant step forward for PC 
At this time two years ago there were 26 for sale and none in contract – 
what's happening in Pima Canyon  from Feb 2009

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since yesterday

A new listing of a new house at 6650 N Sutherland Ridge Place. That’s north on Campbell from Skyline to Table Mountain. It looks like a spec, it’s 2011 built, so brand new, .83 acres/4,750 sf/1 story/5 Beds/5 Baths/pool-spa/3 car/travertine etc/ $1,095,000, ($230/sf)

You’d think that anyone thinking about building specs these days should first have their head examined. But if you can do it for this price, and make a decent product, and still make a buck, then go for it.  6650 N Sutherland Ridge Place Tucson, AZ 85718 (listed by Long Realty)

And another contract in Pima Canyon.
7510 N Mystic Canyon Drive, sold in November 04 for $1.3, was listed last June for $1.295, went to contract yesterday listed at $1.195($312/sf). (listed by Long Realty)
So the score in PC is now 15 for sale, 2 sold in the last 6 months, and 3 in contract.
Of the 15 for sale, none, zero, are short sales or foreclosures – and for some time now that’s a first.  While 2 of the 3 in contract are foreclosures and of the 2 sold, neither was a short sale or foreclosure. 7510 N Mystic Canyon Drive Tucson, AZ 85718

And 3178 E Corte De Andalucia, in Hacienda Del Sol estates sold for $921,500 ($224/sf) off a $975,000 list price – reduced from $1,195,000 when it was listed in November 09.  That’s for a 2008 built, 4,121 sf/1 acre/1 story/4 Bed/4Bath/pool-spa/3 car/w separate guest house in a delightful setting & very nice mountain views. Why so cheap – I’m guessing that, despite all its virtues, it’s because of its proximity to Hacienda del Sol road. 3178 E Corte De Andalucia Tucson, AZ 85718 (listed by Long Realty)

And last but not least, the house I mentioned the other day in the Canyons that was just listed as a short sale, but (mysteriously) only listed in the Phoenix MLS > not good news for the Canyons < is reported under contract after just 5 days. That info is thanks to the sharp eye of Martha Briggs, an agent in the Long Realty office, Oro Valley. The other day I thought there was something fishy about it only being listed in the Phoenix MLS. But now, having gone to contract so quickly, it looks as if it may have been an arranged marriage that needed some space.  I mean, really, how many buyers looking for a home in Tucson, are poring over the Phoenix MLS.

7487 N SECRET CANYON DR Tucson, AZ 85718  (listed by Desert Golf Properties L.L.C. )

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a lull in the action

nothing much to report – the Tucson Foothills real estate market appears to be taking a break. So I’m taking one too

The rich are different from you and me: They're buying real estate.

so says CNNMoney.com

After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6% jump in high-end home sales.

San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4% spike in sales last year; Phoenix saw the smallest increase at just 0.4%.

Meanwhile, sales outside of this price point actually fell 2.8%.

"It hasn't been a good six months for all people, but it was a good six months for rich people," said Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin. "When Wall Street goes up, rich people buy homes."

And Wall Street has gone up: Stock values have nearly doubled from their March 2009 lows.

Read all about it > Who's buying homes? The rich

The market is improving and, no surprise, the drumbeat is getting louder.
I’ve said it here many times before, the Tucson Foothills real estate market lags other larger markets – NY, LA, Chi, SF … – by 3 to 6 months or so.
And that’s on both the down and the upside. Stay tuned.

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we didn’t make the top 15 list so let’s hope for a rising tide …

Barrons reports on the Best Places for Second Homes
while claiming that prices are rising in these areas.

Home prices in moneyed enclaves from Beverly Hills to Aspen to Greenwich climbed more than 10% last year, according to data from realty brokers and other experts and conversations with local residents. Though the rebound has been lumpy, the general uptrend looks to be firmly in place.

Two years after the worst of the financial crisis, the rich have dusted themselves off and resumed some serious discretionary spending. Both sales volume and prices are clearly on the rise for luxury vacation homes, one of the greatest indulgences of all. Prices for the majority of the 15 locales in our annual ranking of best places for second homes climbed in 2010, sometimes dramatically.

Read all about it > Best Places for Second Homes

Make no mistake, luxury home prices in the Tucson Foothills are definitely not rising. And I’m not suggesting they are. No way. But sales at the high-end are increasing. We’re seeing that. And once we get rid of the foreclosures and short sales and the other riff-raff, maybe then we’ll begin to see prices firming up a bit.

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sales are picking up in Canyon Ridge

It started late in December when 4694 N Rocky Crest Place sold for $700,000, then it got a big boost last week when 4781 N Rocky Crest Place sold for the astounding sum, for Canyon Ridge, of $1,525,000. And now 4625 N Rocky Crest Place, listed at $900,000, is reported in contract – after just 3 weeks.  What gives.

You see for all of last year – except for the late December sale noted above – there was just one measly sale in Canyon Ridge, for $650,000 last May. And in all of 09 there were only 2 sales – for $667,900 & $755,000.

now there are just 3 remaining for sale – from $639,000 to $1,074,000

Canyon Ridge is a smallish gated community on the east side of the Foothills, at the tippy-top of Snyder Rd west of Kolb

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this just in

“…  Just wanted to tip you to a possible foreclosure in Pima Canyon. The Saguaro Blossom property you recently posted in your blog has recently had it's front door removed and replaced with plywood, the ornamental iron gate removed and all potted plants. Looks like the expired listing has turned into a foreclosure. It is surreal to see a beautiful multiple-million dollar home boarded up and stripped of it's beauty. What a sign of the times......” (from a reader)

he is referring to 1682 E Sahuaro Blossom Place, which I talked about in my post > they watched the market come and go <  I ended that post asking,
…now it’s going on 7 years old and it’s expired again today, this time at $2,295,000 ($392/sf). What next. (here are a couple of shots of the backyard from then & now)

Well I never expected that foreclosure was what was next. Really I didn’t.
Not for this house. Probably because Sahuaro Blossom was one of the most exotic spec homes built during that early boom time and being for sale from 04 ‘til now, it had become a fixture, an icon really, of the excesses of the boom in high-end spec building. But it was fun while it lasted.

looks like the fall of ancient Rome. What next.

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not good news for the Canyons

Thanks to a tip from bigdaddy, a reader, I find out there’s a new short sale listing up in the Canyons. But why didn’t I know that. Well because it’s not listed in the Tucson MLS, but IS listed in the Phoenix MLS. And by a Phoenix broker. But the house is in Tucson, not Phoenix.  So something’s fishy.

The house, at 7487 N SECRET CANYON DR – which expired just one month ago at $3,495,000 ($477/sf) reduced from $4,700,000 ($642/sf)  – is now listed for $1,650,000 ($225/sf) – as a short sale. That’s for a 7320 sf/2009 built/5 bed/6 bath/pool-spa/3 car/2 story/on 3.3 acres, way up in the Canyons.

Seems like a good deal, eh. The trouble is that it’s not an approved short sale.
I called the Phoenix agent and checked. And the owners have yet to submit the stacks of paperwork required and go through the rigamarole necessary to try and get it approved as a short sale. And once they do submit everything there’s no guarantee the lender will approve it. And this may or may not be accurate, but the online records show an outstanding mortgage to Citi Mortgage for $3,062,343 – so short sale or not, Citi is going to eat it big time on this one.

And who’d a thunk it, but another distress sale in the Canyons – which won’t be any help to the other 7 homes for sale in there. Except for the foreclosure on Secret Canyon, they’re priced in nosebleed territory, from $1,990,000 to $9,995,000 which works out to an average list of $4,183,592 @ $556/sf.

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in the foothills today

4215 N Saranac sold for $750,000 in 06 and for $413,000 today as a REO
(listed by Catalina Realty)

In La Paloma Estates, 5701 N Calle Mayapan, on the market since last June when it debuted at $995,000 was recently reduced to $925,000 and along came a buyer. 5701 N Calle Mayapan Tucson, AZ 85718 now in contract (listed by Lynn Kline Realty)

In Pima Canyon 2162 E Sentry Ridge dropped another 100 thou today. It’s now $1,995,000 – down from the $2,950,000 it was first listed for in 08.
(Russ Lyon Sothebys Int Realty)

And in Cat 10 4411 N Camino Sumo has had another price cut.
It sold in December 05 for $1,303,575 and was listed in December 2008 for $1,650,000. Of course that didn’t fly and nothing since then has either, so it’s still for sale, but now marked down to $1,295,000 ($285/sf) (Russ Lyon Sothebys Int Realty)

56 days on the market and 5926 N Via Verdosa is already under contract.
That’s at $725,000 ($199sf) in Cimarron. (listed by Long Realty)

And way up on La Paloma Drive 4140 went to contract today at $1,150,000 after
120 days on the market. (listed by Long Realty)

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email glitch

I heard today that some 40,000 gmail users lost all of their saved email.
I love gmail, but g, this is getting to be a regular thing.

It happened to me some months ago, I lost them all, but so far it looks like I’ve escaped it this time. But I have noticed that in some cases, email that is clearly not spam, clearly to me at least, is ending up in my spam folder. Who knows.

So if you’ve emailed me recently and I have not replied, I’m not ignoring you - that is unless you’re trying to sell me something - it’s just that you’ve probably ended up in my spam folder. I apologize. It’s tedious, but I’m going through them one by one and de -spamming you.

how’s this for a bold move

7049 N Mission Hill Lane, which has been on the market for eons, was recently listed with the following offer in the Tucson MLS;
*Price to drop $50,000 every two weeks until sold* Stunning French Normandy Estate on 4+ acres bordering the National Forest high above …

And guess what, it worked. And quickly too. In January it was listed for $2,200,000, reduced to $2,150,000, then $2,100,000 and BINGO! along came a buyer and it went to contract yesterday. A Happy Ending.

But that’s after 5 long years of trying.
The current owners paid $1,100,000 for Mission Hill in August 2000 and listed it for sale in February 2006 for $5,000,000. Yes, $5.0. How they got from 1.1 to 5.0 in
6 years – a mere 354% increase – is hard to figure. The new math maybe.
But the new math didn’t add up for anyone but them. So Mission Hill just sat around, that is until they started using the old math. And, it seems to me, at $2.1 or thereabouts, they did quite well. Now if they’d only done it 4 years ago

7049 N Mission Hill Lane - Skyline Country Club - Tucson, AZ 85718
(listed by Long Realty)

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they watched the market come and go

In Pima Canyon, the listing on 1682 E Sahuaro Blossom Place expired today.

But they’d been down this road before. You see Sahuaro Blossom was in the vanguard of the mega spec home movement that hit the Foothills in early 2004 when it was first listed for $3,400,000 while still under construction.

And even though no one snapped it up at $3.4 and, illustrating perfectly the rising market mentality of the time, instead of lowering the price - no way - they raised it.
To $4,200,000. But they did wait until it was completed to do that. But still.

So it hit the market again in August 2005 for $4,200,000 - at a nosebleed $715/sf, but no one cared about that. No one except nerds and appraisers even bothered to look at $/sf costs in those days.

So the market went up up up and then it went down down down and Sahuaro Blossom went nowhere. And now it’s going on 7 years old and it’s expired again, this time at $2,295,000 ($392/sf). What next.

1682 E Sahuaro Blossom Place Tucson, AZ 85718

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more homes are selling this year in the Tucson Foothills

and that’s very good news, but those sales come at a steep price, average sold $$ are down 32% this year vs. 2006, and down 19% vs last year,

this year, 84 sold Jan 1 – Feb 28 @ ($452,421/$372,750 average/median sold $$)

72 sold last year @ ($559,055/$449,500)

67 sold in 2009 @ ($535,655/$450,100)

64 sold in 2008 @ ($741,095/$532,500)

79 sold in 2007 @ ($647,678/$520,000)

119 sold in 2006 @ ($671,390/$540,000)

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