The Catalina Foothills

indoor pools

They may be considered an ultra luxe amenity in the Northeast or the Midwest but they’re not too popular here in southern AZ.

Nevertheless, 5000 E Oakmont Drive, complete with large indoor pool, just sold for $1,538,000 ($212/sf). The house is 7261 sf and from the looks of it the pool area may occupy about 2000 sf. 2000 sf at $212/sf is a $424,000 pool.

Like they say, there’s a butt for every seat.

5000 E Oakmont Drive Tucson, AZ 85718
(Listed by Coldwell Banker Residential Brokerage)

not SOLD

7426 N Calle Sin Celo sold for $800,000 in January 08 and was listed four months later for $1,350,000. But no one bought it and it was still for sale, until today, when it was canceled at $695,000. 7426 N Calle Sin Celo Tucson, AZ 85718 (Listed by Casa 1 Realty)

In Cat 10, 3770 E Placita De Piacho was listed for $1,175,000 ($321/sf) in October 2010 and was pulled off the market today, still asking $1,175,000. 3770 E Placita De Piacho Tucson, AZ 85718 (listed by Russ Lyon Sotheby's Int Realty)

820 E Magee Road, in Cobo Catalina Hills, sold for $1,485,000 in August 05 and then, according to the listing, was totally redone and listed in October 08 for $3,495,000 – a 135% increase. And now after numerous price cuts and re-listings it expired today at $1,895,000 ($331/sf). 820 E Magee Road Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty)

And over in Ventana, 7180 E Ventana Canyon Drive sold for $1,245,000 in March 05 and was re-listed in October 07 for $1,999,900 ($420/sf). No mention of any remodeling or renovation, but it was being sold ‘completely furnished’. 
(personally I question the wisdom of trying to sell a furnished house because A) the lender refuses to lend $$$ on personal property, like furniture. And B) not only does the sale hinge on finding a buyer who likes the house enough to shell out $1.9mil, but now you also have to find one who’s willing to live with your furniture.

 

And apparently they still haven’t found that buyer, because it’s still for sale, now at $1,599,000, and it’s still ‘completely furnished’.
7180 E Ventana Canyon Drive Tucson, AZ 85750 (listed by Long Realty)

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my, how things change

5181 N Circulo Sobrio sold in June 2007 (before it all hit the fan) for $1,235,000 ($360/sf) after just 65 days. It does have stupendous views, I’ll give it that.

and a very southwest feel,

(these photos are from a previous listing of this home)

And then in Feb 09 (after it all hit the fan) it was listed for $1,269,000 ($370/sf) and, apparently, the views were not quite as persuasive. So it went nowhere, and today it’s still for sale, now asking $745,000 ($217/sf). In Cat 10.

5181 N Circulo Sobrio Tucson, AZ 85718
(listed by Real Estate Marketing Prof. 590)

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calling all affluent Brazilian buyers

MIAMI — South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default. 

And yet much of Miami is gripped by a housing mania as the oversupply of distressed homes dries up and foreigners and investors swoon. Only a few years after it seemed there were so many unwanted high-rise condominiums that the only solution was to tear some of them down, there are plans to build even more.

Home sales in the metropolitan area during the first half of the year rose 16 percent from 2010 for the best spring since 2007, according to the research firm DataQuick, far outpacing the negligible growth in the rest of the country. Two-thirds of the sales were all cash.

Prices, after a brutal drop, are firming up or even increasing. During the first six months of the year, there were 439 sales for at least $2 million, up 13 percent from last year.

“People thought it would take at least a decade to get back to this point,” said Peter Zalewski, founder of Condo Vultures, a real estate consultant.

“The Brazilians walk in, they don’t even negotiate,” said Mr. Dezer, who said he would announce two new projects by the end of the year. “It’s a no-brainer for them.”

Read all about it, From NYTimes.com

By DAVID STREITFELD
Published: July 26, 2011

Affluent Buyers Reviving Market for Miami Homes

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more sellers finally face the music

5915 N Pontatoc Road , Tucson, AZ 85718 – listed in 2008 for $929,000, sold yesterday for $600,000 (listed by Homesmart Realty)

7331 E Desert Moon Loop , Tucson, AZ 85750 – listed last July for $885,000, sold yesterday for $585,000. (listed by Long Realty)

4500 N Flecha Drive , Tucson, AZ 85718 – listed in 2008 for $948,000, sold yesterday for $565,000 (listed by Long Realty)

Buyers are willing to wait it out, until sellers are ready to face the music.
And that’s why homes are selling.

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to find your Tucson Foothills home

endlessly searching in the AZ Daily Star

I don’t get the Star, you know the paper in the morning, but every once in a while I do search it online for the occasional local real estate article that I’ve been told I should read.

Apparently there was one in Sunday’s paper about sharing ownership of luxury homes – as the new cure-all for the high-end market I suppose. Anyway I searched for it and searched for it on the Star web site and on Google, on Bing, and the Star web site again. But I couldn’t find anywhere. Nothing. Not hide nor hair of it. That’s really odd, I thought.

And then I saw that the Star only released the article in the print version of the paper. Yes, it’s true, it’s only available in the print version, not online. And apparently they do that with many articles from the paper. They’re only available in the actual paper. Really!

It’s an interesting strategy, ha-ha, for staying competitive in the 21st century. And I wish them luck with it too. I won’t, but I’m sure gazillions of others are going to rush out and subscribe to the Star for that occasional article they’d like to see that is only available in the  print edition.   I don’t get the Star.

BIG $$$ vacation markets stabilizing

From WSJ.com

Vacation Homes: Why It May Be Time to Buy

I love this comment >  "People have frugality fatigue," says John Burns, president of John Burns Real Estate Consulting Inc. in Irvine, Calif.

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keeping it cool

If you live in Tucson you have to have a really good AC guy. It’s a must. I’ve been through four or five different heating/air conditioning companies in the ten years I’ve been here and I was never satisfied with any of them - if it wasn’t one thing it was another.  Finding someone you can depend on to show up on schedule, to do good work and to not rip you off by overcharging or fixing things that aren’t broken is apparently, based on my experience anyway, a pretty tall order.

But I finally found someone. Last year a builder I know recommended Marcos Air.
He said he’d been using them for years for new installations as well as for repairs and maintenance, and he heartily recommended them. And now I’ve been using Marcos for about 18 months and they’ve been terrific. And the other day they installed a new 16 seer AC/furnace system for me. And they did a great job, and they did it on time, on schedule and at a price that was way below the competition. And best of all they really care about doing a great job for their customers.
And I heartily recommend them.

Marcos Air- 520 889-2407

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an improving market, well sort of

Here’s a look at home sales and sold prices in several upper-crust Tucson Foothills communities, from the top of the boom in 2006, then to 2010 (when many sellers were still not willing to threw in the towel) and finally to this year, (when many sellers finally did throw in the towel)

For each community I’ve pulled the data on all the homes sold from Jan 1 to
July 20 - in 2006, 2010 and 2011. And listed the # homes sold, the average and median sold prices + the % of price increase or decrease from one year to the other.

Community	Year	# SOLD	Avg. SOLD $$	Med SOLD $$
Pima Cyn	2006	10	$2,045,000	$2,050,000
Pima Cyn	2010	6	$1,430,833 (-30%)	$1,437,500 (-30%)
Pima Cyn	2011	8	$1,203,919 (-16%)	$1,200,000 (-16%)
Cat 10	2006	7	$1,150,714	$1,085,000
Cat 10	2010	7	$842,171 (-27%)	$850,000 (-21%)
Cat 10	2011	5	$1,227,400 (+46%)	$1,465,000 (+72%)
Ventana CC	2006	22	$1,177,968	$1,036,250
Ventana CC	2010	15	$882,467 (-25%)	$650,000 (-37%)
Ventana CC	2011	10	$780,750 (-12%)	$803,750 (+24%)
Hacienda del Sol	2006	2	$1,550,000	$1,550,000
Hacienda del Sol	2010	3	$657,833 (-57%)	$757,500 (-51%)
Hacienda del Sol	2011	3	$768,833 (+17%)	$695,000 (-8%)
Alta Vista	2006	13	$1,080,731	$1,075,000
Alta Vista	2010	5	$736,300 (-32%)	$757,500 (-29%)
Alta Vista	2011	8	$883,688 (+20%)	$783,250 (+3%)
Skyline CC	2006	7	$1,255,714	$1,195,000
Skyline CC	2010	5	$898,000 (-29%)	$725,000 (-39%)
Skyline CC	2011	6	$1,040,833 (+16%)	$887,500 (+22%)

You be the judge.

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better late than never

7808 N ANCIENT INDIAN Drive last sold in March 2005 for $2,650,000 ($379/sf)

Then, inexplicably, it was again listed for sale just six months later, but this time for $3,899,000 ($558/sf). Heck, why not, this was the height of the party and prices were spinning out of control. But even for those giddy times, a $1,249,000 price boost in six months was a bit much. So the price was dropped a whole $100 thou to $3,799,000, but still that didn’t cut it.

So someone may have convinced someone else that it looked too cheap at $3.799. So they raised it to $3,999,000. That was May 2008. The listing expired last June, that’s June 2010, still unsold at $2,799,000.

And then last month it was listed yet again, this time for $1,990,000 ($285/sf) and now, a month and half later, it’s in contract. Amen.

7808 N ANCIENT INDIAN Drive Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty)

take your pick, ‘lovingly cared for’ or ‘sold as is’

Reading the descriptions of the homes listed for sale could lead you to believe that they are all perfect homes in ideal locations under wonderfully sunny skies where everyone is as happy as can be. And they are, the Best Priced…, the Best Value … with the Best Views …, and The Most Stunning Floor Plan … (yes, I too can exaggerate)

Those descriptions could lead you to believe all those wonderful things being said about those homes, except that most of us have learned to take that stuff with a grain of salt. Or, at the very least, with a wait and see, I’ll be the judge of that, attitude. Because, whether it’s homes or cars or smart phones, it is advertising that you’re seeing. And advertising tends to emphasize the positive and ignore the negative.

But sometimes it’s more than just an amusingly exaggerated description. Because sometimes the description is so far off from reality that not only does it not do the seller any good, it actually does them harm. While also wasting the time of a lot of buyers and their agents. How so. Take the most blatant example, a fixer-upper.

99 times out of 100, people are either in the market for a fixer-upper or they’re not. There are fixer-upper people and then there is everyone else.  And everyone else wouldn’t touch a fixer-upper with a ten foot pole. So if you’re trying to sell a fixer-upper, you want to do everything you can to get the fixer-upper people in to see it. And forget about everyone else, because they’re not interested. So please, do everyone a good turn and advertise your fixer-upper, or whatever it is you’re trying to sell, for what it really is.

And my favorite. Have you ever walked into a home that’s advertised as, let’s say, 3500 sf only to discover that 400 of those sf are in the garage. 
It happens. There’s usually a heat/AC unit rigged into the wall of one of the garage bays, and they’ve put down some carpet and, voila’, called it living space. 
And technically, as long as it’s heated and has walls and a roof, it can be counted as living space. Just so long as you don’t mind having a rollup garage door as your front wall. And even more amusing is when that garage bay is counted as both living space and as one of the garage bays. Yep, the ultimate flex space.

What brought on this rant. Well, a couple of things.
The other day I noticed a listing that really annoyed me. In one place it stated;
”… It is so lovingly cared-for and is … blah blah”

And then just a little further down the page, and with a straight face, it also stated;
”Seller has never resided on the property and no SPDS are available. Home to be sold ''AS IS.” OK, which is it, lovingly cared for, or sold as is?

And then recently, along with clients who weren’t at all interested in a fixer-upper,  we walked into a fixer upper that was described as anything but. (and there were no pictures in the listing, just the glowing description) It was embarrassing and a total waste of everyone’s time.

(Updated from a previous post on this blog)

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home sales in the Tucson Foothills, Jan 1 thru July 18

364 single family homes have sold in the Tucson Foothills so far this year

See how that compares to the same period (Jan 1 – July 18) from years past.

So sales are ahead of last year (329 sold) and 09 (267  sold) and 08 (329 sold)
____________________________________________________________________

less comforting is how prices have fared during that same time.  here’s a look at average(blue) & median sold prices during the same 6+ month period,

In addition to the obvious steep rise and fall of prices, it’s worth noting that since 09 the rate of decline in prices has slowed.

From 07 to 08 average sold prices dropped 9+%. Then from 08 to 09 they dropped another 17+%. Whereas, from 09 to 2010 they were down just 0.62% – and 2010 to this year it stands at –6.6%.

So there’s hope that we may be stabilizing. You think? And keep in mind that inventory is low – 386 for sale. We’ll see.

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HURRY! WHILE SUPPLIES LAST

the supply of homes for sale in the Tucson Foothills is dwindling

July 17, 2011 – just 383 single family homes listed for sale, including 68 listed at $1,000,000 and up

July 2010 – 464 for sale/98 at $1,000,000 and up

July 2009 – 509 for sale/114 at $1,000,000 and up

July 2008 – 566 for sale/147 at $1,000,000 and up

UPDATE – I stopped at 08 but then someone asked about 2007, so I’ll add 07 and while I’m at it I’ll throw in 06. No charge. But I only have the number of overall homes for sale for those years, with no breakout of how many were at $1.0m & up.

July 2007 – 480

July 2006 – 377  (this is just after the market peaked in late May early June 06)
so stepping into the past we’re now at 2006 inventory levels and somewhere between 2003 to 2004 for prices. 

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just listed, just sold

First time on the market in Alta Vista, 6432 N Placita Del Zopilote is listed for $975,000 ($280/sf). Built in 2008, 3483 sf, single story, pool, with an 800 bottle wine cellar. 6432 N Placita Del Zopilote Tucson, AZ 85750 (listed by Coldwell Banker Residential Brokerage)

And a new listing in Cat 10. And without even seeing it in person I’m going to bet it doesn’t last two weeks. 2004 built, slump block construction with a mortar wash, 3508 sf, on 1.86 acres, single story, 3 beds + den, 3 baths, 3 car, views. A Foothills classic.
4421 N Placita Camaleon Tucson, AZ 85718
(listed by Long Realty)

____________________________________________________________________________________________

 

And 7203 N Cloud Canyon Place was relisted for the same $1,990,000 ($358/sf) its been since last June. At that price it has the distinction of being the lowest priced home for sale in the Canyons. And by quite a bit too. The next one up is $2,995,000 @ $475/sf, and up they go from there.  7203 N Cloud Canyon Place Tucson, AZ 85718 (listed by Long Realty)

In La Paloma Estates, 5691 N Calle De Lucimiento was listed 28 days ago but didn’t show up in the MLS until yesterday. And today it’s listed as under contract. So what gives. What gives is, it appears that this was an arranged marriage. And aren’t they lucky, selling without having  to go through the rigamarole of countless showings at all times of day with strangers traipsing through your house. Listed at $1,295,000, it sold for $1,135,000 ($256/sf). 5691 N Calle De Lucimiento Tucson, AZ 85718  (listed by Russ Lyon Sotheby's Int Realty)

Over in Ventana 6450 N Desert Wind Circle sold for $812,500 ($215/sf). That’s the good news. The other news is the sellers paid $1,122,500 ($299/sf) for it in 2006.
But hey, that’s the market and if you want to sell you’ve got to bite the bullet.
 6450 N Desert Wind Circle , Tucson, AZ 85750 (listed by Long Realty)

And in this corner, 4289 N Via Bellas Catalinas finally sold for $700k off a much reduced $725 listing. That’s after starting out in 08 shooting for $1,150,000.
4289 N Via Bellas Catalinas Tucson, AZ 85718 (Coldwell Banker Residential Brokerage)

no one is immune

The 57,000-square-foot Los Angeles mansion built by the late television producer Aaron Spelling closed Thursday for $85 million, or 43% off its asking price.

Candy Spelling, the seller and Mr. Spelling's widow, had been one of a select group of wealthy homeowners who sought to hold firm on their lofty asking prices despite the housing market's sharp decline. That group has steadily dwindled. Ms. Spelling's estate has been shown since 2008 and was officially listed in March 2009.
From WSJ.com

After Record Listing, Home Sells for a Mere $85 Million

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another big contract in the Mountain Estates at Ventana

on this hot day in July 6921 E Rock Ledge Place, in the Mountain Estates at Ventana Canyon, has gone to contract. First listed in April 08 for $4,500,000 it’s in contract today from its current $2,395,000 list price, $445/sf. Disappointing perhaps, but, in these times, still a very big sale.

6921 E Rock Ledge Place Tucson, AZ 85750
(listed by Long Realty)

In the last year or so the Mountain Estates managed to pull out of what was a long dry spell. There were two sales last year over $2mil, a 3rd at $1,700,000 and a short sale that went for $1,350,000. In that time, those were the only sales in the Foothills over $2mil.

There are now just two homes for sale up there, one at $2,295,000 and another at $6,200,000.

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for sale and sold by price range

If someone asks ‘how’s the RE market doing’, tell them it depends on what price range they’re talking about.

Up to $599k, it’s doing marvelously. More homes sold in the last 6 months than are currently for sale, leading to an increasingly lean supply.

At $2.0 & up, the picture couldn’t be more different. 2 of the 4 homes sold were foreclosures that went for cheap-cheap, as there continues to be very little demand at this price range. And the clock ticks louder every day, as most of these homes are well into a year, or two, or more, on the market.

(The For Sale column shows the # currently For Sale + the average list price
SOLD shows the # SOLD since 1/1/11 + the average sold price + months of inventory (moi))

Price	For Sale	SOLD
$0 – $599,999	243 at $395,870	257 at $343,557 (5.6 moi)
$600,000 – $999,999	76 at $799,866	65 at $705,275 (7)
$1.0 – $1.499	34 at $1,217,938	15 at $1,076,440 (13.6)
$1.5 – $1.999	17 at $1,781,176	7 at $1,611,821 (14.6)
$2.0 & UP	17 at $4,292,059	4 at $1,800,000 (25.5)

At $600k to $999 10 more homes sold this year than during the same period last year, though for about $20k less, on average + last year at this time there were 109 for sale vs 76 this year. So with just 7 months inventory this price range is now out of the woods and well on its way to being a normal, balanced market.

At $1.0 and up is where the trouble starts. $1.0 to $1.499 is off just a tad from last year – 17 sold same period last year/15 this year. But look at moi.

$1.5 to $1.999 is neck n’neck with last year – 8 sold last year/7 this  year, ditto moi.

(this data is for single family homes only - no condos, no townhomes – listed and sold by the Tucson Association of Realtors/MLS)

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a quickie sale in Pima Canyon

In its first time up for sale, 1980 E Desert Garden Drive sold in 40 days. It was listed on April 19th for $1,200,000 and was already in contract on May 29th. 
And it closed today for $950,000.

When it went to contract on 5/29 I assumed they got pretty close to their asking price. I said so right here > it must be the views <

That’s usually how it works. Sellers are quite inflexible for the first two or three months and then, as time goes by, they begin to see the writing on the wall.

But that’s not how this one worked. And I wonder why. You list for $1.2 and 40 days later accept $950,000 – 21% less. hmmm

Was it because someone pointed out to someone that at $950,000 ($290/sf) they’d be tied with one other home for the highest $$$/sf sale price in PC this year. And that at, let’s say, $1.1 they’d be $46/sf higher than the highest sale this year.

Or was it something else.

1980 E Desert Garden Drive Tucson, AZ 85718
(Listed by Long Realty)

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a sale in Ventana C.C.

listed in May 08 for $1,995,000, 6448 N Desert Wind Circle sold today for $1,100,000 ($192/sf) off a $1,199,000 list.

6448 N Desert Wind Circle Tucson, AZ 85750
(listed by Long Realty)

This is the 9th home to sell in Ventana this year and the 3rd one to sell for a million $$$ or more.  Yeah! VS last year at this time 15 homes sold with 5 of them going for a million $$$ or more.

28 homes remain for sale in Ventana CC, priced from $345,000 to $6,200,000

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the problem with appraisals

I recently represented the buyers in a deal where the appraisal for the house came in 30% less than the agreed-to purchase price.  30%, that’s not chickenfeed.

But after the initial shock, no one panicked. Because it was obvious that it was a seriously flawed appraisal (to put it very politely). The buyers knew it, I knew it and the listing agent and seller also knew it. The only one who didn’t know it was the lender. And if we were going to move forward with this deal, they needed to know it too. But they’re located somewhere in Ohio and, of course, didn’t know diddly about the Tucson Foothills and were therefore completely guided by the alleged sanctity and reliability of the appraisal. So it was obvious that somehow I had to get the appraisal revised or redone or re-somethinged. 

So, with the full support of my buyers, the first thing I did was call the appraisal company and get the manager on the phone. I thought maybe I’d be able to convince him to have a look at the appraisal himself and see if he agreed with me. But after stating my case and not hearing any probing questions or encouraging sounds from the other end of phone, I asked Mr Manager if he agreed with me that the foothills is more difficult to appraise than other areas of Tucson.  

And at least he was honest. He admitted right off the bat that he didn’t know a thing about the foothills. Had never set foot in the foothills and didn’t even know where they were. He’d recently blown into town from Phoenix to open the Tucson branch of some big appraisal conglomerate. But still, he didn’t want to listen to some
smart-ass, know it all Realtor telling him his business either. So he started in with the ‘oh you Realtors are all the same, whenever the appraisal doesn’t come in you blame the appraiser, blah blah blah’

And not wanting to listen to his whining, I pulled my ace in the hole.
I let him know that there were 3 offers on the house – from 3 different buyers, represented by 3 different Realtors - and all 3 were within $5k of each other and 30%  higher than his appraisal. And isn’t that what appraisals are supposed to measure – the market price for a house – the price that a buyer is willing to pay and a seller is willing to accept, in an arms length transaction. And we had 3 of them. That got his attention for a second but still didn’t make much of a dent - this guy was thick. And he just continued his defensive whining.

So I chucked that and moved to plan B. I wrote and emailed a 3 page letter to the lender pointing out in no uncertain terms why the appraisal was grossly off the mark and apparently done by someone who had no business doing appraisals in the foothills. And I also sent them the two other offers and invited them to call and speak with the other two agents to verify that they really did have ready, willing and able buyers for the house. And I also called the lender and pleaded with them and insisted that the buyers and sellers should not have to suffer - and not be able to buy and sell the house - because of the gross incompetence of some appraiser.

And somebody up there agreed with me, because the lender ordered a new appraisal (from a different appraiser) and it came in within a few points of the agreed-to purchase price, and we moved forward and closed escrow. And other than the thrill of having won it for my clients, and for everyone involved, it was also very gratifying to find a banker who cared enough to hear me out and to stick their neck out and see it through. All’s well that ends well.

That’s a true story.

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not even Joesler can escape the grim realities of the market

A 1950 built Joesler at 4320 N Alvernon Way is now down to $1,000,000 ($236/sf)

That’s after starting out in December 08 at $1,495,000 and being on and off the market, but mostly on, ever since. The last line in the listing agents description says it all-  ‘More character than words can describe’

4320 N Alvernon Way Tucson, AZ 85718 (4223 sf on 3.36 acres)
(listed by Long Realty) 

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what a difference a year makes

Last summer 4085 N Black Rock Drive was looking for $1.5mil.
Still for sale today it is now available for $749k.

4085 N Black Rock Drive Tucson, AZ 85750
(listed by Long Realty)

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what’s in contract

There are 99 homes in contract right now in the Tucson Foothills

12 are listed as ACTIVE CAPA – indicating that they are either short sales (and 10 of them are) or the contract is contingent on the buyers home closing escrow prior to this sale being completed. And surprisingly, this dirty dozen has an average list price of $937,583 - way higher than our normal average. Normal, for these days anyway. But four of them are listed at $1.250, $1.299, $1.850 and $2.650. And that tilts the average.

Then there are 48 listed as ACTIVE Contingent – 1st stage of being in contract and probably still in the inspection period. So they’re vulnerable to falling out of contract because of this or that – the condition of the house as discovered during an inspection, an appraisal that comes in under the agreed to sale price, buyers changing their minds, etc. etc. They are at an average list price of $512,526, and that’s more like it.

And finally, 39 homes listed as PENDING. They’re through the inspection period and, presumably, fast on their way to close escrow. They are at an average list of $480,501.

Also, of this group of 99 homes in contract, 12 are listed from $1,000,000 to $2,995,000. And there are 385 homes still for sale, so with 99 in contract we’re looking at 25% of the total inventory in contract. And for the middle of a long, hot (and wet) summer, that’s not too shabby.

99 homes in contract
(the link will expire in 30 days – August 8th – and the number of homes shown will change as the number of homes in contract changes. it’s 99 at 5:25 PM on 7/9/11)

Here are some random past posts showing how many homes were in contract then,

homes under contract in the Tucson Foothills today (March 10, 2008)

the good news is there are 74 homes under contract inthe Foothills 
(March 5, 2009)

under contract now (October 6, 2009)

91 homes in contract in the foothills today (April 12, 2010)

when was the last time a house went to contract in (October 10,2010)

more homes are going to contract, 3/16/2011 (March 16, 2011)

**(The links to the homes in contract in these past posts are by now totally dead)

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is this the rainiest monsoon ever, or what

 

just a couple of things worth mentioning

6856 N Solaz Cuarto closed. The sellers paid $679,000, full list price, for it in 04  then did a pretty extensive renovation including a new extra large, high-end kitchen. I’ve got to believe they sunk $125,000, and maybe much more, in there alone.

Then it went on the market in October 2010 at $899,000 – and since then they dropped it just once – $10k - to $889,000 – but in the end gave it up for $800k ($225/sf).

6856 N Solaz Cuarto Tucson, AZ 85718
(listed by Long Realty)

And the house I mentioned the other day that was just listed on the street without death, 2290 E Placita Sin Muerte , it’s already under contract. Who could resist.

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and the winner is June

more homes sold in June than in any  other month this year. And they sold for a higher average sold price, though often by just a scosche, than any other month this year

June - 65 sold at $502,248

May - 57 at $501,468

April – 64 at $500,467

March – 61 at $490,733

Feb – 55 at $447,833

January – 35 at $438,256

And more homes sold this June, and for more $$$, than last June –
June 2010 - 57 sold at $482,010

June 09 – just 47 sold but at $532,789

June, yeah!

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June sales in the Tucson Foohills

If you’re wondering why I haven’t reported June sales, it’s because I’ve just been too busy to get to it.

But it looks like I will tomorrow – and the top line numbers are not too shabby –
65 single family homes sold for an average of $502,248

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inquiring minds want to know

What’s up with 1714 E Barrel Cactus Court. It expired on June 30th - range priced from $2,998,000 to 3,284,000 - and we haven’t seen hide nor hair of it since.

Barrel Cactus is a gorgeous contemporary styled spec on one of the very best lots in Pima Canyon - (and not scrimping, like many spec builders do, the sellers paid $1.3 for the 3.22 acre lot in 07). Then the house was built in 2010, but listed a full year before it was completed for $3,995,000 – ($642/sf).

1714 E Barrel Cactus Court Tucson, AZ 85718
(was listed by Russ Lyon Sotheby's Int Realty)

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50% off

5801 E Finisterra started out at $3,887,000 in October 08 and after more than a few price cuts – the latest today from $2,295,000 -  can now be yours for $1,950,000, a mere ($164/sf)

5801 E Finisterra Tucson, AZ 85750

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monsoon season

Yesterday’s big storm blew out the electricity to a lot of homes all over Tucson.
I had a home inspection scheduled for this morning at a house in the foothills and it was one of the victims of the storm. No electric.

And as I driving over there I was thinking, who knows, maybe TEP’ll get the electric up and running in time. But then as I got closer I saw an electric pole that had been fried from what looked like a direct hit from lightning. And the crews were there working on it but I didn’t hold out much hope.

But about two hours later the electricity came back on and we were able to get it all done. And now as I look out the window it looks like another storm is headed our way.

well at least it sold

Starting out in January 06 listed at $5,000,000, and on the market ever since, 7049 N Mission Hill Lane sold today for $1,650,000 ($178/sf). There’s not much call for them but it is the only French Normandy I know of in the Foothills,

7049 N Mission Hill Lane Tucson, AZ 85718
(listed by Long Realty)

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improve your odds

there’s a new listing at 2290 E Placita Sin Muerte – (street without death)
(listed by Keller Williams Southern Ariz)

just another look at the ups and downs of the market

$$/sf costs over the years

This is for single family homes sold in the Tucson Foothills through the Tucson Association of Realtors MLS

And please keep in mind that these are averages  - consisting of $/sf costs from under $100 bucks/sf to over $500/sf and everything in between. 

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where are all the short sales and foreclosures

here’s the skinny on short sale and foreclosure activity in 12 popular foothills communities – how many are currently for sale, how many have sold in the past
18 months & what % of total inventory and sales do distress sales represent,

(the SOLD data is SOLD from 1/1/2010 to today )

Subdivision	Total For Sale	# distress For Sale	% of Total	Total SOLD	# distress SOLD	% of Total
Pima Cyn	15	1	6%	15	4	26%
Cat 10	5	0	0	15	2	13%
Sin Vacas	4	0	0	12	2	16%
La Paloma	25	4	16%	46	3	6%
Hac del Sol	2	0	0	8	4	50%
Cobblestone	4	0	0	3	1	33%
Canyons	7	0	0	2	2	100%
Skyline CC	10	0	0	14	3	21%
Shadow Hills	9	2	22%	35	6	17%
Ventana CC	28	0	0	31	3	9%
Fairfield	9	0	0	26	2	7%
Sabino Mtn	10	3	30%	22	4	18%

Judging by these communities, the number of homes sold as distress sales in the foothills is low. And more encouraging is that the number of distressed homes for sale is dwindling.

In all of the foothills there are just 46 single family homes available for sale as short sales and foreclosures  vs 383 total homes for sale – 12%.

And from the beginning short sales & foreclosures have accounted for a much smaller percentage of sales than other areas of Tucson, and Arizona overall.  
And forget about Phoenix, Vegas and certain areas of California. And so far this year, short sales & foreclosures are 17% of all single family home sales in the foothills.

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buyers will let you know when it’s priced right

The other day I mentioned the house at 5680 N Chieftan Trail – (could woulda shoulda) – listed since May 09, starting at $850,000 and now, finally, reduced to $525,000 – where I said, I’ll bet it finally sells at this price. And today it’s in contract.

Why? Because it’s a nice house and it was now finally priced so that someone who liked it could actually step up and buy it. Indian Trails Estates is a $500k to $600K neighborhood. Period. Not $850.

Well someone paid $885,000 ($205/sf) for a house in there. But other than that, from 1/1/2005 thru today, everything else sold from $623,500 on down. With the average sale, from then til now, at $526,633 for 15 sales. 
5680 N Chieftan Trail , Tucson, AZ 85750
(listed by Russ Lyon Sotheby's Int Realty)

On the other hand they didn’t waste too much time getting to the right price at 6990 E JAGGED CANYON Place. Listed in January at $1,074,000, they dropped it once to $989,000 then to $879,900 last month, and today it’s in contract.
6990 E JAGGED CANYON Place , Tucson, AZ 85750
(listed by Long Realty)

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to find your Tucson Foothills home