HAPPY NEW YEAR!
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HAPPY NEW YEAR!
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Back in March when 6650 N Sutherland Ridge Place was listed I said, “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, make a decent product, and still make a buck, then go for it”
I have no idea if they made a buck or not but Sutherland Ridge did sell today. It went for $950,000 ($198/sf) off a $999,000 list price, reduced from the $1,095,000 it was listed for in March. I have to wonder though, at $198/sf, can you buy the lot (they paid $245k for it) prep the lot, build this house, finance the whole deal, pay commissions and closing costs and whatnot and still make enough to make it worthwhile?
Or maybe they figured that it was such a good deal at the original list - $1,095,000 - that it would sell at or very close to that, or maybe even over list. I wouldn’t have disagreed.
That seemed possible back then, but that was March and things were looking up in March.
6650 N Sutherland Ridge Place , Tucson, AZ 85718
(listed by Long Realty)
see thefoothillsToday.com
to find your Foothills home
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Just do what they did over at 4625 N Placita Roca Blanca in Cat 10.
In 2007 they paid $2,595,000 for it and they listed it yesterday for $1,595,000 – 38% less.
It was under contract for more than list price before the ink was dry on the listing agreement.
(and it’s not a short sale or foreclosure either)
4625 N Placita Roca Blanca Tucson, AZ 85718
(listed by Long Realty)
Despite the woes of the high-end market – mostly because most of what is for sale is just more $$$ than buyers are willing to pay - it’s no secret there are high-end buyers waiting patiently for a deal to come along. And when one does, they pounce. That’s right pounce, because, while there are plenty of high end homes for sale, really well-priced high end homes are in very short supply in the Tucson Foothills. And once they’re gone, they’re gone.
Just recently we saw 1682 E Sahuaro Blossom Place in Pima Canyon, listed years ago at $4.2mil and more recently at $2.3ml and still go nowhere. Until it was relisted at $1.075 and got 9 offers in 3 days and sold for $229,000 over list.
Then 2304 E Sentry Ridge Court, also in PC, after almost 2 years at $4.9 and $4.250, dropped to $2.250 and had at least 3 offers in 2 days and also sold for over list.
7808 N ANCIENT INDIAN Drive struggled along since 2005 priced from $3.799 to $2.999mil and went nowhere, until it dropped to $1.990 and quickly went to contract.
This is what high-end, discretionary purchase, don’t have to have it, buyers want.
see thefoothillsToday.com
to find your Tucson Foothills home
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There’s a new listing for a Joesler in the old foothills.
It was built in 1938/2.14 acres/3079 sf/3 Beds/3 Baths/Pool/$638,000 ($217/sf).
As best I can tell the last sale for this home was in 1983. This is a welcome addition, because there’s not much to pick from if you’re looking for a Joesler.
4905 N Calle Angosta Tucson, AZ 85718
(listed by Long Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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3208 E Via Palomita is in contract.
First listed for $3,200,000 in December 2008 it quickly dropped to $2,785,000 then $2,495,000, etc. until it settled in last month at the magic number> $1,939,000 ($310/sf) and BINGO!
3208 E Via Palomita Tucson, AZ 85718 (listed by Lynn Kline Realty, Inc)
This is a John Kline built house – with all the attention to top quality construction,
details and finishes that he’s known for.
So if it’s such a great house what took so long? Well aside from the price - and all the economic/confidence issues bearing down – how about the fact that it’s a 2 story.
2 story homes are less popular than 1 story homes here in the Foothills, they just are. And I’m sure that was a hurdle.
In any case, if this closes above $1,640,000 it’ll be the biggest sale in La P since July 09.
see thefoothillsToday.com
to find your Tucson Foothills home
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In their latest report S&P/Case-Shiller says Home prices down for 6th straight month in the 20 markets they track.
From CNNMoney.com
Meanwhile, here in the Tucson foothills home prices are Up one month and Down the next.
But overall, the Down months are wiping out the gains from the Up months with the result that prices are Down - from 6 months ago, from last year, from 2 years ago, from …
And though it’s not over yet, it looks as if we’re going to end on a high note with December sale prices breaking records for this year. And though it’s due to an unusual number of high-end sales closing this month –including that big short sale in PC for $2.325 - that’s how it goes.
Up one month Down the next.
see thefoothillsToday.com
to find your Tucson Foothills home
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In a few days it’ll all be history and we’ll tally the numbers for foothills home sales for 2011 vs prior years
But for now a heads up, sales, prices, etc, from Jan 1 thru today (Dec 26) for 2010 vs 2011.
2010
577 single family homes sold for $504,518/$413,236 – average/median @ $170/sf
vs.
2011
614 single family homes sold for $479,621/$389,000 – average/median @ $160/sf
So sales are up about 6% from last year while prices are down about 5% average/6% median & nearly 6% @ $/sf.
But this is the second consecutive year, since 2008, of increased home sales in the foothills - (that’s thru today 12/26)
2007 – 617 sold
2008 – 521 sold
2009 – 521 (yep, not a typo, weird but true, exactly the same as 08)
2010 – 577
2011 – 614 (so we’re back to pre-Lehman, 2007 sales #’s – YEAH! but at prices that were last seen in 2004)
And while sales of homes listed at a million $$+ took a big hit in 08, and a less-big-hit in 09, they’ve held steady since then. The not-so-new-news-here, though, is these homes are now selling, and only selling, at sharply reduced prices. At prices that, when offered a few years ago, were routinely scoffed at, when, ‘they’ll just wait’, they don’t need to sell’, was the popular refrain.
million+ sales/year
2007 - 95 sold
2008 – 56 sold
2009 – 46 sold
2010 – 45 sold
2011 – 49 sold
see thefoothillsToday.com
to find your Tucson Foothills home
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Last week I mentioned that 6030 N Desert Sun Court in Ventana had gone contract in one day > a very fast contract, < and now its neighbor, 6070 N Desert Sun Court, is also in contract - listed in mid September at $1,199,000 ($261/sf)
6070 N Desert Sun Court , Tucson, AZ 85750
(listed by Long Realty)
And aside from just one other home in contract and 34 for sale in Ventana – but none (darn it) on Desert Sun Court – that’s about it
see thefoothillsToday.com
to find your Tucson Foothills home
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7808 N Ancient Indian Dr in Pima Canyon sold yesterday for $1,600,000. And it wasn’t a short sale or a REO. That’s the good news.
The not so good news is that the sellers paid $2,650,000 for it in March 05.
But here’s the kicker, just 6 months later they listed it for $3,899,000.
Hard to believe but true. I’d love to have been a fly on the wall for that conversation, you know, the one where someone convinced someone else that the house would fetch more than a million $$’s more than what it just sold for – not more than one person could have come to the table with that bright idea.
net-net, it’s been on the market all this time, and in late May finally got down to $1,990,000 and went to contract in mid July and closed yesterday. So instead of making a quick million they spent 6 long years losing it.
7808 N ANCIENT INDIAN Drive Tucson, AZ 85718
(Listed by Russ Lyon Sotheby's Int Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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maybe even a record of some sort. In Ventana CC, 6030 N Desert Sun Court was listed this morning for $1,449,900 ($277/sf) and went to contract this afternoon. Maybe it was the tall ceilings, this place has them in spades.
Oddly enough, Desert Sun Court had been listed before (by a different agent) and in late August the listing was canceled after 18 months on the market – and then it was relisted this morning with a different agent, and the rest is history, though a very very short history.
OUCH! That must hurt.
And it was just a matter of timing - the right house and buyer crossing paths - and has noting to do with the first listing, no. The first listing was absolutely top notch professionally done.
dems da breaks,
6030 N Desert Sun Court , Tucson, AZ 85750
(listed by Long Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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and take a guess which direction they erred in. You got it, it turns out the NAR inflated overestimated home sales by 14% or more, they now admit.
From CNNMoney.com - Home sales during housing bust worse than thought
Existing home sales during the housing bust were actually 14.3% worse than previously reported, a revision to Realtors' group numbers shows.
On Wednesday, the National Association of Realtors (NAR) revised home sale counts back to 2007 due to flaws in their original data analysis.
In 2007, there were actually just 5.04 million existing home sales, 11% less than the 5.65 million originally reported. Even worse were 2008 and 2009, when there were 16% fewer sales than originally reported. Sales in 2010 were 15% lower.
Read all about it > Home sales during housing bust worse than thought
________________________________________________________________________________
And why did it take them 3 or 4 years to figure out their “error” – this is another big chink in the NAR’s already crumbling credibility and, of course, it doesn’t do much good for Realtors either.
Thanks NAR.
see thefoothillsToday.com
to find your Tucson Foothills home
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That’s the old saying, and of course it’s true. Overpay when you buy and you don’t have much chance of doing well when you sell. And in this market, forget about it.
And they stepped in that one big-time over at 6420 N Miramist Way.
It sold for $838,000 in May 2004 - when the market was roaring along and going higher every day – OK, that was the market back then.
But then it sold again in June 2010 for $850,000 – that’s after 2+ years into a serious downturn and going nowhere but down – for $850,000, the sellers must have been dancing in the aisles – downturn, what downturn.
But the love affair was short-lived and those buyers listed it 9 months later - in March 2011 - for $879,000, hoping, I suppose, that an uninformed and carefree spender would come along and do what they did. Didn’t happen. So it was reduced and reduced until it hit $699,000 and went to contract in late September and closed today for $690,000 as a short sale.
6420 N Miramist Way , Tucson, AZ 85750
(listed by Long Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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nearly 6 years, $3 million in price cuts, 4 listing agents and 4647 E Palais Place sold today for $1,400,000 ($199/sf) off a $2,650,000 list price – as a very short sale.
It looks like a WaMu loan for $2.2
Back in the day it debuted at $4,450,000 ($590/sf)
4647 E Palais Place Tucson, AZ 85718
(listed by Andy Courtney Properties, Ltd)
+ a not so fun fact, there’ve been just 2 homes for sale in the Summit in the last
2 years and while both did sell, they both sold as short sales.
see thefoothillsToday.com
to find your Tucson Foothills home
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With our high season for home buying right around the corner (we hope) I’ve been looking forward to seeing a slew of new listings come to market. But so far it’s barely a trickle.
Yesterday I mentioned a new listing in Ventana CC – and today there’s one in Ventana Reserve (different from Ventana CC) and another one on a hilltop (far) off of Hacienda del Sol Rd in Catalina Foothills Estates NO. 2.
But so far that’s it. And we need more new listings, particularly at the upper-end – because so much of what is already listed has been picked over and still failed to find a buyer.
So we need fresh, shiny new listings.
I think the potential is there to have at least a moderately successful season in 2012, but only if there are attractive, well priced homes for buyers to choose from.
6042 N Indian Trail Tucson, AZ 85750
(listed by Long Realty)
4521 N Hacienda Del Sol Tucson, AZ 85718
(listed by Long Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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6515 N Ventana Canyon Drive, a 1990 built, 3,590 sf house, was listed today in Ventana CC with either 2.16 acres for $1,175,000 ($327/sf) or 3.18 acres for $1,500,000 ($417/sf).
In either case the house occupies approximately 1 acre, with either one or two additional & adjacent 1 acre (approx) lots – each with their own parcel #. Very tidy.
And as it suggests in the listing - Hold the extra lot for privacy or build a spec, personal residence or family compound.
6515 N Ventana Canyon Drive Tucson, AZ 85750 with 1 additional lot
6515 N Ventana Canyon Drive Tucson, AZ 85750 with 2 additional lots
(listed by Long Realty)
Vacant lots are rare in Ventana,
see thefoothillsToday.com
to find your Tucson Foothills home
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6520 N CALLE DE LA LLUVIA, a spec home in Alta Vista, sold yesterday for $925,000 off a $919,000 list price. I’m guessing the bump in price was due to some additional amenity or feature or something that the buyers requested, and not due to a mini bidding war.
Calle de LLuvia is in that tiny northeast section of Alta Vista that is zoned CR-4, allowing multiple homes/acre – rather than the majority of Alta Vista that’s zoned CR-1. This lot is 10,000 sf, just under a quarter acre.
And as you can see it’s a tight fit with the homes butting right up to the lot lines – the X is where this house is parked,
but as they used to say in Detroit, there’s a butt for every seat
6520 N CALLE DE LA LLUVIA Tucson, AZ 85750
(listed by Long Realty)
Meanwhile, they’re kicking butt in Pima Canyon,
7501 N Whisper Canyon Place, on 1.3 acres, sold yesterday after dangling the for sale sign for just 8 days. First time on the market, Whisper Cyn was listed at $1,349,000 and sold for $1,200,000 ($292/sf). This is the 6th sale in PC since mid June (the off season) + there are three homes in contract.
7501 N Whisper Canyon Place Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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In Pima Canyon 2304 E Sentry Ridge Court sold today for $2,325,000 ($300/sf) from a $2,250,000 list price. Not only did it go for $75k over list, but it’s also the highest priced sale
in the Foothills this year. And, ironically, it’s a short sale.
Soon after it went to contract I wrote about it > HERE
In that post I mentioned that I represented buyers who made a $2 million cash offer and we came in 2nd. They, the owner and, really, the lender, just accepted the other offer without giving us a shot at a counter offer – my clients and me, we were pretty pissed. But given the amount of the higher offer – which I didn’t know at the time - I can see how they might just want to take the money and run rather than risk alienating that buyer by dilly dallying with a counter offer when they had a bird in hand. But still, that’s a tough one to lose.
the sold listing > 2304 E Sentry Ridge Court Tucson, AZ 85718
(listed by Long Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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46 single family homes sold in the Tucson Foothills in the last 30 days and there are 346 for sale (the lowest inventory in years)
36 sold from $0 to $599,999 (199 for sale)
5 from $600,000 to $999,999 (74 for sale)
4 from $1,000,000 to $1,499,999 (36 for sale)
1 from $1.5 to $1,999,999 (18 for sale)
nothing from $2.0 & up (19 for sale), (though there is one house in contract for over $2.0 that will close escrow tomorrow - the first $2.0+ sale since July and only the 2nd sale all year at $2.0 or more)
average/median sold price for the group was $461,961/$367,500
As always months of inventory is all over the lot; overall for the Foothills it’s 7.5 months.
But see how it breaks out by price range;
from $0 to $599k there is a 5 1/2 month supply
while at $600 to $999k it’s 15 months (way up from last month)
and at $1.0 to $1.499 were looking at 9 months of inventory (way down from last month)
at $1.5 to $1.999 it’s 18 months
and at $2.0 & up there haven’t been any sales
Sales and prices during this 30 day period were different from the previous 30 days, not better, not worse, just different'. See for yourself > supply & demand in the Tucson Foothills
One thing’s for sure, this coming January thru June – our in-season - will be an interesting one for upper-end home sales. The lower end is doing well and has been for some time, and though the middle is still struggling somewhat it is, I believe, not far from turning the corner on sales. And even at $1.0 to $1.3mil or so, sales have shown some real life lately.
It’s at $1.5 that things really start to fall apart, and the higher you go the worse it gets.
And at the $1.5 to about $4,000,000 there are spec homes for sale, spec homes that have been on the market for a long time, yet no one has shown any interest in them.
That can’t go on forever. It wouldn’t surprise me if this season is the last hurrah.
see thefoothillsToday.com
to find your Tucson Foothills home
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One reason that homes at the lower end of the market have been selling so well is because their owners continue to cut their price until they do sell. And that’s just not happening with most higher priced homes.
There were 78 price cuts on single family homes in the Tucson Foothills in the last 30 days,
60 of them on homes priced $0 to $599,000 (that’s 29% of the homes listed in this price range)
13 on homes priced $600,000 to $999,999 (17% of this price range)
5 on homes priced $1,000,000 and up (a measly 6.6% of this range)
And, as we’re all too aware, the million and up market continues to be in the worst shape of all. Is it any wonder.
see thefoothillsToday.com
to find your Tucson Foothills home
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In La Paloma 6213 N Placita Pajaro sold for $975,000 ($242/sf) in 2007.
Biting the bullet the owners listed it this past September for $739,900, then reduced it to $724,900 ($180/sf) and still it didn’t sell, and today it was pulled from the market. And it’s not a short sale or foreclosure. And at that price I’m not sure why it didn’t sell, but at 4033 sf it is the largest floor plan in this newer La P community and the largest to sell thru the MLS.
AF Sterling developed the street, Placita Pajaro – yes it’s just one very long street - on the north side of La Paloma around 2003 or 04 and then built it out with one and two story homes from about 2400 to 4000 sf. And they sold like crazy. Literally. Many of them as 2nd homes, but also to full-time residents.
And though prices have taken a hit, the homes along Pla Pajaro have continued to sell very well – there are none for sale. Maybe this one just needs more time.
6213 N Placita Pajaro Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage)
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A house in Pinnacle Ridge (aka Paloma Canyon) sold in 2005 for $850,000 ($187/sf).
And then, throwing caution to the wind, it was listed this past March for $949,500 ($214 s/f),
yes the very same house, nice try, but of course it didn’t fly – and now it’s back again, for $877,000 ($197/sf).
Meanwhile, just two homes have sold in PR in the last six months – one for $700,000 ($157/sf), the other for $605,000 ($136/sf) – and during the boom both of them sold for way bigger $$$$ – for $1,135,000 & $1,100,000 respectively.
These days everyone has this information at their fingertips and buyers are not inclined to pay more than the comps suggest or as much or more than a house sold for during the boom – and if for some reason they are, well, the banks are not handing out $$$ for homes that don’t comp.
We all know that.
And unlike much of the Tucson Foothills, Pinnacle Ridge is pretty easy to comp, because the homes are very similar. They’re all built by the same builder (AF Sterling) and all built within about 4 years of each other, all are on similarly sized lots on very similar (identical really) streets. Yes of course there are a few exceptions and differences here and there, but that’s what they are, exceptions.
Then again, if it’s your house you can ask whatever you want – bloggers, buyers, bankers and Realtors be damned.
see thefoothillsToday.com
to find your Tucson Foothills home
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Over at SmartMoney.com , WSJ.com & Forbes they seem to think so,
SmartMoney By Quentin Fottrell
Time for Home Buyers to Go Long
Though real estate prices are barely budging, experts say this may be a good time to buy a house. But only for those willing to stay put.
U.S. house prices have plunged by nearly a third since 2006, and homeownership rates are falling at the fastest pace since the Great Depression.
The good news? Two key measures now suggest it's an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip).
Forbes.com By John E. Girouard
Buy That Dream House Now Or Wait Until Prices Fall Further?
Is it time to buy that house we always wanted, or should we wait until prices fall further?
As a financial planner, I’m often asked that question and it frustrates me to hear otherwise rational people talking about home ownership the way a speculator might talk about the price of gold. Nobody needs gold, but everyone needs a place to live.
What do you think,
see thefoothillsToday.com
to find your Tucson Foothills home
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45 homes listed at $1,000,000+ have sold in the Tucson Foothills so far this year,
Alta Vista - 4
Canyon Ridge – 1
Canyons – 2
Catalina Foothills Estates 10 – 7
Catalina Foothills Estates (the old foothills) – 1
Cobblestone – 1
Cimarron – 1
Coronado Foothills Estates – 1
Finisterra – 1
La Puerta – 1
La Paloma – 1
Pima Canyon – 10
Sin Vacas – 1
Skyline Country Club – 4
Summit at Finger Rock – 2
Ventana Country Club – 5
see thefoothillsToday.com
to find your Tucson Foothills home
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Listed at $1,250,000 ($338/sf) 7501 N Mystic Canyon Drive went to contract about 60 days later and closed escrow today at $1,100,000 ($297/sf).
This is the 4th sale in PC in the last 6 months – not bad at all for PC considering world events, the economy, the generally lackluster upper-end market + the time of year – and it’s also the highest, by a nose, on a $/sf basis.
7501 N Mystic Canyon Drive , Tucson, AZ 85718
(listed by Long Realty)
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In Alta Vista, 6720 N Placita Apajo, a short sale, sold today for $555,000 ($134/sf).
The good news is that it’s the first and only distress sale this year in Alta Vista but, by far, it is also the lowest priced sale. Not including Apajo, the other 9 homes that sold this year in AV sold for an average/median of $902,167/$849,000 @ $221/sf.
And Pla Apajo itself sold in pre-boom 2003 for $684,000 ($165/sf)
6720 N Placita Apajo, Tucson, AZ 85750
(listed by Long Realty)
see thefoothillsToday.com
to find your Tucson Foothills home
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Designed by renowned architect Les Wallach of Line and Space and completed in 2004 after seven years in development,
Campbell Cliffs is a magnificent 25,000 sf home on 20 acres of lush high Sonoran desert adjacent to the Coronado National Forest in the Catalina Foothills of Tucson Arizona.
Some key features,
7 Bedrooms
7 Baths + 4 half Baths,
6 Car garage, 2 elevators, pool, staff quarters,
spa, weight room/aerobics room, steam room, sauna, tennis court,
gun/archery range, wine cellar, entertainment center,
hobby room, workshop, basketball court, as featured in Integrated Practice in Architecture , The New 100 Houses x 100 Architects , 21st Century House , Contemporary Villas
and many more publications dedicated to design and architecture.
Campbell Cliffs is now offered at $9,900,000.
7474 N Catalina Ridge Drive Tucson, AZ 85718
(listed by Long Realty)
The web site,
Campbell Cliffs.com
And now, of course, The movie,
I had a leisurely tour of Campbell Cliffs last week and it is simply an amazing home in a magical setting, going way beyond what can be conveyed in words and pictures.
Please contact me for further information regarding Campbell Cliffs
John Schneider
[email protected]
520 271-4164
see thefoothillsToday.com
to find your Tucson Foothills home
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1391 E Paseo Del Zorro sold for $655,000 in 06, $770,000 in 07 and for $575,000 today.
1391 E Paseo Del Zorro Tucson, AZ 85718
(listed by Long Realty)
Like everywhere else in the Foothills prices in Shadow Hills are down, but unlike many other foothills areas houses in Shadow Hills are selling like crazy,
There are,
just 3 for sale
6 in contract
and 8 sold in the past 6 months – works out to about 2 months of inventory
The market in Shadow Hills has been on the upswing for quite a while now,
In April I mentioned it here > shadow hills is doing quite nicely
and in August here> have you heard, homes are selling in shadow hills
see thefoothillsToday.com
to find your Tucson Foothills home
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6702 N Los Leones Drive in Skyline CC listed this past April at $1,175,000($268/sf), and held there, is reported in contract.
6702 N Los Leones Drive , Tucson, AZ 85718
(listed by Long Realty)
And I think the buyers of 4525 N Via De La Granja in Cat 10 – which is also in contract - did very well. It was relisted just 49 days ago at $1,225,000 ($247/sf).
It last sold in 06 for $1,200,000 and then underwent a complete and very high quality renovation – a stem to stern renovation – I’d guess $300k or so,
taking it from this
to this, and all through the house
And it was then listed in June 2010 for the losing money price of $1,399,000 but (mysteriously) failed to sell and was withdrawn this January 2011 at $1,275,000.
Last year I showed it to two different buyers and they both seriously considered it but in the end they didn’t go for it either.
4525 N Via De La Granja , Tucson, AZ 85718
(listed by Long Realty)
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In Cat 10,
5000 N Circulo Sobrio was listed in January 2008 for $2,850,000 ($491/sf) and sold yesterday for $850,000 ($147/sf).
5000 N Circulo Sobrio Tucson, AZ 85718
(listed by Long Realty)
This is not a bad house, not at $850 it’s not. It needs some work, but its location within Cat 10 - on the main drag near the entry/exit gate - is not ideal. For me that was its biggest flaw and of course one that can’t be fixed. But if you don’t mind that, at $855,000 there’s room to put some money in it and still be OK.
But how they got to $2,850,000, I can’t imagine.
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The good news is there are no high-end ($1.0+) foreclosures or short sales for sale in the Tucson Foothills. None, they’re all gone, for now anyway. But there are still plenty of buyers out there hoping and waiting for more of them to come along.
And though I’m sure there will be more distress sales, if recent history is any guide, it seems likely that demand will far outstrip the supply.
So with no distress sales to fight over here’s a possible alternative.
Homes that have either been heavily reduced from their starting list price – and I mean heavily reduced - or that are now priced for much less than they sold for during the boom, or, better yet, are at or below their pre-boom sold price. So homes that, at a glance, appear to be making a serious effort to get in sync with todays prices and finally hook a buyer.
And while price cuts like these do not necessarily mean that the house is a great deal or even that it’s priced right, (because maybe they were so over priced to begin with that even with a big reduction they’re still way high) it is often a sign that the owner has (finally) come to grips with the market and is now motivated to do a deal. And an owner coming to grips with the market and adjusting their price to reflect that realization, is a giant step forward in getting to a good market price.
Disclaimer - this is by no means a comprehensive list, it is simply a list of some of the homes that caught my eye. I’m sure there are other homes, not on this list for one reason or another, that are priced right and are good deals too, etc.
In Ventana (at $1.0 & up there are 17 for sale)
7200 E Desert Moon Loop sold for $1,280,000 in 2003 and is listed today at $1,049,000. (listed by Long Realty)
6426 N Desert Wind Circle , Tucson, AZ 85750 started out in 08 at $2,350,000 and is now $1,350,000. (listed by Long Realty)
6201 N Whaleback Place is now priced at what it sold for in 2002 – $1,199,000 – and also down a bundle from the $1,850,000 it started at in 2008. (listed by Long Realty)
Skyline Country Club
*nothing
Hacienda del Sol Estates
3199 E Corte De Andalucia, a spec house, was $1,795,000 and is now $1,195,000 (listed by Long Realty)
Catalina Foothills Estates 10
nothing
Cobblestone
nothing
Canyons (7, starting at $2.795)
Are these priced right,
three years ago 7417 N Secret Canyon Drive , Tucson, AZ 85718 was $4,500,000, today it’s $2,995,000 ($414/sf). ?? (listed by Long Realty)
Last summer 3508 E Secret Canyon Place Tucson, AZ 85718 was $4.2, today it’s $3.2($503/sf). (listed by Russ Lyon Sotheby's Int Realty)
One year ago 7557 N Secret Canyon Drive , Tucson, AZ 85718 was $5,500,000 today it’s $3,250,000 ($620/sf) (listed by Russ Lyon Sotheby's Int Realty)
18 months ago 7431 N Secret Canyon Drive , Tucson, AZ 85718 was $5,950,000, today it’s $3,950,000 ($410/sf) (listed by Long Realty)
and even though 7582 N Secret Canyon Drive has had the largest price drop I’ve ever seen, from $13,500,000 to $7,900,000 ($592/sf), it has yet to find a buyer (listed by Long Realty)
Sin Vacas
0
La Paloma (3 at $1.0+)
Three years ago 3208 E Via Palomita , Tucson, AZ 85718 was $3,200,000, today it’s $1,939,000 ($310/sf) (listed by Lynn Kline Realty, Inc.)
Pima Canyon (13 for sale at $1.0+)
1347 E Desert Garden Drive was $2.6, is now $1.295. (listed by Long Realty)
1407 E Desert Garden Drive ( a ‘to be built’ home) was $2,595,000 ($493/sf) in August 2010 and is now $1,299,000 ($433/sf). Accordingly, the size of the house has shrunk from 5264 to 3000 sf. Though I could’ve sworn that the minimum square footage in PC is 3500 or so. Does anyone know. (listed by Tierra Antigua Realty)
Many moons ago 2004 E DESERT GARDEN Drive was asking $2,700,000. Today it can be yours for a mere $1,385,000 ($321/sf). And, more to the point, these sellers paid $1,725,000 ($389/sf) for it in 2004. (listed by Long Realty)
See them all here> heavily reduced and …<
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6851 N Vista Del Pueblo was listed in January 2010 for $1,795,000 ($322/sf)
and sold yesterday for $1,175,000 ($211/sf) off a much reduced list price of $1,249,000.
This is in Finisterra where the three homes still for sale have been at it for a long time now – two of them closing in on two years.
6851 N Vista Del Pueblo Tucson, AZ 85750
(listed by Long Realty)
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That’s Campbell Cliffs and there’s nothing else like it in Tucson, or anywhere really, it’s truly a world class house.
And a little birdie told me it’s coming back on the market soon. Real soon.
So I went up to Campbell Cliffs the other day for a personal tour. It’s Amazing, and yes I’m gushing.
I’ve written about it before HERE & HERE
More later.
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are you wondering about average & median sold prices of Tucson Foothills homes during the month of November. Aha, I thought so.
Well wonder no more. Here’s the poop on November sale prices from 2002 thru this year. And yes, stuff like this is a terrific ice breaker for all those foothills holiday parties,
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It took 19 days, an eternity for a deal like this, but 1643 E Sahuaro Blossom Place – another Pima Canyon casualty, a short sale – finally did find a buyer. Well sort of. According to the listing designation – Active CAPA – the seller has signed off on the deal, but the real decision maker, Mr lender, has yet to concur. The attraction - this house sold in 2006 for $2.9mil and was listed a few weeks ago for $1.1. aha
But it’s short sale, so it could be complicated, maybe there’s more than one lien, maybe there’s who knows what between the owner and the lender, you don’t really know until you get into it,
On the other hand I wouldn’t be surprised either if they had a dozen offers and it just took a while to sort through them. Also, there’s a tenant in residence and that may have caused some second thoughts for buyers – because the new owner very likely would inherit the tenant for the terms of the lease.
When it was listed I mentioned it here > what sold for $623/sf in 06 and is available today for $255
see it here> 1643 E Sahuaro Blossom Place Tucson, AZ 85718 (listed by Coldwell Banker Residential Br)
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