The Catalina Foothills

like people, some houses just lead more interesting lives than others

Take 4496 N Via Bellas Catalinas. It  was first listed for $950,000 in 05. And it didn’t sell but they didn’t lower the price, no, they raised it to $999,000. But still it didn’t sell, so they stopped pussyfooting around and raised it to a million-two. Way to go. A million-two in one swoop. That takes nerve. And guess what happened, someone came along and paid a million-two. No kidding. That was February 2006 -when practically everything sold for about twice what it was worth.

But despite the high price they paid, the love affair was short-lived and the house went back on the market just two months later, for $1,250,000. And they stuck it out at $1.250 for about a year and then started dropping it $40 to $50k a pop until eventually it got down to $950,000 where it started. But by then it was too late and mr lender reared his ugly head and took it over – that was October 07. And a couple of months later It came back on the market as one of the pioneering foreclosure listings in the foothills, this time for $719,900. But still no one wanted it.

But finally a buyer did come along and make them an offer they couldn’t refuse – them being Deutche Bank - they took $400,000 for it and ran all the way home, not knowing whether to laugh or cry. 

And hallelujah, it’s back on the market today, and all spiffed up I hear, and listed for $849,000.
Check it out.

4496 N Via Bellas Catalinas Tucson, AZ 85718
(listed by Long Realty)

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a Joesler gets clobbered

The Joesler at 5051 N La Lomita sold for $660,000 in 1999 and was listed in late 2009 for $1,195,000. On the market since then it sold yesterday for $765,000 ($175/sf), off an $839,000 list price. And that’s with 2.7 hilltop acres.

An attractive Joesler, and one of the few for sale in the foothills, and, more to the point, one of a dwindling number of Joesler’s in the foothills, period – you’d think (I would anyway) it would’ve sold a little quicker and for a little more $$.

But I also think the initial list price - $1,195,000 – which they stuck to for 12 months was, ah, off putting. And like so many listings that start out too high, by the time the price got down to earth it had been on the market a year and a half and any excitement about it had long since faded. Isn’t hindsight wonderful

5051 N La Lomita Tucson, AZ 85718
(listed by Long Realty)

last summer I mentioned La Lomita here > even Joesler has to tow the line (at that writing it went to contract, but later fell thru)

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8 homes went under contract today

7 of them are priced from $269,900 to $529,000 - then 1 at $875,000.

The good news is that homes priced up to about $600k continue to do very well, but beyond that it’s still a crap shoot.

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list prices

I’ve noticed here and there, some of the new listings that have come on in the last few weeks are priced higher now than what they sold for 3 or 4 or 5 or 6 years ago. As if prices have gone up, not down since then. And I don’t mean just a few bucks higher, I’m seeing prices10% and more higher when, in fact, they should be 20% or more lower.

And I wonder what brings this on now. Is it because we’re in the early innings of our in-season and sellers & their agents figure there’s time to test the waters and still have time to drop back down if needed before June rears its head. Or is it because the inventory is low and they figure their chances are better now than they’ve been, so go for it. It’s possible, anything’s possible, it’s not likely, but possible.

But I recently met with a few sellers who wanted to list their houses, and I got to see first hand their thinking on list prices. And with a few exceptions I don’t even list houses anymore. I just prefer to work with buyers. But over the last few months quite a few people called me to talk about listing their house. And at first I just thanked them and declined, explaining that I don’t list anymore. But then I got more calls and I thought, what the heck, I’m not all that busy with buyers, that’s for sure, so maybe I should think about listing again. So I went on a few listing appointments.

And I was very upfront with everyone. I explained that I work mostly with buyers, but would on occasion take a listing. And that I was now considering dipping my toes a little deeper into the listing end of the pool. And after touring the house and chatting we eventually got around to the money part. We looked at comps and talked about the market and what I thought their house should be listed for, and why I thought so, and so on. And the more we talked the chillier it got.

And I found that many of them didn’t need me at all, or any Realtor really, they already knew what they wanted to list it for. And it usually had very little to do with the realities of the market. When push came to shove, though no one quite said so out loud, the attitude was ‘the heck with the comps and the market and all that mumbo-jumbo, this is a great house & I’ve got XX in it and I want what I want and that’s what I’m going to list it for’  Imagine, in this day and age?

And that cured me of the listing bug. And I’ve since resolved to stick to what I like best, working with buyers - except maybe for a past client, a friend, or a special property, that’s priced right -  and I’ll leave the chilly discussions to the listing agents who somehow manage to do it day in day out.

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a plug

I had my driveway redone recently, it’s a long gravel driveway, about 100 yards long, and it turned out great. And a neighbor also had theirs done, they had theirs chip sealed, and a beautiful job too.

We both used Charles Trail Contracting – they do Chip Sealing, Asphalt Coating, Crack Filling and Paving – and I recommend them. They’ve been at it for years, they’re very professional and do excellent work at a fair price. What more could you ask for.

Charles Trail Contracting
1505 W. St Mary’s Road
Tucson, AZ 85745

Contact Charles for an estimate.
Ph. 520 704-6969
FX. 520 622-7453
[email protected]

licensed, bonded, and insured ROC# 201185

And if you do use them, please drop me a line and let me know how it went. I like to keep track of how it goes with the very few people that I do recommend.
Happy Trails!

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here’s one for the books

4151 E La Paloma Drive sold for $715,000 in 2006. At that time it was listed as 3300 square feet – with the Floor Plan people shown as the source of the sf.
And it was in vintage 1976 condition,
like this,

 

and this,

 

And after paying $715k the new owner spent a whole bunch more and remodeled it and listed it for $1,000,000 in 2009. Meanwhile, it had somehow grown to 4000 square feet, and now the owner was listed as the source of the sf.

And it looked like this,

and this,

A very nice improvement, but it didn’t sell.
So it was reduced to $899 then $799 then up to $839, etc. And it went through a few listing agents along the way.

Meanwhile the square footage stayed at 4000 sf, but suddenly the Assessor, as in Pima County Tax Assessor, was listed as the source. Baloney, that’s just not so. As a matter of fact the assessor shows the square footage as 2530 sf. And they always did.
Is there any question that the shenanigans with the square footage have hindered, rather than helped, the sale of this property.

And that brings us to the present and latest new listing for La Paloma Drive. Yes it’s been listed again. It turned up today asking for $350,000 as a short sale (can you believe it, half what it sold for in 06, before the remodel). 

Meanwhile it shrunk, it’s now listed as 2530 square feet, exactly what the Pima County Assessor has shown it to be all along.

Make sure you know what you’re buying.

4151 E La Paloma Drive Tucson, AZ 85718
(listed by Long Realty)

UPDATE; it’s just a few hours later and La Paloma Drive is already in contract.

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and yet another contract in Pima Canyon

I realize my reports of one contract after another in PC may be getting very tedious, but it’s Pima Canyon, what can I do, I can’t ignore it. So I’ll at least try to make this one interesting …

7303 N Mystic Canyon Drive – first listed in February 2010 for $1,127,000 and failed to sell - 
is reported in contract, currently listed at $799,900 ($222/sf) – down about 33%.

You may recall that last March they announced a really creative approach to pricing this house. They announced right in the listing that they were going to drop the price $5000 every week until it sells. Is that a nifty idea or what. And, as you can imagine, if buyers weren’t breaking down the doors before, why rush to make an offer now that you stand to save a bundle by just sitting back and waiting. And time went by but no one took the bait. So they scrapped that idea and went back to the more traditional tactic of dropping $50k or so, unannounced in advance.

and PS-  this may very well take the cake for the lowest $$/sf sale in PC in many moons. (that is, not counting a few foreclosures that were ripped apart and needed $250k or more to put them back together)

7303 N Mystic Canyon Drive , Tucson, AZ 85718
(listed by Coldwell Banker Residential Br 70207)

hacking your Gmail account the easy way

I received the following email, purportedly from Google, but obviously from some ill disguised cretins who are trying to boost my Gmail account without breaking a sweat.

Dear Valid User,
Our Account users discovered series of illegal attempts on your Gmail account from different IP locations.This is for your own safety to avoid your account closed, you will have to verify your account by filling out your Log-in below by clicking the reply button. Account will be de-activated and erased from our database if no response in 72 hours. We apologies for any inconveniences.
After receiving the information requested you will be able to continue using your Account.

User name:..
Password:..
Date Of Birth:..
Occupation:..
Country Of Residence:..

Yeah sure, no problem, and while we’re at it how about my ss #,

This message came from Gmail Team @ [email protected]

Aha,

now isn’t this curious

6702 N Los Leones Drive in Skyline CC sold in 2004 for $825,000 and it sold again today for more than it did back then, for $950,000. And since there’s no indication of improvements having been made during that interval, I’m, let’s say, surprised at how much it sold for today.

Is this an indication that the market is loosening up, or is it just one of those things.

In any case that makes two sales today in Skyline CC. And that is something. The other is reported just below this,

6702 N Los Leones Drive Tucson, AZ 85718
(listed by Long Realty)

another older 2 story sells in Skyline CC

7028 N Mission Hill Lane sold today for $700,000 ($164/sf) from a $750,000 list price. It was built in 1982 and it’s a 2 story with spectacular views. And maybe that did it.

And in the Catalina Foothills 2 story homes are tougher to sell. Because there are simply many fewer buyers who are interested in, or would even consider, a 2 story. Elsewhere in the country, in SF, NY, Chicago, Atlanta, etc. 2 story homes are the norm. But not here.

But seeing this sale I remembered another recent sale of an older 2 story home in Skyline.
So I pulled up the recent sales and sure enough there it was - 7077 N Mission Hill Lane – right up the street – also sold. 

And looking further, I found 4 more older 2 stories that sold recently in Skyline. Yes, there are plenty of older homes in Skyline and many of them are 2 story. Why. Well, one reason is that if they’re up on the hillside it’s a lot cheaper and easier and quicker to put up a 2 story than to prep and fill and level enough of the hillside to accommodate a 1 story home. And sometimes, even if you’re willing to take the time and pay the price there just isn’t enough hillside to accommodate a single story home of the size required. And above it all are  the views from the 2nd story

Here’s a link to the 5 two story homes sold in Skyline in the last 6 months 
- they sold for an average of 168/sf.

And while I was at it, I thought I might as well compare two stories sales to one story sales in Skyline and see what’s what.  

And guess what, 5 one story homes also sold in Skyline in the same 6 months.  
- they sold for a little more, $190/sf, but, it seems that in Skyline, anyway, buyers are just as interested in two story homes as they are in one stories.

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2011 sales, at a glance

That’s for single family homes sold in the Catalina Foothills through the Tucson Association of
Realtors®  MLS

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to contract in record time

Listed just 14 days ago, 6820 N Los Leones Drive, a recently completed spec home in Skyline CC, range priced from $1,600,000 to $2,000,000, is in contract. Already!

This is the spec I mentioned when it was listed two weeks ago that claims to have
“Views you have only dreamed of” (making their debut today)

6820 N Los Leones Drive Tucson, AZ 85718
(listed by Long Realty)

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make that 5 Golf Villas in contract

Last week I wrote that after months with barely any action at all that 4 Golf Villas in Ventana suddenly went to contract in a couple of days - how quickly things can change 

One of them was at 6081 N Black Bear Loop, and now its neighbor at 6084 N Black Bear Loop is also in contract. Last week there were 11 for sale, this week there are 6.

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another day, another contract in Pima Canyon

Today it’s 2162 E Sentry Ridge Court’s turn. It’s a 2009 built spec, (and in good company on Sentry Ridge which has seen more than its share of specs, but more on that later) that was first listed (well before it was completed) in the easy-breezy days of January 07 for the not so easy-breezy price of $2,800,000 ($612/sf)

And as with many other high-end homes that were dreamt up during the boom years it sat around enduring one price reduction after another, and going nowhere, until 11 days ago when it was relisted and reduced to $1,550,000 ($339/sf), from $1,755,000. And presto, it’s gone.

And it’s a beautiful house too, with a very striking and distinct design that, though it wouldn’t appeal to everyone, I’m sure it would have sold long ago had it been more reasonably priced, long ago.

2162 E Sentry Ridge Court Tucson, AZ 85718
(listed by Long Realty)

That makes 5 homes in contract in PC, from $939,000 to $1,550,000
+ 5 sold in the last 3 months, from $1,038,000 to $2,325,000.
No doubt, the market in Pima Canyon is kicking into gear.

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what’s in contract

As we head into the new year there are 366 single family homes listed for sale and 105 in contract in the Tucson Foothills.

here’s how the 366 & 105 brake down by price range;

55% of the homes for sale & 80% of those in contract are priced $0 to $599,999

25% of the homes for sale & 11.5% of those in contract are priced $600,000 to $999,999

20% of the homes for sale & 8.5% of those in contract are priced $1,000,000 & UP

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is $9 something the new million five

In Pima Canyon,1495 E Canyon Spring Court sold for $1,550,000 in March 2006. Then it sold again in January 07 for $1,525,000.

And last November the current owners (who paid $1.525) listed it (as a short sale) for $989,000. That’s right $989,000 right out of the chute. And you’d think that would do it, but no, after two months nothing happened, so they reduced it to $939,000 and that did do it. It went to contract the other day.

It, is a 2006 built David Tyson desert contemporary on the most private lot I’ve ever seen in PC, and with big mountain views. And for those wanting an extra dose privacy and security, along with a tad more exclusivity, (and who doesn’t) it’s at the north end of Pima Cyn behind the 2nd gate.

1495 E Canyon Spring Court Tucson, AZ 85718
(listed by MacMorran & Assoc. R.E. Svcs.)

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how quickly things can change

 Just a few days ago I was reporting that a Golf Villa in Ventana had (finally) gone to contract, ( the market speaks) and I mentioned that > ‘the competition in the Golf Villas is stiff, there are 10 for sale and just 2 sold in the last 6 months …’ 

That was on the 17th. And then, in rapid succession over the next three days 3 more Golf Villas went to contract. So out of the blue we suddenly have 4 contracts in 4 days when, until then, there had been just one in 6 months.

Noted however is that, regardless of where they were initially priced, all of them were now listed at prices that reflect the current market.

>  to contract, to contract – 4 Golf Villas < (listed by Long Realty, Keller Williams, Coldwell Banker)

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I thought this should have sold long ago

in Cat 10, 4525 N Via De La Granja sold for $1,200,000 in October 06 - then underwent a 
top to bottom high-end remodel that had to cost $300k, or more, (I was told $500k) and finally sold today for $1,150,000 ($232/sf). geez.

They tried for more - it was listed for $1,399,000 in June 2010, then dropped to $1,275,000 in September – which didn’t seem out of line to me but, more importantly, no one stepped up to buy it.

But even so, it’s the kind of house that even if it wasn’t just right for you, you could see the value – wonderful location & lot, beautiful views, solidly built masonry construction and a very attractive remodel. You had to figure it wouldn’t last.That’s what I thought, and a couple of clients I showed to did too.

I wrote about De La Granja a few times, most recently here > 2 good contracts <

4525 N Via De La Granja Tucson, AZ 85718
(listed by Long Realty)

PS- It left the market last January and returned in October and went to contract in early December. So for its 2nd time around, it went quick.
Maybe it was just 2010, the year of the reluctant buyer and the obstinate seller.

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how’s the high-end market doing

Let’s look at the numbers and see.
At $1 mil and up there are 75 homes listed for sale
(average list price $2,166,359) (none are distress sales, yeah!)

There are 10 in contract - 
(average list price $1,388,400) (2 distress sales)

And 13 sold in the last 3 months
(average sold price $1,350,154) (3 were distress sales)

With the current inventory and rate of sales, there is a 17+ month supply of homes at $1 mil and up – about 3X what is considered a normal or balanced market.

And then there’s this - the average list price of homes for sale exceeds the average list price of those in contract by 56% – and the average list price of homes for sale exceeds the average sold price of those sold by 60%.  Why, because for the most part,  buyers are choosing homes from the  low end of the high-end inventory. And not from the mid to high-end of the high-end inventory. Make sense?

So looking at it with eyes-wide-open, it’s clear the high-end continues to be a very unbalanced market that is heavily weighted in favor of buyers. Or at least it should be. 
But there are still quite a few home sellers who apparently don’t care about that stuff, you know, the facts.  

On the other hand we’ve recently entered our high season for home sales here in the Tucson Foothills – a hopeful time which runs January to May or June – when, presumably, there are more buyers looking for, and buying, high-end homes. A time when, if the market is going to improve,(a very big if) this is when it’s most likely to do it. Of course, unless another shoe drops somewhere in the world.

PS – since January 1st just 2 homes listed at $1 mil or more have gone to contract.

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less than half of where it started

1347 E Desert Garden Drive had another price cut today, this one from $1,295,000 to $1,195,000 ($259/sf). It was at $2,600,000 in 2007.

1347 E Desert Garden Drive, Tucson, AZ 85718 (Pima Cyn)
(listed by Long Realty)

Makes you wonder, are high-end home prices still dropping in the Tucson Foothills.

the market speaks

In Ventana Country Club, a sweet little golf villa at 6987 E Nuthatch Trail sold for $255,000 in 2000 and for $290,000 in 2002.

Then in January 2010 it was listed for $425,000, and dropped to $399,000, then to $375,000 and kept dropping until one week ago when it got down to $299,000 and, voila, today it went to contract.

6987 E Nuthatch Trail Tucson, AZ 85750
(listed by Long Realty)

PS-  and the competition in the Golf Villas is stiff, there are 10 for sale and just 2 sold in the last 6 months. Normally, not a good time to be swinging for the fences.

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price it right, sell it fast

In Ventana Reserve, 6042 N Indian Trail was just listed on December 20th and it’s in contract today.

And having paid $1,250,000 for it in May 2010, I’m sure it wasn’t easy to kiss off a couple of hundred thou and list it for $999,000 ($220/sf). But that’s the market, and the market doesn’t care what you paid or what you want.

6042 N Indian Trail Tucson, AZ 85750
(listed by Long Realty)

 

a Joesler, transformed

I went to few open houses on Sunday afternoon but only one really caught my eye.
It’s a Joesler in the old foothills that has been thoroughly transformed into a modern residence – with walls moved and rooms opened up, a new kitchen, baths, floors, utilities and more.

There’s still a good bit of the old world charm, though Joesler’s mostly gone, but now with a very sophisticated and contemporary restoration/renovation. One of the nicest I’ve seen.
The year built is 1937, but you’d never know it. One caveat though, it’s a little closer to Campbell than may be ideal.

And at $987,000, well, see for yourself. Or better yet, call me and we’ll see it together. 

2321 E Calle Lustre Tucson, AZ 85718
(listed by Long Realty)

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the first 16 days

January 16, 2012

in January 2010 there were
455 homes for sale listed at an average of $948,615

today there are
354 for sale listed at an average of $865,779
(so 22% fewer homes for sale now  than then – and listed at almost 9% less)

and in January 2010
13 homes sold between Jan 1 and Jan 16 at an average of $512,904

today,
15 homes sold since Jan 1 thru today at an average of $608,733
(almost 19% higher than in 2010)

So the news is good coming right out of the box.  List prices are down nicely  from 2 years ago (many sellers have, apparently, finally, gotten it) and sold prices are up. At least for the moment. caveat caveat - In the short term sold prices can and do jump up and down all over the place – skewed as they are by one or two big sales - so I’d suggest holding off on breaking out the cheer, the good stuff anyway, until we’ve seen 3 or more months worth of sales data. But hey, short term or not,  it’s better to be up than down and we could all use a little good news.

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after 36 years it ends up a short sale

In Skyline Country Club, 6840 N Saint Andrews Drive has gone to contract as a short sale -now listed at $499,000 ($113/sf) - though not before doing the same old dance as everyone and trying for $849,000 and $699,000 and so on.

And sadder still, the listing says, Owners have lived in home for 36yrs and raised
5 children…

And in the only colonial I’ve ever seen in the foothills,

6840 N Saint Andrews Drive Tucson, AZ 85718
(listed by Long Realty)

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big deal in Foothills II

7155 N Finger Rock Place, listed at $1,980,000 ($314/sf) and on the market just 2 months is reported in contract.

If it sells for anywhere near list it’ll be at the very top, if not the top, of the sales heap in Foothills II. The highest sale was $1,900,000 in 07 with 2nd place going to a $1,800,000 sale in 2010. From there it drops off to $1.4, $1.3, $1.1,

7155 N Finger Rock Place Tucson, AZ 85718
(listed by Long Realty)

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are these the deals you’ve been waiting for

2162 E Sentry Ridge Court, a 2009 built spec home in Pima Canyon which left the market last July at $1,755,000 is back on at $1,550,000 ($339/sf). But it started out in 2007- when it was still a hole in the ground -  looking for $2,800,000 ($612/sf),
2162 E Sentry Ridge Court, Tucson, AZ 85718 (listed by Long Realty)

And 4411 Camino Sumo in Cat 10 left the market in August at $1,295,000 and is back today at $1,195,000 ($263/sf). And it too has come a long way – first listed in December 08 for $1,650,000, then, after failing to sell, it was bumped up (not down) to $1,750,000, then to $1,699,000, etc., 4411 Camino Sumo, Tucson, AZ 85718 (listed by Long Realty)

4907 N Camino Escuela was canceled the other day at $1,149,000 and promptly relisted at $1,149,000 ($252/sf) 4907 N Camino Escuela, Tucson, AZ 85718 (listed by Long Realty)

Likewise with 6144 E Finisterra Drive. Expired at $1,135,000 it was relisted at $1,135,000 ($223/sf). 6144 E Finisterra Drive , Tucson, AZ 85750 (Listed by Long Realty)

3540 E CALLE PUERTA DE ACERO, which, I mentioned the other day, was listed, and failed to sell in 08, for $2,695,000 is now back at $2,195,000 ($372/sf)
3540 E CALLE PUERTA DE ACERO, Tucson AZ 85718 (listed by Long Realty)

4820 N Via De La Granja hit the market yesterday for the first time since 2000 – when it sold for $740,000 – now asking $895,000 ($201/sf), for a 1993 David Tyson design/build on a hilltop lot in Cat 10. 4820 N Via De La Granja Tucson, AZ 85718 (Listed by Russ Lyon Sotheby's Int Realty)

And in La Paloma, 6194 N Placita Pajaro, which sold in 05 for $735,000, showed up today at $725,000 ($199/sf). 6194 N Placita Pajaro Tucson, AZ 85718 (listed by Realty Executives)

Also in Cat 10, 4421 N Placita Camaleon. When it was listed last July 2011,
I said it would sell quick. Well, it didn’t, but then the Euro debt crisis hit right after it was listed and killed its chances along with everything else. It was $970,000 then, it’s $875,000 now, ($249/sf) Built like a fortress. 4421 N Placita Camaleon, Tucson AZ 85718 (listed by Long Realty)

And, finally, 1593 E Sahuaro Blossom Place, in Pima Cyn. It expired at midnight new years eve listed at $1,995,000 ($447/sf) and returned a week later at $1,995,000 ($447/sf).
Built in 2006, they got a head start and  listed it in 2005, first for $2,400,000, then for $2,800,000, then $2,690,000, etc. 1593 E Sahuaro Blossom Place , Tucson, AZ 85718 (listed by Tierra Antigua Realty)

And before you know it it’s 2012, and the market for high-end homes is still awfully tight and very unforgiving.  

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making their debut today

First up is 3540 E CALLE PUERTA DE ACERO. Notable not only for its elegant Spanish Colonial style, and very desirable location in the boutique gated community of La Puerta, but also because it was built by Mike Wachs – one of the very finest builders around.
$2,195,000 ($372/sf)  It’s the real thing,

See for yourself  - 3540 E CALLE PUERTA DE ACERO , Tucson, AZ 85718 (Listed by Long Realty)

Next up is a new spec home in Skyline Country Club Estates. Yes, apparently specs are back in vogue. 6820 N Los Leones Drive is a 5,550 sf, masonry construction, 5 Bedroom/5 Bath with Media room, large laundry room, exercise room off master suite, wine bar, butlers pantry, pool, 3 car on one level. And, according to the listing (I haven’t seen it) views you have only dreamed of.

This is a Range priced home, the first I’ve come across in a very long time.
The, ah, suggested range is from $1,600,000 to $2,000,000. Place your bets.

6820 N Los Leones Drive Tucson, AZ 85718 (Listed by Long Realty)

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2 big sales today in Ventana

6725 N Hole In The Wall Way sold today for $1,700,000, which, at 3871 sf, works out to a tidy $439/sf.

That’s the highest $$/sf sale in the foothills since July 2009 – when many of us (foolishly) thought the worst was over. 

And, coincidentally,  it also sold for $1.7 exactly 4 years ago, in January 2008. No kidding.
No doubt, it’s a million-seven house.
PS- it sold pretty quick too, listed in mid September it was in contract on 12/14.

see it here > 6725 N Hole In The Wall Way Tucson, AZ 85750 (listed by Long Realty)

And down the road apiece and out of the Mountain Estates in the lower elevations of Ventana, 
6030 N Desert Sun Court also sold today, and, would you believe it, it also sold for $1.7.

ha-ha, just kidding, it sold for $1,335,000 ($277/sf) from a $1,449,900 list.  
And it’s about time too, it’s been at it since February 2010 when it was listed at $1,750,000.

Why did it take so long. With such a good looking house, in a great location, with a wonderful backyard - as the listing says “arguably the most expansive and striking back yard in all of Ventana Estates.” No kidding. And also with some of the tallest ceilings I’ve seen. I think the issue here was price price price, but also the views. They’re nice, very pleasant, but without the dramatic mountain or city views that many/most buyers want and expect at this price range. 

6030 N Desert Sun Court Tucson, AZ 85750 (listed by Long Realty)

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a long way from where it started

In Cat 10, after a 6 month break 3731 E Sumo Septimo returned to the market in late October   listed at $929,000 and today dropped to $899,000 ($209/sf).

It’s on a classic Cat 10 hilltop lot, 1.6 acres, very private with nice views, beautiful remodel on the house, and if you don’t mind a couple of steps here and there, I think this is a hell of a house, and for $899, it’s a deal.

It started out in 07 at $1,500,000 ($352/sf) – and has been on and off the market ever since.
3731 E Sumo Septimo Tucson, AZ 85718
(listed by Long Realty)

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our in-season

This is it, the start of our in-season for home sales here in the Tucson Foothills – it runs from now through May or June. This is when buyers arrive from all those freezing cold places, looking for a place in the sun, as foothills home sellers put on their best faces.

And it’s usually the time when we see the most new listings come to market. But no, not so far this year. Most of what’s showing up as new listings are relisted old listings. Stuff we’ve seen over and over again. And for the first time in a long time we could really use some new listings, at the upper-end anyway. Where much of what is for sale has been for sale for so long, and has yet to find a buyer. And while we’re at it, how about some really big price cuts on that stuff too.

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what do you get for $700,000 in the Tucson Foothills

Well it depends on what you want, on the location, the lot, the views and the condition, style and amenities of the house. And more. But what you always get are choices.

A recent sale in Pinnacle Ridge went for exactly $700,00, $157/sf, for a 2001 built 4,446 sf house on just under half an acre. With a pool/spa, 4 Bedrooms/3.5 Baths and a 4 car garage.

It was listed by CNN Realty Services, LLC.

Just a couple of miles southeast of Pinnacle, 5230 N Salida Del Sol Drive sold recently for $681,500, $209/sf, for a 1998 built, 3268 sf house on 1.56 acres. With a pool, 3 Bedrooms/2.5 Baths and a 3 car garage.

Listed by Long Realty

And almost dead-center between the two, in Skyline CC, 7077 N Mission Hill Lane sold for $705,000, $160/sf, for a 1981 built, 4413 sf house on 5.88 acres. With a pool/spa, 4 Bedroom/3 Baths and a 3 car garage – smack dab at the top of Skyline CC and rubbing elbows with the Coronado National Forest.  

Listed by Long Realty

There are many ways to spend $700,000 in the foothills. Choose carefully, and choose well.

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why follow the crowd

A house that has been on the market since February 2011, and didn’t sell listed at $800,000, was relisted today for $830,000. $30k, it’s not all that much, but still, 10 months and no sale and you raise the price? huh!

Somehow, someone must have convinced someone else that foothills home prices are on the rise. What else could it be?

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it’s not a spec home and it’s not a custom built, what is it

It’s a to-be-built, and there are 3 to-be-builts for sale right now in the foothills.
They’re not specs, because they won’t be built until a buyer comes along who likes the lot and the existing plans (hence, also not a custom built) and trusts the builder enough to sign a contract and put down a big down payment and then make progress payments – all the while waiting 16 months or more for it to get done. Who could resist.

2981 E Plaza Encantada Tucson, AZ 85718
(listed by Long Realty)

4045 E Coronado Drive Tucson, AZ 85718
(listed by Long Realty)

1407 E Desert Garden Drive Tucson, AZ 85718
(Tierra Antigua Realty)

And perhaps not having complete faith themselves that it’s going to fly, two of the builders have hedged their bet by listing the lots for sale separately – so you can do it the old fashioned way, buy the lot, pick your own builder and build what you want.  

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hurry

Listed just 4 days ago, 5862 E Paseo Cimarron is already in contract. List price $440,000 ($162/sf), in Cimarron. (listed by Long Realty)

For homes listed at up to about $600,000 the Tucson Foothills real estate market continues to barrel along.

Here’s why I say that; 
There are 192 homes for sale from $0 to $599,999
and there are 70 in contract,
and 91 sold in the last 3 months, indicating that at the current rate of sales there is a 6 month supply of homes in this price range – a balanced supply.

But the prior 3 month period included the Thanksgiving – Christmas  and New Year holidays – traditionally a very slow time. As opposed to the upcoming 4 or 5 months which, traditionally, is the busiest time for Tucson Foothills home sales. We’ll see.

UPDATE: there were a couple of typos in the data as originally  presented on this post. (# of homes sold showed as 212, rather than 91, which caused the months supply to be miscalculated – apologies for the error)

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spec homes, then and now

Once upon a time they were the darlings of Tucson foothills real estate but, more recently, many spec homes have ended up as huge anchors around the necks of their builders/investors and lenders too.

On the other hand a new crop of specs have come along in just the last year (a mini crop really) that are starkly different, and have been more successfully received, than their predecessors.

It looks like 8 spec homes sold in 2011 from $925,000 to $2,325,000.
Let’s see how they fared,

First the new crop – more modestly sized and appointed and priced accordingly, than the old crop, and with none venturing into the 2, 3 and 4 million $$$ arena. And the $/sf costs, in the low $200’s - at that price, buyers would run, not walk, for a nice new home in the foothills.
And in fact they did.

6520 N CALLE DE LA LLUVIA – first listed @ $989,000 Feb/2011 – sold $925,000 ($218/sf) Dec/2011. Anchors Away!

6650 N Sutherland Ridge Place – first listed @ $1,095,000 March/2011 – sold $950,000 ($199/sf) Dec 2011, no pain and suffering here,

5201 N CIRCULO SOBRIO – first listed @ $1,400,000 Sept/2011 – sold $1,400,000 ($233/sf) Sept/2011, talk about a quick sale.

And now the old crop. You know, the specs that were built on a wish and a prayer for a market that never quite materialized, and ended up selling in yet a very different market that, unfortunately, did materialize. And that continues to rear its ugly head to this day.

2123 E Sentry Ridge Court – first listed @ $2,750,000 Nov/2007 – sold $1,517,250 ($249/sf) Jan/2011. Yes, 3 long years to end up with a million-two less than planned – but worse yet, imagine the 3 year carrying costs for this behemoth.

Likewise with 7828 N Ancient Indian Drive – first listed @$3,295,000 ($447/sf) Jan/2010 – sold $1,660,500 ($223/sf) Mar/2011 – but this one never really had a chance because the party was so over by Jan 2010.  (sold as a foreclosure)

And the bell of the ball - 7454 N Secret Canyon – first listed @ $5,000,000 ($722/sf) Mar/2009 – sold $1,850,000 ($267/sf) May/2011. What’s there to say. (sold as a foreclosure)

Straddling the middle ground - 6101 N Paseo Zaldivar – first listed @ $2,150,000($362/sf) Jan/2011 - sold $1,850,000 ($312/sf) June/2011, snuck in under the wire.

And the best for last - 2304 E Sentry Ridge Court – a very special house- beautifully built, absolutely gorgeous, worth $3.5 - 4 million, but not in this market.
First listed @ $4,950,000 ($639/sf) Jan/2010  – sold Dec/2011 $2,325,000 ($300/sf).  
**Even though it ended up ‘behaving’ just like a spec home, I’m not absolutely sure that it was planned as a spec from the get-go. It is possible that listing it was due to something else entirely, a reversal of fortune, a change of heart, who knows. But somewhere along the way money did become an issue because it sold as a short sale.

see them here > the new crop, the old crop <

Next I’ll pull together the leftovers, the specs still for sale ,

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in a quick turnaround, prices in Pinnacle Ridge are now on the rise

Yesterday I wrote about the measly sale prices of the three homes that sold recently in Pinnacle Ridge - they went for $162/sf, $157/sf and $136/sf – $572,500, $700,000, $605,000. And that’s it, that’s everything sold in there in the last 6 months.

Until today. Another home that was in contract is now reported just sold, but this one topped the charts at $765,000 ($216/sf) – a hefty 33% higher than the next highest $/sf sale price. How did they manage that. And, the big question, how did the appraiser manage to bring the appraisal in at sale price.

6358 N Pinnacle Ridge Drive Tucson, AZ 85718
(listed by Long Realty)

And not that it matters, because these days lenders look back only 3 months for comparable sales, but for all of 2011, this $765k sale is the 2nd highest priced sale in Pinnacle Ridge
(it was nosed out of 1st place by a $785k sale @ $222/sf) but that was in April.
Ancient history to an appraiser.

(the $765k sale was off a $779k list price, which had been reduced from $850k when it started out in May, 2011)

One thing is for sure, this is a ray of light for the three homes that remain for sale.

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another one bites the dust in Pinnacle Ridge

Originally listed at $750,000, 6376 N Pinnacle Ridge in the Pinnacle Ridge/aka Paloma Canyon subdivision, sold today (as a normal sale) for $572,500 ($162/sf). This is the 3rd sale in there in 6 months.

The other two - 4311 E Pinnacle Ridge Place sold for $1,135,000 in 2006 and for $700,000 ($157/sf), as a short sale, in October. And right up the street, 6325 N Pinnacle Ridge Drive, sold for $1,100,000 in 2006 and for $605,000 ($136/sf), as a REO, also in October.

See them here > sold in Pinnacle Ridge <

There are 2 homes in contract and 3 remain for sale in Pinnacle Ridge.

This may seem pretty bad, and it is, but there was a time a couple of years ago when nothing was selling in Pinnacle Ridge. Why, because sellers were holding out for prices that were
long-gone and buyers weren’t budging. At least now we’re pretty much past that madness.

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the gap between list and sold prices

Yesterday I mentioned that the average list price of homes for sale in the Tucson Foothills far exceeds the average sold price of the homes that sell – i.e., avg list is currently $850,350 while the average sold is $530,096 – 37% less.

But with distress sales it’s a very different story. The gap exists, but it’s reversed – in this case the average sold price exceeds the average list price.
See here, there are 36 homes listed as short sales and foreclosures –
with an average list price of $398,421.

And coincidentally, 36 short sale and foreclosure homes sold in the last 3 months –  for an average of $445,019 – almost 12% more

No wonder short sales and foreclosures are selling like hot cakes.

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the envelope, please

2011
627 single family homes sold in the Tucson Foothills for an average/median of
$477,760/$387,500 @ $160/sf.

vs.

2010,
586 sold for an average/median of $501,499/$408,750 @ $170/sf

vs.

2009
532 sold for an average/median of $535,242/$432,500 @ $183/sf

vs.

2008
530 sold for an average/median of $612,257/$515,000 @ $ $212/sf

vs.

2007
621 sold for an average/median of $676,151/$540,000 @ $236/sf

Sales in 2011 were up about 6% & prices down about 6%  vs. 2010.
And with 627 sold, sales are back to where they were in 2007 – but at prices that are back to where they were in 03 – 04.  Also, notice that the biggest price drops were from 07 to 08 and 08 to 09. Since then the decline has slowed dramatically.

Heading into 2012 there are (just) 342 single family homes for sale in the Foothills – not quite
7 months inventory based on 2011 sales - but they’re listed at an average/median of
$850,350/$549,000 @ $215/sf – which is way higher than recent sold prices -  ie, December $530,096/$390,000 @ $154/sf.

And much of that imbalance is due to the many high-end listings that linger on the market at list prices that haven’t been achieved in years, if ever, in the Tucson Foothills.
So I wonder, will this be a year of setting record high home prices in the Foothills, or will it be a year when ultra-high-priced homes continue to succumb to the forces of the market as we know it.

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starting off 2012 with 2003 prices

6451 N Ventana Canyon Drive last sold in 2003 for $1,370,000 and was listed today for $1,395,000. That’s starting off on the right foot,

6451 N Ventana Canyon Drive Tucson, AZ 85750
(Listed by Long Realty)

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sure prices have come down, but not for my house

First some fun reading from the LA Times - Bridging the great divide between home buyers and sellers. Many owners "have not adjusted their price expectations downward" to keep pace with local declines in property values after the mortgage bust, Engelhardt said, thereby contributing to the sharp divergence in their real estate visions compared with those of buyers”
It’s oddly comforting to hear they’re still having the same struggle as we are in la-la-land

Then a little closer to home the AZ Daily Star weighs in on how drastically home prices have dropped at the lowest end of the market >  1 in 3 homes here sell for under $100K < along with a very candid but not too comforting quote from Marshall Vest – our local star economist – who, after predicting that prices will stop falling in 2012, admits, "Of course that was my forecast last year, the year before that and the year before that."

WELCOME TO 2012!

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