The Catalina Foothills

a pretty ho-hum day

6 new listings, 5 from $259,900 to $499,000 then 1 at $925,00

5 price cuts, from $156,000 to $389,000

1 lonely contract listed at $259,900

but there were 8 actual sales,  6 from $241,000 to $387,000 then 1 each at $619,000 and $784,154

and that’s it folks, but I guess we can’t expect every day to be thrilling.

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Sabino Mountain is 2 for 2

Yesterday I reported that 4225 N Boulder Canyon Place, listed at $825,000, had gone to contract, and today 4187 N Sabino Mountain Drive, listed at $1,395,000, is in contract after 90 days on market.

They haven’t closed yet but Sabino Mountain hasn’t seen this kind of action in years. The highest $$ sale in 2012 was $610,000 and $675,000 in 2011.

4187 N Sabino Mountain Drive Tucson, AZ 85750
(listed by Tierra Antigua Realty)

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if you missed it the first time

or are looking in Pinnacle Ridge - where there’s noting for sale,  6103 N Pinnacle Ridge Drive,
a foreclosure that was scooped up in a matter of days, is back on the market. The deal fell thru. HURRY!

6103 N Pinnacle Ridge Drive , Tucson, AZ 85718
(listed by  Long Realty)

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on Sabino Mountain

4225 N Boulder Canyon Place, priced to sell at $825,000, is reported in contract today after just 35 days on market. The sellers paid $995,000 in June 07.

This knocks it down to 10 for sale, from $330,000 to $1,690,000  (@ average list $960,000)
4 in contract, from $314,995 to $900,000 (@ average list $599,248)
and 8 sold in the last 6 months from $257,000 to $810,000 (@ average sold $396,909)

This sale, assuming it goes the distance, will be a much needed shot in the arm for SM where lower priced homes have been selling quite well (7 of the 8 sold, sold from $257,000 to $440,000, then 1 at $810,000) and higher priced homes have not. Though Sabino Mountain is not alone in that predicament.

4225 N Boulder Canyon Place Tucson, AZ
(listed by Long Realty)

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blips don’t last 25 days, do they

A couple of weeks ago, wondering about the lack of high end contracts, I wondered, “how long do blips last” and a few days later asked, where’s the big money?

And now February is almost gone and so far this month just 2 homes listed at $1million or more have gone to contract. 1 at $1,495,000 and 1 at $1,150,000. And from there it drops to $825,000 (completely bypassing the $9’s) then to $799,000 then $699,000 and …

Meanwhile, during the same 25 days,18 homes were listed or relisted at $ 1million or more, fleshing out the inventory to 90 homes for sale from $ 1 million to $7,900,000.
Good golly, this does not resemble a blip.

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pure contemporaries

they don’t come along very often in the Foothills,

But this one was listed today at $1,349,000 in Pima Canyon.

 

 

The sellers paid $1,725,000 in 04. And since then it’s been on and off the market for as much as $2.7 and as little as $1,385,000 when it left the market last February. But with no success.

I showed it in 2011 and it’s an attractive house with nice grounds and good views from inside and out. There are oodles of soft contemporaries, southwestern contemporaries and desert contemporaries, even Mediterranean and Sante Fe contemporaries, but pure and simple contemporaries are hard to come by.

2004 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)

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and it didn’t last too long

When 5970 N Placita Pajaro was listed a few weeks ago, I said – … I think Pla Pajaro is a
no-brainer, just 2 for sale at the moment, including a new listing today that won’t be around too long.  And 21 days later, it’s gone, thank goodness. I hate being wrong about no-brainers.

5970 N Placita Pajaro , Tucson, AZ 85718 
(listed by Long Realty)

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how well are homes selling this year ?

How well usually refers to how many, for how much and how long did it take.
Since January 1st 94 single family homes sold in the Tucson Foothills and they sold for an average of 95.76% of list price in an average of 106 days. Not too shabby. (keep in mind that % of sale price/list price is based on the list price at the time of sale, after price cuts and relistings to a lower price)
The average list price for the 94 was $476,336 with an average sale price of $456,184.

Broken down by price range;

74 sold from $0 to $599,999 @ 95.66% of list

15 from $600,000 to $999,999 @ 98.21% of list

5 sold from $1,00,000 and UP @ 94.27%

During the same period last year 88 single family homes sold @ an average of 94.71% of list in an average of 164 days.
The average list price for the 88 was $507,151 with an average sale price of $480,393

So with a few more sales and them selling much faster and at a fraction closer to list price, we could split hairs and say we’re doing better this year. Yes, but the average sale price is (still) down about 5% from last year, and the momentum that was building in January appears to have run out of steam.   

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for you night owls

If you enjoy searching for homes in the wee hours on my web site or (God forbid) on other Long agent sites please be advised that the IT folks are planning an upgrade to all Long Realty sites. This is scheduled to begin at approximately 9PM on Saturday, February 23rd, and is expected to be completed by 7AM on Sunday February 24th.

During that time LongRealty.com, Long Realty Agent Websites, Agent Mobile sites and Virtual Home Finder will not be available. Including my site, www.thefoothillsToday.com

Sorry for the inconvenience. But tune in on Sunday Feb 24th after 7 AM and everything should be up and running smoothly.

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lightning strikes twice

When 7377 N McManus Trail was listed last September I wrote -
Get this, there are 10 homes for sale in Cobblestone and just one sold this year. Pretty dreary. And then last week along comes 7377 N McManus Trail, newly listed at $799,000, bringing that total to11. But not for long. Because McManus is already in contract. And I showed it on Saturday morning and already it had two offers. But my clients didn’t care for it, for them the interior needed a top to bottom renovation -  It’s the proverbial good bones house with brick everywhere, and I mean everywhere…

And go figure, but 8 days later it went to contract and sold for $780,000. Just like that. 
psst!, a sale in Cobblestone

And after completing the renovation McManus Trail went back on the market yesterday listed at $1,150,000, and is in contract today.

It went from this,

to this,

and this,

to this,

and more, but you get the idea. These flips are tricky and risky and don’t always work out as planned. But it looks like this one sure did.

7377 N McManus Trail , Tucson, AZ 85750
(listed by Long Realty)

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a gorgeous new listing in La Paloma

3287 E Camino Juan Paisano went on the market the other day at $1,995,000 (374/sf).
Built in 2004 by John Kline it’s 5338 sf, 5 Beds/5 Baths (separate his and her baths in master with steam shower), masonry construction, one level – no steps, pool/spa, 4 car garage and all the attention to detail, amenities and top end features that go into a John Kline house. It last sold in 2006 for $2,400,000. Hurry!

And the views,

3287 E Camino Juan Paisano Tucson, AZ 85718
(listed by Long Realty)

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another quick sale in Pima Canyon

1588 E Desert Garden Drive was listed on January 4th for $1,090,000 and went to contract 17 days later and sold today for $1,015,000 ($265/sf). It last sold in 02 for $845,000.

1588 E Desert Garden Drive , Tucson, AZ 85718
(listed by Long Realty)

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well, at least now we can blame it on the weather

Blizzard Warning for the mountains, snow in Tucson tonight

 

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in contract last week

From Monday February 11th thru Sunday February 17th  19 homes went to contract in the Tucson Foothills. (click HERE for the previous week’s numbers)

16 were priced from $275,000 to $589,000
  3 from $639,000 to $825,000 (and the $825 was a short sale)
  and that’s it,

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finally, a 7 figure contract in February

6000 E Finisterra went to contract yesterday breaking the 20 day dry spell on million $$ contracts. It was listed at $1,495,000 after starting out last Feb at $1,695,000.

6000 E Finisterra Tucson, AZ 85750
(listed by Long Realty)

1 down, 91 to go

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1 down 8 to go

In Cobblestone, 7411 N Catalina Ridge Drive sold today for $1,700,000 in a very short 42 days off the current listing of $1,950,000. It was first listed in October 2009 asking $2,649,000 but that didn’t fly and they called it quits in May 2011.

That leaves 8 for sale in Cob, and with just one sale in all of 2012. But there are 2 homes that are firmly in contract, that is, past the inspection period and coasting to COE.
So maybe Cobblestone is waking up.

for sale, in contract and sold

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tis the season for the Golf Villas at Ventana

They’re very popular with the 2nd home, winter getaway crowd, and it’s not surprising.
They’re nicely done, easy care, low maintenance, relatively inexpensive, and with lots of options for recreation right at your fingertips. They surround the golf course in Ventana Country Club where there’s a heated pool & spa just for the golf villas and the Ventana Canyon Golf & Racquet Club offers golf, tennis, pool/spa, a fitness center and dining. All in a gorgeous setting.

Right now there are 7 for sale from $370,000 to $499,000, and as of today, 1 in contract at $549,000, but just 1 sold in the last 6 months - which might cause you to be wary and wonder why, if they’re so popular, they aren’t selling better. But the golf villas, which sell almost exclusively from January to June, are probably the most seasonal single family home sales in the Foothills.

For example, 11 golf villas sold in 2012 - 9 of them sold from January 27th to June 4th, plus 1 in early July and 1 in October.

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where’s the big money?

Since February 1st, 44 homes have gone to contract, with the highest of the bunch listed at $825,000, and the vast majority (84%) are under $600,000.

44 contracts

There are 126 homes listed for sale above $825,000. And to even make a dent in that inventory before summer rolls around, we’d have to see 15 or more contracts/month from now thru the end of May, when winter visitors flee as we start flirting with triple digit temperatures.

Your thoughts,

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not everything is gathering moss

6271 N Whaleback Place in Ventana was listed on 1/14 for $899,000 and went to contract that same day and closed today for $870,000. Quick, but not painless. They paid $960,000 in 09, and figuring closing costs, commissions and this and that they’re out around $150k.

6271 N Whaleback Place , Tucson, AZ 85750
(listed by Long Realty)

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the party’s over on Corte de Andalucia

The other day I recited the grim details of the sale of 3189 E Corte De Andalucia, which sold as a foreclosure for $800,000 the other day after starting out 6 years ago at $1,895,000 > 6 years and 50% off <. 

And, like peas in a pod, today, its next door neighbor at 3199 E Corte De Andalucia sold for $1,050,000, after starting out nearly 4 years ago at $1,795,000 – mentioned here > too late < when it went to contract.

I think the buyers of 3199 did very well. 3189, eh, with all the steps and the west facing backyard, it’s just not to my liking.

3199 E Corte De Andalucia Tucson, AZ 85718
(Listed by Long Realty)                                                    3189 E Corte De Andalucia Tucson, AZ 85718
                                                                                                   (listed by RE/MAX Majestic 4044)

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reduced $1,000,000

Over in Ventana it looks like 6201 N Whaleback Place, a short sale that has been at it since 2008, is finally and firmly in contract. After selling in 2002, when it was brand spanking new, for $1,195,000, it was listed in September 2008 for $1,850,000. Oh well.

And as you might imagine, that didn’t fly. So after 4+ years and many price cuts, eventually getting down to $825,000, yes 8-2-5, it is now in contract. Hurrah!  And, apparently, with all parties, including mr. lender, signing on the dotted line. Hurrah again! 

But why so cheap I wondered. Based on the 2002 purchase price of $1,195,000, $825,000 would put it somewhere around 1998 pricing. Maybe earlier. And then I couldn’t help wondering if maybe they paid more than the going rate when they bought in 2002. So I looked at the sales in 2002 in this little section of Ventana (Whaleback) and, what you know, this one sold for the highest $/sf. And not just by a few bucks either. It sold for $284/sf, (in 2002) while the other 2 sales were at $221/sf and $193/sf. And they’re all within a few hundred sf and built within 3 years of each other.

At 221/sf they’d have paid $928,200, $266,800 less than they did. And there’s the culprit – at least a good part of it. And the market is not very forgiving these days. Like with most things, in real estate, you make (or lose) money when you buy.

6201 N Whaleback Place  Tucson, AZ 85750
(listed by Long Realty)

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in contract last week

From Monday February 4th thru Sunday February 10th  21 homes went to contract in the Tucson Foothills – (same as the previous week’s contracts, 1/28 – 2/3)

18 were priced from $199,900 to $599,000
3 from $679,000 to $799,000
and that’s it, nary a morsel for the 133 for sale from $799,000 to $7,900,000.

I keep telling myself this is just a blip, but I’m starting to wonder, how long do blips last.

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6 years and 50% off

and just like that it’s over and done with for 3189 E Corte De Andalucia. in Hacienda del Sol estates.

It last sold in 2005 for $1,600,000 and, hoping  to recoup their investment and then some, was listed in 2007 for $1,895,000, and ever so slowly dropped to $1,449,000. But that didn’t fly so it was rented in 2010 and came back on the market in 2011 as a short sale asking $920,000 – wow!, but still no go. So eventually mr. lender swooped in, worked his magic and listed it for $905,850, which was whittled down to $776,655 and, lo and behold, it closed today for $800,000, west facing backyard and all.

mentioned here umpteen times, the latest, I think, was > this has been a long time coming

3189 E Corte De Andalucia Tucson, AZ 85718
(listed by RE/MAX Majestic 4044)

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high-end contracts are in a stall

Since January 1st we’ve had;

128 homes go to contract
81+% are priced from $0 – $599,999,
14+% are from $600,000 – $999,999 and 
  4+% are from $1,090,000 to $1,625,000

But unlike the lower and mid price ranges, which are humming along, all of the action over a mIllion $$ (all 6 contracts, that is) was in January. And 5 of the 6  were in the 1st three weeks of January. And we’ve yet to see a single contract over a million in Feb.
Meanwhile the inventory over a million $$ is growing, now at 91 and counting.  
And we can’t blame the stock market – DJIA at 14018.70 today.

What’s up?

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a nice juicy sale for Pima Canyon

7562 N Whisper Canyon closed today for $1,510,000 ($344/sf) off a $1,545,000 list price. 
And it went quickly - just 5 days from listing to contract, and it didn’t go cheaply – on the contrary, it’s the highest $/sf sale of the 20 homes sold in PC in the last 12 months, and the 3rd highest sale price overall.

mentioned here > cutting to the chase > when it was listed

7562 N Whisper Canyon Place Tucson, AZ 85718
(Long Realty)

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I just wonder how many offers they got

6103 N Pinnacle Ridge Drive in Pinnacle Ridge (aka Paloma Canyon) was listed 13 days ago as a foreclosure and is reported in contract today. I mentioned it here > what’s happening in Pinnacle Ridge < when it was listed.

And it’s not that it was listed at such an absolute screaming deal of a price,no, it’s a good deal - but not to die for, it’s that there’s nothing for sale in Pinnacle Ridge and there hasn’t been in a while. And it’s a very desirable community, very. Particularly for young families – it’s the 21st century version of Shadow Hills. Supply & Demand.

6103 N Pinnacle Ridge Drive Tucson, AZ 85718
(Long Realty)

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take your pick in La Puerta,

a small, gated community off Hacienda del Sol Rd, consisting of a grand total of no more than 10 homes, 4 of which are now for sale. 3561 E Calle Puerta De Acero joined the fray today listed at $1,750,000.

Homes in La Puerta are on larger lots, 2 – 4 acres, larger than most in the foothills, and they’re also big homes. The 4 for sale are 4594, 5904, 6166 and 7037 sf, and are priced accordingly, from $1,145,000 to $2,195,000. And they were all built by master builder Mike Wachs, and all are southwestern or Sante Fe style, masonry stucco, and beautifully built.

And I like La Puerta, very much, it’s special and unique as foothills subdivisions go. And Mike Wachs is one the top 2 or 3 builders in town, hands down. That said, 2 of the 4 homes for sale have been for sale for a year or more, and they now have even more competition.

See all 4 in La Puerta
(3 listed by Long Realty and 1 by Homesmart)

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and still hiding in the shadows

is 1643 E Sahuaro Blossom Place, in Pima Canyon. It was taken over by mr lender last February , after a long and fruitless history of the former owner trying to sell it, and has yet to show its face listed as a foreclosure. Why hang onto it for a year. With banks, who could know, but perhaps they’re betting the market will get stronger and prices will rise. hmmm! Anything’s possible. And with the cost of money, especially to them, at near 0%, it may be worth a shot.

This would be the only foreclosure listing in Pima Canyon and the only higher-end foreclosure in the foothills. And priced right, should get lots of attention.

here it is in 2007 as a freshly minted new listing starting out at $3.2 and dropping to $2.850
before giving in to the downward drag on prices and dropping all the way to $1.1 before slipping into mr lenders hands.

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keeping score

since Monday we’ve had;

-31 new listings from $139,500 to $1,795,000 (average list - $627,391)
nudging us up to 386 homes for sale – 56% priced $0 – $599k  ----
21% priced $600 – $999k ----- 23% are $1.0 – $7.9

-20 new contracts from $199,900 to $799,9000 (average list - $462,790)
bringing us to 134 homes in contract  - 77% priced $0 – $599k  -----
16% priced $600 – $999k ----- 7% priced $1.0 – $1.950

-9 homes sold from $150,000 to $820,000 (average sold - $404,264)
now totaling 58 sold in last 30 days  - 84% sold from $0 – $599k -----
14+% from $600 – $999k ----- 1.7% over a mil, at $1.160

Looking back,
during the same week in 2012,
10 sold from $207,000 to $1,075,000 (average sold - 462,989)

and during the same week in 2006,
11 sold from $235,000 to $1,075,000 (average sold - $492,564)

So the lower end continues to sell like crazy, and up to about a million bucks it was a reasonably good week and has been a pretty good year, so far. But after a bang-up couple of weeks at the start of the year, the million+ market has petered out a bit, unless of course you’re counting new listings. But it’s still early in the game and anything can happen.

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a new addition

In case you haven’t noticed I added a tab up top, under the picture of the Catalina’s, called
“Market Snapshot”. It’s a running tally of the number of homes for sale, in contract and sold in the last 30 days, broken down by price range.

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in contract last week

From Monday January 28th thru Sunday February 3rd  21 homes went to contract.
(link to previous week’s contracts, Jan 21 - 27)

15 were priced from $169,900 to $550,000
4 from $649,00 to $985,000
1 at $1,195,000 & 1 at $1,795,000 (but the $1.795 deal fell thru)

So, more of the same. A lot of action at the bottom and not so much at the top.

Meanwhile, that same week saw 49 new listings, 7 of which were from $1,045,000 to $3,150,000. Supply & demand.

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in the villages of La Paloma

Listed 20 days ago for $599,000, 3455 E Corte Paloma Brava is in contract today – when it was listed I mentioned here > this looks good < and suggested you might want to Hurry!
No great shakes, stuff like this are practically no-brainers.

3455 E Corte Paloma Brava Tucson, AZ 85718
(Long Realty)

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4 quick contracts

7610 E Camino Estado in Canyon View Estates – 18 days -  $575,000 (Long Realty)

7530 E Placita Ventana Hayes in Ventana Del Rio – 11 days – $585,000 (Long Realty)

6261 N Cadena De Montanas in La Paloma Ridge Est – 22 days – $679,000 (Long Realty)

6440 N Via Del Emigrado in Alta Vista – 6 days – $699,000 (Long Realty)

Click to View

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if you missed it the first time

In Pima Canyon, 1327 E Desert Garden Drive went to contract last week ( this should raise the bar in Pima Canyon ) but that deal has fallen through and Desert Garden is once again available.

1327 E Desert Garden Drive , Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage 70202)

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January sales & prices

56 single family homes sold in the Tucson Foothills this January, and that’s pretty good for January. Because January sales are the result of November/December contracts – which, traditionally, is not a popular time for trading real estate. And this January beat the pants off sales in Jan 2012 and Jan 2011. Actually, more homes sold this January than any other going back to and including 2006. The low point was 09 when just 26 sold.Remember them days, Oy!

Sold prices however,did not fare nearly as well. Average/median sold prices dropped to $430,764/$378,450 - the lowest average and the 6th lowest median sold price since Jan 2012.
Could it be that lower prices bring out the buyers. Yes they sure do, but this is about the bulk of sales coming from the lower end of the market with hardly any from the upper end. There was just one lonely sale for more than $1mil in January vs, 45 sales from $108,000 to $525,000.

But it’s also true that higher end deals don’t usually get into high gear until later in January and into February and March – and there are 10 homes in contract from $1.0 to $1.950, and that’s not too shabby. So those averages should start going up soon.

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on the comeback trail

Placita Pajaro, once a very popular street in La Paloma, is, I think, poised for a comeback.
It was carved out of the desert just inside the gates of La P in the early 2000’s, with the first homes hitting the market soon after. And betting that demand would outstrip the supply, quite a few of the new homes were bought by speculators to resell once it sold out. And resell they did.

It’s just one long street with maybe 35 homes. That’s it.

And like everywhere else Pla Pajaro took its lumps during the downturn, but now, as the dust settles, I’m betting that buyers will once again find it very attractive – nicely built newer homes (courtesy of AF Sterling) many with mountain/golf course views on smaller/easily maintained lots in a prime foothills location, in gated La Paloma – with the bulk of them priced from about $500 to $800,000.  They work as full-time homes and are also popular as winter getaways.

Here’s what has sold over the years through the MLS (these are the resales, the first sales when it opened were handled direct by AF Sterling)

2004 – 6 sold  (@ average sold price $592,200)

2005 – 7 sold   ($685,071)

2006 – 5 sold   ($755,200)

2007 – 7 sold   ($755,000)

2008 – 2 sold   ($809,375)

2009 – 3 sold   ($653,333)

2010 – 3 sold   ($648,167)

2011 – 1 sold   ($560,000)

2012 – 2 sold   ($569,500)

2013 – nothing yet

And like Pinnacle Ridge that I wrote about just below this, I think Pla Pajaro  is a no-brainer.

just 2 for sale at the moment, including a new listing today that won’t be around too long. 

5970 N Placita Pajaro Tucson, AZ 85718
(listed by Long Realty)

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what’s happening in Pinnacle Ridge

Not much really. And that may be a blessing. Pinnacle Ridge, which was wildly popular from the minute it opened its doors in 2002, went through a very rough patch during the downturn. The few homes that did sell sold at sharply reduced prices, along with its share of distress sales. For a while there it was pretty grim. And since it had been so popular, I think it was difficult for people to accept that it could slide so far so fast. I listed a house there in August 2004 and had the winning offer that afternoon. And 2004 was just the beginning of the upswing.
see >  getting back to where it needs to be < and  >  scraping bottom in Pinnacle Ridge < and then by last Feb 2012 I noted that things were picking up > then and now in Pinnacle Ridge, aka Paloma Canyon < And it kept picking up. Last summer I called on a new listing to set up a showing and was told they already had 3 very good offers.

And now a year later there’s been nothing for sale for months and months, and of course nothing sold in the last six months either, well, because there’s been nothing for sale. It was just stable and quiet. But a house was listed a few days ago, and here I thought distress sales were over and done with, but, unfortunately, not quite. The new listing is an unexpected and late blooming foreclosure. This place was for sale in 2011 – 2012 starting at $750 and ending at $625, but with no sale. And is now available for 569,900, courtesy of Bmo Harris Bk. The last foreclosure in Pinnacle sold in April 2012.

6103 N Pinnacle Ridge Drive , Tucson, AZ 85718
(listed by Long Realty)

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a special treat

On 6 acres in Cobo Catalina Hills, an authentic Spanish Hacienda – 7,294 sf, $3,150,000.

Feast your eyes,

I had the pleasure of showing it when it was for sale in 2009, asking $3,500,000 – it sold for $3,200,000 – and it is everything, and more, that' it’s cracked up to be. It’s stunning.

901 E Magee Tucson, AZ 85718
(listed by Long Realty)

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good looking house, good looking price

and in contract in 29 days. That’s In Skyline Country Club at 6750 N Mamaronick Drive.

It’s an older adobe that was remodeled and transformed into a modern 21st century home, not for everyone, but if you were looking for something like this, there’s nothing else like it available, and there seldom is. I mentioned it when it was listed > old is new again <

6750 N Mamaronick Drive Tucson, AZ 85718
(listed by Long Realty)