The Catalina Foothills

a sale in the Mountain Estates

and the first since January 2012
6603 N Eagle Ridge Drive, at it since late 2011 when it debuted at $1,899,000 it sold today for $1,375,000, cash.  If you’re interested there’s more on this house and an overview of the market, such as it is, in the Mountain Estates here >   a long dry spell <

6603 N Eagle Ridge Drive Tucson, AZ 85750
(listed by Russ Lyon Sotheby's Int Realty)

the great divide, 2 markets in the Tucson Foothills

From $0 to $999,999 there are 278 single family homes listed for sale

and 164 in contract, which = 59% of the total for sale

and 86 sold in last 30 days, which = 31% of the total for sale
and they sold in an average of 76 DOM   

---

From $1,000,000 & UP there are 86 single family homes listed for sale

and 6 in contract, which = 7% of the total for sale

and 5 sold in the last 30 days, which = 6% of the total for sale
and they sold in an average of 234 DOM 

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summer listings

At the southeast end of the Foothills, 8153 E Anapamu Place was listed today for $995,000, at $178/sf, which appears to be a lot of house for the money, though I’ve yet to see it in person. (listed by Long Realty)

In La Paloma Estates, and sporting an indoor pool, 5711 N Calle De Lucimiento is priced at $1,195,000 ($259/sf) ( listed by The Nordstrom Group, Inc 1720)

5600 N Via Elena, a biggie at 10,318 sf on 6+ acres in Cat 3, at $2,495,000 ($242/sf).
(listed by Long Realty)

And what looks like a beauty in Cat 10, 3805 E Placita De Piacho, on the market today at $1,595,000 and, according to the listing info, a fully renovated all masonry Mediterranean home… (also by Long Realty)

See them HERE

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in the blink of an eye

In La Paloma, 6230 N Via De La Tortola, was listed on 4/16 for $700,000, went to contract 6 hours later, and closed today for $690,000 ($239/sf).

6230 N Via De La Tortola Tucson, AZ 85718
(listed by  Long Realty)

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prices

Listed on 5/25 at $618,000 5230 E Camino Bosque, in Skyline Belair, went to contract on 5/27. And who knows the contract price but it last sold in August 2010 for $569,000. And as far as I can tell all the improvements and remodeling were completed prior to that sale, with nothing of any consequence done since. 

5230 E Camino Bosque Tucson, AZ 85718
(listed by Long Realty)

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to find your Tucson Foothills home

Home Prices Jump 10.9%

From WSJ.com
By Nick Timiraos

Home prices in March rose by 10.9% from a year earlier, the largest such gain in seven years, according to an index tracking home prices in 20 U.S. cities.

The Standard & Poor's Case-Shiller index, released Tuesday, showed that all 20 cities had posted year-over-year growth for the third straight month, the latest sign of how tight inventories and growing housing demand have led to a surge in home prices after several years of declines.

There are already signs that home-price appreciation is set to continue its blistering pace this summer because the inventory of homes for sale has remained low and buyer urgency has picked up, fueled by improving consumer confidence and mortgage rates that have been hovering near record lows.

But some economists and real-estate agents have warned that the current pace of gains isn't sustainable and that some buyers could be priced out of the market, especially once interest rates rise.

Home prices are still down by 28% from their 2006 peak and have returned to levels last seen in late 2003. One year ago, home prices were 35% below the 2006 peak. The Case-Shiller index reached a bottom last March, which means the year-over-year comparisons could begin to show less dramatic growth in the months ahead.

Read all about it >  Home Prices Jump 10.9%, Largest Annual Gain in 7 Years

____________________________________________________________________________

March sale prices also rose (pretty dramatically) in the Tucson Foothills, UP 20% for average prices and 15.6% for median over March 2012.

But that’s just one month, with 87 sales in March 2012 and 74 in 2013. Way too short a time and way too few sales to hang your hat on.

If we expand the timeline to 2 1/2 months, from March 1st  - May 15th, we’re UP 3.5% for  average prices and 10% for median. And that, I think, begins tell the story of where sale prices really are.

Want to see how short time periods and too few sales can distort prices. Here are the most recent sales figures, for May 1 – May 15th, this year and last.

2012 – 23 sales @ $586,181/$$435,000

2013 – 34 sales @ $385,192/$295,000  
So according to this average sale prices are DOWN 34% and median are DOWN 32%. 
Yeah sure.

The difference is that the markets in the Case-Shiller report - SF, LA, Atlanta, Phoenix, etc – have thousands of sales/month, so the price figures are at least more reliable. While in the Foothills we have 80 or 90 sales/month, if we’re lucky.

But if all these markets are seeing big price increases you can be sure that we won’t be left out. Traditionally, the Tucson Foothills market lags the majors, both on the up and downside, by about 4 to 6 months.

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still paying for the boom

In Bellas Catalinas 4399 N Placita de Sandra sold for $1,225,000 in 05 and was listed for $1,085,000 in late 2012 and sold yesterday for $993,000 ($238/sf). Sure, they took a big hit, but that’s the market. And lucky for them they at least priced it in the ballpark and didn’t, like some, price it at what they paid, or more, and spend a year or two hoping to find that one buyer who is clueless about the market.

4399 N Placita de Sandra Tucson, AZ 85718
(listed by Long Realty)

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buying in 2nd home markets

An article on WSJ.com makes a number of good points about 2nd home markets. And quite a few apply to the Tucson Foothills, and some of which I’ve mentioned on the blog.

Some highlights;

Real estate has been busting out of its long slump, but many vacation spots are lagging behind—and that is good news for buyers.

Home prices nationally have risen at their fastest annual rate in seven years, with some communities seeing double-digit price gains as buyers compete for a thin supply of properties. Many vacation-home markets, though, are recovering at a slower pace and the choices for buyers remain plentiful, say real-estate experts.

As the economy recovers, second-home markets are improving, with vacation-home sales up 10% in 2012 after falling 56% between 2006 and 2010, according to the National Association of Realtors, a Washington trade group. But the pace of increase is well below the 17% gain in sales of primary homes last year.

And, Aha;
One reason: Buying a second home is a luxury. “A vacation home is the ultimate discretionary purchase,” says Paul Bishop, vice president of research at the Realtors group.

Nor are vacation properties likely to attract the attention of hedge funds and other investors that have scooped up bargain-priced homes in many markets and turned them into rentals, winnowing inventories and helping push prices higher.

Your price point, too, can make a difference. In Park City, Utah, for example, single-family homes priced under $1 million “are selling in days,” says Dennis Hanlon, an associate broker at Summit Sotheby’s International Realty. But activity is slower for properties priced over $2 million, he says.

For vacation areas, it often is harder to get a clear sense of the value of a home, Mr. Kolko says, in part because a small difference in location can make a big difference in a home’s value. Properties closest to the beach or mountains, and ones that have the best views, typically command the highest prices. In Vail, Colo., “a view straight up the mountain can add $100,000″ to a home’s value, says Kathy Cole, a broker-associate at Coldwell Banker Distinctive Properties.

Find an off-season bargain. The supply and demand for homes is cyclical in many vacation markets, presenting opportunities for patient buyers.

In Martha’s Vineyard, “the best time to make an offer is typically in late October, November and December, especially for houses that have been on the market since the beginning of the year,” says Doug Reece, broker-owner of Re/Max on Island, noting that sellers might be reluctant to cover the costs of carrying the house for another year.

While the season in Martha’s Vineyard is just starting ours is just ending. Buying in the Foothills in summer is like ‘buying snow blowers in July’

Read all about it -  Making a Getaway

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a lowball sale in Cat 10

In 2006 5180 N Camino Sumo sold for $1,100,000. And in 2010 it was listed for, yep, $1,100,000, then $995,000 then $875,000 in 2012, and still no-go, and finally for $950,000 this January. And it sold today for $870,000. A very meager, for Cat 10, $157/sf. After all that.

5180 N Camino Sumo Tucson, AZ 85718
(listed by  Long Realty)

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sales are up

96 single family homes sold in the last 30 days in the Tucson Foothills – the most sales for that period since 2005 when 114 sold.

2006 - 89
2007 - 76
2008 - 76
2009 - 47
2010 - 60
2011 - 66
2012 – 74

The vast majority (84%) of the 96 sales were for homes listed under $600k, 14% went to homes from $601 – $999 and 2% to those listed at $1.0m and up.

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YTD sales

Here’s a look at year-to-date sales of single family homes in the Tucson Foothills for this year vs. last year, from Jan 1 – May 20th 

# sold – avg/med sold price – avg $$/sf – % sale price/list price – days on market

2012
314 – $459,561/$364,000 – $159/sf – 95.4% SP/LP – 137  DOM

2013
337 – $455,198/$385,000 – $161/sf – 96.3% SP/LP – 94 DOM

Ok, we sold a few more and they sold faster, and that’s terrific. And if buyers are quicker to make deals this year it’s because sellers, rather than dragging it out, have finally seen the light and priced their homes more realistically right from the jump. Still, selling prices have barely budged.

Let’s look at sales by price range and see what’s up and what’s not.

$0 – $599,999
2012 – 253 sold
2013 -  271 sold UP

$600,000 – $999,999
2012 – 38 sold
2013 – 49 sold  UP

$1,000,000 & up
2012 – 23 sold
2013 – 17 sold  NOT

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in contract last week

From Monday May 13th through Sunday May 19th 22 single family homes went to contract in the Tucson Foothills.

17 were priced $163,400 to $499,000
  4 from $650,000 to $939,000
and 1 at $1,075,000 (the foreclosure in PC that never saw the light of day)

Further evidence that the upper-end is winding down for the season,

the previous week’s numbers are HERE

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a steal

In La Puerta, 3451 E Calle Puerta De Acero sold today for $850,000 ($185/sf) from a $1,145,000 list price reduced from $1,250,000 – after about 5 months. A double-whopper of a deal, more like a gift, really. And I admit, for me, it’s so low that I really don’t get it.
It makes no sense that it didn’t sell for $1,100,000 or more. But I don’t know the how’s and why’s of how it went down.

3451 E Calle Puerta De Acero Tucson, AZ 85718
(listed by Homesmart Advantage Group 5169)

It sold for $1,350,000 in 2006 and that buyer dumped a bunch of money into it and tried selling it for $2,195,000 to $1,695,000 then to $1,295,000 and finally, after three years, sold it for $1,100,000 in 2011. Which, at the time, I thought - somebody got a very good deal.
On the other hand La Puerta, which did not fare very well in the downturn, has also not seen much any upside in the recovery.

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in contract

5441 E Gleneagles Drive, on the market since Jan 2010 when it started out at $1,495,000
- 3+ years , 3 Realtors and many price cuts ago - went to contract today listed at $995,000.

5441 E Gleneagles Drive , Tucson, AZ 85718
(listed by Long Realty)

And in place of spec homes – where so many builders got so badly burned – we’re seeing more of the “to be built” home. It’s not a custom home and it’s not a spec, it’s a hybrid.
They’re listed with the lot all picked out and plans drawn up and ready to go, once a buyer comes along and plunks down some cash.  And within limits the buyer can choose finishes and probably make some minor changes. And the builder of 7316 N Camino Sin Vacas recently found that buyer and is in contract today, after less than 4 months. It’s advertised as $725,000 for 2706 sf, 3 Beds, 2.5 Baths, 1 story, 3 car, pool, on 1 acre in Sin Vacas.
A better way to go for everyone, I think, if you have the time and trust the builder.

 7316 N Camino Sin Vacas Tucson, AZ 8571l8
(listed by Long Realty)

Also in Sin Vacas 7541 N Calle Sin Desengano is in contract after 3+ months listed at $699,000 – last sold in 2002 for $600,000.
7541 N Calle Sin Desengano , Tucson, AZ 85718
(listed by long Realty)

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HELLO ZILLOW

I’ve tried umpteen times to enter my areas of specialization > Tucson Foothills Tucson, AZ  & Catalina Foothills Tucson, AZ & 85718 / 85750 <  in my Zillow profile, but each time I enter them they do not show up in my profile.

I’ve also emailed Zillow help 3 times about this issue over the last month or so and still have not gotten any help. But each time I have received an automated reply -

Dear John Schneider,
Thank you for submitting your inquiry. Case #009 etc etc..

but no Help. HELP!

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months of inventory

I just updated the Market Snapshot data and see that the average MOI for the foothills is a very lean 4.4 months. But it is a very lopsided average. Because homes listed up to $599k are down to a squeaky tight 2.7 month supply, while everything above that is at a very flabby 10 months or more. (6 months inventory is considered a normal, balanced market – much less and it’s a sellers market, much more and it’s a buyers market, in theory)

See for yourself > Market Snapshot

And as we head into the triple digits that situation is not likely to improve.

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no let up in Pinnacle Ridge

4300 E Pinnacle Ridge Place, listed at $789,000, is in contract after 30 days – lightning fast by foothills standards but a bit of a laggard for Pinnacle Ridge. Two other homes are in contract after 1 and 2 days – and two sold recently – in 11 and 21 days – and one remains for sale, 9 days and counting.

 the quickest contracts in the foothills

4300 E Pinnacle Ridge Place  Tucson, AZ 85718
(listed by Long Realty)

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this is special

A 2002 mud adobe with guest house built by Jim Gray, listed today.

Timeless southwestern architecture, authentic materials, all beautifully finished with modern amenities and conveniences. These are exceptionally rare in the foothills. $1,195,000

6760 N Montezuma Drive Tucson, AZ 85718
(listed by Long Realty)

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appraisals in sync with selling prices

Imagine that,

From CNNMoney.com
Home appraisals no longer derailing sales

Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through.

During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home's selling price.

For example, if a home cost $500,000 and required a 20% down payment of $100,000, the buyer would need to finance $400,000. But if the appraiser valued the home at $450,000, the buyer would only be eligible for a $360,000 loan -- making the home too costly for some buyers.

But now, as home prices climb and housing inventories shrink, appraisers are valuing homes at or above their selling prices, according to Lawrence Yun, chief economist for the National Association of Realtors.

Read all about it > Home appraisals no longer derailing sales

The era of bad appraisals ended some time ago here in the Tucson Foothills. But I knew then, and I admit now, that the blame for those flawed appraisals was not all the fault of  the appraisers themselves. No. It’s obvious that the lenders were overcompensating for their profligate ways during the boom and holding the appraisers feet to the fire to turn in ultra conservative appraisals. Or else. And appraisal management companies were also foisted on us during that time. And their only interest was to squeeze every penny of profit out of every appraisal – and since their profit was in the spread between what the lenders paid them and what they paid the appraisers - they just hired the cheapest appraisers they could dig up - with no regard to their competence or whether they had any experience in the areas where they were to conduct appraisals. But they got so much bad press that eventually they couldn’t ignore it and had to start hiring appraisers that could actually do the job.

A few of my past rants on appraisals;
the problem with appraisals,   another deal killed by another half-assed appraisal ,  Fighting Back Against Lowball Home Appraisals

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if you’re shopping prices in the Canyons,

and who isn’t, 7431 N Secret Canyon Drive returned to the market yesterday at $3,500,000, $450k less than when it left last month. And at $3.5 it’s $363/sf, by far the least costly/sf of the four for sale in the Canyons and, at least, closer to the sale prices of the four homes that have sold in the last three+ years. It started out in 08 at $6,450,000 ($670/sf).

7431 N Secret Canyon Drive Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty 472203)

Since Jan 1, 2010 there’ve been just four sales, and all at steeply reduced prices, like 40% to 60% off original list
Sold;
$1,400,000 ($252/sf) – started at $3,250,000 ($585/sf)
$1,850,000 ($267/sf) – started at $5,000,000 ($722/sf)
$2,150,000 ($345/sf) – started at $3,800,000 ($610/sf)
$2,050,000 ($283/sf) – started at $4,500,000 ($622/sf)

And 7431 is a big house - bigger by 2000sf or more than any of those sold – it’s listed as 9,630sf, while the tax assessor shows it at 10,040sf

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when the price is right

3600 E Windy Point Drive sold in 2004 for $1,100,000 and was listed in March 2010 for $1,390,000. And, as you might guess, it didn’t sell and over time was reduced and reduced again, finally to $939,000 last month, and that did it, today it’s in contract. 

3600 E Windy Point Drive , Tucson, AZ 85718
(listed by Long Realty)

*disclosure – I was the listing agent when it sold in 04. I did listings then, I don’t now.

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in contract last week

From Monday May 6th through Sunday May 12th 32 single family homes went to contract in the Tucson Foothills.

27 were priced from $199,500 to $599,900
3 were crowded in at $685,000, $699,000 & $699,900
1 at $1,495,000 and the big kahuna at $3,950,000

Not an all together bad week for contracts – a great one for homes priced to $599k – but not terribly encouraging for everyone else. There was another contract at $1,095,000 but it fell thru, so it doesn’t count.

Aside from the action at the lower end it sure looks to me like the market is winding down for homes priced beyond $700 or so. Look back at the contracts for the last few weeks and you’ll see what I mean. But that’s how it goes, like most places we have a season and our season is coming to an end. But that said, buyers will still come out of the shadows for really well priced homes.

the previous week’s numbers are HERE and from there you can keep thumbing back thru the previous weeks.

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I’m on pins and needles

as I’m sure you are too. Yesterday was May 14th, the deadline for bids on Campbell Cliffs.
Yet the listing still shows as ACTIVE in the Tucson MLS, and still listed at $9,900,000.

And the Campbell Cliffs/Sheldon Good web site offers nothing in the way of an update on the outcome of the bidding. If you have any juicy leads on this, please share it.

7474 N Catalina Ridge Drive Tucson, AZ 85718
(listed by Long Realty)

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nothing juicy to report

please check back later today,

But I do have a download link for the new mobile app on my web site > www.thefoothillsToday.com < the link is in the left side column, or here> go Mobile 

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never saw the light of day

A long awaited foreclosure in Pima Canyon showed up today as under contract just 1 minute after it showed up as a new listing. A done deal before it hit the market. And given that it sold for $2,900,000 in 06 – albeit, an astonishingly overpriced sale -  and was listed today for $1,075,000, I can’t help wondering if the lender, Capital One according to the tax records, got the highest and best price for this property.

Usually in a case like this, where the house is listed at a bargain price, the lender will stipulate that offers won’t be reviewed until day 7 of the listing. They do that to stimulate a little bidding war and make sure they do get the highest and best price. So I have to assume that Capital One was more interested in getting it over with quickly than in pursuing the bidding war thing. But I wonder why. I’m also not happy about it because I have clients that would have very likely been interested in making an offer. Sorry guys. harrumph!

Oh, the house, it’s 1643 E Sahuaro Blossom Place, and I’ve mentioned it often, HERE HERE HERE. How could I not. It has the dubious honor of being the highest $$$/sf sale in the foothills. (there are a couple that are higher but they were large multi-acre land sales with a shack). and the 3rd highest sale price in PC.

1643 E Sahuaro Blossom Place Tucson, AZ 85718
(listed by Catalina Realty 2100) 

and just for fun here’s the listing from 06 when it sold  for list price - $2.9 big ones

notice too that as it aged it shrunk, or is it shrank, hey it happens. In 06 it was listed as 4,650 sf and 4,305 today.

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time is money

and in a falling market it can add up. 7273 N Cathedral Rock Road started out in Feb 2009 at $1,495,000 and over time worked its way down to $885,000, just last month, and today it’s in contract.

7273 N Cathedral Rock Road , Tucson, AZ 85718
(listed by Long Realty)

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a long dry spell

At the Mountain Estates at Ventana Canyon, 6603 N Eagle Ridge Drive, now at $1,495,000 ($301/sf), is in contract after 243 days. And a welcome contract it is.

There are four other homes for sale, all higher priced, from $1,895,000 to $2,675,000. Yet the last sale up there was in January 2012 when 6725 N Hole In The Wall Way went for $1,700,000 ($439/sf) - exactly what it sold for in January 2008. But everyone has different priorities and, to some, paying (early) 2008 prices in 2012 may be nothing more than a mere trifle.

And back in the day it was commonplace for homes to sell in the high $300’s and well into the $400’s/sf, and a few in the $500’s, in the Mountain estates. But not so much today. The four for sale are all listed under, and two are well under, $400/sf – and the clock’s still ticking.

But back to the Eagle Ridge house in contract - if it sells even at list price, $301/sf, it will be the lowest $/sf sale up there going back to August 2002.

6603 N Eagle Ridge Drive Tucson, AZ 85750
(listed by Russ Lyon Sotheby's Int Realty 472203)

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another way to gauge the market

dollar volume - the total dollar value of all the homes being measured.
In this case the homes sold – so the sum of the sold prices - between Jan 1 - April 30 for the years 2005 – 2013.

In that period in 2005 376 homes sold for a total dollar volume of $215,252,293. Big Bucks.
During  the same period in 2006 the number of homes sold dropped by 80 to 296 yet the dollar volume increased to $219,546,890. Why, because despite the drop off in sales, prices continued to rise and most of the drop off was at the lower end of the market while the upper end sold better than ever. (2005 - 31 sales @ $1.0+ / 2006 59 sales at $1.0+ YIKES, in 4 months!)

So the peak in 06 and the trough in 09 and since then we’re in recovery mode with increasing sales and volume. But all is not equal. Because while we’re within a hair of the # of homes sold in 2006 – 296 then/ 288 now – we’re still miles apart (-39%) in sales volume – $219,546,890 then/ $133,945,903 now. Because prices for all homes are way down and more low end homes are selling while high end homes are not selling anywhere near the numbers, or prices, they were back then.  (17 sales @ $1.0+ this year / 18 last year / 59 in 06)

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go Mobile

Long Realty just introduced a new mobile app that makes it a snap to search for homes.

You can easily enter a custom search, or just see all the homes in your immediate vicinity – wherever in AZ that may be – search open houses and see homes that are recently under contract and sold.  And more. And it’s fun and easy to use.

And unlike Zillow and Realtor.com and the like, this app is custom made for us in Arizona, so it has all the listings and all them are up to date - updated every 15 minutes from the Tucson MLS.

Here’s a link to a short video that gives an overview of how the apps works.

  

Give it a try, here’s a link to download it > http://www.thefoothillstoday.com/pages/my-mobile-app <  I should have a permanent link to the app on the home page of my web site next week.

And please, I’d love to hear what you think of it.

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status quo

Plenty of action at the lower end of the market, barely a showing at the middle and other than the Canyon Ranch deal nothing at the top.

25 contracts since Monday,  that’s a lot, but 22 from $199,500 to $599,900, then one at $685,000 and one at $699,900  + Canyon Ranch. 

20 days with just 1 contract at $1million & up - 80 for sale – and with Memorial Day right around the corner you’d think we’d see some hefty price cuts, but no, nothing yet.

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just 5 days to get your bid in

7474 N Catalina Ridge Drive, aka Campbell Cliffs, is heading into the final days before the sealed bid auction to be held by Sheldon Good & Co. Minimum bid $8.4 million.

With all the global PR that’s gone into this auction I’m dying to know how it shakes out. Aside from what CC brings at auction, it would interesting to know how many bidders there are and where they came from. And of course, how much they bid, but we’ll never know that.
Just knowing how many bidders and where they came from would tell us something about the drawing power of super-luxe properties in the Tucson Foothills. And hopefully it would be something we’d like to hear.

Sheldon Good has taken control of the Campbell Cliffs web site where you can now register to participate.

Or, better yet, have me write it up and submit your offer today. And lock it up before the auction, and avoid the crowds, the nail biting, and the uncertainty of competitive bidding.

7474 N Catalina Ridge Drive Tucson, AZ 85718
(listed by Long Realty)

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such a deal

Listed at $550,000, a real bargain in my opinion, 6309 N Camino Miraval is in contract today, its 12th day on the market. And I’m very surprised it took that long. I didn’t write about it when it was listed because I was quietly trying to find a buyer for it myself. But I didn’t. 

It sold in 2006 for $807,000, but back then it had a different address, it was known as 2149 E Camino La Zorrela. And when it was listed and showed up as 6309 N Cmo Miraval, 
I recognized the house but the address didn’t make sense. But after a little digging there it was, the same house, same lot, but with a different address. And the listing agent didn’t know why or when it was changed and I didn’t bother digging any further.  Any ideas.

In any case someone got a very nice and nicely updated burnt adobe territorial at a very good price.

6309 N Camino Miraval Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage 70202)

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are we there yet

4388 N Sabino Mountain Drive sold for $842,000 in 01 and for $920,000 in 05.

Then, unfortunately, that very same house was listed in 09 for $1,395,000, then $1,295,000 and, needless to say, it expired unsold. But it came back on in 2012 for $870,000 and can now be yours for $749,900 ($158/sf).

4388 N Sabino Mountain Drive , Tucson, AZ 85750
(listed by Tucson Arizona Real Estate 34)

Ridge top homes of this size and in this price range and higher on Sabino Mountain have sold in the range of $216 to $308/sf this year.

back to square one

4705 N Via De La Granja went to contract last month and that deal has now fallen thru and it’s back on the market today. 

Also interesting, it was $1,795,000 when it went to contract after just 72 days and came back on today at $1,650,000 ($268/sf) – a bit closer to what it sold for in 2010 – noted here
> cha-ching < when it went to contract. 

4705 N Via De La Granja Tucson, AZ 85718
(listed by Realty Executives Tucson Elite 498301)

in contract last week

From Monday April 29th thru Sunday May 5th 24 homes single family homes went to contract in the Tucson Foothills

22 were priced from $156,750 to $549,000
then 1 at $746,500 & 1 at $925,000
and that’s it!

The $746,500 contract is in Pinnacle Ridge and the $925 is Pima Canyon – both of which continue to outperform the overall market. 

the previous week’s numbers, which are quite similar, are HERE

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it never fails

yesterday I wrote, … No contracts at $1,000,000+ in two weeks … blah blah blah

And of course today, not only is there a contract at $1,000,000+, it may be the biggest contract in years.

8375 E Canyon Side Road, in Canyon Ranch, listed at $3,950,000 ($618/sf) is reported in contract today.

It started out in 09 at $6,900,000 and after a few years and a few big cuts got down to $3,950,000 this January, and that did it. So after 4 years it goes to contract today.
Too funny.

8375 E Canyon Side Road Tucson, AZ 85750
(listed by Long Realty)

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anything yet

No, nothing. No contracts at $1,000,000+ in two weeks - 79 for sale - and the temperature’s rising.

As noted a few weeks ago the high-end market has barely budged since last year. And looking at it today it still hasn’t budged.

Sales from Jan 1 to April 30 @ $1.0+ 
(avg/med sold $ – avg sold $/sf – avg days on market)

2012 – 18 sold – $1,311,944/$1,247,500 – $277/sf – 168 DOM

2013 – 17 sold – $1,346,118/$1,275,000 – $277/sf – 223 DOM

Plus there are 9 in contract listed at $1.0+. And if they all close, and they all close in May, we’ll be at 26 sales thru May. Last year there were 25 sales thru May.

But the truth is, as mentioned in the April home sales report, that sales for the entire market have barely budged since last year.

Thru April 30th-  sales at $0 – $599,999 were 225 last year / 226 this year - talk about barely budging. But the difference is that $0 - $599 was selling like hotcakes last year and is selling like hotcakes this year, a sellers market, with a small supply of homes and a very big demand.

While the $1.0+ market, with a large supply and very iffy demand, was struggling to show signs of life last year, and the hope was that it would grow and increase this year. But so far that hasn’t happened. The biggest jump has been sales at $600,000 to $999,999 – 35 last year / 43 this year.

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the quickest contracts in the foothills

are in Pinnacle Ridge. 6194 N Pinnacle Ridge Drive was listed for $746,500 on Thursday and is in contract today. This follows 6302 N Pinnacle Ridge Drive, listed for $645,000 on 4/19 and snugly in contract on 4/20. (both listed by Long Realty)

There were also 2 sales last month, a foreclosure listed for $554,900 that went for $610,174 in 11 days – including the 7 day waiting period imposed by the lender before offers were considered.  And another sale that dawdled for 21 days and sold for $555,000.

And the one I blabbed about when it was listed > any bets on how long this lasts < is still for sale (16 days and counting) while the two listed since then, 6194 & 6302, are both in contract. But this one’s pricier, so there you have it. 

4300 E Pinnacle Ridge Place  Tucson, AZ 85718  (also by Long Realty) now at $789,000.

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April home sales (jump) in the Tucson Foothills

With 90 single family homes sold, there were more sales this April than any April going back to 2005, when 96 sold. It’s also the most sales for any month since 2006.

When I reported March sales I commented; Last month at this time there were 128 homes in contract, this month there are 163 in contract, … So it’s looking like April may have a shot at topping the charts.

And that it did. And right now there are159 in contract, so May is also looking like a contender.

On the other hand sold prices moved in the other direction, driven (down) by a jump in lower end sales – with no increase to speak of in higher end sales. But April sold prices were a tad higher than those in Jan/Feb and within a few bucks of where they were last April. So, eh.

It’s fun to watch the monthly numbers, but they jump up and down constantly and any one month is too short and with too few transactions to really get a handle on where the market is headed – 3 or more months is far more telling.

From Jan 1 to April 30;

2012 – 278 sales @ $454,844/$359,375

2013 – 288 sales @ $464,482/$385,000

So now we know that sold prices are up somewhat from this time last year, 2% average/7% median. That’s good and way better than being down 2 and 7%.  But even with the big jump in April sales, and all the brouhaha about homes selling, single family home sales in the Tucson Foothills are up by just a nose from this time last year.

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a new low

I just updated the figures for the Market Snapshot report (link under banner photo) and see that the  $0 – $599,999 price range is down to a new low of 2.9 months of inventory. And that, of course, has dragged down the MOI for the overall Foothills market to 4.2. Also a new low.

The drop in MOI for the lower end is the result of a healthy jump in sales – to 72 sales in the last 30 days -  from where they had been, in the low to upper 50’s, since the beginning of the year.

But the other, higher, price ranges have not had a similar jump in sales and MOI remains virtually the same as it’s been, ranging from kinda high to sky high.

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enough already with Pima Canyon

I know I know, but what can I say, I just report what’s happening, I don’t get pick where it happens.

7593 N Mystic Canyon Drive went to contract today after 75 days listed at $925,000. 
And for fear of overdoing it I didn’t even mention that 2232 E Quiet Canyon Drive, also in PC, went to contract this past Sunday listed at $850,000. They are also notable because they are the 1st and 3rd highest contracts in 10 days – in a higher-end market that appears to be winding down. The 2nd highest, in Ventana, got equal time when I mentioned it the other day. 

7593 N Mystic Canyon Drive Tucson, AZ 85718
(listed by Long Realty)

2232 E Quiet Canyon Drive Tucson, AZ 85718
(listed by Tierra Antigua Realty)

This leaves just 4 for sale in PC - 4 in contract and 9 sold since Jan 1 – with barely a 2 month supply of homes. From the bottom of the barrel to the top of the heap.

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I imagine the buyer’s happy anyway

In Pima Canyon, 7502 N Whisper Canyon Place sold for $690,000 in 2002 and for $690,000 today – and that’s after 276 days of giving it the old college try. Overall, selling prices today are closer to where they were in 2004, but there’s no hard and fast rule on that either.

7502 N Whisper Canyon Place Tucson, AZ 85718
(listed by Long Realty)

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