The Catalina Foothills

Happy New Year

2013 was a reasonably good year for real estate in the Tucson Foothills. Sales increased more than 6% over 2012, though all of that increase was due to sales under $1.0mil. And much of the increase happened during January thru July and increasingly lost steam during the remainder of the year. (the 6% figure will likely increase a tad as sales that closed yesterday and today are reported after the 1st)

And for the first time since 2006 median sold prices increased over the previous year, they’re up 6.3%, while average prices notched a teeny 0.95% increase. But, again, for the first time since 06 they’re up rather than down.

As noted in the post just below many cities across the USA are now seeing prices that are near, at, or even above where they were at their peaks. And given the strong and continuous increase in sales over the past few years 2014 may be the year that we finally see some meaningful price recovery in the Tucson Foothills. Let’s hope so.

Our big selling season kicks off in January so we’ll soon find out.

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Home Prices Back at Peaks in Some Areas

From WSJ.com
By NICK TIMIRAOS

Home prices have zipped back into record territory in a handful of American cities, a milestone that comes seven years after the housing bust ravaged the market and the broader economy.

Values are up more than 13% from their 2007 high in Oklahoma City and by more than 6% in the Denver metro area. Prices are back to all-time highs in 10 of the nation's 50 largest metropolitan areas, according to a Wall Street Journal analysis of price data from Zillow, an online real-estate information service. Prices are within 5% of their previous peak in San Jose, Calif.; Nashville, Tenn.; and Dallas.

Prices nationally remain below the highs of the past decade, and many of the cities that have seen the biggest gains largely escaped a boom and bust.

Home prices in some parts of the country that did experience a bust have benefited from low supplies of homes for sale and historically low interest rates that have boosted prices—and sparked concerns that prices could again be overvalued.

The figures aren't adjusted for inflation, but experts say they underscore the uneven nature of the U.S. housing recovery.

"The main story in a lot of these places is that they didn't have much of a housing recession. It's much easier to be back at peak levels when you didn't have a big boom and bust," said Stan Humphries, chief economist at Zillow.

Read all about it -  Home Prices Back at Peaks in Some Areas
_____________________________________________________________

Well here in the Tucson foothills (which of course is not mentioned in the article) we had almost all of it. We had the boom, and we had the bust, but we’ve yet to have the price recovery that is the highlight of this article.

From 2003 to the peak in 2006 average sale prices rose 67% – and from the peak thru today, 2013, prices are still and stubbornly down 32%. Even with big increases in sales. So maybe next year.

And we’re not alone. If you pull up the chart in the article it shows the overall Tucson metro market is also still down 33.4% from its peak. And Phoenix, that in the last couple of years got so much attention for its price recovery, is off 34.2% from its peak.

Have a Happy New Year!

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nothing for sale in La Puerta, finally

Back in February when there were 4 homes for sale I wrote take your pick in La Puerta. Since then three have sold and now 3545 E Calle Puerta De Acero, listed at $1,650,000 ($267/sf) and on the market since March 2012, is in contract. That’s the good news.

The less good news is the sellers paid $2,100,000 for it in 2004 and tried, and failed, to sell it in 05 and 06 for $2,495,000. And now 7 years later they’re getting something around $1.6 – minus another $100 thou or so in commissions and closing costs.

3545 E Calle Puerta De Acero Tucson, AZ 85718
(Listed by Long Realty)  the link will expire on 1/29/14

Back in May I wrote about another sale in La Puerta where the buyers made out like bandits but the sellers did not – a steal.

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spreading the Holiday Cheer in La Paloma

5670 N Calle Mayapan Tucson, AZ 85718, in La Paloma Estates, was listed 286 days ago and went to contract on 12/24. (Listed by Lynn Kline Realty, Inc.)

And 4021 E Camino Montecillo Tucson, AZ 85718, in La Paloma Ridge Estates, asking $995,000, inked a deal on 12/23 after just 14 days.  (Listed by Tierra Antigua Realty)
(links will expire on 1/25/14)

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in contract last week, 12/16 –12/22

From Monday December 16th through Sunday December 22nd  8 single family homes went to contract in the Tucson Foothills. (the link will expire on 1/25/14)

6 were priced from $239,900 to $459,000
+ 1 each at $649,000 and $730,000
and that’s it!

but what can you expect from the week before Christmas or, for that matter, from now until after the 1st when the new season kicks off.
For the latest on what is and is not selling click the Market Snapshot tab at the top of the page. Hint – up to a $million is doing quite well, over a $million is not. And come January and Feb we’re sure to see more high-end listings, putting yet more pressure on that market.

The numbers for the previous week are HERE

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another quick sale in the Villages of Ventana

5141 N Via La Doncella was listed for $356,500 ($143/sf) and went to contract in 4 days and closed yesterday for $349,000.

That makes 6 homes sold in the Villages this year, and talk about quick, they sold in an average of 16 days on the market.

Looking at homes that sold in that same price range throughout the foothills, they sold in an average of 87 days.

5141 N Via La Doncella Tucson, AZ 85750
(Listed by Tierra Antigua Realty)

I recently talked about the Villages HERE

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just in time for Christmas

Two good sales in Pima Canyon today;

7582 N Mystic Canyon Drive was listed in June for $1,395,000 and closed today for $1,195,000 ($277/sf).

2335 E Long Shadow Place was listed in May for $1,695,000 and closed today for $1,390,000 ($293/sf). It last sold in 06 for $2.2 when it was brand new. Ouch!

That makes 17 sales in PC this year, now with11 of them at $1,000,000+, which puts PC way ahead of the pack in the competition for upper-end home sales. See then and now for the blow by blow.

See them HERE
(both listed by Long Realty)

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in contract last week, 12/9 – 12/15

From Monday December 9th through Sunday December 15th 15 single family homes went to contract in the Tucson Foothills. (the link will expire on 1/19/14)

13 were priced from $249,000 to $539,000
1 at $850,000
and 1 lucky home owner listed at $1,299,000

not everyone is HO-HO-HOing!

The numbers for the previous week are HERE

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to find your Tucson Foothills home

then and now

Last year on December 17th I posted  where in the Tucson Foothills are homes selling for $1,000,000 + , by which time 48 homes had sold for $1,000,000+.

And here it is December 17th again and so it seemed appropriate to see where homes are selling for $1,000,000+ this year. But this year there’ve been just 31 sales – so this’ll be quick. Yes, $1,000,000+ sales are d-o-w-n, while $1,000,000+ inventory is up - 99 remain for sale.

Here’s where they sold;

Alta Vista – 2

Canyon Ranch – 1

Catalina Foothills Estates – 2

Cobblestone – 3

Finisterra – 4

Hacienda del Sol Estates – 2

La Paloma Estates – 1

La Puerta – 1

Las Vistas Encantada – 1

Montanas De Paz – 1

Pima Canyon – 9

Sabino Mountain – 1

Unsubdivided area – 2

Ventana Canyon Mountain Estates – 1

That’s it, 31 sales at $1,000,000+.

Fun facts;
- selling required patience as the average days on market was 259 days

- the biggest sale was $3,411,450 in Canyon Ranch, with 2nd place going to Pima Canyon at $2,500,000. The average/median sold for all 31 was $1,387,547/$1,200,000

- the highest $/sf price was $533/sf for the Canyon Ranch sale, and 2nd was the Pima Canyon sale at $468/sf. The average $$/sf sold was $282/sf.

- 2 were foreclosure sales

- the oldest was built in 1954, the newest in 2013. 10 were built between 1954 and 1998 with the remaining 21 built since 2000.

- the biggest house was 11,336 and the smallest 3618sf.

- 28 are 1 story homes

- 26 are in gated communities

- all 31 have a pool

- 11 were some form of masonry or adobe construction, 16 were frame stucco and 4 were a combination of materials.

- 13 were in Catalina Foothills School District, 13 in Amphitheater and 5 in Tucson Unified School District.

- and one not so fun fact, YTD, 31 is the lowest number of yearly sales since 2003.

What did I miss,

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this is a first

2013 is the first year since 2006 that median sold prices have risen over the previous year.

They peaked in 06 at $550,000 and have dropped ever since, until this year. They’re now at $395,000, last year they were $375,000.

It’s not much, just 5.3%, but it’s better than the alternative.

Conversely, sales have risen every year since 2009. So far this year 842 single family homes sold  – up 8.4% from 2012.

If that keeps up, one of these days prices may actually start to catch up to sales.

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to find your Catalina Foothills home

in contract last week, 12/2 – 12/8

From Monday December 2nd through Sunday December 8th 10 single family homes went to contract in the Tucson Foothills. (the link will expire on 1/13/14)

7 were priced from $149,900 to $579,500
3 from $695,000 to $799,000
and that’s it!

Needless to say, holidays are not for house buying,

The numbers for the previous week are HERE

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to find your Catalina Foothills home

a bidding war on Miraval Quinto?

It sure looks like it.

2077 E Miraval Quinto was listed 3 days ago at $500,000 and is reported in contract today with the price bumped to $520,000. It’s a classic burnt adobe territorial, built 1976, more or less retaining its vintage look and finishes – so no updating to speak of.

And M. Quinto is a classic old foothills street with the house at the end of the cul-de-sac, north/south orientation, Catalina mountain views, quiet, private, convenient. All in all a very good house, with potential for updating, in a great neighborhood that can easily handle the investment.

2077 E Miraval Quinto Tucson, AZ 85718
(listed by Long Realty)

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a time capsule

A mid-century modern in Skyline Bel Air, and (as far as I can tell) it looks like a one owner home to boot.

Built 1968, 2356 sf, 4 beds/2 baths, 2 car, 0.7 acres – $320,000 ($136/sf)

Beauteous! and seldom seen in the foothills,

6151 N Camino Almonte Tucson, AZ 85718
(listed by Long Realty)

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some quick sales

4291 N Camino de Carrillo in Fairfield, listed at $625,000, sold in 10 days for $625,000. Previously mentioned here > speaking of remodels < )listed by Long Realty)

2216 E Cerrada Bala in Catalina Foothills Est 8, also  remodel and mentioned here > a rare find in the old foothills < also sold in 10 days for $745,000 from a $759,000 list. (listed by Long Realty)

And in Catalina Foothills Estates NO. 7 1590 E Entrada Sexta took a bit longer, 49 days, and went for $650,000 from a $699,000 list, mentioned here > some real estate news < (listed by Tierra Antigua Realty)

6164 E Hawks Nest Place, which backs up to River Rd, sold for $603,000 from a $625,000 list in a surprisingly quick - given its proximity to River Rd.- 16 days. (listed by Long Realty) and previously mentioned here > nice house, good price <.

And the only 2 story amongst them, 6266 N Desert Moon Loop in Ventana Canyon Estates, sold for $925,000 from a $949,000 list in a relatively quick 60 days – 2 stories usually take longer to find a buyer willing to trudge up and down. (listed by Long Realty). And never mentioned here. 

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it’s that time of year

No I haven’t taken off for the north pole or for the Bahamas, darn it, it’s just that at this time of year the market is slow. VERY SLOW!

So relax, enjoy it and listen to Dino,

 

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just listed

In Cat 10, 4421 N Camino Sumo sold in July 2010 for $640,000 when it was 3280 sf and is back today at $889,000 (199/sf), now at 4,459 sf. The listing mentions an 1179 sf addition.

4421 N Camino Sumo Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage) - link will expire on 1/8/14

And 6290 E Placita El Vuelo is taking another swing at it. It left the market in April at $1,037,000, after trying for and not getting $964,900 and $955,000, and is back today at $1,087,000. Interesting pricing, I’ll say that.

 6290 E Placita El Vuelo Tucson, AZ 85750
(listed by Long Realty) – link will expire on 1/8/14

In Cimarron, 5563 N Via Girasol is also back today for $10k less and with a new listing agent - was $585 is now $575K, eh. But the pictures look a whole lot better than before and that itself might just do it. It should at least bring in buyers to have a look, which is what it’s all about, then the house sells itself, or doesn’t.

5563 N Via Girasol , Tucson, AZ 85750
(listed by Long Realty) - link will expire on 1/8/14

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raising the bar in the Canyons

7248 N Cloud Canyon Place joined the fray today debuting at $2,950,000 ($414/sf).
Built 1997, 7132 sf, 5 beds/5.5 baths, 1 story, gorgeous!

See for yourself,

And though buyers have not exactly been knocking down the doors in the Canyons lately, if nothing else, this may get their attention.

7248 N Cloud Canyon Place Tucson, AZ 85718
(Russ Lyon Sotheby's Int Realty) – link will expire on 1/8/14

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make that 3 for 3 in La P

The other day when 2 homes in La Paloma went to contract on their 1st day I posted
La Paloma is 2 for 2 And now, 4 days later, another home in La P that was also listed on 12/2 is also, already, in contract. Listed at $799,000 ($260/sf)

3281 E Via Palomita , Tucson, AZ 85718
(listed by Long Realty)

And from the looks of it it’s no surprise,

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better, and bigger, than ever

4840 E Salida Del Sol Place - previously listed as a foreclosure that sold this past August for 474,500 off a $449,900 list price, after just 6 days, despite the following caveat - No kitchen cabinets or countertops, no financing available, utilities cannot be turned on… Sellers have invested hundreds of thousands to give you a home you can fall in love with today - is back on the market today for $999,999 after having undergone, according to the listing, a stunning remodel.

Well, it was missing a kitchen, 

 

and they’ve remedied that,

But I’m not sure what else has been done. Here’s the listing when it sold for $474,500

And here’s today’s listing > 4840 E Salida Del Sol Place Tucson, AZ 85718 (listed by Realty Executives Tucson Elite 4983).

Oh, and it’s also 675 ft larger today than it was in August.

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in contract last week, 11/25 –12/1

From Monday November 25th through Sunday December 1st 15 single family homes went to contract in the Tucson Foothills.

they were priced from $189,000 to $600,000
and that’s it.

The numbers for the previous week are HERE

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to find your Catalina Foothills home

 

November home sales drop again

Home sales in the Catalina Foothills were humming along very nicely and then August came along and they suddenly fell off the cliff. And August was followed by equally disappointing sales in September and October. And now the November numbers are in and they’re even lower – lower than every month since January 2012. What gives.

And sold prices for November are also down from October, but prices jump around from month to month and November prices are up from their lows in August and September and also within range of earlier months. So, no worries there, not yet anyway. But if sales continue to at this feeble pace then prices will should eventually follow. 

 

 

Here’s a link to the 45 homes sold in November

Let’s see where this puts us for January thru November, this year vs. 2012.

2012 – 757 sold @ $459,960/ $375,000  (avg/median sold $$)

2013 – 817 sold @ $461,646/$394,000

So, YTD, sales are up just under 8%, while the avg sold price has, again, barely budged (up 0.36%) and the median is now up just 5% from 2012 – dropping from +6.3% in October.
So yes, we’re still up from last year, but month by month we’re losing ground. Through July sales and  median prices were up 14% and 6.9% respectively.

The October  numbers are HERE

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foreclosures sell

5870 N Piedra Seca sold for $1,200,000 in 06 and $800,000 today.

After the 06 sale it was listed in 2012 for the rather modest price of $700,000 as a short sale, but failed to sell. Then in early 2013 it was listed for $850,000, again as short sale, and while it went to contract a couple of times it also fell out a couple of times. Due, I’m guessing, to mr lender’s failure to respond. So it expired in September and was re-listed in October, this time for $789,900 as a foreclosure and, BAM!, after a little bidding war, it was in contract in just 12 days and closed today for $800,000.  

So that’s finally over and done with, and someone got a good deal too.

5870 N Piedra Seca Tucson, AZ 85718
(listed by Long Realty)

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hey, what about sales up to $999,999, how are they doing

The other day in a post titled we’re running out of time I reported on the rather dreary state of  upper-end home sales. So for equal time and to encourage a more upbeat mood I thought I should give a glimpse at the other price ranges in the foothills. You know,  those that are actually selling more homes this year than last year, and the year before. And that, through thick and thin, also make up the bulk of the market here in the foothills.

So  , here we go;
Year to date sales for the middle of the market – homes priced from $600,000 to $999,999 – are UP 32% from last year. Ha!

Since January 1st 127 have sold.
During the same period last year 96 sold.
And 91 sold in 2011.
At this time last year there were 75 for sale between $600k and $999k, today there are 91.

And at the lower end, homes priced from $1 to $599,999 - the real meat and potatoes of the foothills – sales are up 7% from last year. Not a huge increase, but how high can you go, because even at the height of the hilarity in 2005 there were just 10 more sales than this year, yep, 670 then, 660 now.

So a whopping 660 homes have sold up to $599,999 since Jan 1.
During the same period last year an also whopping 616 sold.
And 490 sold in 2011.

At this time last year there were 206 for sale from $1 to $599k, today there are 217. Steady as she goes.

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La Paloma is 2 for 2

6131 N Placita Manatial La Paloma, showed up today listed at a range price of $695,000 – $750,000, or ($264 – $284/sf) and promptly went to contract. 0 DOM.

Likewise, 3884 E Calle Cayo, which had been listed for brief spurts and left the market in early November, showed up  today at $699,000 ($208/sf) and, BAM!, it too went to contract. (both listed by Long Realty)

See them HERE

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raking it in with a short sale

4501 N Camino Del Obispo – a 4,778sf house built in 1961 on 4.65 acres - sold barely 6 weeks ago for $795,000 ($166/sf) as a short sale. At that time the listing noted; Extensively remodeled custom home with fantastic city and mountain views – but there were no pictures. But if so, that appears to have been a good deal. And even better with 4.65 acres.

And wasting no time it’s back on the market today, now asking $1,175,000 ($246/sf), still at 4778sf, but now shows a 2004 build date and on just 2 acres. So the price of the house has gone up-up and they’ve split off about 2.65 acres for another lot, or another 2 lots. Cha-ching!

I never saw it prior to the October sale, and like I said there were no pictures in that listing, so I have no idea what, if anything, has been done since then, but from the pictures in the current listing everything looks brand new.

The build date, well, the tax assessor still shows it as 1961.

4501 N Camino del Obispo Tucson, AZ 85718
(listed by Keller Williams Southern Arizona 478306)

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we’re running out of time

Year to date upper-end sales are down 33% from last year.

Since January 1st this year 30 homes have sold for $1,000,000 or more.
During the same period last year 45 homes sold for $1,000,000 or more.
And 36 sold in 2011, in 2011.

And not helping matters, at this time last year there were 80 for sale at a mil+, today there are 101, and counting.

For a stroll down memory lane here are a few posts about this year’s upper-end market, in reverse chronological order.

even Pima Canyon has slowed

3 more higher-end homes to choose from

more supply amidst less demand

make that 4 June contracts at $1.0m+

the high-end market has barely budged

when you’re hot you’re hot

how’s the high-end market doing as we enter the new year

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