The Catalina Foothills

at long last

a lucky buyer has finally come along and put 2376 E Placita De La Victoria in contract.
Lucky, because this is a wonderful home at a very good price. Yet, for no reason that I can see, it took a very long time for that right buyer to come along. Previously mentioned here >
an exceptional contemporary Sante Fe

2376 E Placita De La Victoria Tucson, AZ 85718  (link expires 8/30/14)
(Russ Lyon Sotheby's International Realty)

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some sellers are doing better than others

Listed for $1,295,000 last October, 6801 N Dundedin Place, in Skyline CC, sold for $1,125,000 ($224/sf) today. It last sold in 1983 for an undisclosed sum.

6801 N Dundedin Place Tucson, AZ 85718 (link expires 8/28/14)
(listed by Long Realty)

And listed this January at $618,000 in Cimarron, 5757 E Paseo Cimarron managed to get $600,000 ($167/sf), exactly what the sellers paid in 2012.

5757 E Paseo Cimarron Tucson AZ, 85750 (link expires 8/28/14)
(listed by Long Realty)

And after just 36 days at $475,000, 991 E Calle De La Cabra, in Shadow Hills, found a buyer and closed today for $440,000. It last sold in 2004 for $419,000.  So they didn’t lose money, but geez, what a market, 10 years and they walk away with lunch money.

991 E Calle De La Cabra Tucson, AZ 85718
(listed by Tierra Antigua Realty)

Also in Shadow Hills, 5921 N Placita Tecolote sold for $410,000 in 2011 and $425,000 today, after just 6 days.

5921 N Placita Tecolote Tucson, AZ 85718   (link expires 8/28/14)
(listed by Tierra Antigua Realty)

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37% off 2004 sale price

Built in 2002, 5271 N Calle Oreo sold in 2004 (2 years before prices peaked) for $1,500,000, and was listed last November for $1,525,000 ($265/sf).

And on paper that may not seem way out of whack as a starting place for negotiations. 
But in reality it didn’t fly, and neither did the half dozen price cuts that followed, and it ended up selling today for peanuts, $936,900 ($163/sf), as a short sale.

On the other hand the short sale process, which often drags on forever, went very well and quickly too - from contract to closing in just under 2 months.

5271 N Calle Oreo  Tucson, AZ 85718
(listed by Long Realty)

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a new spec home

And for just $879,000 ($254/sf). I can’t imagine how, but word must’ve got out that the $1,700,000 range, once upon a time a popular price point for specs, is deader than a doornail.

This one, at 5669 N Mina Vista on 1.27 acres in Catalina Foothills Estates 5, is 3463sf,
4 Beds/3.5 Baths, 1 story, frame stucco, 3 car, no pool,  just hit the market.

New specs are rare in the old foothills because there’s almost no vacant land available. And often, when one does pop up, it’s the result of a knock-down. But not this one. This was a vacant lot the builder picked up in 2012 at a bargain price (when lot sales were zilch). And therefore he didn’t start out a few hundred thou out of pocket, and with an old house to knock down, before he could even begin to swing his hammer.

5669 N Mina Vista Tucson, AZ 85718
(listed by Tierra Antigua Realty)

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that was quick

Last week I mentioned here);
“555 N Via De La Granja, which had been on the market since last July and expired this May asking $1,600,000, is now back as a short sale asking $1,395,000. ($226/sf)”

Well, it’s barely a week later and they just dropped it $300 thou to $1,095,000 ($177/sf).
An awfully good price for this house. The question remains though, will mr. lender play ball?

4555 N Via De La Granja Tucson, AZ 85718
(listed by Long Realty)

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sale prices, they’re not what they used to be

And while some sellers seem to get it, others need more time to be convinced. But unlike fine wine, aging does not increase the appeal or value of your home.

5041 N Camino Real, Tucson, AZ 85718 sold for $1,300,000 in 2006, for $1,020,000 in 2007 – at which time the new owners put in some very nice and very pricey improvements, and bit the bullet right off the bat, and listed it 5 months ago for $935,000 and sold it today for $900,000. (listed by Long Realty)

 

6351 N Whaleback Place, Tucson, AZ 85750, in Ventana CC, sold for $1,150,000 in 2004 and (get this) was listed for $1,645,000 in 08 and, surprise-surprise, nothing happened. Since then it’s been on and off the market with a price cut here and another there, until today, when it finally sold for a $850,000.(listed by Long Realty)

 

And talk about disappointment, 7200 E Little Savannah Lane Tucson, AZ 85750, which started out in 2006 asking $1,900,000, is now down to $950,000 and still looking for a buyer.  No Pictures available. (Listed by Key Group Real Estate Co. 1268)

 

2067 E Desert Garden Drive, Tucson, AZ 85718, in Pima Canyon, sold for $1,500,000 in 09 and was listed this May for $1,299,000 and, there you go, it’s now in contract. So they may not take too much of a bath, and they will avoid the slow agony of years on the market. (Listed by Long Realty)

Also in Pima Cyn, 7756 N Canyon Spirit Way sold for $1,175,500 in November 2012 (the year the market bottomed out) and was listed just 9 months later (August, 2013, the year the market was clawing its way off the bottom) for $1,279,000. And nothing happened until it got down to $995,000 and went to contract the other day for an undisclosed sum. So even if it sold for list price, (which is very unlikely) it’s still down 15% from 2012. (listed by Long Realty)

In Ventana CC, 6872 E Desert Wind Court  Tucson, AZ 85750 sold for $550,000 in 1998 and tried for $1,350,000 in 2008. And after 6 years and the usual routine of price cut after price cut it’s now gone to contract listed at $799,000. (Listed by Long Realty) 

In Alta Vista, 6161 N Paseo Zaldivar Tucson, AZ 85750 sold for $785,000 in 2001, for $860,000 in 2010, and was listed last October for $933,800 – and when that didn’t fly it was reduced and reduced again and again - and when it finally hit on the magic number, $799,000, it went to contract. Give or take, at its 2001 sale price. Maybe today’s buyers are more sensitive to west facing backyards.  (listed by Long Realty)

(all links will expire on 8/25/2014)

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in contract last week, 7/14 – 7/20

A busy week for the dead of summer – from Monday July 14th thru Sunday July 20th  20 single family homes went to contract in the Catalina Foothills.

17 were priced from $149,900 to $497,077 
3 from $699,000 to $950,000
0 at $1.0 and UP

The numbers for the previous week are HERE

And during the same week last year there were 22 contracts

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short sale in Cat 10

4555 N Via De La Granja, which had been on the market since last July and expired this May asking $1,600,000, is now back as a short sale asking $1,395,000. ($226/sf)

It appears to be a one owner home that was custom built for the owners in 1994. And it’s a biggie, 6169sf, 5 Beds/6.5 Baths, one level, north/south orientation, 1.59 hilltop acres, pool/spa/4 car, masonry construction – and looks like a good house that could benefit from some cosmetic updating.

The online records aren’t always spot-on accurate, so you may want to check, but from what’s there it looks to be saddled with 2 mortgages from 2 different lenders totaling $1,832,000. As always, short sales are a roll of the dice - the lender may cooperate and take a reasonable offer, or they may not. But with 2 lenders … the only way to find out is to give it a try and see what happens, or doesn’t happen.

4555 N Via De La Granja Tucson, AZ 85718 
(listed by Long Realty)

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half time for home sales in the Catalina Foothills

Here’s the latest big picture look at how this year compares to previous years.
The following charts compare sales and sold prices for the 1st half of the year, from January thru June, for each year from 2000 thru 2014.

Up first is a look at the number of homes sold,

OOPS!, sales this year are DOWN 20% from last year, and down 40% from their all time high of 2005.

And following is the see-saw of average/median sold prices over the years.

 

Meanwhile, average/median sold prices are UP 7.3% / 7.2% from last year, but still DOWN
29% / 24% from their all time high of 2006.

Looking back, sales peaked in 05 and dropped steeply in 06. Yet sold prices ignored that drop in sales and continued to climb in 06, before dropping ever-so-slightly in 07, as sales continued to slide. 

And we now have a similar situation, though not nearly as drastic. After bottoming out in 2009, sales climbed each of the following years thru 2013. And then, this year, they dropped steeply.
And once again, sold prices have ignored that drop in sales and continue to climb this year.
And on top of that we now have about 30% more homes for sale this year than last year.

So, 30% more inventory, 20% fewer sales, and prices are rising.  What’s next.

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in contract last week, 7/7 – 7/13

From Monday July 7th through Sunday July 13th  13 single family homes went to contract in the Catalina Foothills. (link to expire on 8/18/14)

6 were priced from $225,000 to $575,000
6 from $649,000 to $869,000
1 at $1,775,000

This is the first week in memory where the lower-end turned in such a poor low showing.
On the other hand, 6 to contract for the middle of the market is impressive, particularly for the dead of summer. And at $1.0mil+, well, one is better than none.

20 homes went to contract during the same week last year, but at very different price points; almost all, 18, were at the lower-end, and 2 in the middle of the market. And nothing at $1.0mil+.

The numbers for the previous week are HERE

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sellers are still paying the price,

Looking at recent home sales it’s pretty clear that if you bought a home in the Catalina Foothills in the past 8 or 9 years, and, occasionally, even further back, that selling it now may well result in a sale price that’s less than you hope for and less than you paid back then.

Homes are selling OK, but fewer than last year and fewer than sold in 2012. But prices are up from their bottom in 2012, but by no means way up, and nowhere near their boom time highs.  
So it’s an iffy market. And in order to sell many sellers are taking a big hit on the sale of their home. And this is occurring all across the foothills, in all price ranges and neighborhoods. Though, for a variety of reasons, some are taking a bigger hit than others.
Here are a few recent examples;

In Cimarron, 5851 N Placita Joyita sold for $556,000 in 2005 and for $400,000 last week.

In Coronado Foothills Estates, 6521 N Columbus Boulevard went for 783,500 in 2006 and for $550,000 the other day.

7232 E Calle Los Arboles sold for $500,000 in 2002 and for $425,000 last week.

In Cat 7, 1000 E Via Entrada squeaked by selling for $436,000 last month after paying $400,000 in 2004. Though the sellers also spent a few bucks on improvements.

They really got hosed over at 3950 N River Bluff Place. They paid $947,500 in 2008 and it sold last month for $432,000, as a foreclosure. But they bought a $900k home in a (just barely) $400k community, so no surprise there.

In Shadow Hills, the sellers of 861 E Placita De Arnoldo paid $693,500 in 2008 and sold for $590,000 last week.

Fortunately, the sellers of 2457 E Calle Sin Condena bought at the bottom in 2012 for $803,000 and managed to get $815,000 this week. But add in commissions, closing costs, etc, and they’re still out $35k or more.

Over at 3440 E Via Alcalde the sellers happily paid $1,450,000 in 2007 and the best they could do this time round was $1,080,000.

1347 E Desert Garden Drive, in Pima Cyn, sold for $1,075,000 in 2012 and for $945,000 recently.

5543 N Camino Real sold for $1,000,000 in 09 and for $900,000 last month.

In Alta Vista the sellers of 6280 N Paseo Valdear also squeaked by. They paid $800,00 in 03 and 11 years later sold it for $822,500.  

In La Puerta, 3545 E Calle Puerta De Acero sold for $2,100,000 in 04 and for $1,550,000 earlier this year.

And, the bigger they are …, 6268 N Whaleback Place sold for $3,100,000 in 08 and for a disappointing $2,000,000 last month.

On Sabino Mountain, 7788 E Tumbling Rock Drive went for $1,375,000 in 08 and $1,040,000 recently.

And these are just recent examples, there are many others. And there are also many other homes that are still on the market, and have been for eons, that haven’t sold. Because they’ve held tight to asking prices that buyers are not willing to pay, and are waiting for something, I’m not sure what, maybe magic, to happen.

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writer’s block

back soon,

go figure

In Sin Vacas, 2457 E Calle Sin Condena was listed for $929,000 and went to contract 9 days later. (mentioned HERE & HERE) But after a few days that deal fell apart and it went back on the market. But not for long. Because 8 days later it went to contract again. And, as affirmed by the 2 quick contracts, it was a terrific house. I had two out of town buyers who were interested, but it was gone before they got here.

So 2 contracts in a very short time would lead you to believe the offers were reasonably close to list price. But maybe not, because it sold the other day for $815,000 – just 88% of list price, not at all close. Was the $929,00 a bluff, and the sellers panicked and quickly folded to a lowball offer. Maybe, but there are other possibilities, and we’ll probably never know,

2457 E Calle Sin Condena Tucson, AZ 85718 link expires on 8/12/14
(listed by Long Realty)

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in contract in the last 2 weeks, 6/23–7/6

I dozed and missed a week, so here are the contracts for the last 2 weeks of real estate ‘activity’ in the Catalina Foothills. Though, given the numbers, it looks more like one week,

From Monday June 23rd through Sunday July 6th 23 single family homes went to contract in the Catalina Foothills.

19 were priced from $220,000 to $579,000
3 from $619,000 to $769,000
1 at $1,400,0000

And that’s it. (last year, during the same two weeks there were 37 contracts)

The numbers for the previous week are HERE

Happy Summer!

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a few notable New listings, contracts and sales

4840 E Salida Del Sol Place was listed in December 2013 for $999,000, and reduced, and reduced again and again, and with no takers it expired on June 30th at $759,000. And, making a bold and counterintuitive move, it was relisted yesterday for $1,036,000. Any takers?
(listed by Realty Executives Tucson Elite)

And in Cat 10, 3616 E Placita Lindura was on the market for 182 days at $1,200,000, and failed to sell, and was relisted yesterday for $1,195,000. (listed by Long Realty)

In Pima Canyon, 2087 E Desert Garden Drive was listed the other day for precisely $2,174,319. It last sold for $2,200,000 in 2003, and tried for and failed to get $3,300,000 in 2008. It then spent a few years on and off the market finally expiring at $2,495,000 in 2012. If you’re looking for opulent,lavish and luxurious, look no further. And well built too, with more stone than Stonehenge.  (listed by Long Realty)

 

5626 N Via Salerosa , the Gold Level LEED certified home in Cimarron - mentioned HERE - has found a buyer after just 34 days, listed at $649,000. I’m surprised it even took that long. (listed by Coldwell Banker Residential Brokerage)

In Ventana, 6351 N Whaleback Place, listed for a few seconds at $869,000 is already in contract. It apparently had a buyer before it hit the market.  (listed by  Long Realty)

And in the Mountain Estates at Ventana, 7205 E Stone Canyon Drive, currently listed at $1,775,000 is in contract after almost 4 years. It last sold in 2002 for $1,675,000 and was listed in September 2010 for $2,295,000. If it goes the distance it will be the 2nd sale this year in the Mountain Estates, topping last year’s dismal record of one sale, and just one sale in 2012. (listed by Keller Williams Southern Arizona)

Listed this January for $1,295,000, 3440 E Via Alcalde, a splendid territorial by La Quinta Homes, sold yesterday for 1,080,000 ($258/sf) from a $1,149,000 list. (listed by Long Realty)

A real deal for the buyers in Cat 10, 4585 N Via De La Granja, listed for $945,000 in February, reduced to $895,000 in May, sold yesterday for $850,000, a cheap-cheap $167/sf. For a 1994 built Sante Fe with 5101sf, one story, 5 Beds/4 Baths, pool, 3 car, 1.7 acres, in pristine condition.  My oh my! (listed by Long Realty)

Listed at $625,000 in Shadow Hills, 861 E Placita De Arnoldo found a buyer in 20 days and closed yesterday for $590,000 ($200/sf). On the high side for shadow hills. (listed by Long Realty)

See them all HERE

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Catalina Foothills home prices are rising

This may put a smile on your face if you’re seller, and a frown if you’re a buyer. But, like it or not, single family home prices are rising in the Catalina Foothills.

And yes it’s happened in fits and starts, with one month up and the next down, but the trend is pretty clear. After bottoming out in 2012, average/median sales prices are now up  8.5 & 15.5% from Q2 of 2012 to Q2 of 2014. And they’re up from just about every quarter since then.

 

 

But, still, they’re nowhere near where they were in 2005 - 2006, or even 2007. 

Avg/median sold prices for 2012 were $460,382/$375,000
for 2013 they were $463,994/$395,000
And so far in 2014 they’re at $494,989/$415,000

And these of course are averages, which include both the good deals that buyers made and deals where sellers laughed all the way to the bank. So any individual home may, or may not, fall within the % range suggested by these numbers. And it’s also true that certain segments of the market are doing better than others. Lower priced homes, those under about $800k, are selling nicely, while higher priced homes are not. And if I could slice it and dice it by price I think we’d find that those lower priced homes are carrying the day.

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I can’t imagine why

5840 N Calle Grandeza was listed for $895,000 and didn’t sell,

huh, surprising isn’t it. And it’s now a foreclosure asking $876,750 with a new listing agent and broker and, with the new pictures, you’d hardly recognize the place.

5840 N Calle Grandeza , Tucson, AZ 85718
(Now listed by Paul McComb Realty)

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the northwest, the northeast and the Catalina Foothills

Although this blog is focused on the Catalina Foothills real estate market it’s fun, and useful too, to have a peek at how the market’s doing in neighboring areas.
So here’s a peek at,

the Northwest;
priced up to $999,999 there are 1267 single family homes for sale
and 890 homes sold in the last 3 months, which = a tight 4.3 month supply of homes (a sellers market)

priced at $1,000,000 & UP there are 49 homes for sale
and 6 sold in the last 3 months, which = a 24.5 month supply ( which should = a buyers bargain basement bonanza, but obviously doesn’t, because if it did a lot more homes would be selling)

the Northeast;
priced up to $999,999 there are 238 single family homes for sale
and 136  sold in the last 3 months, which = a 5.2 month supply of homes (a fairly balanced market teetering toward a sellers market)

priced at $1,000,000 and UP there are 22 homes for sale
and 2 sold in the last 3 months, which = a 33 month supply (which should = a buyers bargain basement bonanza but probably doesn’t because many high-end sellers can afford to hold out. The questions is, what are they holding out for? and for how long?)

the North, Catalina Foothills
priced up to $999,999 there are 373 single family homes for sale (a pipsqueak compared to the NW)
and 215 sold in the last 3 months, which = a 5.2 month supply of homes, (also a fairly balanced market teetering toward a sellers market)

priced at $1,000,000 and UP there are 81 homes for sale (more than the NW & NE combined)
and 12 sold in the last 3 months, which = a 20.2 month supply - more sold than the NW & NE combined but nevertheless, in theory, it should be a strong buyers market, but, in reality, many sellers are still holding out, so buyers are doing the same)

So even with big differences in the number of homes for sale and sold in each of these areas the months supply of homes is quite similar. And so too that across the board the market up to $999,999 has recovered and is doing just fine, while at $1,000,000 and UP it’s still up for grabs.

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Catalina Foothills Home Sales shoot up in June

Sales this year started off with barely a whimper, and though they increased in each of the following months, month by month they continued to lag 2013 sales. Until now.

87 single family homes sold last June and 87 sold this June. No kidding .(link to expire 8/2/14) 
In May’s sales report I mentioned that we might see a jump in sales for June

And here’s a summary of sales from January thru June, this year vs. last year;

2013 - Jan thru June  477 homes sold
2014 – Jan thru June 382 homes sold - DOWN 20%

It’s also worth mentioning that sales at $1,000,000+, which until now were lagging even last year’s pitiful numbers, are now, thanks to 6 sales in June, tied with last year at 22 sales from Jan thru June.

And Sold prices for June;

Nothing terribly exciting or new, a dip in average and median sold prices, up one month, down the next. Par for the course. I’ll pull together a quarterly chart of sold prices which will be much more telling of price trends than the bopping around of the monthly numbers.

But unlike the number of home sold, sold prices have been and continue to be UP this year.  
The following is a summary of sold prices for January thru June 2013 vs. 2014.

2013 - Jan thru June avg/med sold  $462,141/$387,000
2014 –Jan thru June avg/med sold  $494,989/$415,000 UP 7% & 7.2%

The May report is HERE
_____________________________________________________________________________

Happy 4th

looking for something just a little different

 

Like maybe a 7,571sf, mid-century burnt adobe on 5 acres in Cobo Catalina Hills for $2,125,000. And, as noted in the listing, Built to the views, with glamour, space, privacy, contemporary and custom finishes …

Just listed today,
1001 E Calle Elena Tucson, AZ 85718
(listed by RE/MAX Catalina Foothills Realty)

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SOLD for list price

7232 E Calle Los Arboles, a foreclosure in Sabino Vista South, was listed for $425,000 and went to contract 19 days later and sold the other day for $425,000.

(Listed by Long Realty)
____________________________________________________________

And, in Sin Vacas, on the street without controversy, 7581 N Calle Sin Controversia, was listed for $549,900 and after a long wait, (174 days) went to contract and sold for $549,900. Though it did have 2 small price cuts from its original list of $579,900. But still!.

(listed by long Realty)
________________________________________________________________

And in Coronado Foothills Estates, 6500 N Longfellow Drive, which looked like a sure-bet to me, went to contract after 47 days listed at $499,000 and closed yesterday for $499,000.

(Listed by Tierra Antigua Realty)

See them HERE (link to expire on 8/1/14)

It happens, sometimes you just have to bite the bullet. It’s a matter of finding just the right one and recognizing a good value when it comes your way.

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they’re selling like hot cakes in Foothills Clusters

and prices are going up too.

The latest sale was for $375,000, the highest sale this year.
3764 E Guthrie Mountain Place  Tucson, AZ 85718 (link to expire 7/31/14)
(listed by Tierra Antigua Realty)

There are 6 homes for sale and 10 have sold since 1/1/14, leaving a very tight 3.6 month supply of homes.

The 10 sold sold for an average/median of $307,650/$316,000 at an average of 98.9% of list price.

And 10 homes also sold during the same period last year, but for slightly less,
at an average/median of $283,000/$272,000, at an average of 95.8% of list price.

So average/median prices are up 8.7% and 16%. And in a market where overall foothills home sales are down 21% from last year, Foothills Clusters is steady as she goes.

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