The Catalina Foothills

another one in the hopper

As we’ve seen this summer, but especially since late July, the high-end market has, I think it’s safe to say, made a pretty big turnaround from its dismal performance earlier this year and all of last year.

And now, as we transition from summer to fall, capping off this run of summer activity, 
3512 E Windy Point Drive, in Foothills ll, listed barely 2 days ago for $1,099,000 ($247/sf) is already in contract.

A one owner home built in 1996, 4445sf, single story, 5 Beds/3.5 Baths, pool/spa, views!

3512 E Windy Point Drive Tucson, AZ 85718 (link expires 10/29/14)
(listed by Long Realty)

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the cheapest house on the block

7373 N Mystic Canyon Drive sold in 2001 for $800,000 and sold again in January 2013 for $670,000; at which point I thought, “Quite a deal, I’d say”

The new owners then made some improvements, they added a pool/spa, remodeled a bath or two and redid a fireplace surround. And listed it this past May for $1,099,000. And why not, it’s hard to go wrong buying the least expensive home in Pima Canyon. And today it’s in contract.

7373 N Mystic Canyon Drive Tucson, AZ 85718 (link expires 10/28/14)
(listed by Long Realty)

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where are the $million+ homes selling this year

Here’s the lineup, in alphabetical order, for $million+ sales in the Catalina Foothills, YTD.

1 in Canyon Ranch @ $1,100,000

2 in the Canyons @ $2,175,000 & $3,700,000

1 in Catalina Foothills 2 @ $1,900,000

2 in Catalina Foothills 3 @ $1,080,000 & $1,100,000

1 in Cobo Catalina Hills @ $1,350,000

1 in Eleven Arches @ $1,010,000

1 in La Paloma Estates @ $1,058,000

1 in La Puerta @ $1,550,000

1 in Miramist @ $1,225,000

6 in Pima Canyon @ $1,165,000, $1,245,000, $1,275,000, $1,314,000, $1,345,000 and $1,370,000

2 in Sabino Mountain @ $1,040,000 & $1,075,000

3 in Skyline Country Club @ $1,000,000, $1,125,000 and $1,485,000

and last but not least, with a surprising upset,  
7 in Ventana Country Club  @ $1,000,000, $1,050,000, $1,084,000, $1,250,000, $1,450,000, $1,900,000 and $2,000,000.

The years not over, but this is the first year in memory that Pima Canyon hasn’t outsold every other high-end community in the Catalina Foothills, including Ventana. And for Ventana, 7 sales @ $1.0+ is a huge improvement from last year.

During the same period last year Pima Canyon sold 8 while Ventana managed just 1 sale.

The other good news is that YTD there’ve been 31 sales at $1.0+ vs... 25 last year. On the other hand there were 38 during the same period in 2012, and 95 in the carefree days of 2006.

31 SOLD @ $1,000,000+ in the Catalina Foothills, this year (link expires 10/26/14)
listed by many different Realtors and Brokers.

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a stunning contemporary

4920 N Hidden Valley Road, $1,795,000 ($344/sf), hit the market yesterday.
Built 2007, 5,212 sf including 576sf guest house, 4 Beds/4 Baths, single story, 2 acres, pool/spa, 3 car garage, stunning!

UPDATE: Someone got a very good deal,
4920 Hidden Valley Rd. sold for $1,300,000 ($249/sf) on April 23, 2015.

4920 N Hidden Valley Road Tucson, AZ 85750 (link expires 10/23/14)
(listed by Russ Lyon Sotheby's Int Realty)

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in contract the last 2 weeks, 9/8 – 9/21

From Monday September 8th through Sunday September 21st  35 single family homes went to contract in the Catalina Foothills. (link expires 10/23)

28 were priced from $175,900 to $599,000
4 were priced from $624,900 to $879,000
3 from $1,175,000 to $1,795,000

A very decent haul for a rainy September

The numbers for the previous week are HERE

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what’s it going to take

901 E Magee Road, on 6+ acres in Cobo Catalina Hills, sold in 2009 for $3,200,000. 
And in 2013 it was listed for $3,150,000,  and after numerous price cuts since then today it dropped from $2,400,000 to $2,195,000 ($301/sf).

 

I mentioned it in May when it dropped to $2.4, - an authentic all masonry stucco hacienda on 6+ acres. A privately gated masterpiece - but that didn’t do any good. And this may not either, but it’s still a very special home and property. Unique, authentic and a fantastic setting.

901 E Magee  Road  Tucson, AZ 85718 (link expires on 10/22/14)
(listed by Long Realty)

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another big sale in the Canyons

and quick too

7248 N Cloud Canyon Place was listed last December for $2,950,000, and as the off season approached it was reduced to $2,500,000 in June and went to contract in August and closed today for $2,175,000 ($305/sf) – 26% off its original list. And as things go at $2mil+, that’s not bad.

There’s been one other sale in the Canyons this year, a real whopper - 7557 N Secret Canyon Drive was listed for $3,500,000 and sold for $3,700,000 ($706/sf) , but with an additional vacant lot thrown into the pot.

Both sales are very good news for the Canyons and for the overall upper-end market in the Catalina foothills. As recently as May 2013 the picture was much bleaker than today. 

In a post in May 2013 I noted that the few homes that had sold in the last 3+ years sold for drastic reductions of 40 – 60% off their original list prices. But sellers have gotten more realistic and buyers are taking note.

Two homes remain for sale in the Canyons

7248 N Cloud Canyon Place Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty)

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just 9 years later

and 3490 E Camino A Los Vientos, in Eleven Arches, has sold.

It started out in 2005 as a brand new spec home priced at $3,200,000.

When that failed to produce results the price was raised to $3,600,000. And still that didn’t work, so over the years the price was reduced and reduced again – and along the way it succumbed to foreclosure - until it reached the magic number, $1,099,900 this past April and, BINGO!, it went to contract and closed today for $1,010,000 ($139/sf). With Countrywide, Bank of America, holding paper for what appears to be $2,800,000.

A happy ending for the buyers.

UPDATE; The happy buyer of Los Vientos wrote in to point out the following;

Gonna rehab the few things that Bank of America didn't already do (while B of A REO division was selling AS IS, B of A as MY LENDER required substantial repairs as a condition for the loan....all paid for by...you guessed it... B of A. I will live in and enjoy the amazing views and home with my family...

BTW, The price per sq foot is actually $117...an area originally planned as an unfinished basement was actually built as a gym and theatre...yes, the buyers are VERY happy!

3490 E Camino A Los Vientos Tucson, AZ 85718 (link expires 10/18/14)
(listed by RE/MAX Results 5106)

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a home run for Foothills Clusters

3575 E Ventana Canyon Drive closed today for $286,645 ($216/sf) – one of the three highest $$/sf sales in the Clusters since the happy days of the boom. And it went quick too, and sold for a tad over list price, it was listed for $285,000 on August 4th and went to contract on August 8th.

And overall the Clusters is doing just fine, 6 homes for sale, 2 in contract and 11 sold since the 1st of the year = about 4.4 MOI.

And yes, odd but true, there is another Ventana Canyon Drive in Ventana, but that’s a different zip.

3575 E Ventana Canyon Drive Tucson, AZ 85718
(listed by Long Realty)

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Big contract in Ventana CC

on a newer and very impressive home, 6190 N Hototo Place, listed for $1,795,000 ($320/sf).

Built in 2006, Hototo is one of a handful of newer homes in Ventana. And not that that’s all it has going for it, it’s not, it’s beautifully designed and built. When I showed it a few weeks ago I found myself repeating (as I am now) very impressive home. But I have no doubt that its newness is also a contributing factor.

Since January 2010 116 homes have sold in Ventana and just 4 of them were built in 2005 or later. And 94 were built between 1985 and 1999.

6190 N Hototo Place Tucson, AZ 85750  (link expires 10/16/14)
(listed by Long Realty)

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what are builders up to these days

apparently not much

back in the good old days, from January 1st to September 14th 2006, 33 new spec homes sold from $480,000 to $3,100,000, at an avg./median sold price of $1,554,893/$1,420,000, at an average of $341/sf. 8 years ago! (links expire 10/14/14)

This year, during the same 8 1/2 months a grand total of 10 specs sold from $285,000 to $1,370,000 at a measly avg./median sold price of $596,734/$556,482, at an average of $187/sf.

It’s small world after all,

And  who knows but from what I’ve seen, I think well built spec homes that are priced right, in the range of $800,000 to $1,200,000, could do very well. There aren’t enough newer homes to go round. On the other hand there aren’t enough good, well priced lots to go round either. And that’s the pickle.

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new spec, gone in 52 days

5669 N Mina Vista listed at $879,000 ($254/sf) on July 26th has already found a buyer.

And in Cat 5, which is mostly older adobe and brick homes, this sparkling new spec will stand out from the crowd. But nicely.

 

5669 N Mina Vista Tucson, AZ 85718   (link expires 10/14/14)
(listed by Tierra Antigua Realty)

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taking the long way round

4320 N Alvernon Way, a 1950 California Mission Revival style Joesler on 3.36 acres sold for $875,000 in 2004, and was listed for $1,495,000 in December 2008 (yeah sure), had numerous price cuts since then and, after all that, sold today for $895,000.

I like this house, I’ve shown it a few times, and also written about it, but it is truly one of those homes that are ‘for a very special buyer’. And, thank goodness, they finally came along.

4320 N Alvernon Way Tucson, AZ 85718 (link expires 10/12/14)
(listed by Long Realty)

 

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Catalina Foothills YTD home sales

Kind of quiet, not much happening these last few days, so not much to report.

So instead, here’s a look at where we were and where we are now with single family home sales in the Catalina Foothills, from 2003 – 2014, for the period of January thru August each year.

Yep, sales are still down 18.7% from last year. But earlier this year they down 20 – 25% from last year. So, there’s that.

And looking at the homes sold at $1,000,000+, which I’ve been raving about lately, because, for the first time this year, sales are up over last year. And looking at the number of homes in contract that upward swing may well continue.

But as you can see, even with that bump in August sales, there’s still no real recovery here to speak of, we’re just bumping along the bottom.

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in contract last week, 9/1 – 9/7

I’ve been busy and have been remiss in producing the weekly reports for “in contract last week”. The last report was August 14th, which covered the period of 8/4 – 8/10. My apologies.

From Monday September 1st through Sunday September 7th 15 single family homes went to contract in the Catalina Foothills.

10 were priced from $274,000 to $475,000
4 from $700,000 to $876,750
1 at $1,299,000

 The numbers for the week of 8/4 – 8/10 are HERE

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new in Pima Canyon

a new listing at 2102 E Quiet Canyon Drive,

at 3261sf it’s on the small side for PC – which could be an advantage.
The sellers paid $1,151,000 in 2007 and are looking for $1,180,000 ($362/sf) now!

2102 E Quiet Canyon Drive  Tucson, AZ 85718
(listed by Long Realty)

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another day another $million+ contract

… what is going on.

Today it’s 6060 N Pinchot Road’s turn. A spec home that was completed in 2013, but to get a jump on things was listed in 2012. But no takers until now. It’s in contract listed at $1,395,000 ($266/sf) down from it’s opening price of $1,895,000 ($366/sf). 

 

 

6060 N Pinchot Road Tucson, AZ 85750 (link expires 10/9/14)
(listed  by Long Realty)

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do I hear, $1,795,000, $1,750,000, $1,699,000, $1,599,900, $1,499,900, $1,300,000, $1,160,000

and after 3 long years 5910 N Mina Vista, once upon a time a brand new spec home, finally sold for $1,000,000 in 2010.

This time round it was listed for $850,000 24 days ago and is already in contract, the new reality has sunk in. 

5910 N Mina Vista , Tucson, AZ 85718 (link to expire 10/8/14)
(listed by Long Realty)

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a surge in $1,000,000+ contracts

As I’ve mentioned in the past home sales at $1,000,000+  in the Catalina Foothills had been on track to have one of its worst years in years. Sales in 2013 were the slowest since 2003, and until this summer 2014 had been lagging even 13’s puny numbers.

But in June we started to see faint signs of an uptick in contracts, and that continued in July and then really took off in August, the most unlikely month for a surge in upper-end contracts. 

12 homes listed from $1,100,000 to $2,500,000 went to contract in August, plus one home that is not listed, and shall remain anonymous until it is, priced at around $1,600,000.

13 contracts in August, compared to 25 homes sold  at $1,000,000+ during the first 7 months of the year. A surge.

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Catalina Foothills August Home Sales & Sold Prices

Home sales dropped again in August. Down from July, June and from May. But, to put a rosy spin on it, keep in mind we’re talking about August, and more homes sold in the dead of August than in the prime selling months of March and April.

Earlier in the year it looked as if we were in for a complete bust this year, but the market has improved, and also improved at the upper-end. 

 

here’s a YTD tally of the # of homes sold from January thru August, 2013 & 2014,

2013  Jan – August  642 homes sold
2014  Jan – August 521 homes sold
sales are now down 19% vs.2013 – which is actually an improvement from July when sales were down 23% vs.2013.

Yet sales prices were up in August, due, at least somewhat, to more upper-end sales.

The following are average/median sold prices for January – August, 2013 & 2014.

2013  Jan – August   $462,242/ $389,950                                        
2014  Jan – August   $489,750/ $412,000 
So, thru August, prices are now UP 6% & 5.7% avg/median from last year. And that’s a little bump from July when they were up 4.4 & 4.3%.

The July report is HERE

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with visions of $ugar plums

On November 15th, 2007 a new spec home in Skyline CC, located at 4744 E Mission Hill Drive, sold for $824,000 ($305/sf).

And get this, on November 16th, 2007 that very same home was listed for $1,250,000 ($463/sf)  –  a miraculous overnight increase of 52%. But, sadly, no one but the seller saw it that way, so Mission Hill lingered on the market for many moons with numerous price cuts until it sold in March 2010 for $650,000 ($229/sf).

And if you’re looking for something newer in Skyline that does not require much yard work, Mission Hill is once again available, and at a much more sensible $695,000,

4744 E Mission Hill Drive Tucson, AZ 85718  (link expires 10/4/14)
(listed by J Bar M Realty)

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another reset for foothills home prices

In Hacienda Del Sol Estates, 4971 N Avenida De Castilla sold for $1,015,000 in 2007 and for $790,000 today – a 22% drop. And in addition to that upfront loss of $225k, the sellers dumped a bunch of $$ into it in upgrades. Including a new master bath, a whole house solar system, new HVAC and, well, that’s the market. Conservatively, if you bought in 2005 – 2010, and selling today, you’re probably looking at a loss.

4971 N Avenida De Castilla Tucson, AZ 85718 (link expires 10/3/14)
(listed by RE/MAX Catalina Foothills Realty)

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day and night at $700,000 or so

7575 N Sendero De Juana, described as “the true Southwest…. a compound including a one bedroom, tiled roof, main house with beautiful mountain views everywhere. A few steps away is the bunkhouse with two bedrooms, a family room and bath that opens out to the spectacular pool. Next is a detached office and bathroom.” 

All that, 3 buildings, on 5.2 acres in Cobo Catalina Hills, for $700,000 ($202/sf), and just 19 days on the market and it’s in contract.

Have a look,

 

 

 

hmmm, true southwest, I’m not so sure. But who cares, someone liked it and they liked it a lot quicker than I thought they would. But that’s Cobo Catalina Hills for you, where you’ll find some of the most varied and ‘interesting’ homes in the foothills. Here’s what’s for sale in Cobo now.

7575 N Sendero De Juana Tucson, AZ 85718  (link to expire 10/3/14)
(listed by Long Realty)

In a more conventional vein there’s 6261 E Placita De Fuego, coincidentally, also described as southwestern, but located in the much more conventional Alta Vista, is in contract listed at $749,000 ($186/sf) after 18 days. Though listed previously, different broker-different agent, for 6 months with no takers. 

With just one building on just one acre.

Interested in Alta Vista, here’s everything for sale

6261 E Placita De Fuego Tucson, AZ 85750 (link expires 10/3/14)
(Coldwell Banker Residential Brokerage)

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Welcome to September

with summer officially over, and none to soon for most Tucsonan’s, including the real estate community, we can start dreaming about lower temperatures and rising home sales.  
But while it was plenty hot it was also a surprisingly good summer for home sales, particularly at the upper-end – an unexpected improvement over what had been a slower year.

Here’s a look at single family home sales for summer of 2013 vs. summer of 2014;

June 1 – August 31, 2013
254 homes sold, with just 4 sold for $1,000,000 or more

June 1 – August 31, 2014
226 homes sold, with 12 sold for $1,000,000 or more.

So for June – August , overall sales are down 11% over last summer, while sales at $1,000,000+ are up 200%.

And that’s an improvement over how things were going until summer. Overall sales this year had been consistently lagging last year’s numbers by about 20%. So we caught up a little bit, but we’re still behind.

And until summer, sales at $1,000,000+ were also slower than last year’s dismal numbers.
But now, with uncharacteristically HOT summer sales, 2014 is up 12% over 2013. And there are 11 homes listed at $1,000,000+ in contract.

Imagine that,

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