The Catalina Foothills

4 more sales at $1million+

brings the total to 12 sold at $1million+ for 2017 (v. 8 during same period 2016)

6221 E Vista Del Canon, Tucson, AZ 85750 in Finisterra has finally sold. It was first listed in May of 2013 for $1,650,000 and after nearly 4 years and 4 price cuts it got down to $1,150,000 and sold for $1,060,000 ($211/sf). The high points are the great setting and views but with an interior that though very well kept exuded 80’s glamour and would require a big remodel to update – not the kind of project that most buyers are anxious to tackle.

 

 
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In Cobblestone,  7260 N Cathedral Rock Road, Tucson, AZ 85718 also from the 80’s but a simple contemporary design that held up quite well, and killer city views, it found a buyer in just 11 days and sold for $1,075,000 from a $1,195,000 list.

 
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Also in Cobblestone and with Wow! big city views 7421 N Moon Spirit Lane, Tucson, AZ 85718 was listed for $1,495,000 in November 2015 and after dropping to $1,349,000 it sold the other day for $1,296,500. The sellers paid $1.6mil in 2007. For me this property is all about the views, the house, eh, not so much.  

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And, my how things change, 4905 N Camino Antonio, Tucson, AZ 85718, listed for $1,385,000 sold in 1 day for $1,325,000.

A beautiful minimalist contemporary spec home it was completed in 2007 and had a helluva time selling back then – after 483 days it finally sold in July 08 for $1,350,000 and then it sold again in 2012 for $1,262,500 after 74 days.

It was one of a set of triplets, 3 contemporaries, built on Camino Antonio by the same architect, Don Kornberg. No pictures in the current listing so here are a few from back then;

If you are interested in ancient history I blogged about this home and its two siblings back in June 2012 -  SOLD, a real contemporary

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in contract last week, 3/20 – 3/26/2017

From Monday March 20th thru Sunday March 26th,  30 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 4/28/17)

22 were priced from $195,000 to $599,000
6 from $600,000 to $948,900
2 at $1,395,000 & $1,895,000

A healthy haul for foothills home sellers.

The numbers for the previous week are HERE

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not everything is selling like hot cakes,

11 homes Sold in the last 2 days

6381 E Placita Becal, Tucson, AZ 85750 listed $250,000 Sold $280,000 (not a typo) in 9 days

830 E Via Linterna, Tucson, AZ 85718 listed $312,000 Sold $307,000 in 59 days

5300 E Camino Bosque, Tucson, AZ 85718 listed $405,000 dropped to $395,000 Sold $385,000 in 193 days

4061 N Camino Del Celador, Tucson, AZ 85718 listed $475,000 dropped to $460,000 >$445,000> $435,000> $420,000>$400,000 Sold $392,500 in 82 days, Pheeeww!

4646 E Cerro De Aguila, Tucson, AZ 85718 listed $429,000 Sold $424,000 in 47 days

4091 E Quiet Moon Drive, Tucson, AZ 85718 listed $459,900 dropped to $450,000>$440,000 Sold $419,000 in many moons, 302.

1401 E Orange Grove Road, Tucson, AZ 85718 listed $698,800 dropped umpteen times until it got to $500,000 & Sold $475,000 294 days. Selling a house by the side of a busy road is tuff stuff.

353 E Florence Road, Tucson, AZ 85704 listed $639,000 dropped again and again until it got to $589,900 and Sold for $560,000 252 days.

6822 N Table Mountain Road, Tucson, AZ 85718 listed for $605,000 Sold $605,000 in 1 day.

6696 N Cocopas Road, Tucson, AZ 85718 listed for $795,000 dropped to $750,000 Sold $700,000 in 140 days.

4905 N Camino Antonio, Tucson, AZ 85718 listed for $1,325,000 Sold $1,325,000 in 1 day.

11 homes Sold in the last 2 days  (link expires 4/28/17) 

Even with the market as hot as it is (up to about $600 to maybe $700,000) buyers are  not wound up in the irrational exuberance that was rampant in 2003 – 2006, when almost everything sold with little regard for price. In those days prices were rising fast and furiously and buyers were afraid they would be left behind, not so these days. Not yet anyway.

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spec homes are making a comeback

 I count 8 spec homes on the market priced from $799,000 to $2,000,000 and from a low of $253/sf up to $422/sf.

After years of sitting it out on the sidelines it’s encouraging to see that builders are once again bullish on the high-end foothills market. And  with 6 specs in contract or sold in the last 6 months it appears that their optimism ‘may be’ well founded.

The 2 in contract and 4 spec homes sold in the last few months range in price from $865,000 to $1,610,000 and $221 to $395/sf. (link expires 4/27/17)

I say it’s good to have more spec homes available because many buyers prefer new to old and the supply of new homes in the foothills is low.

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where are $$/sf sold prices headed

3 sales caught my eye yesterday because the $$/sf sold prices seemed high.

In Alta Vista, 6502 N Placita Alta Reposa, Tucson, AZ 85750 closed for $765,000 ($243/sf). And when I saw $243/sf it struck me as high for AV. So I checked, and it is high, it’s higher than the 14 other sales in there since January 1, 2016. The average for the 14 is $201/sf.

 

The same in Cimarron at 5588 E Paseo Cimarron, Tucson, AZ 85750 . It closed  for $889,500, which itself is at the very high-end for Cimarron, and $240/sf, which is way high for Cim - with 27 sales since 1/1/16 the average is $177/sf and the next highest is $215/sf with the great majority under $200.

And one more in Catalina Foothills Est 2, 4905 N Camino Antonio, Tucson, AZ 85718 sold for $1,325,000 ($291/sf) – the highest of 21 sales in the last 2+ years with the next highest at $255/sf and the next highest sale price at $912,500.

And with 3 high $$/sf sales in one day I wondered what was happening with overall $$/sf sold prices,  so I pulled median $$/sf sold prices for the entire foothills single family home market for January 1st thru March 27th;

2015 -  $155/sf

2016 - $159/sf

2017 - $163/sf

$$/sf sold prices are rising, but overall they’re rising gently. However, results in your area will likely vary, and perhaps vary a great deal, from the overall numbers.

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Activity at $1,000,000+ in the Catalina Foothills

So far this year 8 homes have sold for $1,000,000 or more and there are 9 in contract, Let’s see what sold, where it happened and for how much $$$.
Click the highlighted subdivision names to see all the homes currently for sale.

Catalina Foothills Est 10 (Cat 10)
5200 N Camino Sumo, Tucson, AZ 85718 - listed at $1,049,000 went to contract in 7 days and sold for $1,040,000 ($182/sf) Buyers recognize a bargain when they see one.

3831 E Placita Sumo, Tucson, AZ 85718 - listed at $1,195,000, dropped to $1,145,000 went to contract in 63 days and sold for $1,100,000 ($284/sf).

4645 N Placita Roca Blanca, Tucson, AZ 85718 – listed at $1,350,000 went to contract in 18 days and sold for $1,300,000 ($284/sf)

+ 1 in contract;
3616 E Placita Lindura, Tucson, AZ 85718 – listed at $1,125,000 dropped to $1,000,000 ($295/sf) went to contract 290 days later and is now in escrow. 
7 for sale in Cat 10

Pima Canyon
7451 N Whisper Canyon Place, Tucson, AZ 85718 – listed for $1,195,000 went to contract after 112 days and sold for $1,165,000 ($238/sf).

1647 E Desert Garden Drive, Tucson, AZ 85718 – listed for $1,295,000 dropped to $1,249,000 went to contract 109 days later and sold for $1,225,000 ($267/sf)

+ 1 in contract
1807 E Desert Garden Drive, Tucson, AZ 85718 – listed for $1,549,000 dropped to $1,475,000 then to $1,395,000 ($309/sf) and went to contract 426 days later.
14 for sale in Pima Canyon

La Paloma Estates
3280 E Camino Juan Paisano, Tucson, AZ 85718 – listed for $1,350,000 dropped to $1,295,000 then to $1,200,000 went to contract after 514 days and sold for $1,100,000 ($235/sf).

+ 1 in contract
5783 N Placita Juan Paisano, Tucson, AZ 85718 – listed for $1,185,000 ($252/sf) went to contract 272 days later.
2 for sale in La Paloma Estates

Ventana CC
6155 N Whaleback Place, Tucson, AZ 85750 – first listed in 2009 for $1,850,000 it left the market in May 2012 at $1,395,000 and took a time out until January 2014 when it was listed for $1,250,000 and went to contract 1086 days later and sold for $1,177,500 ($239/sf).
14 for sale at $1,000,000+ in Ventana CC + other lower priced homes

Sabino Mountain
4308 N Sabino Mountain Drive, Tucson, AZ 85750 – listed for $1,399,950 dropped to $1,295,000 then to $1,195,000 ($200/sf) and after 343 days sold for $1,070,000 ($179/sf)
2 for sale in the $800’s on Sabino Mountain

That’s it for sales, 
the following is an assortment of homes in contract here and there throughout the foothills

Cobblestone
7260 N Cathedral Rock Road, Tucson, AZ 85718 – listed for $1,195,000 ($258/sf) went to contract 11 days later.

7421 N Moon Spirit Lane, Tucson, AZ 85718 – listed for $1,495,000 dropped to $1,395,000 then to $1,349,000 ($262/sf) and slipped into contract after 468 days.
7 for sale in Cobb, with Campbell Cliffs at the top of the heap for $12,500,000

Finisterra
6221 E Vista Del Canon, Tucson, AZ 85750 – listed at $1,249,000 dropped to $1,150,000 ($228/sf) went to contract after 846 days.
4 for sale at $1,000,000+ in Finisterra + other lower priced homes

Canyon Ranch Estates
4341 N Desert View Drive, Tucson, AZ 85750 – listed for $2,750,000 took a huge cut to $1,995,000 then another to $1,495,000 ($288/sf) and went to contract after 761 days.
3 for sale in Canyon Ranch

Catalina Foothills Estates #2
4905 N Camino Antonio, Tucson, AZ 85718 – listed for $1,385,000 ($304/sf) and went to contract that very day.
Nothing for sale in Cat 2.

Montanas De Paz
4865 E Placita Provida, Tucson, AZ 85718 – listed for $1,400,000 ($295/sf) went to contract that very day.
Nothing for sale in Montanas De Paz.

Two observations; 8 sales is 8 sales, not bad - at this time last year there were 6 sales at $1,000,000+ (and last year was the best year in years) - so we’re up a teeny bit over the best year in years. Sort of. But this years sales are all at the lower-end of the upper-end. Nothing over $1.3. At this time last year there were 3 over $1.3 – not huge, but up to $1.550.

And last year at this time there were 13 homes in contract (v. 9 this year) and 3 were from $1.5 to $1.9 and 1 at $2.0+. This years contracts top out at $1.4.

2017 started off with a BANG!, there was a flurry of upper-end contracts during the first 6 weeks. And that pace has slowed. And maybe it’s just taking a pause, a break, a brief breather, but it has slowed. We’ll see. And I know that that flurry of early activity encouraged upper-end home owners, who otherwise may not have, to list their homes for sale this year. Hopefully not in vain.

Today, there are 95 homes for sale in the Catalina Foothills from $1,000,000 to $12,500,000. Last year, “the best year in years”, 53 sold at $1,000,000+.

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in contract last week, 3/13 – 3/19/2017

From Monday March 13th thru Sunday March 19th,  24 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 4/21/17)

21 were priced from $209,000 to $545,000
2 at $645,000 & $689,000
1 at $1,390,000

The most desirable and well priced homes continue going to contract very quickly,  11 of the 24 homes noted above went to contract after just 1 to 10 days on the market.

The numbers for the previous week are HERE

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Ventana Canyon Golf Villas have recovered nicely

During the 2006 spring season, when prices peaked, 5 golf villas sold for a median sold price of $595,000.

Six years later, in 2012, when prices hit bottom in the foothills, 9 golf villas sold for a median sold price of $350,000.

And so far this year 4 golf villas have sold for a median sold price of $575,000. And they went quick too, 3 of them sold after just 1, 3 and 4 days on the market.

The golf villas, which sell almost exclusively from January to June, are perhaps the most seasonal single family homes sold in the Foothills. But, unfortunately, there are none for sale at this time.

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we know the overall market is doing well, but is it doing well across the board

184 single family homes have sold this year in the Catalina Foothills.

Here’s a breakdown by price range of those 184 sales;
MOI = months of inventory, a basic measure of supply & demand (6 MOI is considered a normal balanced market, much more and it tilts into a buyers market, much less and you’re entering a sellers market)

List Price	# of homes sold	Median Days on Market	Sold to List Price Ratio	# homes for sale	MOI	# homes in contract
$0 -$199,999	2	9	98.5	1	1.7	1
$200 - $399,999	71	31	98.7	76	3.7	52
$400 - $599,999	70	87	96.5	102	5	48
$600 - $799,999	28  (oops)	54	97.2	93	11.6	15
$800 - $999,999	5  ( “)	306 (ouch!)	96.8	47	33	7
$1.0 - $1,249,999	7	112	97	36	18	4
$1.250 - $1,499,999	1	1,086	94.2	24 (uh oh)	?	5
$1.500-$1,749,999	0			7	?	0
$1.750 - $1,999,999	0			10	?	1
$2.0 & UP	0			17	?	0

Nope, it is definitely not doing well across the board. On the bright side there are a slew of homes in contract, even some up to $1.5, so in the weeks ahead we will see some improvement in the sold numbers. Above $1.5, who knows.

Though, it is also true, there’s usually more window shopping and tire kicking at the upper-end before buyers are ready to tie the knot, so all is not lost there either. We’ll see. But let’s face it, it is very unlikely that all, or even most, of the homes listed above $1.0mil are going to sell this season, or this year, or ...

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in contract last week, 3/6 – 3/12/2017

From Monday March 6th thru Sunday March 12th,  27 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 4/14/17)

22 were priced from $250,000 to $599,999
  3 from $699,000 to $869,900
  2 at $1,225,000 & $1,895,000

PS – the $1.895 listing was on the market just 6 days

The numbers for the previous week are HERE

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we finally cracked 400

that’s 400+ single family homes for sale in the Catalina Foothills. 

We haven’t had 400 homes for sale in the foothills since last August. That’s because in September, instead staying in slow summer mode, as it usually does, the market took off and continued on its spree into October, November and even December.

And despite all the new listings that have come on this year the many contracts and sales have, until now, kept the inventory under 400. But the word’s out, and sellers are now coming out of the proverbial woodwork to list their homes and get in on the action.

Check out the Market Snapshot for a quick look at the current market, with 414 homes for sale v. 511 at this time last year.

No matter how you look at it – the number of homes for sale, the number in contract and sold, the days on market to contract  – this years market is a stronger sellers market than we’ve seen in years. That strength is most evident for homes priced up to about $700,000. Above $700 it is not quite as robust but is still stronger than recent years.

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in contract last week, 2/27 – 3/5/2017

From Monday February 20th thru Sunday February 26th,  25 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 4/08/17)

20 were priced from $219,900 to $554,900
4 from $785,000 to $925,000
1 at $1,400,000

The numbers for the previous week are HERE

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the $1million+ market this year

14 homes have gone to contract listed from $1,000,000 to $1,895,000
3 of those in contract have sold + 2 more sales from late 2016 contracts, from $1,040,000 to $1,177,500.

So 16 high-end homes either in-play or sold in a little over 2 months, impressive.

And because high-end homes were going to contract at a pretty quick clip during the first 6 weeks of the year (I’m guessing) more sellers decided to strike while the market is hot and list their homes this year – bringing 33 new listings to market.

Which brings the current inventory to 93 homes listed for sale from $1,000,000 to $12,500,000 - and 5 homes sold in 2+ months = about a 38 month supply of high-end homes. But – assuming we’re not barraged with more new listings - that number will drop as the 11 homes in contract sell.

Notwithstanding the rush of early contracts this year, traditionally, the high-end market picks up its pace in March, April and sometimes even May.

Last year was the best year (in a series of dismal years) since 2008 for the Catalina Foothills $1million+ market; will 2017 be another best year.

It looks possible, maybe even promising, but still way to early to make bets. Particularly if, as I have, you’ve made them and been dead wrong.

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Skyline CC fixer-upper sells quick and for big $$$

6632 N Los Leones Drive, Tucson, AZ 85718, a cozy 2299sf, went to contract after just 6 days and sold for $500,000 ($217/sf) cash, from a $538,000 list.

Built in 1971, with nary a stitch of updating since then, it looks every bit of its 46 years. But the location and views in Skyline CC are timeless, gorgeous and pretty scarce.

Looks good so far, eh

Step right this way

I suppose you could make do with it as-is, if you had to, but the more likely scenario is a total redo.

There’ve been a slew of quick sales(7 + 1 in contract)  of fixer-uppers in Skyline this year, and all but one went for well under $200/sf - but none had the setting and views of this Los Leones home.

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Catalina Foothills January – February 2017 single family home sales and sold prices

Compared to November-December, home sales for this Jan-Feb look downright puny. But they’re not, it’s a *seasonal thing, and looked at seasonally they’re really quite good. They’re higher, and often way higher, than Jan-Feb sales for every year since 2005. *(Jan-Feb sales are the result of Nov- December contracts, a time when many would-be-buyers are celebrating the holidays with family and friends)

Sold prices are also up for the first 2 months of the year. The median sold price is up13% over Jan-Feb 2016 and is higher than every Jan-Feb period since 2009. No kidding.

 

Results like this make me wonder, or at least hope, is 2017 the year that we finally see the beginning of solid and sustained price appreciation for Catalina Foothills homes.

Through 2016 sold prices in the Catalina Foothills were still way below where they were during and after the boom, while many other cities across the USA are much closer to or have already reached, and in some cases exceeded, their boom time price levels.

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in contract last week, 2/20 – 2/26/2017

From Monday February 20th thru Sunday February 26th,  23 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 3/31/17) 

19 were priced from $235,000 to $575,000
  3 from $635,000 to $685,000
  1 at $1,185,000

worth noting; 11 of the 19 homes that went to contract priced from $235k to $575k  did so after just 2 to 7 days on the market.

And while all the home sales for February have not yet been reported, so far
Jan – Feb 2017 single family home sales are up 23% over Jan – Feb 2016. And the median sale price is up 13%. It’s just two months so I wouldn’t bet the farm on it, but for now everything is moving in the right direction.

The numbers for the previous week are HERE

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