The Catalina Foothills

you can ask whatever you want

They sure did in Cat 10 and it didn’t quite work out as planned. 4555 N Via De La Granja was listed in July 2013 for $1,600,000 and held tight to that price til May 2014. Then it dropped to $1,395,000 and so on until it hit $799,950 in July 2015 and swiftly went to contract and sold for the bonus price of $800,000 ($130/sf) as a very short sale. It appears their friendly banker was left holding the bag on a $1,600,000 mortgage. Though it never made it to foreclosure Zillow zestimated its pre-foreclosure price at $1,187,936.
Interesting tidbit on the rewards of overpricing - of the 100 homes sold in Cat 10 since 2005 this one ranks in the bottom 3 for the lowest sale price/sf.

Different strokes…at 6710 N Longfellow Drive, which had it all, was priced it to sell. 
A gorgeously remodeled home in Coronado Fthls that was so attractively priced it went to contract almost immediately and sold for full list, $907,000 ($236/sf), the other day. And even Zillow’s low-ball zestimate, at $764,414, did nothing to dissuade the buyers.
Nor should it have. I’ll never know if I was right or not, but my own guesstimate for it was closer to $950,000.

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still looking for that “shadow inventory”

Remember when “the shadow inventory” was the byword of the day and heard repeatedly from every real estate prognosticator’s lips. And I don’t know about the rest of the country but “the shadow inventory’' failed, miserably, to ever materialize here in the Catalina Foothills.

In 2014 there were 36 foreclosure sales out of 774 total sales of single family homes – that’s a teeny tiny 4.6% of sales.

2013 – 880 total sales, 70 or 8% were foreclosures.
2012 – 818 total sales, 95 or 11.6% were foreclosures.
2011 – 679 total sales, 100 or 14.7% were foreclosures.
2010 – 639 total sales, 94 or 14.7% were foreclosures.
2009 – 577 total sales, 49 or 8.5% were foreclosures.

And the further back you go the further down it goes. 
And today, out of a grand total of 466 homes for sale, 2 are listed as foreclosures – 0.429% – and there are 3 in contract.

Doing a search at Realty Trac they report about 35 homes in the Catalina Foothills are bank owned. But digging a little deeper it appears that most of them are actually not bank owned.

Because Realty Trac does a big back peddle, stating in the fine print;  
‘We have not received a status update on this property in xxx days (fill in blank, usually somewhere between 300 and 1500 days). The property may or may not be bank owned.  We recommend that you verify the status of this property with the lender or contact a local agent before proceeding’.  Okey dokey.

So I checked the Pima County Tax Assessor and none of them show as bank owned. And while that’s not ironclad I also checked Zillow and they don’t show them as bank owned either. And I am a local agent, so I checked the MLS and none of them are listed as bank owned.

So, as far as I know, the following homes are the only one’s that are actually bank owned. And none of them are listed for sale in the MLS.

4540 E CERCO DEL CORAZON, TUCSON, AZ 85718 - which sold for $672,500 ($237/sf) in 2006, and failed to sell for $400,000 in 2013 - is now in the hands of Wells Fargo.
Zillow Zestimates its foreclosure value at $399,152, which they claim is about $70,000 less than it would sell for in a traditional, non foreclosure sale.

5435 E Placita De Royale,Tucson, AZ 85718 – built in 2007, there is no previous sale and it was never listed for sale – is located in an un-subdivided area of the Catalina Foothills where the most recent sale (2013) was at $495,000($143/sf).
Zillow Zestimates its foreclosure value at $536,731, about $95,000 less than it would sell for in a traditional, non foreclosure sale.

5480 N Waterfield Dr,Tucson, AZ 85750 – listed for sale in 2012 for $222,000 but didn’t sell – is now in the hands of LSF8 MASTER PARTICIPATION TRUST.
Zillow’s Foreclosure Estimate is $208,507, about $36,000 less than a non foreclosure sale.

And that’s it. 3 homes. And I’ll admit that that seems like too few. So I’m probably missing something somewhere. But there’s nothing, not one iota of evidence that I can find to show  there’s a big “shadow inventory” lurking nearby and about to plunge our market into a big wave of foreclosures.

Realty Trac does list other homes that are in pre-foreclosure, but who knows what’ll happen, pre- foreclosure is kinda like being almost pregnant.

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Psst! a foreclosure

and a big one too. If not the largest, then certainly one of the largest homes on Sabino Mountain showed up this morning as a foreclosure listed at $1,175,000, just ($179/sf).
That’s for 6569sf – including guest house, 4 Beds/4.5 baths, built 2003, pool, etc., etc.

It sold in 2008 for $2,250,000 ($333/sf) – the highest price ever paid on Sabino Mountain (thru the MLS anyway). And talk about timing, the 08 sale closed two weeks after Lehman collapsed. I can’t imagine why the buyers didn’t pull the plug, or, for that matter, Wells Fargo. But they didn’t, and now it’s Wells Fargo’s turn to deal with it. Also, it was listed in 2011 for $1,950,000, and having failed to find a buyer expired in March 2013 at $1,690,000.

It’s listed as a Mediterranean, hmmm, I’d call it … eclectic, with a touch of Med.
But have a look, what would you call it.

7525 E Crested Saguaro PlaceTucson, AZ 85750  (link expires 9/14/14)
(listed by Long 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)

search all the homes for sale in the Catalina Foothills
at TheFoothillsToday.com

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)

search all the homes for sale in the Catalina Foothills
at TheFoothillsToday.com

welcome to the neighborhood

According to Realty Trac, the leading foreclosure site, 5128 N Calle Ladero is headed to a foreclosure auction, again. Yes again, this will the 2nd time around for 5128. 
It was built in 2007 as a brand new spec home, on a lot that was recently split from a nearby Joesler estate, and before you knew it there it was all shiny and new

and complete with cozy guest house, asking $1,650,000 ($384/sf).

Fast forward 18 months and it sold for $920,000 as a foreclosure, with the added distinction of being one of the very first foreclosures to show its face in the foothills. 

Fast forward again, to last July when it was listed for $975,000, dropped to $925,000 and expired unsold at $899,000 this January. When, I’m guessing, mr lender made his moves.

And I don’t know if it had anything to do with its demise but 5128 was, and is, about as out of place in that neighborhood as could possibly be. As I mentioned it was built on land split from a 1930’s Joesler estate.

It’s on Calle Ladero just north of Calle La Vela, which is the birthplace, the crossroads and the heart & soul of Joeslers in the old foothills. Homes like these that have been there for 70+ years

Simple, graceful, charming homes that were built for the desert.

 

I’m sure the neighbors were fit to be tied, but what could they do, the cc&r’s in Catalina Foothills  Estates had expired and with them went the prohibition against lot splits and any  sort of architectural oversight of new construction.

And for guidance, Realty Trac estimates its value at $1,008,028 and expects an opening bid of $690,000. I say it gets $700,000, tops.

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that was quick,

Listed in Eleven Arches just 43 days ago at $1,199,900, and quickly reduced to $1,099,900, 3490 E Camino A Los Vientos, the last hurrah of the great wave of boom time spec homes, has gone to contract - thanks to Bank Of Ny Mellon, who finally stepped in in March.

But they had to make up for some lost time. You see Los Vientos has been on the market since 2005 when it debuted at $3,200,0000, and failed to sell, and was raised to $3,600,000, and failed to sell, and so on and so forth, until mr lender took the reins. But they’re not getting off scot free either, it looks like they had to eat a $2,450,000 mortgage for the privilege.

3490 E Camino A Los Vientos , Tucson, AZ 85718
(listed by Top Gun Realty)

The Eleven Arches subdivision was carved from land that originally belonged to a 15,000sf Joesler built in the 1930’s on 200 acres. The house, named Eleven Arches, is still standing, but the 200 acres has been whittled down to 5 acres.  (mentioned HERE at the end of a long winded piece I did in 2008)

And a gorgeous La Quinta at 3440 E VIA ALCALDE is also in contract after just 14 days, listed at $1,149,000 after selling in 07 for $1,450,000.  And it’s not a foreclosure, so no meddling from mr lender.

3440 E VIA ALCALDE  Tucson, AZ 85718
(listed by Long Realty)

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you can ask whatever you want

In Ventana C.C. 6251 N Whaleback Place sold for $1,150,000 in 2006 and was listed for the make-me-move price of $1,200,000 in 2012. But, not surprisingly, that didn’t cut it and after dropping to $850,000, and still no sale, it fell into foreclosure. And with mr. lender holding the  reins it was listed for $835,900 and quickly reduced to $829,900 and finally to $789,900, and Bingo!, it sold for $789,900.

6251 N Whaleback Place Tucson, AZ 85750
(listed by Keller Williams Southern Arizona 478306)
link will expire on 5/10/14

and here’s another.

In Skyline CC 5461 E Gleneagles Drive started in 2012 at $1,295,000 and sold today for $850,000 from a $950,000 asking price.

Buyers can afford to wait, time is on their side.

5461 E Gleneagles Drive , Tucson, AZ 85718
(listed by Coldwell Banker Residential Brokerage 70202)
link will expire on 5/10/14

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a buyer from San Francisco?

The foreclosure I mentioned a couple of weeks ago at 4665 N Quartz Hill Place is in contract after 16 days. At the time I mentioned it I hadn’t yet seen it in person, and, given the price, guessed that there might be a bidding war. And there may have been, but it took longer than I anticipated to get to contract – and when I saw it a day or 2 later and saw how steep the driveway really is I had 2nd thoughts on the bidding war. Who  knows, bidding war or not, it’s in contract now and for the right buyer it’s quite a deal.

2010 built contemporary, Kevin Howard design, 4325 sf, $649,000 ($150/sf), with elevator.

4665 N Quartz Hill Place Tucson, AZ 85750
(listed by Russ Lyon Sotheby's International Realty 472203)
- link will expire on 5/9/14

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a foreclosure

In Eleven Arches, 3490 E Camino A Los Vientos, now offered for 1,199,900 ($165/sf) courtesy of BofA. This has been for sale, on and off, since 2005 when it started at $3.2, didn’t sell and was bumped to $3.6. And then in a recent last ditch effort it was listed as a short sale for $950,000, but still it didn’t sell.

All that time for sale and I’ve never seen it, but I’ve never been a big fan of Eleven Arches and haven’t had any clients who were either. Eleven Arches opened to great fanfare in 05 (I think), you know the usual ra-ra, but mostly it fizzled.

Is this a good deal, perhaps. If you’re looking for a 2 story, 7300 sf, that’s close to Hacienda del Sol Rd, has an indoor pool and was built as a spec during the boom. Go for it.

It looks like BofA is going to get creamed on this one, the tax records show $2.8 in mortgages from Countrywide.

5171 N Hacienda Del Sol Road , Tucson, AZ 85718
(listed by Top Gun Realty 5106) link expires 5/1/14

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high-end foreclosure for a low-end price

4665 N Quartz Hill Place, a 2010 built contemporary, 4325 sf, 4 Beds/3.5 baths, 2 story with elevator, magnificent Catalina mountain views, listed for $649,000 ($150/sf), courtesy of BMO Harris Bank. Steep driveway and all. Unless there’s something I’m not seeing here, this won’t last, and I’ll be surprised if we don’t see a bidding war with an over-list sale price.

This is in Rockcliff, a smallish gated community just east of Sabino Canyon Rd and south of Snyder. I know Rockcliff well, I lived there for 6 years and also had a steep driveway. 

4665 N Quartz Hill Place  Tucson, AZ 85750
(listed by Russ Lyon Sotheby's International Realty 472203)