TheTucsonFoothills

YTD sales

Here’s a look at year-to-date sales of single family homes in the Tucson Foothills for this year vs. last year, from Jan 1 – May 20th 

# sold – avg/med sold price – avg $$/sf – % sale price/list price – days on market

2012
314 – $459,561/$364,000 – $159/sf – 95.4% SP/LP – 137  DOM

2013
337 – $455,198/$385,000 – $161/sf – 96.3% SP/LP – 94 DOM

Ok, we sold a few more and they sold faster, and that’s terrific. And if buyers are quicker to make deals this year it’s because sellers, rather than dragging it out, have finally seen the light and priced their homes more realistically right from the jump. Still, selling prices have barely budged.

Let’s look at sales by price range and see what’s up and what’s not.

$0 – $599,999
2012 – 253 sold
2013 -  271 sold UP

$600,000 – $999,999
2012 – 38 sold
2013 – 49 sold  UP

$1,000,000 & up
2012 – 23 sold
2013 – 17 sold  NOT

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in contract last week

From Monday May 13th through Sunday May 19th 22 single family homes went to contract in the Tucson Foothills.

17 were priced $163,400 to $499,000
  4 from $650,000 to $939,000
and 1 at $1,075,000 (the foreclosure in PC that never saw the light of day)

Further evidence that the upper-end is winding down for the season,

the previous week’s numbers are HERE

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a steal

In La Puerta, 3451 E Calle Puerta De Acero sold today for $850,000 ($185/sf) from a $1,145,000 list price reduced from $1,250,000 – after about 5 months. A double-whopper of a deal, more like a gift, really. And I admit, for me, it’s so low that I really don’t get it.
It makes no sense that it didn’t sell for $1,100,000 or more. But I don’t know the how’s and why’s of how it went down.

3451 E Calle Puerta De Acero Tucson, AZ 85718
(listed by Homesmart Advantage Group 5169)

It sold for $1,350,000 in 2006 and that buyer dumped a bunch of money into it and tried selling it for $2,195,000 to $1,695,000 then to $1,295,000 and finally, after three years, sold it for $1,100,000 in 2011. Which, at the time, I thought - somebody got a very good deal.
On the other hand La Puerta, which did not fare very well in the downturn, has also not seen much any upside in the recovery.

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in contract

5441 E Gleneagles Drive, on the market since Jan 2010 when it started out at $1,495,000
- 3+ years , 3 Realtors and many price cuts ago - went to contract today listed at $995,000.

5441 E Gleneagles Drive , Tucson, AZ 85718
(listed by Long Realty)

And in place of spec homes – where so many builders got so badly burned – we’re seeing more of the “to be built” home. It’s not a custom home and it’s not a spec, it’s a hybrid.
They’re listed with the lot all picked out and plans drawn up and ready to go, once a buyer comes along and plunks down some cash.  And within limits the buyer can choose finishes and probably make some minor changes. And the builder of 7316 N Camino Sin Vacas recently found that buyer and is in contract today, after less than 4 months. It’s advertised as $725,000 for 2706 sf, 3 Beds, 2.5 Baths, 1 story, 3 car, pool, on 1 acre in Sin Vacas.
A better way to go for everyone, I think, if you have the time and trust the builder.

 7316 N Camino Sin Vacas Tucson, AZ 8571l8
(listed by Long Realty)

Also in Sin Vacas 7541 N Calle Sin Desengano is in contract after 3+ months listed at $699,000 – last sold in 2002 for $600,000.
7541 N Calle Sin Desengano , Tucson, AZ 85718
(listed by long Realty)

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HELLO ZILLOW

I’ve tried umpteen times to enter my areas of specialization > Tucson Foothills Tucson, AZ  & Catalina Foothills Tucson, AZ & 85718 / 85750 <  in my Zillow profile, but each time I enter them they do not show up in my profile.

I’ve also emailed Zillow help 3 times about this issue over the last month or so and still have not gotten any help. But each time I have received an automated reply -

Dear John Schneider,
Thank you for submitting your inquiry. Case #009 etc etc..

but no Help. HELP!

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months of inventory

I just updated the Market Snapshot data and see that the average MOI for the foothills is a very lean 4.4 months. But it is a very lopsided average. Because homes listed up to $599k are down to a squeaky tight 2.7 month supply, while everything above that is at a very flabby 10 months or more. (6 months inventory is considered a normal, balanced market – much less and it’s a sellers market, much more and it’s a buyers market, in theory)

See for yourself > Market Snapshot

And as we head into the triple digits that situation is not likely to improve.

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to find your Tucson Foothills home

no let up in Pinnacle Ridge

4300 E Pinnacle Ridge Place, listed at $789,000, is in contract after 30 days – lightning fast by foothills standards but a bit of a laggard for Pinnacle Ridge. Two other homes are in contract after 1 and 2 days – and two sold recently – in 11 and 21 days – and one remains for sale, 9 days and counting.

 the quickest contracts in the foothills

4300 E Pinnacle Ridge Place  Tucson, AZ 85718
(listed by Long Realty)

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this is special

A 2002 mud adobe with guest house built by Jim Gray, listed today.

Timeless southwestern architecture, authentic materials, all beautifully finished with modern amenities and conveniences. These are exceptionally rare in the foothills. $1,195,000

6760 N Montezuma Drive Tucson, AZ 85718
(listed by Long Realty)

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to find your Tucson Foothills home

appraisals in sync with selling prices

Imagine that,

From CNNMoney.com
Home appraisals no longer derailing sales

Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through.

During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home's selling price.

For example, if a home cost $500,000 and required a 20% down payment of $100,000, the buyer would need to finance $400,000. But if the appraiser valued the home at $450,000, the buyer would only be eligible for a $360,000 loan -- making the home too costly for some buyers.

But now, as home prices climb and housing inventories shrink, appraisers are valuing homes at or above their selling prices, according to Lawrence Yun, chief economist for the National Association of Realtors.

Read all about it > Home appraisals no longer derailing sales

The era of bad appraisals ended some time ago here in the Tucson Foothills. But I knew then, and I admit now, that the blame for those flawed appraisals was not all the fault of  the appraisers themselves. No. It’s obvious that the lenders were overcompensating for their profligate ways during the boom and holding the appraisers feet to the fire to turn in ultra conservative appraisals. Or else. And appraisal management companies were also foisted on us during that time. And their only interest was to squeeze every penny of profit out of every appraisal – and since their profit was in the spread between what the lenders paid them and what they paid the appraisers - they just hired the cheapest appraisers they could dig up - with no regard to their competence or whether they had any experience in the areas where they were to conduct appraisals. But they got so much bad press that eventually they couldn’t ignore it and had to start hiring appraisers that could actually do the job.

A few of my past rants on appraisals;
the problem with appraisals,   another deal killed by another half-assed appraisal ,  Fighting Back Against Lowball Home Appraisals

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if you’re shopping prices in the Canyons,

and who isn’t, 7431 N Secret Canyon Drive returned to the market yesterday at $3,500,000, $450k less than when it left last month. And at $3.5 it’s $363/sf, by far the least costly/sf of the four for sale in the Canyons and, at least, closer to the sale prices of the four homes that have sold in the last three+ years. It started out in 08 at $6,450,000 ($670/sf).

7431 N Secret Canyon Drive Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty 472203)

Since Jan 1, 2010 there’ve been just four sales, and all at steeply reduced prices.
Sold;
$1,400,000 ($252/sf) – started at $3,250,000 ($585/sf)
$1,850,000 ($267/sf) – started at $5,000,000 ($722/sf)
$2,150,000 ($345/sf) – started at $3,800,000 ($610/sf)
$2,050,000 ($283/sf) – started at $4,500,000 ($622/sf)

And 7431 is a big house - bigger by 2000sf or more than any of those sold – it’s listed as 9,630sf, while the tax assessor shows it at 10,040sf

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