Home sales in the Catalina Foothills were humming along very nicely and then August came along and they suddenly fell off the cliff. And August was followed by equally disappointing sales in September and October. And now the November numbers are in and they’re even lower – lower than every month since January 2012. What gives.
And sold prices for November are also down from October, but prices jump around from month to month and November prices are up from their lows in August and September and also within range of earlier months. So, no worries there, not yet anyway. But if sales continue to at this feeble pace then prices will should eventually follow.
Let’s see where this puts us for January thru November, this year vs. 2012.
2012 – 757 sold @ $459,960/ $375,000 (avg/median sold $$)
2013 – 817 sold @ $461,646/$394,000
So, YTD, sales are up just under 8%, while the avg sold price has, again, barely budged (up 0.36%) and the median is now up just 5% from 2012 – dropping from +6.3% in October. So yes, we’re still up from last year, but month by month we’re losing ground. Through July sales and median prices were up 14% and 6.9% respectively.
5870 N Piedra Seca sold for $1,200,000 in 06 and $800,000 today.
After the 06 sale it was listed in 2012 for the rather modest price of $700,000 as a short sale, but failed to sell. Then in early 2013 it was listed for $850,000, again as short sale, and while it went to contract a couple of times it also fell out a couple of times. Due, I’m guessing, to mr lender’s failure to respond. So it expired in September and was re-listed in October, this time for $789,900 as a foreclosure and, BAM!, after a little bidding war, it was in contract in just 12 days and closed today for $800,000.
So that’s finally over and done with, and someone got a good deal too.
The other day in a post titled we’re running out of time I reported on the rather dreary state of upper-end home sales. So for equal time and to encourage a more upbeat mood I thought I should give a glimpse at the other price ranges in the foothills. You know, those that are actually selling more homes this year than last year, and the year before. And that, through thick and thin, also make up the bulk of the market here in the foothills.
So , here we go; Year to date sales for the middle of the market – homes priced from $600,000 to $999,999 – are UP 32% from last year. Ha!
Since January 1st 127 have sold. During the same period last year 96 sold. And 91 sold in 2011. At this time last year there were 75 for sale between $600k and $999k, today there are 91.
And at the lower end, homes priced from $1 to $599,999 - the real meat and potatoes of the foothills – sales are up 7% from last year. Not a huge increase, but how high can you go, because even at the height of the hilarity in 2005 there were just 10 more sales than this year, yep, 670 then, 660 now.
So a whopping 660 homes have sold up to $599,999 since Jan 1. During the same period last year an also whopping 616 sold. And 490 sold in 2011.
At this time last year there were 206 for sale from $1 to $599k, today there are 217. Steady as she goes.
6131 N Placita Manatial La Paloma, showed up today listed at a range price of $695,000 – $750,000, or ($264 – $284/sf) and promptly went to contract. 0 DOM.
Likewise, 3884 E Calle Cayo, which had been listed for brief spurts and left the market in early November, showed up today at $699,000 ($208/sf) and, BAM!, it too went to contract. (both listed by Long Realty)
4501 N Camino Del Obispo – a 4,778sf house built in 1961 on 4.65 acres - sold barely 6 weeks ago for $795,000 ($166/sf) as a short sale. At that time the listing noted; Extensively remodeled custom home with fantastic city and mountain views – but there were no pictures. But if so, that appears to have been a good deal. And even better with 4.65 acres.
And wasting no time it’s back on the market today, now asking $1,175,000 ($246/sf), still at 4778sf, but now shows a 2004 build date and on just 2 acres. So the price of the house has gone up-up and they’ve split off about 2.65 acres for another lot, or another 2 lots. Cha-ching!
I never saw it prior to the October sale, and like I said there were no pictures in that listing, so I have no idea what, if anything, has been done since then, but from the pictures in the current listing everything looks brand new.
The build date, well, the tax assessor still shows it as 1961.
*and another reminder that the links I post to listings - whether they’re for sale, in contract or sold - will expire after 30 days. And there’s nothing I can do about it, it’s how the flex MLS system works. Sorry for that.
Listed for $824,900, 4438 E Pinnacle Ridge Place, a foreclosure, went to contract in 14 days and closed the day before Thanksgiving for $849,000 ($191/sf). At $849,000 it’s the 2nd highest sale in there this year. The highest was $851,000, sold in August in 5 days.
And just two days before this sale another house in PR - the same model, same sq footage, same year built, pool-pool, 3 car-3 car, both 2 story - closed for $810,000 ($182/sf). But that one was right by the entrance/exit gate, so everyone coming and going came and went right past your front door. Just a guess.
Listed today, 5353 N Camino Escuela, a 1936 mud adobe Joesler, 5645 sf, including a two bedroom, two bath guest house, on 13 acres. 7 bedrooms/8 baths in all. $2,850,000!
Joesler’s are rare enough, but a Joesler on 13 acres is almost unheard of. Almost.
Two years ago I represented the sellers and the buyers on another Joesler, also on Camino Escuela. Built in 1941 it was 2584 sf on just under 15 acres. And the 15 acres was in a conservation easement, so it could not be broken up or developed in any way. Just enjoyed as mother nature intended.
And I actually had the buyers before I had the listing. I was working with a couple that wanted a Joesler, but there were just two or three for sale and none of them were quite right. So I did a blog post - looking for a Joesler – what the heck, you never know, and, Voila, my prayers were answered. The owner of the 1941 Joesler called me and we met at the house and I thought it was just what my buyers were looking for. And when they saw it they agreed. So along with taking the listing I wrote an offer and we put a deal together that worked for everyone. And it went into the MLS the next day as under contract, 0 DOM. You can’t beat that.