TheTucsonFoothills

just when you least expect it

Scooped up in no time, 3407 E Via Palomita, in La Paloma Estates, is reported under contract today. It was listed barely 2 days ago for $975,000.

It’s a Sante Fe, built 1996/4213 sf/4 Beds/3 Baths/.80 acres/1 level/$231/sf as listed.

And in the ‘keeping good company’ department, the 9 homes sold in this section of La P in the last few years sold for an average of $1,900,556. ___________________________________________________

And 5109 N Camino Real, listed 36 days ago for $1,195,000, is also reported under contract today. It’s a new spec home, built 2009/
4194 sf/5 Beds/3.5 Baths/1 acre/1 level/no pool, but a 5 car garage/$285/sf as listed.
I may be wrong, but I’m guessing the 5 car garage was high on this buyers wish list. Not many people are looking for them, but if you are, they're near impossible to find.

To my memory, this is the quickest spec home contract in ages.

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just in time

another new spec home for Pima Canyon

But according to the listing info, this one has the distinction of being a Leed certified one of a kind, energy-efficient and eco friendly home. Including: solar water heating, photovoltaic electric power generation, water harvesting & much more.

to be Built – completed late 2010/5264 sf/5 Beds/4.5 Baths/1.2 acres/pool/3 car/$2,595,000/$493/sf.

This is the first Leed certified new construction that I’ve run across in the Foothills. It’ll be interesting to see how it’s received.

the listing, no pics though> 1407 E Desert Garden Dr

This makes 18 for sale in PC, none under contract at the moment and 8 sold in the last 6 months. And believe it or not, that’s an enviable sales record for high-end communities in the Tucson Foothills.

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week at a glance

Real Estate Activity in the Tucson Foothills this past week,

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here we go again

6330 E Valle Di Cadore, in Fairfield Sunrise East,  is back for another go at it

first listed in December 04 as a spec home, starting at (with agent #1) $950,000 then $899,000 then 935,000 then 899,000 then 1,200,000 then (agent #2) 1,365,000 then 1,319,300 then (agent #3)  1,250,000 then 1,190,000 then 1,250,000 then 1,150,000 then 1,130,000 then (agent #4) 999,000, 975,000, 899,000, 825,000 then (agent # 5) 769,000, 667,000, 585,000, and sold for $570,000 in August 08 as a foreclosure.

Mind you, Valle Di Cadore was for sale during the ascent to, the pinnacle of and the decline from the boom-boom years. Yet, after all that time, it sold for just $570,000 as a foreclosure.

(1 year later) Round 2,

Deja Vu, ignoring all that nasty stuff, it was listed this past August for $865,000 and today reduced to $799,000 ...

keeping score; home sales, then and now

In case you’re wondering,

Here’s a look at year-to-date home sales + (average/median) prices 
& the number of homes sold at $1.0 +,  for the Tucson Foothills

2009 – 448 sold ($538,859/$438,250)- 36

2008 – 458 sold ($627,382/$525,000)- 50

2007 – 543 sold ($686,941/$548,500)- 84

2006 – 611 sold ($705,592/$579,500)- 102

2005 – 848 sold ($613,033/$515,000)- 81

2004 – 851 sold ($498,379/$408,000)- 54

2003 – 800 sold ($413,176/$350,000)- 22

So sales are neck n’ neck with last year, but just a little better than half what they were in 04, 05. And average/median prices are now firmly ahead of 04 but still a long way from 05.

Million + sales on the other hand are still in the dumpster and, with more for sale now than there were then, the prospects for the upper end are very lean.

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face it- in the end, the value of a home is the price the buyer is willing to pay

Excerpted from The New York Times

WHEN Matthew White, a landscape architect, decided two years ago to sell his 1,300-square-foot apartment in Philadelphia, he knew real estate prices were plummeting. Nevertheless, he thought he could get $760,000, about what he had paid two years earlier, because he had made many improvements to the space, an airy penthouse with two verdant terraces.

“It’s an incredible property, with spectacular views,” he said. Within a month, he got what he considered an “insulting” bid of $525,000. Five price reductions later, he wishes he had taken that offer. “I wasn’t realistic about what I could get,” said Mr. White, whose apartment is currently listed for $449,900. “It is such a special place, but now I realize that doesn’t matter during a recession.”

Leonard Calandriello, a retired banker in Chandler, Ariz., said he felt “entitled” to $500,000 for the 1,975-square-foot town house he bought new in 2007 for $470,000, then upgraded with enhancements like plantation shutters and a travertine patio, spending another $30,000. But with nearby foreclosures and the developer of his community cutting deals, he has had to reduce his asking price twice since May, to $399,000. “We may have to come down more,” he said. “Psychologically it can really get you down.”

The attractiveness of construction and design elements is subjective, so experts said it might be as meaningful to poll your most straight-talking friends. “You may love your new sauna and think it’s a wonderful and attractive feature, but someone else may not care, or even think they need a deduction so they can rip it out,” Mr. Amorin said.

It’s hard to believe we’re still having this discussion, but we are, and for good reason.

From The New York Times - Getting Serious About Your House and the Market

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what happened today

The biggest news of the day, no question, is that 5543 N Espina Rd sold. It’s a wonderful Joesler, built in 59, 3 years after his death but from his plans. And unmistakably a Joesler. In the marketing remarks, the listing agent wrote; One visitor said, This is what I envision when I think of Tucson style.

How true, but also, a style that is fast fading in favor of fake Tuscans and Mediterranean’s and blah
Espina Rd had been on the market starting at $1,695,000 in 06 and selling today for $1,125,000 from a $1,199,000 list price. $247/sf.

What else,

2 new high end listings,

At $1,195,000, 3178 E Corte De Andalucia in Hacienda del Sol Estates – 2008 built/4066 sf/4 Beds/4 Baths/1 acre/and so on 

and
4620 N Camino Gacela in Heatherwood Hills, $985,000 – 2006 built/4030 sf/4 Beds/4 Baths/.92 acres/ etc/ and see for yourself, but looks to me that it may be on the high side for Heatherwood Hills.

6271 N Whaleback Pl in Ventana CC had a nice price cut today -from $1,149,000 to $999,000, on the market 191 days.

1631 E Entrada Once, listed 41 days ago and, at the time, I said it couldn’t last - has finally gone to contract, about 31 days later than I figured.  But better late …..

in distress sales,

6159  N Via De La Tortola in La Paloma sold today. Finally. On the market as a REO for 189 days, starting at $586,500, it went for $448,875. I saw this place way back when and was not at all impressed. In a word, cramped.

and in the cheap seats,

2321 E Calle Lustre, 1937 built – and purchased in 05 for $750,000 - and with a renovation since started, but never completed, not nearly, went to contract today listed at $407,425, as a REO. 4400 sf/1 acre, $93/sf as listed. How bad could it be?

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seldom seen in the foothills

We have more SW contemporaries, Tuscans and Mediterranean's than we know what to do with, but very few real contemporary style homes.

Here’s one that was listed last week that I’d previewed for a client, but they’re taking a pass;

7915 N Sendero De Juana is in Cobo Catalina Hills, adjacent to the west side of Pima Canyon, on 4.7 acres, very private and with wonderful mountain & city views. It was built in 1982 and extensively and beautifully renovated in 2005. 4136 sf, including a full separate guest house- totaling 4 bedrooms/3.5 baths with a bright open floor plan.
$1,250,000/$302/sf.

Have a peek;

And the listing with lots more pictures> 7915 N Sendero De Juana

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full price sales

2 foothills homes sold today for list price

5451 N Agave Dr – listed $419,000 Sold $419,000, in 10 days.

4025 N Wilmot Rd – listed $445,000 Sold $445,000, in 13 days.

And coincidentally, both sold for $198/sf

October Sales

Overall, the number of homes sold is down – and - the number of homes sold at the low-end of the market is down (for the first time in a long time) – but - the number of homes sold at the mid level, formerly the meat and potatoes of the market, is up (for the first time in a long time) 
And the high-end, million+ homes, forgetaboutit, they had the slowest month in months. 

	October	September	August	July
total sold	43	48	48	74
$0 - 499	21	29	32	44
$500- 999	21	15	9	24
$1.0 & up	1	4	7	6
Avg Sold$	$552,606	$540,780	$563,104	$587,791
Med Sold$	$510,000	$420,000	$432,606	$465,000
avg $$/sf	$183	$173	$193	$187
total sales	$23,762,050	25,957,419	27,029,012	43,496,502

But with more mid level sales, and fewer low-end sales, the median price is up appreciably and the average is holding it’s own too.  And seeing that, it’s tempting to say the increased sales we’ve seen at the low-end, in previous months, is now working it’s way up into the mid level.

But it’s too soon. And it may just be another blip and, in the past, I’ve been hasty and stepped in that one before, so I won’t say that. But it is encouraging.

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