TheTucsonFoothills

sometimes it just takes a while to find the right price

like for this house in the Tucson Foothills that was listed for,

$950,000 in late 2004

then reduced to $899,000, then upped to $935,000, then $899,000 again, then $1,200,000 (makes sense, play hard to get), then $1,365,000 (when in doubt, up the ante) then $1,319,300 (that's an interesting number), then $1,250,000, then $1,190,000, then $1,250,000 again (that $1,250,000 must be a lucky number), then $1,150,000, then $1,130,000, then $1,120,000, then oops! $999,000, then $975,000, then $899,000 yet again (it'll work this time), then $825,000, then $769,000, then $667,000, and then it SOLD, for $585,000, three & a half years later.

This really happened, I'm not making it up. Don't let it happen to you.

see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes

days of inventory, in your price range, in the Tucson Foothills, 4/24/08

Here's a look at days of inventory (DOI) for single family homes in the Tucson Foothills. Overall, for all single family homes in all price ranges, the DOI computes to 11.7 months, which is about 2X the inventory that is considered normal. But there are three price ranges where no homes have sold in the last 30 days, and so DOI for those price ranges can't be calculated, and therefore the actual total DOI is indeterminable at this point. But lacking anything better, I'll call it
11.7 months, and counting.
That's why I break down DOI by price range, because as you'll see,
DOI varies wildly depending on the price range you're looking at
in the Tucson Foothills

Price	# For Sale	# Sold	Months of    Inventory
$0 - $400,000	100	18	5.5
$401 - $600K	135	12	11
$601 - $800K	122	13	9
$801 - $1.0m	68	6	11
$1.01-$1.250m	44	0	?
$1.251-$1.5m	46	1	46
$1.501- $2.0m	41	0	?
$2.01 - $3.0	29	1	29
$3.01 & UP	13	0	?
Total	598	51	11.7

**DOI, days of Inventory reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month provided no new properties becomes available.
The last time I posted DOI figures was on March 18th, here>
days of inventory, in your price range, for the Tucson Foothills
and the total number of homes sold then was just one less than during the current 30 day period. But if you compare the two you'll see there are many differences in DOI by price range from then 'til now, and in general, DOI has increased across most price ranges.

If you're buying or selling a home in the Tucson Foothills, DOI in your price range is a key factor to know and seriously consider.
And obviously, if you're trying to sell your home, and it's priced at $1,000,000 and Up, you have lots of competition, and few buyers buying. You can't afford to ignore this.

see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes

inventory trends in the Tucson Foothills

Yesterday we reached a new high, or a new low, depending on which side of the aisle you're sitting on.
For the first time we cracked the 600 mark in the number of homes listed for sale, coming in at 601. 
But rather than blurt that out right away, I waited, thinking that it was just a momentary thing, and would drop below 600 before the day was out. That didn't happen. The trend continues today with 605 homes listed for sale in the Tucson Foothills.

This is all the more curious because for the greater Tucson Metro area, which includes the Foothills, the inventory of homes for sale is down about 10% from last year.

see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes

the miracle of overpricing

As I noted the other day in, 4/11/08, the pulse of the market in the Tucson Foothills there are a lot of homes for sale in the Tucson Foothills. About a 55% growth in inventory over the last two years, and sales down about 26% during that same period.
(disclaimer, yes there are pockets of relative strength in the market, but they too are getting weaker)

And while it's obvious to me that there is pent-up demand out there, there are buyers who are actively looking and would like to buy a home. It is also increasingly obvious that buyers resolve to not buy what they consider to be overpriced homes, is firming up, rather than weakening.

One sad consequence of all this is that we're beginning to see short sales and foreclosures in the Tucson Foothills. And while the numbers are still very small, there are more of them than I would have expected just a few months ago.

If you're trying to sell your home and it's not absolutely-positively competitively priced to sell in this market, then you're hoping for a miracle.
Overpriced homes are not selling. And beyond the dire consequences that the owners of some of these overpriced homes will face, by hoping for a miracle, they're also contributing to a growing glut of homes for sale in the Foothills. 589 for sale today. 

Here's one I saw recently - and aside from the short sale aspect, I could pull many others with a similar pricing history - that came to a sad ending because somebody was either way out of touch or hoping for a miracle.

Listed at $935,000 reduced to $919,900 reduced to $899,000 reduced to $875,000 reduced to $849,999 reduced to $815,000 reduced to $799,900. New agent comes on board, price reduced for short sale to $700,000. Sells in 1 day.

I'm sure this home would have sold for a lot more money than it did, if it was realistically priced from the beginning.

There are buyers out there and they're looking to buy well priced homes in the Tucson Foothills.

see thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes

4/11/08, the pulse of the market in the Tucson Foothills

In the last two weeks;

105   homes have been listed for sale

90    homes have had price reductions

45    homes have gone under contract

31    homes have sold

588  homes are listed for sale in the Tucson Foothills today

I'm going to get off track here from the pulse of the market thing, because I think it's worth looking at a few simple longer-term numbers to get a handle on where we stand today with home sales in the Tucson Foothills. 

A year ago, in April 2007, there were about 460 homes for sale.
In July of 2006 (the earliest records I have) there were about 377 homes for sale. Today there are 588 homes for sale. 
And during that almost 2 year period, sales have slowed by about 26% in the Tucson Foothills.

So here we are with about 55% more homes for sale, combined with about 26% fewer sales. And all of it in a nationwide economic climate that is wobbly and uncertain.

I'm not a gloom and doomer, if anything, I'm a cheerleader for the Foothills, but I'm also a realist. The bottom line is that there's a growing and very basic imbalance here that cannot be ignored.

If you're trying to sell your home, and you haven't done so already, it's really time to cut to your bottom line.

Soon, the busy season for home sales in the Tucson Foothills (January - May) will come to a close and we will experience a seasonal slowdown in sales. It happens every year, there's no avoiding it.

If you're a buyer, you're in an enviable position.
The inventory is higher than I've seen it, prices are down, the % of sale price/list price indicates that sellers are very flexible, and interest rates are still very low.

see thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes

**This data is for single family homes - no town homes, no condos - listed through the Tucson Association of Realtors® Multiple Listing Service.

good things come in small packages, I guess

There are a lot of really crummy pictures of homes on the internet.
But these are my favorite. Teeny-weeny little postage stamp size pictures, where you know there's something there, you just can't tell what it is. If you're trying to sell your home, having pictures like these is not the best way to go about it. 
But you see these little postage stamp size pictures all the time in the MLS and on the internet.

 

And if your agent hasn't figured this out yet, the internet is where home buyers are shopping for homes, and the pictures go a long way to determining which homes buyers go to see. 
It's the ad for your home, and it's the only one that really brings them in the door, or doesn't.
Check out the pictures of your home on the internet,
they should look something like this,  

so that home buyers can actually see what your home looks like

and maybe even decide that they just have to come see it in person,

and because it looks so nice in the pictures,

maybe they've already begun to picture themselves in it,
before they even walk in the front door 

see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes

homeowners who won't cut the price

' Overall home sales have fallen a remarkable 33 percent since the summer of 2005

Home prices, on the other hand, continued to rise until 2006 and are now only 5 to 10 percent below where they were in mid-2005

In most other areas of the economy, this combination of plummeting sales and stable prices would not happen. When demand for airline tickets drop, the airlines cut their prices until they have sold their seats. When stocks become less appealing, share prices fall

Real estate, though, is different. For both economic and psychological reasons, there is no asset more conducive to hopeful overvaluation '

From an article in today's New York Times by DAVID LEONHARDT
Be It Ever So Illogical: Homeowners Who Won’t Cut the Price

There's not much in this article that's revolutionary, or that we haven't heard before, but David Leonhardt says it all very well, and at times like this it bears repeating. And while I like the comparison with stock prices - as I've used it a number of times, sometimes even successfully, with stubborn sellers - the band-aid analogy really cuts through the clutter.
 
' In many ways, it would be better if the housing correction would happen more swiftly and sharply. The pain might be worse, but it would be over quickly. We seem to understand this principle when we’re removing a bandage. Why, then, is it so much harder with housing?'

see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes

Open houses in the Tucson Foothills

Looking online at the Long Realty site and in the local paper, I see a lot of Open Houses scheduled for today in the Tucson Foothills.

Homes priced from the low $200's to over $3,000,000 are being held open today throughout the Foothills, by Long Realty agents and agents from other real estate brokerages.

I've always been a fan of open houses, because judging by the number of people who show up, and the fact that they seem to be enjoying themselves, it's obvious that people shopping for homes like open houses. 
Whether they're serious shoppers or just toying with the idea of buying a home and want to get a feel for what's out there, 
open houses are an easy, no-pressure way for them to do it.

And unlike the old days, when you went to an open house with little or no knowledge of what to expect, with the internet and all the information and pictures that are available on houses being held open, today you can pick and choose the homes that are of interest to you. 

That's how I see it. But I'd like to hear your opinion about what you like or don't like about open houses, and any suggestions you have for how open houses could better serve you.

Yes, I'm doing one today too. 3718 E Rose Peak Pl
Hope to see you there,

see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes

Tucson Foothills homes, buying & selling them

In the course of doing my real estate business in the Tucson Foothills, I work with people from many different backgrounds, and with varying levels of experience, comfort and expectations about buying and selling a home. And many of them are fairly new to the area. They've come here for a job, or to buy a second or retirement home in the Tucson Foothills. So it's all new to them.
During the early stages of our relationship, whether they're buying or selling, experienced or not, I try and prepare my clients for what lies ahead. I spend time with them reviewing the process of buying or selling a home, how it works here in Arizona, and what I bring to the party.

It's not rocket science, but it's no longer a simple process either,
as evidenced by the 9 pages and 394 lines in the standard Arizona purchase contract, plus the many additional pages of required addendum to the contract.

I go over the typical stages and the time frames involved, and what happens at each of them, we review the contract and related paperwork, and the options, rights and responsibilities of each party according to the contract.
I talk about what to expect if everything goes smoothly, and what are the possible and most likely areas where things could get bogged down, and what happens if they do.
I answer their questions and respond to their concerns.
I often follow this up with an email that summarizes the key points of our discussion, and suggest that they carefully re-read the contract, the listing agreement, and whatever other paperwork is appropriate, and to ask questions if they have any. I also refer them to web sites that offer information and advice on specific topics that may be helpful.

I want every one that I work with to have a good understanding of the process and how it works. And I try to tailor this discussion to the individual needs of each client, in regard to both their familiarity with the process, and their personal comfort level and apprehensions about buying or selling a home.
Every one is different. Some people want and need, more attention, guidance and hand holding. Others are more seat of the pants.

Whatever their needs are, and whether it's a $200,000 condo or a grand $2,000,000 home in the Foothills, every client deserves and appreciates having a good understanding of how we are going to get from here to there.

who's smiling now

Recently I saw a house listed for sale in the Tucson Foothills for $550,000, located in a community where all the homes are very comparable. Not exactly cookie-cutter, but darn close to it.
It caught my eye because it showed up with a price change after being on the market for only a few days.
So I clicked through to see if this was really a new listing or if it had been on the market before and re-listed.
Sure enough, it had a history of changes as long as your arm. 
This house had been on the market for more than 300 days, and during that time it had been listed and re-listed five times, had seven price reductions, and two different agents. And after all that time, it's now finally listed in the mid $500's, which is right about where it should be. And you don't have to be Einstein to figure that out.

Homes in this cookie-cutter like community sell within a very tight price band. Multiply the square footage of the house by the average $$/square foot of houses that have sold in here recently, and you're about 75% of the way to figuring out a marketable list price.
So why has this house been on the market for 300+ days and had umpteen price reductions.
Because instead of listing it at a fair market price of about $550,000, when it was first put up for sale, somebody decided to really go for the gold, and list it for $950,000. Yes 950 thousand dollars!
In the very best of markets, when houses were flying off the shelves, you'd have a better chance of winning the lottery than selling this place at anywhere near that price.
But somehow, someone convinced someone else, that $950,000 was the right price. I'd have liked to have been a fly on the wall during that conversation.
So now, after 300 + days on the market, reality has finally set in.
And while I wish them well, unfortunately at this point, this house is suffering from the stigma of many-many days on the market, along with all the other changes that have taken place during it's long and turbulent history of being for sale.
The real estate market is now weaker, and the economic climate is wobblier, and if this house does sell, it's almost certain that it will sell for substantially less than it would have 300 days ago.

Granted, this is an extreme example, and I don't know who was responsible for pricing this house, the agent or the owner, but in my experience, some home owners choose to ignore reality - they only want to hear what they want to hear.
And if you don't smile brightly and eagerly agree, they'll find someone else who will.

showing your home during the holidays

As the holidays approach, a lot of our time and attention is occupied by friends, and family get togethers, shopping, celebrations and good cheer.
And if your home is for sale, it can be very challenging to coordinate everything that's going on and still be able to show your home, and keep your sanity.
But you can do it. Now's the time to give some thought to what changes need to be made to the availability of your home for showings during the holidays. Think about what will work best for you, and be realistic, and then discuss it with your agent. They should have some suggestions about how to comfortably accommodate your holiday schedule and the showing of your home.
It's far better to post a restricted showing schedule in the MLS during the holidays, that you can live with, and that agents and their buyer clients can use to plan accordingly.
If you don't plan, and just hope for the best, you may end up turning away potential buyers at the last minute. Or worse yet, allowing them to come into your home at a time when you're not prepared, and they feel like they're intruding, in which case they'll be very uncomfortable, do a quick walk-thru without seeing a thing, and be gone forever.

new construction in the Tucson Foothills

Paloma Ridge is the newest and largest residential development in the Catalina Foothills. Located on prime Foothills real estate at Sunrise Dr and Hacienda del Sol Rd, AF Sterling is building 54 homes on 13 acres at Paloma Ridge.

The homes range in size from 2277 to 3091 sf. And with a reputation for a real quality product, excellent customer service, a long list of standard amenities, and like the sign says , from the low $500's, these homes appear to be very well positioned for today's market.

The largest model, at 3091 sf, 3 bedrooms/3.5 baths, is base priced at $564,900. That's $183.00 sf, and that's unheard of for new construction in the Foothills, and even more so for a gated community adjacent to the golf course at La Paloma. Add $100,000 in upgrades, and the price jumps to $664,900, or $215.00 sf.
Still very inexpensive in the Foothills today.
Here's the front view of a couple that are close to completion.

And the rear view of a couple under construction.

All of that is very attractive. But with all that going for them,
I'm not sure who the target customer is for these homes.
Traditionally, in this setting, at these prices, the most likely customer would be a second home owner, snow bird, or retiree.
The La Paloma location, new construction, the security of a gated community, and the small lot size with low maintenance, are all attractive features to second home owners and retirees.
On the other hand, these homes are all two-story, and that's almost never an attractive feature to second home owners and retirees. (ps-as far as I know, this is the only ALL
two-story home development in the Foothills)
In my experience, a two-story home is a no-no with many home buyers in the Tucson Foothills, but especially so with older buyers. 
Ok, how about younger families with kids.
Good location, district 16 schools, new home, gated community, OK so far. And a small lot size. Oops! These homes have no yard, just a small patio. And while that's an attractive feature for many older folks, it's usually a big negative for people with younger kids.
Kids need a place to play outdoors. Hmmm!
How about young professionals. Well, maybe.
Riverwalk is a couple of miles straight south of Paloma Ridge, and though it bills itself as urban living (ah, stretching the definition in my opinion), it's similarly priced, it's new construction, gated, and three story, with no yard. And it's marketing is targeted to young professionals. So maybe.
But more likely, it's all of the above, and more.
Because what I think we're really seeing here is the effects of the scarcity of available land, and the very high cost of what land is available in the Foothills today, changing the face of residential construction, where possible.
Forcing builders to use land more efficiently and build more densely where zoning permits it. And encouraging buyers to stretch, re-think, and consider types of housing in the Foothills that is different from traditional expectations.
In a recent article in the AZ Daily Star- referring to the high cost of land in the greater Tucson metro area- Roger Yohem, a spokesman for the Southern Arizona Homebuilders Association, said, "In the future, 25 years down the road, in this Tucson market you'll be seeing a lot more two-story houses,"
That may be so in the greater metro area, and I bet it will happen sooner than 25 years, but in the Tucson Foothills we're there now. We're almost out of land to build on.
That said, I don't think we're going to see a seismic shift in the look and character of the Foothills. Because many, even most of the subdivisions in the Foothills, are zoned and have CC&R's in effect that permit just one home per acre, and many of them also restrict homes to one story. But there is and will continue to be change, and hopefully some positive innovation.
As to the fate of Paloma Ridge, I hear through the grapevine (it's not listed in the MLS so it's impossible to get the details) that the best lots have already been taken.

Sellers, Get Real

Listening to economists as they expound on economic conditions, events, or worse yet, on theories, often leaves you gasping for air as you grapple with their arcane concepts and cryptic lingo.
Trying to decipher this stuff often causes drowsiness, which quickly gives way to the escape of a nice nap on the sofa.
But in a refreshing departure from the usual gobbledygook, today's
New York Times offers A Reality Check for Home Sellers.
Austan Goolsbee, a professor of economics at the University of Chicago Graduate School of Business wrote this article about a study done by two other economists -that's three economists, and I swear you can understand every word of it. In the article  Professor Christopher Mayer, director of the Paul Milstein Center for Real Estate at Columbia Business School, and his partner David Genesove, a professor of economics at the Hebrew University in Jerusalem, sum things up with this simple observation;
People who refuse to sell their houses for less than they paid for them are violating a cardinal rule of the market: stuff is worth what it’s worth. It doesn’t matter what you paid for it.
Read it, then sleep. A Reality Check for Home Sellers

overpriced by any measure

It has become painfully clear that the real estate market is going through one of the worst times in it's history. And the jury's still out on where it will end.
Sales have been slow, dreadfully slow in some places - and home sales are slowing even more with the added burden of the mortgage crisis. Inventories of homes are at an all time high - foreclosures are higher than ever and growing, and choking off many of the lenders that made those loans - sadly, people are losing their homes because their mortgage payments are rising and their homes value is decreasing - new home builders are on the rocks - and the stock market and the economy are faltering as a result of the state of the real estate and mortgage markets.
For the most part, only the most desirable, well priced and well presented homes are selling. While just about everything else is starting to smell like day old fish.
Yet in the face of this overwhelming evidence, some homeowners persist in trying to sell their homes at outlandish fairy-tale prices. Still, now, today. It's mind boggling.
And I'm not talking about the homes that are just run-of-the-mill over priced, I'm talking about the homes that are blatantly overpriced, at 20%, 30% and more over current market value. Homes that are priced so out of whack with reality, that they really don't stand a chance of selling. While these grossly overpriced listings are the exception in the Tucson Foothills these days - because most people have gotten it by now - about four or five of them turn up and catch my eye in the MLS each week. You can't help noticing them with all those $$$$ signs. They pop up as shiny and hopeful new listings, that are destined to fail, or more often as withdrawn or expired old listings, which have grown older, more tired and irrelevant as time goes on.
Of course homeowners can list their home for whatever price they like, however outlandish, but if they would really like to sell, or need to sell, they're in for a big disappointment and maybe a big financial setback. The market is in turmoil, it ain't over.
And though it's not surprising, it is discouraging that these homeowners have been able to find a Realtor® (or maybe the Realtor® found them) who will smile and go along with this fantasy.
Of course it's possible that the Realtor® took the listing, assuming that down the road the homeowner would see the light and reduce the price to where it should be. But it's also possible that it's the Realtor®, and not the homeowner, who suggests and encourages this outlandish pricing - because they want to get the listing (why I don't know), or because they haven't the faintest idea of what the market value is, and they make an honest mistake in pricing the home - In which case they shouldn't be doing what they're doing. Not when you're off the target by that much.
Admittedly, pricing a home in the Tucson Foothills is not as simple as 1-2-3. With few exceptions, this is not a community of cookie-cutter homes, so you can't just look at what might appear to be comps in order to arrive at a fair market price. Usually there are a lot of variables within those comps, and you have to know the market to properly evaluate them. And then you have to take your head out of the sand and give serious consideration to what's happening in the world out there these days, if you truly want to have a shot at selling that home.

cash is king

Cash buyers have always had an edge in real estate transactions. They're just more attractive to home sellers and their agents because a cash offer just seems more solid and serious and real. It's cash, with no strings attached. A cash offer eliminates the unknowns and snafus of the loan contingency variable, and the time it takes to process that loan, and get it approved - or not approved - through underwriting and then funded.
That's about 25 -30 days of waiting and wondering. Cash buyers can close fast, I've seen it done in 7 days. That's very tempting to a home seller.
And now with the global credit crunch making loans harder to get, more expensive and less available - added to an already slower home market - cash buyers are sitting in a very pretty place.
In the Tucson Foothills, with the average sale price of a single family home at about $700K, the availability and affordability of jumbo loans, which have been battered lately, are of particular concern.
The upside, is that this is a real window of opportunity for cash buyers in the Tucson Foothills.

there are buyers out there, even now

Two weeks ago, in more on pick of the litter, I wrote about a home that I had just listed for sale and how we got two very good offers on it, after just two days on the market. And this was no cheapie home either, it was listed at $845,000. (The point of that piece was that the good homes, the pick of the litter homes, are still selling very well in the Tucson Foothills. A point that I've made, OK, harped on, again and again for some time now) Anyway, after a few days in escrow, and as the buyers were doing their inspections, the mortgage mess suddenly billowed out from it's corner in the subprime arena, to engulf the entire mortgage industry and credit markets worldwide.  Spooked, I suspect, those buyers walked at the 11th hour, after 12 days in escrow.
At the time that we went into escrow there were other buyers interested in that home, but they'd hesitated a couple a beats too long. So I put the house back on the market the next day, Saturday, August 18th hoping that at least one of them would come around.
But with suddenly tighter, more expensive lending, particularly for jumbo loans, and fewer options as lenders were closing their doors,
I was feeling less optimistic about getting another good offer anytime soon. I figured this mortgage thing was going to have to shake itself out a bit before buyers started showing their faces again.
Wrong. Right out of the box we had one showing after another.
And yesterday, again after just two days on the market, we got another very good offer and went into escrow, again, while another agent was trying to schedule a third showing, for her apparently very interested clients.
So at the risk of beating a dead horse- there are buyers out there who want to buy a home in the Tucson Foothills, but these days, they all want the pick of the litter. 

multiple offers in the Tucson Foothills

What with ongoing slow and slower sales in the real estate market, it might seem like a strange time to be talking about multiple offers.
Multiple offers don't happen at a time like this, they're a thing of the past, right. Wrong.
Multiple offers happen in all types of markets, but in slow markets with high inventories of homes for sale, multiple offers catch almost everyone by surprise. When a really good home gets listed for sale - good location, nice lot, desirable floorplan, updated and impeccable condition, and priced right - it's very common for that home to sell super quickly, often with multiple offers, even in a slow market.
But that's understandable, or it should be, because that's an outstanding house, and while buyers are pickier these days, savvy buyers realize that they've got to act quickly when the right one comes along - despite the slow market.
What's more confounding, and maddening - and it's happened to me when representing buyers in the Tucson Foothills - is when
a less than wonderful house, that's been sitting on the market for quite a while with no action, suddenly gets multiple offers on one particular day.
It's as if the fairy godmother of real estate suddenly waved her magic wand, spreading fairy dust and creating a magical allure, for that house, for that day.
If this sounds nuts, and I know it does, ask anyone who's been in the real estate business for a while. They'll confirm it, but they won't be able to explain it.
Elizabeth Weintraub, on About.com Home Buying / Selling
talks about these unexpected and inexplicable multiple offers,
and offers some advice to help get a leg-up in this situation,
in her recent article,
Competing With Other Home Buyers in Multiple Offer Situations

But she can't explain it either, so I'm sticking with the fairy godmother theory.

Last Big Development

An article in today's Arizona Daily Star, Foothills -
Last Big Development? breaks the news that A.F. Sterling is developing Paloma Ridge, a subdivision of 54 new homes on 13 acres in the Tucson Foothills. And adjacent to the new homes, the Scotia Group is developing a 10 acre office project.
As reported, the first phase of new homes are scheduled to be finished by the end of this year and the entire project completed by late 2009.
The article quotes me as saying, "There were no large parcels (left) that I knew of. Fifty-four units is very significant. That's big news."

In and of itself, it is significant to add 54 new homes - or about 11% at current inventory levels - to the 465 single family homes for sale in the Tucson Foothills. 
But at a time when the news is filled with stories of builders pulling back, canceling projects and selling off their assets, the real significance is the commitment to and vote of confidence in Tucson Foothills real estate by a savvy and well respected Tucson builder.