The Catalina Foothills

Summer Reading

Luxury Hamptons' Homes Sell Again

Brokers say the total number of Hamptons homes sold this year is roughly double what it was last year and that includes properties with eight-figure price tags.

So far in 2010, 14 Hamptons properties sold for at least $10 million each and more such deals are in the works right now, Hoffman said. In 2009, there were just 13 such sales for the whole year.
"This year is really shaping up to be incredible in the $10 million-plus market," he said.

But Saunders said he's seeing the most activity for properties selling below $5 million. He attributes that partly to bankers choosing to make more modest purchases than they would have in the past.
"There is significant populist rage out there against bankers," he said. "A lot of these bankers are under significant pressure not to engage in conspicuous consumption …

Yeah, keep it under 5 mil, that’s practically a hovel,

Read all about it > Luxury Hamptons’ Homes Sell Again

for Joesler fans

The University of Arizona, UA Special Collections is hosting an exhibition that will showcase the plans and renderings of local architectural icon Josias Joesler.

New Exhibit Showcases Tucson Architect's Plans

By Gabrielle Sykes-Casavant, UA Libraries May 28, 2010

Structures designed by the early 20th century Tucson architect Josias Joesler include the St. Philip’s In the Hills Episcopal Church, St. Michael and All Angels Episcopal Church and the Broadway Village Shopping Center.

To commemorate Joesler's work, the University of Arizona Libraries is hosting a special exhibit, one that also marks the library's ongoing effort to provide electronic access to thousands of Joesler’s architectural drawings and plans. 

The exhibit, which opens June 1 and will run through August 21, will be on display at Special Collections, located at 1510 E. University Blvd. The library will feature original architectural drawings, conceptual plans and photographs of Joesler buildings.

Also, an opening lecture, "Josias Joesler & John W. Murphey: An Architectural Legacy for Tucson," will be held June 1 at 7 p.m. UA architectural scholar R. Brooks Jeffery will speak during the event, which also will be held at Special Collections.

A book carrying the same name will be available for purchase and light refreshments will be served at the lecture.
Jeffery described Joesler as “an architectural linguist.”

Enjoy it.

closing out the season for high-end homes

3771 E Sumo Octavo sold yesterday for $1,200,000 ($191/sf) off a list price that started at $2,195,000 in Jan 08 and ended at $1,350,000 a couple of months ago.

The sale of Sumo Octavo makes it 21 homes sold in the Catalina Foothills this year at a million $$ or more.  
For comparison here’s a look at mil+ sales last year and a few years before, that’s from Jan 1 – May 28, the season.

2010 – 21 sold
2009 – 14
2008 – 24
2007 – 40
2006 – 61
2005 – 40

And 107 still for sale.
With so many high-end homes sitting on the market for one, two or more years and, with the arrival of summer, sluggish sales about to slow to a crawl, I think we’re going to see some fallout, the likes of which we have not seen before.

Bidding wars for a $2 million house?

Not here, not quite yet, but;
In some markets, sales of high-end homes return to levels not seen since the boom.

From WSJ.com
Luxury Sales Bounce Back

After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more-realistic seller pricing. Despite the housing downturn, attractively priced homes in some of the nation's most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers. Nationwide, sales of homes selling for $2 million to $5 million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic.

That sales are up from last year shouldn't come as a big surprise. The shock of the financial panic in the fall of 2008 left many potential buyers too nervous to bid, and those who were willing to wade in found it hard to get financing. But a study for The Wall Street Journal by MDA DataQuick, a real-estate data provider, found that in some areas of the country, sales of homes over $2 million in the first quarter were actually on par with the levels of 2005, the peak year for existing-home sales volume nationwide.

In San Francisco, 49 homes sold for $2 million or more in this year's first quarter, according to the study, compared to 47 in 2005. In Manhattan, there were 402 sales of $2 million or more in the latest quarter, compared with 311 in the first quarter of 2005, according to the appraisal firm Miller Samuel Inc. Other areas with strong rebounds included New York's Hamptons, Menlo Park, Calif., and Beverly Hills.

Read all about it> Luxury Sales Bounce Back
(if the linked page requires a subscription to read the entire article, just google the title - Luxury Sales Bounce Back - and follow that link)

If luxury home sales continue to improve in these other larger cities, in 4 to 6 months, we’ll begin seeing stronger luxury sales here in the Tucson Foothills. I betcha.

see thefoothillsToday.com
to find your Tucson Foothills home

gone in a flash

Yesterday, in this looks like a good deal – I mentioned a new foreclosure listing up at the Summit at Finger Rock, and said, I bet this is gone in a flash.

Well it’s gone. It went to contract today.

Why. Because at list price, that’s a super deal for the Summit at Finger Rock.

See it here> 4041 E Playa De Coronado

see thefoothillsToday.com
to find your Tucson Foothills home

from those wonderful folks who brought us flexmls

we have these very nice charts and graphs to help illustrate this years trends in Tucson Foothills Real Estate.

This first one shows the average price changes on homes that sold between Jan 1 – April 28. (the columns represent avg price changes as a % & the line is avg price changes in $$’s)
As always, these figures are for single family homes in the Catalina Foothills.

 
So far, the homes that sold in February had the biggest price cuts - 10%, on average, or $-72,773 - VS April, when the homes that sold averaged just 2.8%, or $-15,000, in price cuts.
____________________________________________________________

And this 2nd chart, also for Jan – April, illustrates the Sold Volume/month (the columns) as well as the Average List price of Sold Listings (the light line) & the Average Sold price of Sold listings (the dark line) What fun.

So interesting, isn’t it, how in Feb we saw both the steepest price cuts on homes that sold and also the highest average sale price($586,262).

On the other hand, the homes that sold in April had the smallest price cuts and the lowest average sale price($515,136).

So does that mean that bigger price cuts lead to higher $$ sales & smaller cuts to lower $$ sales. Or is it just a coincidence that it happened that way during this Feb & April.

And the much higher sales volume for March, more than $38 million, was due to many more homes selling in March than in the other months. The question is, why did more homes sell in March.
63 sold in March, 38 in Jan, 30 in Feb & 43 in April. Why.

see thefoothillsToday.com
to find your Tucson Foothills home

I wish it weren’t so

In Cobo Catalina Hills, 7980 N Christie Drive left the market a few days ago and has yet to return. And now, I’m afraid I see why. Realty Trac has it listed as a foreclosure auction.

I’ve shown this house a few times in the last few months and from just that fleeting association, I’m feeling awful about what’s happening. And wishing my client had bought it and saved it.

I can’t imagine how painful it must be to have planned it, built it and lived in it, and then have to stand by as it’s taken away.
7980 N Christie Drive > details – pictures
(link expires 7/1/10)

buyers like this house, but the lender doesn’t want to let it go

3250 E Sun Cloud Place, a short sale up in Cobblestone, is in contract today for the 3rd time.

It was first listed in August 09 for $1,200,000. And in September I wrote an offer for my buyers that was soon accepted by the owner, but not the lender, and we were contract # 1. But after waiting a couple of months and no word, no nothing, we canceled in November and moved on.

But there was a backup offer for more $$ than ours, so it slipped smoothly into position and became contract #2. And they were very patient, or determined, because they lasted until May 13 of this year before they canceled. Imagine, 6 months for nothing.

And back it went on the market that same day, and already it has another contract. But now it’s listed for $1,224,600, a whole $24,600 more than it was last August, and the listing says; This is a pre-approved short sale at 1224600.

Well, if so, that’s dandy.
And too bad it wasn’t done months ago. And too bad it’s not a requirement that they(the lender/owner & agent) get their ducks in a row before putting it on the market and wasting a lot of people’s time.

this looks like a good deal

a new listing, that’s also a foreclosure, at the Summit at Finger Rock just popped into the mls. It’s 2005 built/2,792 sf/3 Beds/3 Baths/on a squeak of land, just 0.14 acres (6,249sf)/2 story/a 2 car gar

And in 06 it sold for $970,0000 ($331/sf)
but it can be yours today for $574,900 ($206/sf), no kidding,

See it here> 4041 E Playa De Coronado
I bet this is gone in a flash

Thanks to a reader for alerting me to this one,

see thefoothillsToday.com
to find your Tucson Foothills home

at the right price

Listed for 6 months at $825, 3 months at $795 and another 6 months, this time at $749, 5225 N Via Entrada now has a contract.

That’s in Catalina Foothills Estates 7, Cat 7, where the buffalo roam and the CC&R’s have been maintained and enforced. And the beauty of it is that there are no weird lot splits, no 2 story homes and no out of place oddball construction, amongst other signs of progress, in Cat 7. And because of that it has maintained it’s old foothills desert feel, more so than any of the other Catalina Foothills. If you like that sort of thing. I do. But I live in Cat 7.

more details, more pictures> 5225 N Via Entrada

Same deal with 6747 N Los Leones Drive. It too went to contract today after 2+ years. First at $799, then $719, then $699, and finally $655 did the trick. That’s @ $300/sf, in Skyline CC.

more details, more pictures > 6747 N Los Leones Drive

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to find your Tucson Foothills home

patience is a virtue

1813 E Sahuaro Blossom Place, which has been at it since March 06 when it was asking $3.2, closed today for $1,900,000 ($339/sf) off a $1,999,999 list price. So, hurrah and congratulations to all.
That’s in Pima Canyon. (listed by Long Realty) 

more details, more pictures> 1813 E Sahuaro Blossom Place
(link expires 6/23/2010) 

_________________________________________________________

And 4322 N Camino Kino also closed today. It started out in April 2008 looking for $899,000 and closed today for $545,000 off its latest $549,500 list.

When it was first listed, and for quite a while thereafter, the listing described it as … THIS BEAUTIFULLY REMODELED JOESLER …
The problem with that was that all evidence of Joesler had been obliterated in the beautiful remodel.  

See it here & see what I mean> 4322 N Camino Kino
(link expires on 6/23/2010)

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to find your Tucson Foothills home

getting to 3rd base

3550 E Entrada del Sol in Cat 10 was reported as Pending today.
Pending indicates that all inspection contingencies have been satisfied and the deal is coasting toward close of escrow. Presumably, the only possible hiccup at this point would be the lender getting cold feet.
That is, if there is a lender.

Listed for $1,295,000 ($307/sf), and assuming it sells for well over a million$$, and I’m betting it will, this is an important sale for Cat 10. That’s because it will be the highest $$ sale in there since February 2008. That honor has thus far been held by a $995,000 ($168/sf) sale in December 09, (I represented the buyers).

I mentioned this house, and gave a little background on it, when it first went to contract> though quite late, this is a good omen

more details, more pictures> Entrada del Sol
(link expires 6/23/2010)

see thefoothillsToday.com
to find your Tucson Foothills home

where have all the open houses gone

Searching the MLS and the Long Realty site I see there are just 3 houses priced at a million$ & up having an Open House today. 
107 for sale and just 3 Open.  On a gorgeous day like today you could expect to see 20 to 25 high-end open houses. What gives.

Well, it is the end of the season for high-end home sales. But also, it seems to me, because attendance at open houses and sales of
high-end homes have been so dismal, that sellers and their agents are loathe to waste yet another Sunday afternoon in hopes of finding a buyer. They haven’t quite given up on it, but they finally have to admit, they’ve lost any real hope of finding a buyer anytime soon.

And also, smartly, many agents have shifted their focus to the lower priced homes that are selling. And plenty of them are being held open today.

see thefoothillsToday.com
to find your Tucson Foothills home

what are buyers buying right now

they’re buying, or trying to buy, the 98 single homes that are under contract in the Tucson Foothills,

72 are priced $0 to $599,999
   (255 for sale)

19 are $600,000 to $999,999
   (128 for sale)

7  are $1,000,000  & up
   (107 for sale)

See them all here > Under Contract Now

*(I did not include homes that are Active CAPA, which indicates that it is either a short sale that is yet to be approved by the lender – and so the chances of it actually closing in our lifetimes are nil. Or the sale is contingent on the buyer selling a property of their own prior to closing the Active CAPA contract - also a slim-to-none chance of happening. There are, FYI, an additional 14 homes in the Active CAPA category.

see thefoothillsToday.com
to find your Tucson Foothills home

1 down 2 to go on Quiet Canyon Drive

In Pima Canyon, 1872 E Quiet Canyon Drive sold in March for $935,000(269/sf) off a $1,050,000 list price that was reduced from $1,200,000. And it went to contract in just 40 days.(listed by Long Realty)
That’s it on the left with the X, set back nicely from Ina Rd.

The other two, with the √, and backing up to Ina, are for sale. 
The one on the left, 2002 E Quiet Canyon Drive has been listed for 108 days and is asking $1,150,000 or ($284/sf). (listed by Realty Executives 391208)

And the one on the right, 2042 E Quiet Canyon Drive, is a brand new listing, how cozy – listed today and range priced from 
$1,299,000 - $1,349,000. Which at the low end of the range works out to $329/sf. So, obviously, they believe that their house is worth more than their neighbor’s. I wonder if that causes any awkward moments. (listed by Long Realty) 

The two homes are within 100sf of each other and were built just one year apart. Both are 4 bedrooms, 3.5 baths, pool, 3 car, etc, etc.

If you wanted to live on Quiet Canyon Drive, which one would you choose? Me, I’d pick the one that got away.

See them here> on Quiet Canyon Drive < then decide

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to find your Tucson Foothills home

still holding out and hoping to sell that high-end foothills home at yesterday’s prices

10,068.01/ Data as of 4:30pm ET

-376.36 / -3.60% Today’s Change

Well check this out,  have we got a perfect storm brewing here, or what; a 2+ year supply of high-end homes, barely any buyers, summertime summertime is upon us, and now, a slouching no plunging, no, free falling stock market.

Cut to the very bottom line, say a prayer and Good luck!

new spec construction in Skyline CC

OK you got me, what’s the punchline.
No, I’m serious. 5 new townhomes are going up in Skyline CC and they’re all specs, and for now, all priced at $625,000.
There they are, see.

They’re slated to be 4 Bedroom/3 Bath/2 story/with the golf course on one side and Turnberry Dr on the other.
-the listing does not state the square footage.

But here’s what it  does say;
1 of 5 brand new townhomes being built in gated Skyline Country Club. GREAT city, mountain & golf course views. These homes will be finished with all the newest designs; granite countertops, SS appliances, Solid alder wood doors and much more, or still time to choose your own. Private decks or patios off 3 bedrooms. All main living areas including Master BR, den or 2nd BR, kitchen, living room all on 1st level, secondary BR's only upstairs. Owner/Agent.

New spec construction in Skyline, come on, can’t be.

see for yourself>  6544 N Turnberry Dr

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to find your Tucson Foothills home

aren’t you glad you waited

4043 N Lindstrom Place was listed just 62 days ago for $975,000. And after a few piddling price cuts, they took a serious swing at it today and cut it from $914,900 to $775,000 ($207/sf). (Listed by Long Realty)

2005 built/3734 sf/4 Beds/2.5 Baths/Pool/3 car/2+ acres/and a short sale too, so the waiting may have just begun. But some lenders have it together, so check it out.

see thefoothillsToday.com
to find your Tucson Foothills home

after almost 4 years, 4 listing agents and 52% in price cuts, 2064 E Miraval Quinto is under contract

Back in 2006 I think someone convinced someone else that Miraval Quinto was a goldmine and so they listed it for $1,295,000. But one of those someones soon realized that that wouldn’t fly, and a few months later the listing was yanked.

It came back on in November 08 at $849,900 and hung in there until  September 2009, when they finally got down to some real price cutting. And after all that high finance, it went to contract today listed at $625,000 ($188/sf).

I think a lot of the tough going with this house was due to it being a 3319sf house, but with just 2 bedrooms. And no office or den or library.

more details, more pictures > Miraval Quinto
(listing expires 6/19/10)

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to find your Tucson Foothills home

well of course it didn’t sell

In March 09 the house at 6142 E Hawks Nest Place – in Rio Verde Vista  - was listed for $1,350,000 ($369/sf). And worse yet, they hung on at $1,350,000 for six months. And of course it went nowhere, except into a short sale. Because houses in Rio Verde Vista don’t sell for $1,350,000, or anything near $1,350,000.

Relisted 51 days ago for $799,000 ($188/sf) it is in contract today.
(Listed by Long Realty)

you can’t always get what you want

Four years ago 7049 N Mission Hill Lane in Skyline CC was asking $5,000,000. Today $2,495,000, or less, will do the trick.

7808 N Ancient Indian Drive – in Pima Canyon – sold for $2,650,000 in March 05, as a brand new home, and was back on the market
6 months later listed for $3,899,000. Not surprisingly, no one took the bait. And today it’s still for sale, now for $2,799,000.  

Imagine seeing the best years for selling a luxury home –2005, 2006 –pass you by, and end up still trying to sell, but now, in the worst luxury market in a lifetime.

Up at the very top of Swan, in the Summit, 4647 E Palais Place was $4,450,000 in 2005 and is yours today for $2,750,000. 

Just one year ago a new spec home in the Canyons was priced at $5,000,000 and promised, YOU WILL FALL IN LOVE! Well no one did.
But, were you to fall for it today, it would cost you just $2,699,000. That’s at 7454 N Secret Canyon Drive.

Was $4,500,000, is now $2,595,000.
That’s at 6921 E Rock Ledge Place in Ventana CC’s Mountain Estates.

Over at 820 E Magee Road they’ve dropped from $3,495,000 to $2,575,000 in the past 18 months. That’s in Cobo Catalina Hills, with 6.2 acres.

It also took 18 months for 2087 E Desert Garden Drive to drop $800k and get to $2,499,000.

In La Paloma, 3208 E Via Palomita is down $700k from its $3.2 price in December 08.

1682 E Sahuaro Blossom Place started out at $4.2 in August 05 and, after almost 5 years and no takers, is now looking for $2.395.

7203 N Cloud Canyon Place was $3.250,000, is now $2,220,000. In the Canyons.

Going on 3 years now, 5227 N Campbell Avenue has chased the market from $2,695,000 down to $1,999,999.

2004 E Desert Garden Drive sold for $1,725,000 in November 2004, and was back on the market about 2 years later asking $2,700,000.
After 9 months they called it quits and sat it out until this January when they again listed it, but this time for $1,999,000. So maybe.

It’s been a long slog over at 6494 N Ventana Canyon Drive.
First listed in August 2007 for $2,750,000 (right as the mortgage meltdown hit, forgetaboutit, talk about bad timing) it’s still for sale, and can now be had for $1,995,000. 

It’s the same story over at 2123 E Sentry Ridge Court in Pima Canyon. Listed for $2,750,000 in 07, it’s now $1,995,000. And a spec home too.

Listed just 7 months ago for $2,490,000, 4341 N Placita Camaleon in Cat 10 has already dropped $500 thou hoping to snag a buyer.

7827 N Ancient Indian takes the cake for not beating around the bush. Listed last September for $3,750,000 it’s already down to $1,900,000.

3613 E PLACITA LINDURA was listed for $2,600,000, for almost a year in 06, but went nowhere. So it left the market and didn’t reappear until this January when it came on for $1,750,000. And still no sale.

Way back in 2006, 4845 E Winged Foot Drive was asking $2,300,000. But aren’t you glad you waited because you can have it today for $1,490,000. Winged Foot is another Skyline CC-teardown-spec-home that hasn’t lived up to expectations.

A couple of years ago 5000 N Circulo Sobrio was $2,850,000. Today it’s $1,399,000. That’s in Cat 10.

Over in La Puerta, a posh little gated community off Hacienda del Sol Rd, 3451 E Calle Puerta De Acero has seen it’s ups and downs.
It sold for $970,000 in 2004, and for $1,350,000 in Jan 06. But then the music stopped.

After the 06 sale, the new owner plowed a bunch of money into it. They put in a new and very large high-end kitchen, and with all the trimmings, plus stained concrete floors throughout. And then put it back on the market in Feb 08 for $2,195,000. It’s been on and off ever since and is currently available for $1,375,000. Ouch.

5855 E Placita De La Zuerencia didn’t sell for $1,795,000 in 09. So it was relisted for $1,295,000 in 2010. And so far, still no go. It’s an Alta Vista spec home.

3 years and $825,000 in price cuts, and 5550 N Via Elena is still available. Now for $1,275,000.

In Alta Vista, 6174 E Avenida De Chaparron was $1,595,000 in September 08 and is $1,085,000 today. 

And over in Skyline CC, 6500 N Saint Andrews Drive is now $930,900. That’s $1,169,100 off its 06 peak of $2.1. Saint Andrews started out as a Skyline CC-teardown-spec-home. And ended up a short sale.

These are the homes that have had some of the biggest price cuts, and yet they haven’t sold.  And as we wind up the season for high-end homes here in the foothills, we’re left with 107 homes for sale priced $1,039,000 to $13,500,000 vs just 19 mil+ homes sold since Jan 1 - from $1,050,000 to $2,200,000. 
What now.

See them all HERE

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the new flexmls system

OK, it’s been 2+ weeks since we converted to flexmls.
How’s it going.

We want to hear everyone’s opinion, from both Realtors and the public. And hey, if you’ve got a gripe and you let us know, maybe we can get it fixed.

And if you haven’t tried it yet, the public search is at http://www.tarmls.com/

Then click Comments at the bottom of this post and fire away. 
Thank you.

in the eyes of the beholder

or, a picture is worth a thousand words

In a post earlier today I mentioned a foreclosure home on Pontatoc that had just come to market. At that time, along with the pertinent listing information there was a description of the home, but no pictures.

The description says;
MUST SEE HOME ON PONTATOC BETWEEN SUNRISE AND RIVER.LOTS OF SPECIAL FEATURES INCLUDING BIG CORNER LOT.3-CAR GARAGE,POOL WITH FOUNTAINS SPRAYING OUT THE CORNERS,BUILT IN BARBECUE,OUT DOOR SHOWER,SPA. GREAT OPEN FLOOR PLAN WITH LOTS OF BEDROOMS AND BATHROOMS. OFFICE/BEDROOM AT THE EAST CORNER OF THE HOME. GREAT ANTRY WITH FOUNTAIN.KITCHEN IS MISSING BUILT-IN STOVE TOP. HUGE LAUNDRY ROOM. GREAT MOUNTAIN VIEWS. ARCHITECT DESIGNED AND BUILT. HOME IS IN GOOD SHAPE. REO PROPERTY.

But now there are pictures. So Feast your eyes & enjoy!
 4210 E Pontatoc Drive (Listed by Coldwell Banker Residential Br (702))

how about a nice foreclosure on Pontatoc

4210 E Pontatoc Drive hit the market today courtesy of Crestar Mortgage & Coldwell Banker. And interesting, there’s no record of the house ever being listed for sale before.

It looks as if the former and original owner, borrowed a bucket of money, built the house and then quietly defaulted. And unless it was a FSBO, it was never listed, as far as I can tell.

Built in 2006/3,654 sf/5 Beds/3.5 Baths/1 story/3 car/pool/$645,000 ($177/sf)/squeezed in there between Pontatoc Rd and Pontatoc Dr/KITCHEN IS MISSING

 

Wait wait, KITCHEN IS MISSING, where’d that come from.
Well it says so right in the listing description - KITCHEN IS MISSING. And in the next breath, it says, HOME IS IN GOOD SHAPE.
___________________________________________________________
CORRECTION; I misread the KITCHEN IS MISSING line.
The listing says ‘KITCHEN IS MISSING BUILT-IN STOVE TOP. And I read that as, KITCHEN IS MISSING. (like, there’s no kitchen, but it has a) BUILT-IN STOVE TOP.  Wrong!

it means to say, the kitchen is missing a built in stove top. (but has all it’s other parts) My dumb error.
___________________________________________________________
OK, back to our regularly scheduled  show,

The listing description;
MUST SEE HOME ON PONTATOC BETWEEN SUNRISE AND RIVER.LOTS OF SPECIAL FEATURES INCLUDING BIG CORNER LOT.3-CAR GARAGE,POOL WITH FOUNTAINS SPRAYING OUT THE CORNERS,BUILT IN BARBECUE,OUT DOOR SHOWER,SPA. GREAT OPEN FLOOR PLAN WITH LOTS OF BEDROOMS AND BATHROOMS. OFFICE/BEDROOM AT THE EAST CORNER OF THE HOME. GREAT ANTRY WITH FOUNTAIN.KITCHEN IS MISSING BUILT-IN STOVE TOP. HUGE LAUNDRY ROOM. GREAT MOUNTAIN VIEWS. ARCHITECT DESIGNED AND BUILT. HOME IS IN GOOD SHAPE. REO PROPERTY.

See it for yourself> 4210 E Pontatoc Drive, then decide.

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to find your Tucson Foothills home

the right one came along

7915 N Sendero De Juana is reported as under contract today.
This is in Cobo Catalina Hills, a Foothills community of homes on 3.3 acre, or larger, lots.

Sendero De Juana is a unique contemporary, and though quite nice, unique enough that it’s for just a certain few. On the other hand, if this is what you long for, it’s the only one around. er, was around.

At the request of 4 different buyer clients, I’ve shown it 4 times now since it was listed in January. And each time, my clients admired it but felt that it just wasn’t for them. And except for one of them, 
I wasn’t at all surprised. I showed it again just last Friday.
Same reaction.

First listed in January at $1,250,000 it went contract today listed at $1,000,000 ($242/sf) (Listed by Long Realty)

more details, more pictures> 7915 N Sendero De Juana
(listed by Long Realty) (link expires 6/17/10)

see thefoothillsToday.com
to find your Tucson Foothills home

where eagles dare

A new listing just came on way up there in the Mountain Estates at Ventana CC. It borders the Coronado National Forest and overlooks the entire Tucson valley.

7051 E Eagle Point Dr/2002 built/5020 sf/3 Beds + Office + Exercise Rm/4 Baths/2 story/elevator/3 car/Pool/$2,499,000 ($498/sf)
(listed by Long Realty) It looks as if these are the original owners who had it custom built.

more details, more pictures> 7051 E Eagle Point Dr
(link expires on 6/17/10)

That makes 4 for sale in the Mountain Estates, starting at $1,295,000, $2,499,000, $2,5959,000 & then to $8,250,000.
And 2 sold recently @ $1,700,000 & $2,200,000. So at least a couple of people who want to live up there have been willing to pay the price.

see thefoothillsToday.com
to find your Tucson Foothills home

in full bloom

For you non-desert rats, those stalks are the blooms of the agave plants which bloom just once in a lifetime, and then they die. 

They’ve been in full bloom for a few weeks now in front of Antigua de Mexico, about 2 dozen full-grown agaves that will soon have to be replaced. 

Antigua de Mexico is going strong though. And if you haven’t been, it’s one of the best stores around for Colonial furniture from Mexico and Latin America and much more. Stop by. http://www.antiguademexico.us/

the rising tide …

While not entirely upbeat and with still a ways to go, the message that’s gaining steam is that home sales are improving in many areas across the USA.

Midwest Home Sales Up Nearly 20 Percent in March New York
Home Prices Stabilizing  Wall Street Journal - Robbie Whelan - ‎May 11, 2010‎ Meanwhile, sales and prices in the Northeast appear to be benefiting from growing demand for more expensive homes, due in part to the availability of ... Las Vegas Real Estate Market Continues To Improve In March  Rosy reports: Home sales jump, jobless claims fall The Associated Press Local appraiser: Real estate market improving Home prices fall, but key markets improve …the declines appear to be leveling off. Other markets less deeply involved in the housing boom are on the rise
New-home buyers reemerge in Southern California Is worst of Treasure Coast's housing decline over? Sales, prices show signs of ... Report: Some Ariz. home prices finally going up BusinessWeek - ‎Apr 28, 2010‎ An analysis of home sales in the Phoenix metropolitan area shows year-over-year price increases in some segments for the first time in three years. …

here in the Catalina Foothills, we’re also seeing a lift in sales and prices;
Jan 1 – May 15, 2009 saw 164 single family homes sold in the Catalina Foothills at an average $509,536 and median $425,000.

Through May 15 this year, 201 single family homes sold at an average $543,761 and median $435,000.

So the number of homes sold is up 22.5%, the average sale price is up 6.7% and the median is up a smidge.

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we should have such problems

Real estate's new problem: Not enough homes

NEW YORK (CNNMoney.com) -- Can it be possible? Despite the housing bust and high foreclosure rates, in some areas real estate agents are complaining that they don't have enough homes to sell.

In some areas, supplies are even bidding-war tight. In Denver, for example, supply has fallen to 5.7 months from 6.2. In Phoenix it has declined to 4.5 from 5.2; and in San Francisco inventory has halved, to 3.2 months from 6.5 last March.

In California, almost all cities have a short supply of single-family homes. That's especially true in the lower-priced categories, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.

The supply of homes that sell for less than $300,000 is at 3.2 months statewide, down from an already low 3.3 month supply 12 months ago.

Inventory of moderately priced homes, those between $300,000 and 500,000, fell to 4.2 months in March, down from 4.5 months in March 2009.

There are plenty of more expensive homes in California, but this inventory is going quick: inventory for million-dollar-plus homes has dropped from 21.6 months to 10.9 months.

Read all about it> Real estate's new problem: Not enough homes

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they say good things come in small packages

 

 
if so, we may have hit the jackpot. 
These teeny pictures are of a not so teeny house at 5260 N CIRCULO SOBRIO, listed today for $998,000 ($252/sf) in Catalina Foothills Estates 10.

Hey, it’s not my listing, I just call it as I - try to - see it,

some improvement in Cat 10

With 3550 E Entrada Del Sol going to contract yesterday, there are now 3 homes under contract in Cat 10, @ $1,350,000, $1,295,000 & $669,000. And though they’ve yet to close, we are, I think, going to  see a couple of higher dollar sales in Cat 10 than we have in the last couple of years. Yes, couple of years, so it’s worth mentioning.
Average list of those under contract, $1,104,667.

and the 4 sold in the last 6 months, went pretty cheaply
$616,700(157/sf) originally listed for $1,050,000 in Jan 09
$850,000 (274/sf) priced right ($899) & sold in a flash
$988,500(216/sf)  priced right ($995) &   “    “  “  “
$995,000 ($168/sf) originally listed for $1,750,000 in Sept 07
Average sold price $862,550.
See 4 sold in Cat 10
(link to expire 6/13/10)

And 13 still for sale. With most of them priced higher, to a helluva lot higher, than those that have sold or those under contract, for an average list of $1,611,154.
See 13 for sale in Cat 10
(link will expire 6/13/10)

Also worth mentioning, none of them, listed, under contract or sold, are short sales or foreclosures.

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though quite late, this is a good omen

3550 E Entrada Del Sol, in Cat 10, went to contract today listed at $1,295,000 ($307/sf)

It’s been listed on & off, but mostly on, since October 2008 when it started out at $1,450,000. It was built in 1985 by La Quinta - one of my few favorites – and manages to be both beautiful and charming at the same time. It was purchased by this owner in 2003 for $523,500 and, at that time, was a 2900 sf house.

They added 1200+ sf and renovated the existing house from stem to stern. And a beautiful, quality job they did. I showed this house a few times and hoped that one of my clients would buy it. It is special.
But it’s also not for everyone.

In any case, if it sells for $1,000,000 or more, and I’m betting that it will, easily, it will be the highest $$$ sale in Cat 10 since February 2008. Noo, you say. Yes, sad but true.

see it here> Entrada del Sold

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not much worth mentioning

These last couple of days have been about as slow as it gets on a hot day in August in Foothills real estate. And of the one or two items that might be of interest, for now anyway, I’ve got to keep them under my hat.

And still, there are 488 single family homes for sale in the Catalina Foothills, 108 of which are priced $1,000,000 to $13,500,000.  
Very few of which, I expect, are going anywhere fast.

Psst, if you hear any good foothills gossip, or anything worth mentioning, pass it along and I’ll print here. Otherwise, to pick up the slack, pretty soon I’ll have to start covering garage sales and Bar mitzvahs. Oy!

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the new math, it’s catching on, but slowly

In December 2005 4911 Camino Escuela sold for $475,300. It sold again six months later for $550,000. Then in August 07, the current owners paid $540,000 for it, and maybe thought they were getting a deal. But something tells me they don’t think that anymore.

They listed it this February for $430,000 – hoping for quick sale, I bet - and today marked it down to $389,900. Reality! (listed by Prudential Foothills Real Estate)

6921 E Rock Ledge Place, in the Mountain Estates at Ventana Canyon, was asking $4,500,000 in August 08. That was $836/sf. Since then they’ve had a few price cuts, like today’s for $400k, and it’s now $2,595,000($482/sf). (listed by Long Realty) 

______________________________________________________

In 2008 they were asking $1,995,000 for 5120 N Hacienda Del Sol Road. And today, they’re down to $1,695,000 ($372/sf). Technically it’s part of Cat 10, but it’s not inside the gate. (listed by Long Realty)

In 2008 they were asking $2,850,000 for 5000 N Circulo Sobrio. They’ve since chopped $1,451,000 from that price, bringing it to  $1,399,000 ($241/sf). So less than half its original price.
That’s also in Cat 10, but inside the gate. (and also listed by Long Realty)

Last year the owners of 4950 N Via Velazquez had it listed for between $615,000 & $539,000, for months, and it went nowhere. This year they listed it at $475,000 and it was gone in minutes, and sold for $460,000 ($189/sf) (listed by Long Realty)

4522 E Don Jose Drive slipped into short sale today. Purchased in 2005 for $581,500, the owners pumped some real money into it upgrading the kitchen, baths, floors and more. And probably thought they’d make a mint. Today it was reduced $100 thou to $699,000 ($241/sf). That’s way up there in Coronado Foothills Estates. (listed by Long Realty)


See them all right> HERE

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less is more for the high-end foothills market

Going back to April 15th, so nearly a month now, there’ve been just 
two new listings at a million $$ or more in the Catalina Foothills.
A good thing. We already have more than we need to last us.

PS- beyond those two, (4845 N Camino Escuela/4332 E Playa De Coronado) anything that popped up looking like a New Listing, was a re-listed old listing masquerading as a new listing.

107 homes for sale at a million $$ or more in the Catalina Foothills

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these days, anything is possible

one owner since 1991 and it ends up as a short sale in 2010

6260 E Placita Del Nido, built in 1991 and occupied since then by the original owners, is, as of today, listed as a short sale. (by Long Realty)

And with a hat tip to the Pima County online info, which states;
No mortgages were found for this parcel. If only that were true.

I showed this house not too long ago and, seeing it, you’d never guess, hey pssst, short sale. Too bad. Nice House.

It was only listed this January and had gone to contract within two weeks, but fell out during escrow and has yet to find another buyer.

Was $1,189,000, is now $999,000 ($246/sf).
See it here> Placita Del Nido

and what a view

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an uneventful day for tucson foothills real estate

a few new listings, from $179,000 to $325,000, not much there to get excited about
one contract on a $455,000 Shadow Hills house
and another one in Shadow Hills expired at $449,000
so 2 down for Shadow Hills,
five unremarkable price cuts on houses from $285,000 to $745,000
two homes sold, one at $155,000, the other at $640,000. ho-hum

which leads me to believe that it may have been a ho-hum weekend. I know it was for me. realestate-wise anyway

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a latecomer to the party

5510 N Sundance, a recently completed spec home came to market today for the first time. (listed by Keller Williams Southern Arizona)

Listed at $895,000 ($236/sf) it is, 0.9 acres/3800 sf/4 Beds/4 Baths/
2 story w/elevator/masonry stucco construction/no pool/but a 5 car garage/completed on 3/22/2010/in Sunrise Estates

Unlike this one, specs usually get listed the minute they break ground. Perhaps they were holding off for a better market. oh well.

FYI – Sunrise Estates is a bit east of Swan and south of Sunrise.
This is the only home for sale at the moment in there. And there are none under contract. And, going back to Jan 07, there have been just 3 sales, @ $435, $450 and $565.

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al gore, the windbag, he speak with forked tongue

Al Gore and his wife, Tipper, pay $8.875 million for a home in Montecito, Calif. The 6,500-square-foot home sits on one-and-a-half acres has five bedrooms, nine bathrooms, a wine cellar, a pool, a spa, fountains and six fireplaces. (Los Angeles Times)

can Skyline Country Club be far behind

The crashing sound of Connecticut homes is making a comeback.

In Fairfield County's commuter towns, new homeowners and real-estate developers are demolishing modest older houses so they can erect grander ones. Empty lots, marked by the telltale Dumpsters and mounds of dirt rising 20 feet high, are becoming a common sight again after a slowdown in so-called teardown activity during the recession.

Read all about it; From WSJ.com
A Rebound in Teardowns

this little Joesler just sold

And because it’s a Joesler and was priced at just $449,000($163/sf) there was a lot of interest in it.

And inside it was in fairly good and mostly original condition,
sweet and charming,

It’s at 4141 N Pontatoc Road (listed by Tierra Antigua Realty)
2756 sf/1.6 acres/burnt adobe/3 Beds/3 Baths/no pool/
and the listing description mentions; one of the last homes designed by Josiah Joesler for the Kellogg family.

But the problem is it sits right next to Pontatoc Rd.

 

When it was built in 1957, a year after Joesler died, I’m sure you could’ve counted all the cars that passed on Pontatoc in one day on one hand. Not so today.

And I imagine that’s why it took a year to sell. I got more than a few calls on it and let everyone know that it was sweet and charming, but also that it sat cheek to jowl with Pontatoc.  And for that reason I recommended against it. Too bad.
Without Pontatoc, I probably could have sold it 5 or 6 times. But also, without Pontatoc it would have been listed for a lot more than $449,000.

PS-someone couldn’t resist though, it sold for $439,000 ($159/sf)

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in the foothills today, 5/7/10

3718 E Rose Peak, a foreclosure in Foothills II, dropped from $895,000 to $849,000 ($185/sf). On the market about 4 years now,
in the good old days Rose Peak was listed for, but never got, $2.3.
And that’s probably because it was appraised for $2.3 in 2006.  
I was agent #3, after the glory days, and had it from $1.8 to $1.2. Then it slid to foreclosure.  (listed by Realty Executives)

And in a similar groove, 4421 N Camino Sumo (in Cat 10) also cut its price today – from $779 to $725 ($221/sf). And Cmo Sumo is also confronting the hard reality of the market. It sold for $1,000,000 in March 06 and then sold for just $700,000 in November 08.  
And was listed this January for $799. I hope they’re not in a rush. (Listed by Long Realty)

Also in Cat 10, 3252 E Camino Boscaje expired.
It was first listed last October at $2,690,000 and dropped out today at $2,290,000 ($412/sf). This is a newer house, built 2008/5,564 sf/masonry construction/1 story/etc. Maybe they’ll just sit it out for a while. (listed by Tierra Antigua Realty)

And yet another million $$ sale. 6050 N Desert Sun Court in Ventana Canyon Estates sold today for a cool million ($290/sf) off a $1,198,000 list price. Listed last July, it went to contract this March and closed today. (Listed by Long Realty) This makes 19 sold this year at a million or more.

And 6374 N Skyline Ridge Drive in Pinnacle Ridge, aka Paloma Canyon, expired today. Listed at $895,950 ($253/sf) for all of its 180 odd days, it apparently failed to capture the hearts of homebuyers.
(Listed by Tierra Antigua Realty) I bet this one’s back soon.

See them all here> in the foothillstoday

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187 single family homes sold in the Catalina Foothills this year

See them all here> 187 SOLD
(link will expire on 6/6/2010)

For perspective, in the same period in,
2009 - 150 sold
2008 – 199
2007 – 219
2006 - 265

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we have a contract

After a 39 day dry spell we finally have a contract in the Foothills on a home priced at a million or more.

3601 E Lone Hill Place, listed for $2,200,00, is reported as under contract this morning. Lone Hill is in Foothills II, a delightful, smaller gated community high up in the Catalina Foothills.

Lone Hill was first listed in April 2007 for $3,500,0000, but pulled from the market after about 6 months. It didn’t return until Sept 09, and was then listed at $2,350,000 and cut to $2.2.

So interesting. As things go at this price range, it didn’t sit terribly long and, forgetting about its 07 attempt, went to contract with just one middling price cut. And interesting too in this climate, at $2.2, 
I’d have bet the odds would have favored a more outwardly prestigious community.  

The listing describes it as;  
EXPERIENCE QUIET EURO STYLE DRAWING ITS SOUL FROM UNTOUCHED DESERT, DRAMATIC STAND OF SAGUAROS, MTNS & ULTIMATE PRIVACY. EXQUISITE ENTRY DR & MASSIVE BEAMS ENHANCE THE TIMELESS GATHERING RM FOR COMFORTABLE LIVING OR PARTY W/PANACHE….

It is 2004 built/7076 sf/masonry construction/4 Bed/5.5 Baths/pool/
4 car/$311/sf at list

The highest sale in Foothills II was $1,900,000 in 07, next was $1,403,000 – a short sale, then $1,325,000  & $1,175,000. And on down from there. 

So unless this goes for pennies on the $$, and I don’t expect that at all, it will be a biggie for Foothills II, maybe even a bell ringer.

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build it by the side of the road and they will not beat a path to your door

4 homes were supposed to be built on those 4 lots lining the west side of Sabino Canyon Rd,

Homes that are very inexpensive by foothills standards -
1764 sf/3 Beds/2.5 Baths/new homes listed for $280,000 ($159/sf)/listed since the fall of 2009/in a price range that has been doing quite well/but still no go/withdrawn today/what now

(listed by Keller Williams Southern Arizona)

SOLD in the last 30 days

46 single family homes sold in the Catalina Foothills in the last 30 days.

Here’s what it looks like,

34 @ $172,000  to $585,000
  6 @ $620,000 to $675,000
nothing from $676 to $999
then 6 @ $1,000,000 to $2,000,000

Average Original List Price - $691,510
  “         List Price @ Sale - $588,169
  “         Sale Price          - $538,596
  “         Days on Market – 150

   See them HERE (link will expire on 6/5/10)

46 sold
23 were owner occupied
8 were Reo or short sales (17%)
15 were in gated communities
38 were single story
22 had pools
  0 had basements
12 were masonry construction (brick, block, adobe,etc)
30 were frame stucco
4 were combo construction
45 had cable
0 were in a flood zone

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finally facing the music

After nearly 3 years of trying, yet another spec home sold today.

2436 E PLACITA DE LA VICTORIA was first listed in June 07 for $1,800,000, and reduced and reduced again, it eventually settled in at $1,385,000 and the sellers threw in the towel today for $1,150,000 ($249/sf). (listed by Long Realty)

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January – April, million$$ home sales in the Catalina Foothills

How do million $$ home sales this year compare to years past.

Have a look,

Jan-April	homes sold	List price	Sold price	%SP/LP
2010	17	$1,601,353	$1,441,765	90%
2009	11	$1,425,273	$1,176,818	84.5%
2008	17	$1,992,235	$1,820,294	91.6%
2007	29	$1,660,467	$1,557,420	94%
2006	54	$1,692,898	$1,599,852	94.5%
2005	31	$1,497,029	$1,446,032	97%

so yes, we’ve got last year beat – when sellers were selling for just 84% of list - but sales are off 68% from 2006’s high. Yet, for now anyway, average sale prices are down just 10% from 2006.

And according to these numbers, we’re neck n’ neck with 2005 prices. Avg sale price, $1,446,032 in 05, $1,441,765 for 2010.

But notice how, though the selling prices are virtually the same, the list prices are miles apart.
In 2005 sellers were asking $1,497,029 and getting $1,446,032.
This year, sellers are asking $1,601,353 (11% more) and still only getting $1,441,765. And those are the lucky few who’ve found a buyer.

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for the person who has everything

How about a place in Canyon Ranch to hang your hat,

Yes, inside the very pearly gates of the world famous Canyon Ranch, 8375 E Canyon Side Road is now available for $6,500,000.
Go figure, but that’s after a $600 thou price increase today. 
(Listed by Long Realty)

Check it out;

CANYON RANCH MEMBERSHIP INCLUDED, but of course.

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the mother of all Joeslers

was withdrawn from the market today.

As stated in the listing; 
The Marvin Residence, the stunning 12.2 acre Joesler estate of the late actor Lee Marvin. Located in the ''Old Foothills'',this stuccoed mud adobe treasure built around a courtyard w/massive fountain offers 7,193 historic square feet,full guest house,tennis court,pool,city/mtn views …

Going on two years since it was first listed, this historic Joesler, on the largest plot of land I know of in the Foothills, has yet to find a buyer. Listed price $5,850,000. I can’t imagine that it won’t be back on, sooner or later. See it here> Joesler/Marvin Residence

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