The Catalina Foothills

this just in

“…  Just wanted to tip you to a possible foreclosure in Pima Canyon. The Saguaro Blossom property you recently posted in your blog has recently had it's front door removed and replaced with plywood, the ornamental iron gate removed and all potted plants. Looks like the expired listing has turned into a foreclosure. It is surreal to see a beautiful multiple-million dollar home boarded up and stripped of it's beauty. What a sign of the times......” (from a reader)

he is referring to 1682 E Sahuaro Blossom Place, which I talked about in my post > they watched the market come and go <  I ended that post asking,
…now it’s going on 7 years old and it’s expired again today, this time at $2,295,000 ($392/sf). What next. (here are a couple of shots of the backyard from then & now)

Well I never expected that foreclosure was what was next. Really I didn’t.
Not for this house. Probably because Sahuaro Blossom was one of the most exotic spec homes built during that early boom time and being for sale from 04 ‘til now, it had become a fixture, an icon really, of the excesses of the boom in high-end spec building. But it was fun while it lasted.

looks like the fall of ancient Rome. What next.

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they watched the market come and go

In Pima Canyon, the listing on 1682 E Sahuaro Blossom Place expired today.

But they’d been down this road before. You see Sahuaro Blossom was in the vanguard of the mega spec home movement that hit the Foothills in early 2004 when it was first listed for $3,400,000 while still under construction.

And even though no one snapped it up at $3.4 and, illustrating perfectly the rising market mentality of the time, instead of lowering the price - no way - they raised it.
To $4,200,000. But they did wait until it was completed to do that. But still.

So it hit the market again in August 2005 for $4,200,000 - at a nosebleed $715/sf, but no one cared about that. No one except nerds and appraisers even bothered to look at $/sf costs in those days.

So the market went up up up and then it went down down down and Sahuaro Blossom went nowhere. And now it’s going on 7 years old and it’s expired again, this time at $2,295,000 ($392/sf). What next.

1682 E Sahuaro Blossom Place Tucson, AZ 85718

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conveniently located on Craycroft Rd

If you head north on Craycroft from Sunrise, on the east side of the street just north of Cimarron there’s that stretch of road where those mini cul-de-sacs were developed a few years ago. You know the ones I mean, they’re just below Pinchot Rd - see the map below where I’ve marked them off in red with yellow arrows at each cul-de-sac.

I’ve passed there countless times during and after the development and wondered ‘what could they possibly be doing’. I couldn’t believe that that land, that fronts directly onto Craycroft, was being developed as residential building sites. No way, couldn’t be. Well yes, could be and is. That is exactly what’s been done - 10 or 11 building lots fronting Craycroft Rd.

This plan must have been hatched during the boom and then put on hold during the bust. But when the dust settles and builders start swinging their hammers again, are we going to see houses sprouting up along that strip of Craycroft.

I’d have thought builders and investors, having lost their shirts on houses they built by the side of the road, had learned their lesson. But maybe not. Over the last few years I’ve written often about the homes, usually specs, that were built by the side of the road  – I call them road kill – and how absolutely miserably they fared in the marketplace. No one wanted them. Why, because people don’t want to live by the side of a busy road. duh (for more of my posts re; road kill, plug road kill into the search box on the upper right)

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what a waste

6500 N Saint Andrews Drive was purchased in 2004 as a knockdown
for $480,000
 

and they knocked it down and rebuilt it and in 2006 listed it $2,100,000  

it sold yesterday for $700,000 as a foreclosure.

So what went wrong. Simple, from the beginning, when they had a good opportunity to sell it, it was so overpriced that it couldn’t sell.  Not even in 06, when you had to miss the mark by a pretty wide margin to be overpriced.

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the bigger they are …

3900 N Camino Blanco - a nearly 10,000 sf, 2007 built spec home with an indoor pool - once listed for $3,400,000 has sold today for $710,000 as a foreclosure. 
That’s $73/sf, including the 2.6 acre lot that it sits on. Cheap, for sure. But does that make it a good deal. I don’t think so, I think it’s a headache in the making.

The last time I saw Camino Blanco it looked like the new owner would be spending a few bucks fixing it up. Not that it was abused, it wasn’t. But after just three years some of the materials that were used to build it were already showing signs of excessive wear and tear and starting to break down. It’s big, you can say that for it.

3900 N Camino Blanco Tucson, AZ 85718

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the best laid plans

This, I hope, is the final chapter in a long running tale of foreclosures and short sales that have beset this little community on the west side of Campbell Ave.

#1, the mother ship, 5775 N Campbell Ave, is the original property that encompassed all 7 acres and a 6300 sf house built in 1973. 

And all was well until a visionary with big plans came along and bought the mother ship for $1,325,000 in 2003 and split up the 7 acres to build spec homes. And that left the mother ship with just one acre, which they promptly listed for $1,795,000. And it finally sold in 2009 for $660,000 as a foreclosure.

Talk about starting off on the wrong foot, here’s how the rest of it went;

#2, 5761 N Campbell Ave was listed for $1,234,000 in 2006 and sold for $700,000 in 2007 as a foreclosure. A pioneer, it was one of the very first foreclosures in the old foothills.

#3, 5771 N Campbell Ave started off on the right foot, but it soon got tripped up. It sold as a new spec home in April 2007 for list price, $2,200,000. Then just ten months later, in February 2008, it was listed as a short sale for $1,100,000. And it finally sold in August 2009 for $860,000.

#4, 5759 N Campbell Ave was listed in 2007 for $935,000 and finally sold in 2009 for $540,000 as a short sale.

and last but not least, #5, 5805 N Campbell Ave was listed in May 2007 for $1,989,000 and sold yesterday for $825,000 as a short sale.

The End

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your guess is as good as mine

Remember 5910 N Mina Vista. The spec home that started life in 2007 listed at $1,795,000. The one that, after many moons and many price cuts, finally got down to $1,160,000 and went to contract and sold this past April for a cool $1,000,000, as a short sale. Yeah, that Mina Vista. 

Well who knows what, but apparently something’s happened because it’s back on the market today at $1,100,000 ($213/sf).

So if you missed it then, here it is again > 5910 N Mina Vista Tucson, AZ 85718 (listed by Long Realty)

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someone couldn’t resist

It’s reported that 3900 N Camino Blanco, the 10,000 sf spec home that’s also a foreclosure went to contract today, once again. Yes Camino Blanco has been down this road before. Actually, Camino Blanco has been down many roads before. So I hope this one sticks.

It started in 07 as a brand-spanking new spec looking for $3,400,000. As it went to escrow today it was at $749,800 or 76 bucks a sf.

Because I was asked to I showed Camino Blanco a while ago.
But I also pointed out the reasons why I didn’t think, even at $76/sf, that it was a particularly good buy for them. And they took a pass.

3900 N Camino Blanco Tucson, AZ 85718
(Listed by Liberty Properties & Associate)

in the Canyons

3657 E Canyon Wind Pl is back in the game.
Canyon Wind left the market in June at $3,400,000 and returned today at $2,995,000. At 5691 sf that’s $526/sf. It last sold in 2004 for $2,700,000. (Listed by Russ Lyon Sotheby's Int Realty)

With Canyon Wind there are now 6 homes for sale in the Canyons -
from $1,990,000 to $3,990,000 and then one at $13,500,000.
An impressive lineup.

On the other hand the last time a home sold in the Canyons was in July 2008. Nothing since. And there’s nothing in contract up there either. So if you’re looking, you’ll have the pick of the litter.

see them here > for sale in the Canyons

or here > for sale in the Canyons

or here too > for sale in the Canyons

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beating the odds

On the market for more than 2 years at $1,795,000, 5855 E Placita De La Zuerencia was relisted in April with a new agent at $1,295,000 and,  Presto!, sold today for $1,200,000 ($210/sf).

The sellers should thank their lucky stars.
La Zuerencia is a 2008 built, 2 story spec home that overlooks Craycroft near the top of it’s curve thru Alta Vista.

5855 E Placita De La Zuerencia Tucson, AZ 85750

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are we there yet

1682 E Sahuaro Blossom Place was one of the pioneers of 
super-luxe Pima Canyon spec homes. Built in 2004, it has, nevertheless, been on & off the market ever since.

Originally listed for $3,400,000 in April 2004, and though it didn’t sell, the price was raised to $4,200,000 ($715/sf) in August 2005. It held there until October 07 when it was knocked down to $3,750,000 and in 08 to $3,399,000, then $2,975,000. And there it sat until this February when the price was slashed $580k to $2,395,000 and another $100k today to $2,295,000 ($390/sf).

1682 E Sahuaro Blossom Place Tucson, AZ 85718

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from the bargain bin

4845 E Winged Foot Drive, in Skyline CC, just two weeks on the market at $1,072,500 ($265/sf) as a foreclosure, is already in contract.

But it’s been a long haul for Winged Foot. It comes off four years of hoping to get $2.4, $2.3, $2.190, etc, etc, mincing along until Mr lender knocked at the door.

I mentioned Winged Foot here>  another failed spec home, another foreclosure when it was listed.

4845 E Winged Foot Drive Tucson, AZ 85718

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another failed spec home, another foreclosure

Listed with a lot of fanfare for $2,300,000 in June 06,
4845 E Winged Foot Drive can now be yours for a mere $1,072,500 ($265/sf). And with not a bit of fanfare. It left the market a few months ago at $1,495,000 and returned today as a foreclosure.

I stopped by to see it earlier today and with the exception of some missing bathroom light fixtures and mirrors and a few ceiling speakers, everything else looked to be in good shape.

This is another in a long line of Skyline CC teardowns. 
Originally 2600 sf and built in 1978, it was torn down and rebuilt in 2006 as a 4071 sf spec home that didn’t pan out.

That was then,

This is now,

see it here> 4845 E Winged Foot Drive Tucson, AZ 85718

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2 months, 2 contracts

5855 E Placita La Zuerencia, listed at $1,295,000, went to contract on 6/23, fell out on 7/1 and is reported back in contract today. So two solid hits in about 2 months.

Meanwhile, it sat around for two years listed at $1,795,000 and nothing happened, but still no one did anything. Unbelievable.

La Zuerencia is a 2008 built Alta Vista spec home that was
finally re-listed in April with a new agent at $1,295,000 ($226/sf).
(Listed by Long Realty)

see it here>  5855 E Placita De La Zuerencia Tucson, AZ 85750

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luxe Pima Canyon spec, now under $300/sf

7828 N Ancient Indian Drive had a $300,000 price cut today, bringing it in at $2,199,000, or $298/sf - significantly cheaper/pound than any of it’s luxe competitors in PC. And the old Indian is now down a million+ from the $3,295,000 it started at in Jan 09.

see it here> 7828 N Ancient Indian Drive Tucson, AZ 85718
(Listed by Long Realty)

The PC scene - 18 homes for sale 
5 priced from $1,050,000 to $1,299,000, averaging $320/sf. 
13 priced $1,895,000 to $4,950,000 at an average of $485/sf –not including Ancient Indian at $298.

6 homes sold in the last 6 months;
3 for $875,000 to $1,075,000 @ average $254/sf
3 for $1,800,000 to $2,000,000 @ average $342/sf

With 18 homes for sale, and slow sales, it was bound to happen.
And it’s just another example of how utterly blind are those who say, ‘oh, my sellers, they can afford to wait’. Oh yeah. 

When 2112 E Sentry Ridge Ct went to contract a few weeks ago - at a much reduced and I thought bargain price - I said, at that price it’s a thorn in the side of other PC sellers, such a deal  
Ouch! Here’s another.

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a (rare) happy spec home tale

This past February in - high-end goods, bargain price - I talked about a new spec home that had just been listed.
We need another spec like we need … too early to tell, but if they’re able to pull it off and build a good house at this price, the builder is going to be very popular…

And slam-bam, three weeks later and that spec, listed at $1,149,000 ($207/sf) was in contract.

And it closed today, on schedule and on budget too, at $1,149,000.
(listed by Long Realty)

See it here> 2801 E Plaza Encantada Tucson, AZ 85718

At the right price …

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(only) at the right price

5855 E Placita De La Zuerencia, a 2008 built spec home first listed in January 08 for $1,800,000, dropped to $1,795,000, that oughta do it, and held there, and went nowhere, for 2+ years.

Was relisted in April with a new agent at a new lower price($1,295,000 - $226/sf) and went to contract today just 2 months and a few days later. 

And it’s not a short sale or foreclosure.

house flipping for fun and profit

6811 N Camino De Fray Marcos is reported as sold today for $377,250. And get this, this is the 2nd sale this year for Fray Marcos. It also sold this past January for $280,000 as a short sale. (listed by Tierra Antigua Realty)

Leading up to today’s sale - it last sold in August 05 for $440,000 and was back on the market in May 06 for $600,000. But it didn’t sell so, what the hell, they raised it to $699,000. But still no sale. And somewhere along the way it was renovated, with a new kitchen, baths and more. Imagine, there they were at the height of the market and instead of taking a fair profit and moving on, they held out for the golden goose.

Then it was off the market until June 2009 when it returned as a short sale listed for $329,000, and resulting in January 2010 sale for $280,000.

So someone paid $440,000 in 05, spent a small bundle on renovations and ended up giving it to a flipper for $280,000. Who turned around and flipped it for $377,250 in no time. Nice work if you can get it.

see it here> 6811 N Camino De Fray Marcos Tucson, AZ 85718
(link expires 7/6/10)

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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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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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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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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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another spec home gone bad

It all started in 2004 when a builder/investor bought 6500 N St Andrews Dr as teardown for $480,000. At that time it was a 1967 built, masonry constructed 3200 sf house on the 7th fairway at Skyline Country Club,
that looked like this

and this,

But they quickly tore that down and put this up - a new 4200 sf frame stucco place that looks like this,

and this,

So before you could say Home Depot, another spec home was born
in Skyline CC – ground zero for teardowns in the Foothills.

But they listed it in 2006 for the very un-Home Depot like price of $2,100,000. And after countless price cuts, dragged out over nearly 4 years, it left the market last month, still unsold, at $1,300,000 as a short sale.

And if you dragged your feet on this one, fear not, it’s back today, at what should be a very attractive price - but who can say anymore - of $949,900 ($229/sf) as a foreclosure. And it’s still on the 7th fairway at Skyline.

see it here> 6500 N St Andrews Dr  (no pictures in the listing as of this writing) (Listed by Bidegain Realty, Inc)

PS- Just yesterday I mentioned a spec home in Pima Canyon that sold for $2.0M. So it can happen, but these days there are fewer and fewer winners in the high-end spec home game.

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supersize me

3900 N Camino Blanco dropped another $36,000 today, bringing it in at under a mil - now $994,800 ($101/sf). Camino Blanco is a monster of a spec home – a 9776 sf spec, complete with indoor pool, that’s alongside River Rd and is also a foreclosure. What a combo.
(Listed by Keller Williams Southern Arizona)

In the good old days – in the summer of 07 - they were asking $3,400,000.

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a dying breed

After 3 + years and $795,000 off its original list price,
5910 N Mina Vista finally sold. It went for $1,000,000 ($193/sf) as a short sale. (Listed by Long Realty)

Mina Vista was a spec house built on a teardown lot that had been occupied for 45 years by this 1700 sf adobe. 

until this went up in its place, ↓ a nice improvement  

along with the new guest house, which stands where the original
house stood ↓ and is about the same size


And as I mentioned once before, I thought this was a decent house, and unlike many other specs it’s on a decent lot, so I’m surprised it took this long - (it’s been listed for $1,160,000 since last June).

The 2 things that did bother me were the utility poles/wires out back – which I’m sure killed the deal for half the buyers - and the small covered patio – which probably killed it for the other half.  Oh, and it had the kind of mountain views you could enjoy as long as you stood in just the right spot. Not for $1,795,000.

Mina Vista was one of the last of the first wave of boom-time spec homes to sell. And many of them were built on s-crap lots here and there throughout the foothills and, not coincidentally, many of them ended up in short sale or foreclosure.

Interestingly, the second wave of spec homes are bigger, more expensive and selling even less well than the first wave.

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the other kind of spec home

4905 E Mission Hill Dr was a 1969 built old clunker in Skyline CC, that hadn’t had a thing done to it, yet sold in Feb 2005 for $640,000.

The new owners then did an extensive and very nice renovation –
top to bottom new kitchen, new baths, travertine floors and more,
all through the house, 
 

And a little more than a year later, in April 06, at the tail end, but still, things were still roaring along, they put it on the market for $1,390,000. Then they dropped it to $1,275,000, then $1,175,000 and by then the window was closing.

Four years later and it’s still for sale and was reduced today to $739,000 ($219/sf). And it’s still in Skyline CC and still has great mountain views.

Just imagine how differently things would have gone had it been reasonably priced in 06.

I mentioned Mission Hill last September on the occasion of a prior price cut > aren’t you glad you waited on this one

more info, more pictures> 4905 E Mission Hill Dr
(Listed by Long Realty)

(it is NOT a short sale or foreclosure)

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knowing when to fold ‘em

5855 E Placita De La Zuerencia, an Alta Vista spec home built in 2008, was first listed in January 08 for $1,800,000. (already they’d missed the boat) But then, inexplicably, by August, when it was 110 in the shade and everything was crumbling, they’d cut the price a whole 5 grand to $1,795,000 - and then held tight there until the listing expired in Dec 09 – do I hear, make your bed and lie in it

Well, between then and now, reality must’ve finally dawned really hard. Because after holding out for all that time, it was
re-listed today with a new agent for half a million less, yes 500 big ones, to $1,295,000 ($280/sf). And it’s not a foreclosure or a short sale. It’s just another spec that hasn’t quite lived up to
ex-spec-tations. And maybe an opportunity, if it’s your cup of tea.

See it here> De La Zuerencia
(listed by Long Realty)

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high-end goods, bargain price and a Quick Sale

3 weeks ago I wrote about a new spec house being built in the foothills - high-end goods, bargain price - We need another spec home like we need another Walgreens, but a new spec was listed today at what appears to be a real bargain price.
It’s under construction, to be completed in July, so too early to tell…

21 days later and that project is under contract.
See it here> 2801 E Plaza Encantada

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Finally! Finally!

That’s finally a home priced at over a million has gone to contract and broken our 14 day dry spell. Though I may be jumping the gun here because I’ve got a feeling this one went for under a mil. Just a feeling. And finally this long in the tooth spec home has gone to contract. jeez.

5910 N Mina Vista, first listed in January 2007 for $1,795,000, went to contract today listed at $1,160,000($225/sf) as a short sale.

This was part of that original crop of specs - most of which sold last year through foreclosure or short sale - that appeared early on, just as the fizz was going out of the boom.

But I never thought this was a terrible house and am surprised that it had to sink this low before a buyer bit. But who knows, maybe they turned down offers that they would now kill for.

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if it’s cheap and by the side of the road, is it a bargain,

Road Kill,

In recent years quite a few builders have chosen to put up spec homes by the side of road. I’m guessing it’s because good building lots are very scarce in the foothills and the scraps left over by the side of the road are plentiful and cheap. What else could it be. It’s certainly not because buyers are clamoring for them.

Here’s a look at some side of the road specs and how they’ve fared in recent years.

Cheek to jowl with Kolb Rd is 7055 E Foothills View Ct, listed for $900,000 in July 06 & Sold for $475,000 in December 09 – a foreclosure.

And keeping watch over the other side of Kolb is 5360 N Ventana Overlook Pl. It was listed for $1,075,000 in January 08 and Sold for $527,000 in January 2010 – also a foreclosure.

And then there’s the triple crown of specs, 5551, 5543 and 5527 Camino Real. 3 new specs carved out of 1 old lot.

5551 started out in August 07 at $1,449,000 and sold in Feb 09 for $850,000 - Foreclosure

5543 did a little better. It was listed in August 07 for $1,495,000 and sold for $1,000,000, also in Feb 09 – Foreclosure

and 5527 was asking $1,649,000 and got $895,000 in June 09 – Foreclosure

And no stranger to spec homes, on Hacienda del Sol Rd we have
5171 Hacienda del Sol Rd – originally listed for $2,700,000 in April 07 and Sold for a measly $1,200,000 in March 09.
And right next door, and doing a good job of keeping up with the Jones’s, is 3550 E Camino A Los Vientos. Listed at $2,450,000 in December 05, a bargain hunter picked it up in March 09 for $900,000 – as a short sale.

 

And a little ways down Hacienda del Sol Rd are a couple of homes on the very edge of Hacienda del Sol estates.  
On the left, down below, is 3179 E Corte De Andalucia, built in 2007 and first listed at $1,495,000 and now, 2+ years later, in contract listed at $695,000. (Listed by Long Realty)
And on the right is 4911 N Avenida De Castilla which started out at $1,149,000 in March 07 and is still for sale, and now asking $699,900, as a foreclosure. (Listed by Coldwell Banker Residential Brokerage)

 

But oddly enough, 2180 E Calle Los Altos a spec which backs up to Skyline Dr, by far the busiest road in the foothills, didn’t do too bad.
It was listed in Feb 07 for $1,375,000 and sold for $998,000 in September 08. But it was, in my opinion, the nicest house of the bunch. A very cool contemporary. The first time I saw it, I liked it so much, even in that awful location, that I found myself struggling with whether or not I would buy it. I wouldn’t, but it was tempting.
In a good location it would have easily gone for it’s full $1,375,000 and probably more.

Caveat emptor

high-end goods, bargain price

We need another spec home like we need another Walgreens, but a new spec was listed today at what appears to be a real bargain price.
It’s under construction, to be completed in July, so too early to tell, but if they’re able to pull it off and build a good house at this price, the builder is going to be very popular.

2801 E Plaza Encantada/2010 built/1.3 acres/frame stucco/5561 sf/
5 Beds/6 Baths/1 story/3 car/with pool & spa/for, get this, $1,149,000 ($207/sf), that’s for new construction, in the foothills.
(Listed by Long Realty)

The listing says;
BRAND NEW CONTEMPORARY HIGH ON A RIDGE W/BREATHTAKING MOUNTAIN & CITY VIEWS,EXQUISITE LIVING RM & DINING RM W/HIGH CEILINGS,WALLS OF WINDOWS,FIREPLACE,GOURMET ISLAND KITCHEN W/GRANITE COUNTERTOPS,LOVELY BRKFST AREA,LARGE FAMILY RM W/FIREPLACE,BEAUTIFUL TILE FLRS,5 BEDROOMS EACH W/OWN BATH+STUDY,(GUEST SUITE W/LIVING AREA,BEDROOM & BATH),MSTR W/FIREPLACE,LUXURIOUS BATH,LARGE WALK-IN CLOSET,FABULOUS BKYD W/POOL,SPA,DISTRICT 16 SCHOOLS,VIEWS!VIEWS!

Check it out> 2801 E Plaza Encantada

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betting the farm at around 4 million

Another new listing today, and a spec home too, at over 4 mil has come on the market. That’s the 4th home listed this year between
4 & 5 million & 3 of them are specs. Specs at 4 million & up, ah-ha.

The last time a home sold in the Foothills at 4 million or more (thru the MLS anyway) was never. The highest sale was $3.8, and there were two of them, one in 07 for a house up in the Canyons and one in 03 for a 1947 house on 20 acres off Camino Antonio - which was promptly carved up every which way to make room for spec homes.

With this new one, at $4.2, we now have 6 listed between 4 & 5 mil and 6 more from $5.0 to $13.5. 
And here I thought conspicuous consumption was O-U-T.

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a once new spec home

Back in 2006 6954 E Gate Ridge Pl was a brand new spec home asking $2,150,000. Now it’s closing in on 4 years old, still for sale and in that time the price has dropped 16.5% to $1,795,000.

Now, putting aside for the moment the near record fall of world economies, credit markets and the real estate market; do you think that buyers, looking at this house today, might possibly see it as worth less, maybe even more than 16.5% less, than it was 4 years ago when it was brand new.

But also, keep in mind that we have no idea what it was worth back then, because it didn’t sell. 

click> Comments and lets hear from you

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are we there yet

Nov, 2007 - $2,750,000 ($451/sf) > Aug, 2009 - $2,495,000 ($409/sf) > Feb, 2010 - $2,250,000 ($369/sf)

2123 E Sentry Ridge Ct, a Pima Canyon spec built in 2008, took that latest price cut today.

That’s $500,000 off it’s original asking price, a nice chunk of change. But if you look at it in terms of where the market was in 2007 and where it is today, and you should, it’s not quite as impressive.

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high-end doings

First the return of 1714 E Barrel Cactus Ct. A Pima Canyon spec home that left the market in June priced at $3,995,000 is back today at $3,384,000 ($543/sf). You can’t sell it if it’s not listed and by pulling it in early June they missed out on the spurt in high-end sales that happened in early to mid summer. So who knows why they pulled it. But just in case you’re looking for a 2008 built/6226 sf/3 Beds/3 Baths + 2- 1/2 baths/on 3.2 acres (for which they paid $1.3 in 2007)/Contemporary design/and according to the listing PRICED BELOW COST! There it is.

2701 E Camino Pablo, on the market 130 days had it’s first price cut today, but it was worth waiting for – it went from $1,299,000 to $998,000 ($259/sf). Camino Pablo is a remodel, and a nice one at that, of a 1989 home. But they paid $798 for it in 05, then did the remodel, and I have a feeling the numbers may not be working out as planned.

1813 E Sahuaro Blossom Pl, another Pima Canyon spec which started life in 2006 (before it was completed) at $3,200,000 can now be yours for $2,295,000, or, I’ll bet, even less.

And more Pima Canyon, Pima Canyon. 2192 E Desert Garden Dr a 2008 built spec, which is also a foreclosure, went to contract today listed at $1,995,000 ($368/sf). First listed just one year ago at $2,499,000, it fell to foreclosure rather quickly. 

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swimming against the tide

That little new home development down there was started about one year ago and, not surprisingly, has gone nowhere since. 
An LLC purchased those 5 teeny lots – conveniently adjacent to Sabino Cyn Rd, no less, they’re each about .07 of an acre - in August 2008 for $430,000.

And then - ignoring the collapse of the worlds financial markets, the near shutdown of home sales, the lack of credit, and the fact that homes by the side of the road, if they had sold at all had sold for pennies on the dollar - went ahead anyway and put up a model home. And then tried to sell it and custom builds on the 4 remaining lots. 
But nothing yet.

The model is for sale for $285,000-$325,000, it’s 1764 sf/3 Beds/2.5 Baths/2 car/2009 built

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another half-baked spec home foreclosure

4820 N Paseo Del Tupo, in Sunrise Presidio Village, went to contract today listed at $575,000 ($158/sf).

The listing says “Bank owned home for sale in District 16. Approximately 80% complete… Sold AS-IS - buyer to complete.”
And the listing shows the effective construction year as 2007.

But Paseo Del Tupo has been around for a while, long before 2007, and has, let’s call it, an interesting history.  

It was first listed in May 2004 for $699,000, and according to the listing at that time, it was a “Beautiful brand new home in School District 16…Almost done." And it shows the effective construction year as 2004. hmmm! But it didn’t sell, so they raised the price to $739,000. And still it didn’t sell.

So it was off the market until May 2008 and, ignoring everything, it was listed at $899,000.  And, this time, according to the listing “Beautiful brand new home in School District 16. Just shy of completion!”  But in that time, it somehow became a newer house, because the effective construction year now showed as 2007. But still it didn’t sell and was taken off the market again in December 2008.

It returned last week listed at $575,000, as a foreclosure, and was quickly snapped up. Still showing that 2007 construction date, but now only 80% complete.

So who knows, but it kinda makes you wonder, so I looked at the tax records and, wouldn’t you know it, it shows the construction year as 2005. So take your pick.

TA-DA – Paseo Del Tupo

jeez, they’re practically giving them away

3179 E Corte De Andalucia – a 2007 built spec home, was first listed in 2007 for $1,495,000 ($310/sf) And over the next 2+ years the price gyrated around from $1,499,000 to $975,000. And though the listing boasts -ORIGINALLY PRICED AT $1,700,000, THIS HOME IS GREAT OPPORTUNITY!!! I couldn’t find any record of it ever being priced at $1.7.

Anyway, it left the market in September 09 and not another word.

Until today. When it came back on at $695,000, yes $695,000, and immediately went to contract. That’s $144/sf. And though it’s another one of those side-a-the-road specs off Hacienda del Sol, @ $144/sf …

Built 2007/4848 sf/4 Beds/4.5 Baths/1.26 acres/1 story/in Hacienda Del Sol Est, sort of.

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lowered ex-spec-tations

4733 Camino Antonio N - a once new spec home - started out in 2006 listed for $1,150,000 ($311/sf). A pie in the sky price if ever there was one, and absolutely no hindsight required.

So today, after yet another price cut, it can be yours for $575 ($157/sf) and it’s a short sale too.

Aren’t you glad you waited.

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a contrarian view

I swore we wouldn’t be seeing any of these for a while, but today a fearless builder listed a new ‘to be built’ spec home in the Foothills. To be completed in 2010.

And while that may seem like a crazy thing to do, this home is priced at just $675,000 ($239/sf) – a few hundred thou below any spec I’ve seen in the foothills in years.

So if they can pull it off, and I don’t see how they can, maybe it’s not so crazy – 1 acre mountain view lot/Catalina Foothills Est 2/2828 sf/3 Beds/3 Baths/3 Car/w- top of the line finishes: granite, cherry cabinets, tile floors in all common areas. High efficiency HVAC and upgraded insulation. 

I just wonder how and where a builder is able to get financing for a spec project these days.

more here>4334 N Camino Del Obispo

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spec homes, even the showpiece of the nation's home builders is in trouble.

Housing's Woes Hit Builders' Convention as Financing for Model Project Stalls

Each year at its convention, the National Association of Home Builders highlights "The New American Home," a high-end model home designed to capture emerging trends in residential building and the shifting lifestyles of Americans. For its builder, the project is usually a career-boosting -- and profitable -- venture.

This year, the New American Home has unexpectedly become a poster child for the building industry's money troubles. The 6,800-square-foot contemporary home -- located 10 minutes from the Las Vegas Convention Center -- has five bedrooms, eight bathrooms and more than 50 solar panels.

What it doesn't have is most of the flooring, landscaping or a finished pool.

Domanico Custom Homes, the small private builder selected for the project, had to halt construction this month after a private investor pulled out. Now, Domanico says, the home has a "fire sale" price tag of $1.8 million, and the company warns that a big loss could put it out of business.

From The Wall Street Journal

continue reading,

Clouds Over Dream Home

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more slippage at the upper end

5109 N Camino Real, a new spec home listed for $1,195,000 that quickly went to contract, has, even more quickly, fallen out. It went to contract 10 days ago, after just 36 days on market, a record I think, and today 
re-joins the other 118 million$$+ homes looking for a buyer.

So make that 5 4 under contract at a million+.

I mentioned Cmo Real here> just when you least expect it and coincidentally, the other house mentioned in that post - 3407 E Via Palomita, in La Paloma Estates – that also went to contract very quickly, also fell out quickly and is back on the market.

And way up in the thin air of the Canyons, 7417 N Secret Canyon Dr, another new spec home, had a hefty $510,000 price cut today– from $4,500,000 to $3,990,000, $552/sf, but if you have to ask, …

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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 I’ve run across in the Foothills. So 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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the bargain bin

For all you bargain shoppers, and who isn’t these days, here’s the latest in what’s available in Foothills short sales and foreclosures.(that’s single family homes only)

First, for those with the patience of Job, the short sales. A very nice selection of 26 homes priced from $225,000 to $2,390,000
 26 Foothills Short Sales

And in the much more doable foreclosure category, there are 10,
from $344,500 to $1,995,000.
 10 foreclosures

One note on the foreclosures -the one that’s $1,995,000 is in Pima Canyon and, somehow, until now, it slipped by me. It’s a spec home, built in 2008/5428sf/4 Beds/4.5 Bths/pool, spa/brand spanking new too

**the links to the listings will expire on or before 11/3/09**

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the three deadly sins

 The buyers were taking no chances of missing out on this deal.

The house at 4744 E Mission Hill Dr was listed on 9/26/06 for $848,000 and right away they rushed in and put a contract on it for $824,000 – but there was no house, it hadn’t been built yet.

It was a ‘to be built’ AF Sterling spec house. So with contract and down payment in hand, Sterling went ahead and built the house. And a year later when it was completed, it closed on 11/15/07 for the agreed to $824,000.

Here’s the good part. Two days later, on 11/17/07, the proud new owners promptly turned around and listed it for $1,250,000 – $1,250,000 - irrational exuberance, bad timing and greed, what am I leaving out.

OK, let’s be charitable. Maybe they didn’t realize it, or maybe they just couldn’t believe it could happen to them, but, boy oh boy, did they miss the boat.

By then we were 16 months into it. And there was no mistaking it and no way you could escape it. It was doom and gloom everywhere. Heck the mortgage meltdown, a watershed event, sounds quaint but remember that, had blown its gaskets just a few months before. And unless you were a Rockefeller, no mortgage – no way.

Anyway, you know how this one ends. It’s been on the market since then and expired today at $719,500 and where it goes from here I have no idea.

the last of the spec homes

In the past year about 17 spec homes sold in the foothills and many of them sold for what must have been a painful and disappointing price to their builders/investors;
$1,449,000/$850,000 - $1,649,000/$895,000 - $1,259,000/$900,000
$2,450,000/$900,000 - $1,650,000/$920,000 - $1,375,000/$998,000 
$1,495,000/$1,000,000 - $1,775,000/$1,050,000 
$2,000,000/$1,100,000 - $2,895,000/$2,100,000.

And then a few did better; $945,000/$825,000 - $1,034,900/$865,000 - $1,650,000/$1,550,000 - $3,450,000/$3,250,000 

I count 20 specs still for sale, some with big price cuts, others not so much. And the most expensive of the group holding the line. See them here, along with where they were priced and where they are now.

– any bets on the next three to sell and for how much$$

3179 E Corte De Andalucia - was $1,495,000 is $975,000

6825 N Calle Mechero – was $2,350,000 is $995,000

7598 N Mystic Canyon Dr – was $1,400,000 is $1,125,000

5910 N Mina Vista – was $1,795,000 is $1,160,000

2436 E PLACITA DE LA VICTORIA – was $1,800,000 is $1,385,000

4845 E Winged Foot Dr – was $2,286,600 is $1,590,000

4900 E Winged Foot Dr – was $2,400,000 is $1,650,000

3199 E Corte De Andalucia – was/is $1,795,000

5855 E Placita De La Zuerencia – was $1,800,000 is $1,795,000

6155 N Whaleback Pl – was/is $1,850,000

2192 E Desert Garden Dr – was $2,499,000 is $2,250,000

1593 E Sahuaro Blossom Pl – was $2,800,000 is $2,290,000

3208 E Via Palomita – was $3,200,000 is $2,495,000

7755 N Ancient Indian Dr – was $2,795,000 is $2,495,000

2123 E Sentry Ridge Ct – was $2,750,000 is $2,495,000

7828 N Ancient Indian Dr – was/is $3,295,000

6700 N Saint Andrews Dr – was/is $3,450,000

7417 N Secret Canyon Dr – was/is $4,500,000

7454 N Secret Canyon Dr – was/is $5,000,000

7582 N Secret Canyon Dr – was/is $13,500,000

Once they’re gone, either because they got lucky and sold or were shelved, I don’t think we’ll see a big new flock of spec homes anytime soon. If for no other reason than lack decent building lots – I think, I hope, builders have learned that building on junk lots doesn’t cut it -squeaky tight financing for spec building and that quite a few spec builders lost their shirts this last time round.

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another half-baked special

and another spec home that didn’t sell, huh, I wonder why.
6825 N Calle Mechero had it’s debut in March 2008 as new construction listed at $2,350,000. 

And it’s back on the market today at $995,000 as a foreclosure.
Wow, what a deal. Let’s see. The listing says;
Spanish Style Custom Home is about 95% complete & Sold As-Is, built in exclusive Foothills neighborhood 

That exclusive foothills neighborhood is Vista de las Candelas.
And Vista de las Candelas is a dandy place, as long as you’re not trying to sell a $2,350,000 home. Some would call that the height of wishful thinking, to put it kindly. Others might be more blunt. 

Since 2000, the highest sale ever in VDLC was for $875,000 in 05. And if those buyers aren’t having a few sleepless nights, I’d be very surprised. Because other than one other sale in the low $8’s, the 50 other homes sold in VDLC, sold in the low $6’s, with the vast majority in the $5’s, $4’s, $3’s and $2’s. Yeah.

I haven’t a clue, where do you think this one will end up.

See it here> 6825 N Calle Mechero

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the last gasp- half built homes

7236 N Calle Sin Envidia, in Pima Canyon, was first offered for sale at $2,100,000 in August 2008 and described in the listing as follows;

Impressive & graceful in its design with old world architectural detail & state-of-the-art features. This 2008 all masonry blt hm by Tara-Sun Dev. is exquisitely adorned & highlights mocha trav flrs, all alder doors/cabs, Anderson high eff windows, gournet kit w/ss Dacor & Viking appl. LR opens to enormous wrap around covered balcony overlooking pool/spa w/spectacular views of city. Enjoy entertaining friends from spacious observation deck.

And after a few price cuts and a change in status to a short sale, it was available for $1,498,000, stipulating in the listing info -
Buyer must complete home

That listing expired yesterday and today – ta-da, it’s back as a lender owned home for $697,350, described as follows;

Contractor special! Building is 75-80% complete, lots of finishing touches on site. Incredible views, incomplete negative edge pool, kitchen cabinetry is all in, granite counter tops, some flooring needed. You must see to appreciate what a spectacular bargain this is.

---

OK, this is a new, partially built, maybe 75-80% complete, maybe not, buyer beware, but at $697,350/$153/sf/masonry construction/4569 sf/5 bedrooms/3.5 baths/pool/spa in Pima Canyon, though at the ass-end of it, it now sounds like a deal to me. At least one worth looking into. And PS, it appears they paid $460,000 for the lot, in 06.

See it here> 7236 N Calle Sin Envidia

And by the way, a few other half-builts have popped up recently, and I expect the one next door to this one, also a Tara-Sun not-quite-completed spec, to make an appearance soon.  So I’m wondering if this isn’t the last gasp of the Foothills spec home boom-bust cycle, with those stragglers who were way too late to the party, now fizzling out in mid stream.

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location, location

built 2008/5577 sf/masonry construction/pool/spa/5 car garage/hand plastered interior walls, hand carved 8' alder doors, corbels & brick floors add to the Spanish colonial charm.

And, not stinting on the old family recipe, with the highest quality materials and workmanship, inside and out. That’s 5136 N Calle Ladero, a La Quinta, which sold yesterday for $1,232,000. 

Dirt cheap for a wonderful new La Quinta – and though all La Quinta’s are wonderful and scarce, this one was built right next to Campbell Ave- with traffic whizzing by day and night.  

A shining example of the lack of good buildable land in the foothills and a sad commentary on the lapse in judgment - even by the guys at La Quinta, who’ve been doing this for decades - that took hold during the boom years.

I wrote about these two La Quinta’s earlier this year, if you’re interested> would you put up with some traffic noise to save $900,000 & a big day for La Quinta

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