August 20, 2009 by Donna Anderson.

The 400K - 500K price range in the 85718 and 85750 zip code is heating up! The buyers are scooping up the bargains and this has led to 25 homes that have closed escrow since July 1st.  The majority were sold in less than four months with more than a few that sold in less than a month!

The Number  of Homes that have sold with the following amenities:  (Remember there were 25 total)

Pool                                      16

One-story                           22

3 Car Garage                        6

Over 2,500 sq.ft.               12

10 yrs or newer                    4

Over 1/2 acre                         9

Short Sale                               1

Previously this price- range was not moving as well as the 300K - 400K price range, because in the lower price-range many buyers took advantage of FHA loans with as little as 3.5% down .They have to put down more  money in the higher price- range, typically 10% up to 417K loans and they need an even higher downpayment for loans above 417K.  Now both price- ranges are doing equally as well. This is proof that the Foothills market is coming back and  is turning away from being a Buyer’s Market. The deals are tremendous and the buyers are no longer waiting for prices to bottom in homes priced under 500K.  Seller’s still have to price their homes aggressively and pay close attention to curb-appeal and  to sparkling interiors to keep up with the competition.

Posted in Foothills Luxury Homes | Print | No Comments »

August 20, 2009 by Donna Anderson.

Gosh, August is supposed to be slow for the Tucson luxury housing market, but those 1 million plus buyers are smart and they know the Summer is the best time to buy in Tucson. The snowbirds are no where to be found and that increases their odds of getting a great deal!

Here are the sales for August 1 - August 19, 2009:

Under Contract:

List Price: $1,040,000       Ventana Canyon          (foreclosure)

List Price: $1,060,000        Alta Vista

List Price:  $1,175,000        Alta Vista

List Price:  $1,295,000      Naranja RIdge Estates (NW Tucson)            (Short Sale)

List Price:  $1,900,000     The Foothills II              (Short Sale)

Closed Escrow Homes (Sold):

$1,050,000     Santa Cantalina Estates

$1,087,500      Stone Canyon (NW Tucson)

$1,120,000      Shadows Hills

$1,232,000      Catalina Foothills Estates

$1,300,000      Ventana Canyon

$1,386,000       E. Talante Canyon Pl   (NW Tucson)       (Short Sale)

$2,100,000      Pima Canyon

It should be noted that many “Short Sales” do not make it to close of escrow; however, E. Talante Canyon Place did close in August. It is much easier to purchase a “Foreclosure” than a “Short Sale”.  In a ”Short Sale” the lender has to approve the usually vast amount the Seller comes in short, whereas in a “Foreclosure” the lender has already taken back the house and is motivated to quickly sell it.

Other Notes:

All houses are North Tucson, except those as noted as Northwest Tucson.

Homes under contract have an unknown final sale prices, and most of the time the list prices are higher than the final sales prices.

Posted in Foothills Luxury Homes | Print | No Comments »