Luxury Homes - Tucson

Some surprising Tucson Foothills Sales to start 2012.

As usual, I review the most recent sales and market data in the Tucson luxury real estate market, particularly in the Foothills 85718 and Oro Valley.  Check one,  no recent surprise sales in the Oro Valley luxury market , but plenty of surprises in the Tucson foothills , there were two sales so high since the beginning of the year that they qualified as definite  'head scratching high closing numbers" ... and there is a nearly 2 million dollar pending sale that will close much higher than market comparables. A recent example, is a home that  just closed on 1/5/2012 in Pinnacle Ridge Estates for $765,000 when the last two most recent closings in the same community of similar size, age and equal view homes were respectively $605,000 and another more highly finished home with better views and larger sold for  $700,000.. uummm, I can only attribute the the "high buys" to emotional purchases... or lack of market knowledge, facilitated by a less than focused appraisal, which allows for bank funding of these transactions.  The particularly high closing (for Pinnacle Ridge) of $765,000 and others like it,  remind me a little of the loose appraisals & 'high' buys seen in 2005... let's hope this is not going to be a trend again. 

There are however two sides to the equation, One is, the appraiser and Realtor should be there as voice of fact and reason" but at the same time making sure '' an agreement/ the voice of a buyer and seller is the final word' ; which reminds me of a meeting I had the other day relevant to this discussion; I was talking with a very nice seller..  I saw that he had paid over a million dollars for his home just under three years ago,,, and looking at the market data , it was pretty clear, even at that time of his purchase, the home was worth closer to a market value of $850,000 to $895,000 (now worth in 700's) so as gently as I could,  because again the seller was as nice and intelligent as could be, I asked ,," did you know you were paying a premium at the time of purchase" and he said,

  "Yes, but I just loved the home" ...

I absolutely respected his answer , he knew he was paying beyond top dollar but was still interested in going all in ,,, " great" life is short,  so if you cannot wait for the price to drop and your agent can not negotiate the price down to market value or is not familiar enough with the market to inform you .. than by all means,  live where it makes you feel good. I just hope and try to remind buyers ,  " if you pay a premium at purchase, when you go to sell a few years latter" chances are, the "love it buy" is going to cost you at least $50,000.00 for home costing under a million ....and the " love it buy" for homes over a million could cost you between $150,000 and $400,000 or more, this is occurring even in today's foothills real estate market with the toughest appraisal guidelines ever. The best tool, when buying a Tucson luxury home is knowledge and usually plenty of patience.

Please call me if you would like to chat about the luxury home market in Tucson and how you can make sure you make the best luxury home purchase possible.

Michael Chaisson

Long Realty, Foothills and Oro Valley Luxury homes

*Listed as one of the Top Realtors in the U.S*

 

Please note :when I reference paying  beyond "market value" that does not mean homes with superior finishes and views should not be purchased at a premium but given equally finishes homes, views, lots , community etc..there is 'market value' experienced Realtors in a given area are aware and should inform buyers.

Remember this ??? in the Foothills 85718

If you have been looking at the real estate market in the Tucson Foothills and wandered into the $400,000 price range by accident, you may have seen this Tucson Foothills classic (featured below). It was on the market in the foothills a whooping 600 days, starting with an asking price of $475,000. Gotta love these classics, the kitchen brings back fond memories of my great grandmother making me and all my friends delicious peanut butter and jelly sandwiches.

This 3929 square foot home with huge guest house finally sold two months ago for $300,000. I showed this home to one of my nicest clients looking for a Foothills investment property and he thought ... "ummmm I don't see the potential ". Well... here's what grandmother kitchen looks like today, two months after being purchased for $300,000.

 

and the pool area looked like before .. see below

and now looks like .. See below

This is an investor flip . Now priced at just over $500,000.   I would imagine the talented buyer purchasing this property at $300,000 is quite happy others missed seeing what was hidden under a little dust and more than satisfied with an expected profit of over $100,000, not bad for two months work.

If your a buyer looking in the Tucson Foothills and you do not have the $800,000 to $1.500,000, it typically cost to find a nice home in the Foothills , the "Beverly Hills" of Tucson, you may consider a little fix up.. always plenty of possibilities . The foothills is full of "charming older homes" waiting for a buyer with a little imagination.  

 

Please feel free call me for more details on Tucson Luxury Homes, in Oro Valley, the Foothills 85718 and Dove Mountain Michael Chaisson Luxury Home Specialist Tucson 520-225-8414

Market Reports, From Tucson....or Newww York City

Recently news was released from the National Association of Realtors of an reporting error, although they  "typically ' have amazing tools to analyze , summarize and extrapolate all matters of data on the real estate market, the information as noted in a recent news release is not "full proof',,, and most of that data is typically released on a semi regular basis.  The recent NAR report below indicated that in 2007, the NAR had not factored in certain variables that skewed their market activity asessment. In fact the NAR error caused an over statement of sales by 14% .  A significant number and when the report was first published many buyers and sellers accepted the report as accurate,  because it was written it was gospel. This unfortunately happens quite frequently in the Tucson real estate market; Every time something is written by some journalist in New York city  or even in Arizona, using some "configured data" or information even from the NAR, I get phone calls , usually slightly panicky because the news written usually has some "scary spin" which is an old a tool as news itself... So Here is what I recommend to anyone interested in receiving real time facts , data, boots on the ground information on," how the Tucson real estate market is doing" .. call a respected Realtor in the market you're interested in ,, one that works like me 7 days a week is usually a good idea, because I/they will be the very best source for how the market is doing at the very minute you call and can tell you facts about home buying and selling over the last 30 days or 30 minutes... and I will also be able to tell you and send you, what data will be showing up on the more accurate sites in 3 months from now.

My Market focus includes Luxury homes , Foothills 85718, 85750, 85658,85748,85737 and 85711 historic, contemporary, mid century modern, southwest, charming and architecturally significant properties.

Below is the NAR report as reported from Inman news,

NAR overestimated real estate sales by 14%

November existing-home sales up 12% from year ago

By Matt Carter, Wednesday, December 21, 2011.

Inman News®

Balloon houses imagevia Shutterstock.com.

The National Association of Realtors says it overestimated home sales by more than 14 percent since 2007 because an adjustment that the trade group makes to data it collects from multiple listing services to account for sales that take place outside of MLSs got out of whack over time.

NAR says it's fixed the problem and "rebenchmarked" statistics going back to 2007, when it said its adjustments began to diverge from previous assumptions about how many sales take place outside of MLSs.

 

FOR THE FULL REPORT , Please call me .

 

8 hours and gone..another record breaker in Catalina Foothills 10

The photographer had not even arrived to take the pictures for the internet yet.. it was just two days before Christmas and my clients were just the second couple in to see a beautiful Catalina Foothills #10 house which was technically not even on the market yet , so it was a bit of a surprise, when I was told,  "one offer was already expected in and was coming in "strong",  in other words 'low ballers , bargain hunters and those using Zillow as a appraisal tool need not apply . I was having 2005 deja vu flashbacks. My clients fortunately decided not to enter the bidding fray, seeing value just not quite the same value as the other couple. None the less, a beautiful and terrifically appointed home with one of the most luxurious guest houses I have seen in ages will be going to a no doubt terrific couple with clearly EXCELLENT taste and a good understanding of the Tucson market. By acting quickly, they will be enjoying one of the nicest homes in the Tucson Foothills in what is shaping up to be a " red hot community "as of late . Yes, Catalina Foothills #10 85718 is moving homes fast and with some very impressive numbers. Just over thirty days ago,  3565 E. Placita De La Raza sold in ten days for $1,120,000.00 not a huge number but for a home built in 1995 and looking every bit of 1994 with the exception of new kitchen cabinets, selling for over 1.1 in ten days is strong. Catalina Foothills #10 also had a strong number with the sale of 4655 N.Placita Roca Blanca, selling earlier this the year at $1,465,000 or at $317.00 per square foot , Seen pictured below,

And below 3252 E. Camino Boscaje Escondido Tucson 85718 selling for 1,750.000 or 314.52 psf.

You can expect the per square foot sale price of the home newly in contract will be higher than both these sales.. but if you want to "live the dream" and realize you can't take it with you,... than to live in a 'dream home' today, that you can generously share with friends, family and your significant other .. than the price will be worth every penny. 

Out of respect for the sellers and buyers, pictures of the new sale will go up when the sellers decide to put the home on the MLS/internet. No photos or address given until it's placed on public site.

One more note,  those getting a few of those smaller less expensive homes in this neighborhood may also want to uncork the champagne; the old adage of "the best investment can be the smallest home in the nicest neighborhood" may be a winner for recent bargain hunters in Tucson Foothills Catalina #10 neighborhood. To find out more about what makes this neighborhood so special, please feel free to e-mail me at mcazrealtor@yahoo.com or view my sites at www.foothillsfinesthomes.com or www.luxuryhomes-tucson.com

 

Best wishes ,

M.C

Are the Tucson Foothills Santa's Winter get away ?

Little known fact that Santa does Vacation in Tucson. You may have seen him at Ventana golf course the other day and Santa was recently spotted dining at the La Paloma resort without the reindeer's which have been seen roaming about in Pima Canyon Estates and seen by several homeowners playing by pools in Finistera and Alta Vista Estates.  Like many of the celebrities visting Tucson, Santa tries to stay incognito, usually wearing his celebrity shades hoping not to be recognized... however the red suit is still a dead give-away pool side, and the sleigh parked in valet is always a bit of a spoiler as well but Santa knows a beautiful city and a wonderful community when he sees one. I have it on the QT, the fellow with the bright red suit may be buying a winter retreat in the Tucson Foothills 85718 and why not... , this year has been another incredible year, as so many of the most amazing & kind people have been drawn to Tucson and now call it HOME . I'm sooo grateful to have been a part of it . As we wrap up the year,  sales are UP across the "real estate board". There have been 63 sales over a million $$ this year,  with some of Tucson's top luxury communities selling a large percentage of these beautiful homes including in Pima Canyon with 13 sales this year, 10 over a million and 3 in contract now.  Catalina foothills #10 also had a terrific year with 9 sales and one currently in contract. Top seller this year, a little gem in the Miraval community with just over 3000 square feet selling for over 2.5 million.

 Last year this time,  the combined total average per square foot sale price of homes selling over a million was 287.01 to this years 281.43 which is just a than 1.9% price shift.. a much nicer number than years past. with recent indications numbers are moving up.. ever so slightly. In other markets, in homes priced between 400K and 999K,  there were 643 new sales this year, 251 of those sales in the foothills 85718 and 85750 with an average sale price of $182.12 psf. It looks to be an even better 2012.

Please feel free to call me to recieve more of this years real estate market reports for the Foothills 85718 and 85750 and projections for the coming year, including luxury homes in the greater Tucson community. Happy Holidays and may every day of 2012 be filled with joy for you, your family and friends.

 

Michael Chaisson
Foothills and Luxury home specialist
520-225-8414

Hacienda Del sol ,, another give away..

Tucson real estate keeps giving and giving. Market data  indicates Tucson foothills luxury homes have stopped falling in sales price and home prices are starting to rise... if ever so slightly . (please note stable "sale" prices are different from sellers dropping list price to reflect current market value) So although the home in Catalina Foothills 10 at 5000 N Circulo Sobrio had it's issues and very little in the way of views , the new closing sale price on December 5th of $855,000 was another very nice buy,,, not great, but a nice buy in Catalina Foothills 10 . True it was 5808 square feet and selling at a mere $147.00 per square feet when the last closing just a few days prior on 11/21/11 at 3665 Placita de Raza Catalina Foothills #10 was a much higher $245 psf,  but start remodeling over 5800 square feet with vendors that add an extra  15 % Foothills surcharge for just driving into the foothills you get up to full market value very quickly . Plus as a Foothills specialist, I would point out , the fact the recent sale of Placita de Raza , was quite an unusual high sale price for the current market.. sometimes buyers just ignore what current market justifies or are unaware of Foothills market data or were just excited by the fact this home was once listed for a high 2,685,000 million dollars but again,that was quite wishful thinking for the sellers who bought the home in 1997 for  $760,000. again note if you do the math ..factoring in the current market which is at essentially back to 2002 prices the home would have had the equivalent of 5 years of standard Tucson appreciation between 1997 and 2002 of 2% to 3% a year over these 5 years bringing the value in 2002 and today of  $865,000 ... but factor in "dating" and maintenance neglect by the bank,  the $855,000 sale price was a near perfect sale price but today without doing the math it looks like a great deal, rather than a still  "good buy" Please feel to see images and details of this home at my web site. Pictures shown on web site are from the MLS service and are prior to bank forclosure proceedings.

  www.luxuryhomes-tucson.com/21104445

 

Best wishes this Holiday season!  

Michael Chaisson 

Foothills Realtor, Luxury home specialist 520-225-8414

Great buy in the Tucson Foothills

The great gem homes in the Tucson Foothills 85718 are still selling incredibly fast. The home at 7028 N. Javelina Dr. Tucson 85718 is one of those rare 'one of a kind' homes I knew would not be on the market long. When it was listed day one,  I  was there...,to preview & make notes for one of my special clients.

The home had charm and AMAZING views ! ,.. actually amazing is not really a good descriptive,  "breathtaking" is more apropos.   Pictured below is only one of several great views from the pool .  For nature lovers, the view and privacy of this home would be priceless and for someone looking for an unbelievable nature experience, this home had the absolute "WOW" factor. It's impossible to tell from the picture below but this home is also only seven minutes from a Starbucks,  so you could wake up to a beautiful Tucson morning with incredible views , take a swim and then run down for a coffee and a delish breakfast. Why would you live anywhere else?

Long story short I called the client most perfect for this gem, unfortunately the home was, one essential bedroom short, then I left messages for everyone in my phone book in case someone knew a worthy candidate for this Foothills gem. Two of my fantastic clients said, " they knew someone who they thought would love it and they would have them call me" , of course they called a few days latter which was great,  but by that time, the home was sold; Darn;  For me,  it is always a proud moment to help someone find the best home in any particular style, weather it's a foothills contempoary or a Tucson foothills classic.  The home on Javelina  was perfect for a buyer looking for 'Tucson Character',  a great adobe home ,surrounded by nature , high wood beams ceilings, huge living room fireplace, cozy rooms and big view windows, . I congratulate the buyers in contract for moving fast . To see more of this home,  see www.luxuryhomestucson.com/21129360

 For more on Contempoary style and design http://www.houzz.com/photos/contemporary  and for more on Southwest homes and design please see  http://www.sucasamagazine.com/ 

 

Please call me 9 am to 7pm for information on the nicest Tucson luxury homes, representing the the best in well designed Tucson Homes . Michael Chaisson 520-225-8414 Long Realty , Tucson #1 Real Estate broker.

 

Tucson real estate 2011 , What will 601k to 700k buy in the Tucson Foothills?

It's funny how times have changed, It's just a few days before thanksgiving and I'm hoping I'll have time to grap a quick thanksgiving dinner with winter activity staying sooo busy.  Tucson real estate especially in the Foothills zip code 85718 continues to do well. In the price range between $600,000 and $700,000, there have been 21 closed sales in the last few months at an average per square foot price of $186.64, if you compare that to the same period of 2003 when the "sale madness" had already begun, you would find there were 32 closed sales with an average square foot price of $178.39.  Fortunately the numbers for fall 2011 show strong sales without a frenzied number of units selling, which all help to hold prices in a more stable position with just a slight decrease of 2.1% since  2010,  when the numbers were $190.66. Does that seem like we may have reached the bottom of the market??  maybe,,, or Tucson is getting very, very close; the current square foot sale number has remained roughly the same for all of 2011 with only an almost imperceptible increase in last two months...so having said that, let's look at what you get for the money in the 600K to 700k range in the Tucson foothills . 1. Average square footage is approximately 3450 square feet with the smallest sale being a 2637 square ft home selling for $615,000.  if you guessed this was newer home in a gated community you would be right, See it pictured below and all the details at www.luxuryhomes-tucson.com/21120075

 

 

And , of course to provide perspective, we need to preview the largest home sold in the $600K and $700k range, which came in at comfortable 4446 square feet, selling at the top of the search, closing at $700,000. This home was a "short sale" purchase , the home featured a four car garage , beautiful pool, VIEWS and it's in a gated community  This Pinnacle Ridge homes market value in 2006 was close to 1.2 million.  In 2011 the offer came in at $700,000 and was accepted by home sellers in 23 days. about 5 months latter, with the bank authorizing the "short sale agreement" the new owners were able to close the transaction and move in;  worth the wait for this one. see pictures below

And for those you like a little vintage character in your Tucson Foothills Home, there was the sale of Camino El Ganado, a 2800 square foot Adobe home built by La Quinta Builders, one of Tucson most respected, admired and sought after builders.  The Camino El Ganado home was one of there classics oldies, built in 1971 and remodeled recently . It sold at very strong 237.00 psf or $665,000.  It just goes to show timeless design and excellent construction will always earn a good number .

 

To see all the Camino El Ganado Images and details please see www.luxuryhomes-tucson.com/21101800 

Above is a representative mix of some of the nicer homes sold in this range however there were a few more nice buys. If would like to see those and recieve my comments, please do not hesitate to call me at 520-225-8414. I am at the Long Realty Foothills office at River and Campbell.  Please call me to discuss more of the type of homes sold in the 600,000 to 700,000 and up to Tucsons most pricey home at 13 million,  but you can see from the examples above; if you choose wisely in the 600k to 700k price range you can get more square footage than in the 500K to 600K range, exceptional remodeled smaller gems and even a few bigger oldie but goldies homes that have been remodeled and even beautiful newer homes in some of the foothills best tract luxury communities.(Pinnacle Ridge Estates in the Tucson Foothills) What we still have not , and will not see in this price range is bigger , newer with a nice size, view, private lots which we will start to see in the $900,000 + range. Call me for more details , The Foothills always has a few real estate surprises.

 

 PS , I had a client ask the other day why I did not also blog on the Oro Valley luxury market.. and my answer was "although I sell a significant number of luxury homes in Oro Valley and Dove Mountain it  would be prohibitively time consuming to write on all Tucson areas but I am always available to discuss the best properties and nicest communities in these areas over the phone or in one to one meetings.    

 

 

 

 

 

 

 

Today we I will be providing a brief perspective on what size and type of home you might expect to find avalible in the The Tucson Foothills for between $600,000 and $700,000. Of course in this price range,  homes are starting to get more comfortable and more spacious. Not only t

 

Tucson Foothills 50% Pima Canyon Home sale

If you have been looking for beautiful luxury homes in Tucson, inparticular in the Tucson Foothills 85718 you have likely been very happy to see the great buys in Pima Canyon Estates. The prices for beautiful homes are getting to be darn right great . Despite what the media writer back east may be saying from his office near Park and 77th.   The Tucson luxury market has caught a very healthy second wind driven by huge price reductions in a city that has only one place to go ... and that's up.  Tucson with world class resorts , fantastic weather and some of the nicest people in the U.S continues to grow... which means increased demand.. demand with a limited supply = increases prices .. or in other words, " the best homes purchased now, will be the Holy grail homes of tomorrow". Some of these best buy homes offered at 50% or less than original list price include 1643 E Sahuaro Blossom Place Tucson, AZ 85718 in Pima Canyon Estates pictured below   

 

 

You can view all the photos and details at www.luxuryhomes-tucson.com/21129261 . This home originally sold for 2.9 million described as before sale as " La Vitta Bella! A Tuscan custom home w/a blend of Old World craftsmanship and state-of-the-art amenities. Built by CNN Development, Nathan Lawson&designed by Ron Robinette.Home features Pima Canyon views, gourmet kitchen w/Viking appl, media&extensive home automation, wine cellar, limestone counter tops, elaborate wrought iron accents, courtyard entry w/authentic European Village fountain, Italian plastered pool&pebbletec spa w/waterfall and more" 

 Now with the bank threatening foreclosure it is currently listed for 1.1 million .

Two other interesting and "buy" homes in Pima Canyon include 7373 N. Mystic Canyon Dr priced at $789,000 for 3482 square feet. pictured below.. and you can see all details at www.luxuryhomes-tucson.com/21116218

and 7303 N. Mystic Canyon Tucson Foothills 85718 now priced at $799,900 for 3606 square feet built in 2000. ,, Pictured below. 

 

 Why hasn't this home sold yet? nothing a little of the right staging and paint would not fix . So someone is going to get a great buy that will again be worth a million or more in the years to come. You can view all the photos of this home and details at www.luxuryhomes-tucson.com/21120584.

Please call or e-mail for information on the best of the Tucson foothills or luxury communities in Tucson.

Michael Chaisson  Foothills, and luxury home specialist 520-225-8414

it's back.. a new? re-listed one in Hacienda del Sol estates, Tucson Foothills

Interesting listing, I always amazed at the unique homes built in Tucson . This new Tucson foothills listing or should I say re-listed home at 4971 N Avenida De Vizcaya 85718 is now priced at $995,000 for 3415 square feet., it was previously on the market for $1,399,000 with a very good hard working agent, who did a great job but apparently she was not able to sell the home despite her best efforts at a price only half million over market, so the sellers were thoughtful enough to hire a new agent this time around, of course not the same one that did a great job trying to sell the house waaaaaay over market last year. The sellers then gifted the new agent with $404,000 price decrease , dropping the price,to a still over market number of $995,000. This foothills home has nice features for the eccentric, including pool access from inside the master bedroom for those who enjoy swimming in and out of their master bedroom, and the dining room shown is on the opposite end of the house from the kitchen... for those who prefer to get a little work out before dining and prefer for their meal to have time to cool off. The backyard is nice and brings back fond memories for me of a great Mexican restaurant I used to go to in L.A.. Back yard pictured below.

This home sold in 2000 at 194.73 -per square foot or $665,000. At the time it was just 6 years old and the sale price was just a bit over the average per square foot sale price of $171.00 psf, now it is listed at $291.00 psf and the average square foot sale price is 193.37; so while the average sale price is only about 11% higher than it was in 2000, the list price is nearly a 1/3 higher and it's only another 11 years older,... but so much better than it was 11 years ago. A wonderful property for a special buyer in the 85718.