Luxury Homes - Tucson

22 over $700,000 in Contract in the Tucson Foothills

Tucson busiest season continues to impress and ironically to a certain degree disappoint. There are an impressive 22 homes priced at $700,000 and above currently under contract in the Tucson foothills including zip codes  85718 & 85750 .  Focusing first on the positive. All the sellers on these transactions must be pleased,  especially the sellers of 5320 N. Camino Real... the home has been on the market, a patience testing 420 days,  beginning it's sales journey in January 2010 at an oddly high $995,000. It was recently reduced to $747,000 and surprise, this charming foothills home is now in contract (see below and at www.luxuryhomes-tucson.com/21200494

The next happiest seller is likely the owner of 7303 N. Mystic Canyon in Pima Canyon estates; on this sale both buyer and seller will be uncorking the champagne. The home has been on the market 716 days just 14 days shy of TWO years , Can you imagine having potential buyers go in and out of your home for almost two years ??? painful... however good news for the buyers, who will be purchasing the home below the latest asking price of $799,900 in a community known for it's million dollar plus sales. Other happy sellers include the sellers of 6060 E. Calle de Vita whose had to wait a whole, nail biting 13 days before their very contemporary house received an offer.   (SEE living room photo below)  

(see more of "Vita" , pictured above at www.luxuryhomes-tucson/21202652 

Also one of the newest homes in Contract is 6820 N. Los Leones .. with an asking of 1.6 million, it was on the market just 12 days before an offer was accepted.  See image of Kitchen below and all images at   www.luxuryhomes-tucson.com/21201010

As pointed out in the this Foothills market update,  many of the newer, nicer homes in the foothills are selling in under two weeks (pent up demand) which brings me to my other point, that there is some disappointment in the current market ,, which  oddly enough is a lack of supply of nicely finished , attractive homes on nice lots in the Foothills. Ironically The Tucson Foothills 85718 which is the most highly sought after community in Tucsonhas a shockingly low supply of nice homes.   I had a conversation with a home buyer the other day who said, " he had two different agents who tried to encourage him to buy two lackluster homes ", homes he said would not even consider ,, yet the agents were 'pushing them as a "good buy"  ' .. so he wisely discontinued contact with both these Tucson Realtors. As a note to Tucson home buyers, I encourage patience,, Gem homes do come up but please make sure you #1.  work with an experienced agent that understands and can point out the difference between a structure in the foothills or other luxury community in Tucson and a " gem home" within that community....  AND    2. is completely dedicated to your BEST interest; then give them the trust and yourself the time to find the perfect home ,, one that will appreciate as our market continues to improve and demand increases in the Foothills community I refer to as, "The Beverly Hills of Tucson"

I work with a select group of Luxury homes buyers, if you have discriminating taste and are looking for a Realtor who has a standard of excellence in finding the very best Tucson Homes please call me to discuss the current market and best homes available in The Foothills, Oro Valley and Dove Mountain. I have an unsurpassed record of client satisfaction.

Michael Chaisson , Luxury Homes Specialist 520.225.8414

Tucson Foothills market update Feb 2012

 

If it's not the great weather than it's home sales,, it's looking like blue skies in the Tucson Foothills real estate market with a brisk 30 closed sales in the Tucson Foothills 85718 and 85750 since the beginning of the year (of homes selling between $300,000 and $10,000,000)  with an INCREASE in per square foot sale price since the same period in 2011, YES an increase.  The average psf sale price during the first two months of 2011 was $176.99, this year the average per square foot sale price is $184.49 or a 4.23% increase in psf sales numbers over last year.. soooo is it, "the bottom" ? or is it already trendy back up in the Foothills .  Here are some other data facts; there are currently, 9 Tucson Foothills properties active capa(under contract, but accepting 'back up' offers ) and whooping 78 homes under contract set to close in the next 30 to 45 days . What I am seeing as Foothills Realtor is,.  nice well priced homes selling within 3 to 30 days with multiple offers on the very best home options. The foothills has the strongest real estate numbers in Tucson and consistently does better than the rest of the Tucson's real estate market , typically declining less in down times and rising faster in market up swings. One of the principle reasons for this is The foothills offers the premier location for living while still providing the natural beauty most buyers seek when coming to the Southwest, in two words 'market demand' ,  limited supply in a high demand area....  add to this equation my pet peve, that somehow, road money and money for community improvement projects in Tucson never quite make it here.. even though this little town has now grown to a population of over a million sun & fun lovers, soooo if your going to rough it on our dusty bumpy roads you might as well be up somewhere with beautiful views. Below are just a few of the nicer homes closing sale since the beginning of the year.

Sentry Ridge Court closing for just over 1.5 million

And Desert Sun Court Closing (below) for $610,000

 

Please call to get more details on the Tucson Foothills Real estate and Tucson overall Luxury homes market including Oro Valley and Dove Mountain. Michael Chaisson Long Realty, Foothills Luxury Homes Specialist 520-225-8414

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