Tucson Real Estate : Catalina Foothills Housing Report October 2011

Posted on October 14, 2011 by Lisa Bayless

Tucson Real Estate : As of September 2011 active inventory was 529, a 21% decrease from  September 2010.  There were 64 closings in September 2011, 5% above September 2010. Months of Inventory was 8.3, down from 11.0 in September 2010. Median price of sold homes was $295,050 for the month of September 2011, down 4% from September 2010. The North area had 85 new properties under contract in September 2011, up 23% from September 2010.

Click here to view the entire report.  This is the most comprehensive Tucson Catalina Foothills housing report I am aware of.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all your Tucson real estate needs.

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Tucson real estate : City takes steps to limit minidorms

Posted on October 13, 2011 by Lisa Bayless

Tucson real estate : Tucson City Council voted yesterday to begin limited minidorms. City staff have been directed to push a proposal limiting five or more unrelated people from living together in residential neighborhoods. The current proposal excludes domestic partnerships and dependency relationships. The council did not say whether the proposal would affect projects already proposed but not yet built… Proposed mini-dorms have been a hot topic in residential neighborhoods surrounding the University of Arizona.

Council members who voted against furthering the proposal expressed concerns about enforcing it. They expressed concern about people harassing others by calling in baseless complaints and enforcement which may require people to show proof they are related.

Realtor Lisa Bayless specializes in Tucsonh Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all your Tucson real estate needs.

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Tucson Real Estate : Tucson Electric Power Reduces Solar Power Incentives

Posted on October 13, 2011 by Lisa Bayless

Tucson real estate : Tucson Electric Power has reduced its upfront incentives, for rooftop solar systems, from $2.00 per watt to $.75 per watt. Application already accepted by TEP will be still be funded at the $2 per watt level.

The Arizona Corporation Commission had approved an upfront incentive of $2 per watt, for TEP solar customers for all of 2011. In September, TEP announced due to higher than anticipated demand, money budgeted for the program had run out. In response, the Commission decided TEP’s upfront incentive, for rooftop systems, will now be set at $.75 per watt for the rest of the year.

For 2012,  TEP proposed an upfront incentive of $1.75 per watt for rooftop solar systems. The Commission however, wants to set it lower. They have reccomended keeping the incentive at $.75 into next year. The Commission has said a lower incentive is a way to test if more systems can be installed for the same amount of money.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all you Tucson real estate needs.

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Tucson real estate : List of all foreclosures for sale in the Foothills, Oro Valley and Marana

Posted on October 12, 2011 by Lisa Bayless

Tucson real estate : In this real estate market ALL buyers are looking for a deal!  Below find a list of all foreclosure homes for sale in the Catalina Foothills, Oro Valley and Marana. In general, foreclosures tend to be priced aggressively.  Buyers note: Don’t just limit your search to foreclosures.  There are plenty of non-foreclosure homes for sale that are just as aggressively priced.

Here is a list of all single family foreclosures currently for sale in the Catalina Foothills. Right now there are only 12 foreclosure homes for sale in the Foothills with a low of $144,900 and a high of $516,000. Interesting there are no luxury foreclosure homes for sale in the Foothills now. This was also the case last month. Trend?

Here is a list of all single family foreclosures currently for sale in Oro Valley and Marana. Currently there are 37 single family foreclosure homes for sale in Oro Valley and Marana with a low of $29,900 and a high of $2,199,000. you will note, the two super luxury foreclosure home for sale are both located in Saguaro Ranch in Marana.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all you Tucson real estate needs.

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Tucson real estate : Catalina Foothills home 53% off original list price

Posted on October 12, 2011 by Lisa Bayless

Tucson real estate : 4720 Nesting Lane (located in the Tucson Catalina Foothills) is back on the market as a foreclosure. The home was first listed on 1/08 for $1,099,000.  It is now $516,000 ($132/sqft).  That’s 53% off the original list price….. Oh my!

Here is a list of ALL single family foreclosures currently for sale in the Catalina Foothills. Want to see any of these homes?  Give me a call.

Realtor Lisa Bayless specializes in Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all your Tucson real estate needs.

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Tucson real estate : Tucson housing prices fall to 2000 levels

Posted on October 12, 2011 by Lisa Bayless

Tucson real estate : AZ daily star had an article today stating that housing prices in Tucson have dropped to 2000 levels. The city’s current medium sale price ($117,500) hit its lowest point since Feb. 2001.

Medium prices have fallen 19% compared to Sept 2010 and 48% since November 2005 when prices peaked.

On a bright note, fewer property owners have received foreclosure notices, compared to last year. From Jan-Sept 2010, 8,939 notices were filed in Pima County. From Jan-Sept 2011, 7,227 notices were filed in Pima County. In general, distressed home sales drive housing prices down.

Even with the decline of foreclosure, housing prices in Tucson are anticipated to stay at their current levels for the next 8-12 months. This forecast is driven by anticipated increases in the amount of homes for sale. Homeowners, who have been waiting for more than a year for the market to improve before selling their homes, are expected to list their homes for sale over the next year. This increase in inventory (supply) will likely keep prices from increasing.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.

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Tucson real estate : 3rd quarter housing market update

Posted on October 11, 2011 by Lisa Bayless
3rd Quarter Market Update!
  
  
Below find the 3rd quarter (July-September) 2011 housing results, for the Foothills and Oro Valley. I have compared the 3rd quarter 2011 results to 2010, to provide an overview of the market’s current condition compared to the same time last year.
 
Foothills (July-September)
  
                              2010                  2011
Avg. Price                $487k                $465k
Closings                   151                   137
Days on Mkt.            132                    93
Source: MLS
 
Despite previous signs of improvement, the Foothills housing market slipped this quarter, relative to last year. Compared to the 3rd quarter of 2010, this year the average price of single family homes fell 4% and the amount of sales fell 9%. The good news is the average days on the market declined 29%. While prices and the amount of sales has fallen, compared to last year, home are selling at a faster rate. The 2011 3rd quarter decline in the Foothills housing market, went hand-in-hand with the 3rd quarter decline in the stock market which hit its lowest quarterly decline since the 4th quarter 2008.
 
 
Oro Valley (July-September)
  
                           2010                  2011
Avg. Price            $311k                 $272k
Closings               118                    130
Days on Mkt.        121                     84
Source: MLS
 
Compared to the 3rd quarter of 2010, this year the average price of single family homes declined 12% while the amount of sales rose 10%. Additionally, the average days on the market declined 30%. While prices in Oro Valley has fallen, compared to last year, more home are selling and at a faster pace.

Realtor Lisa Bayless specializes in Tucson Catalina Foothillls, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.

 

 

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Tucson Real Estate : Short sales, buyer beware…

Posted on October 11, 2011 by Lisa Bayless

Tucson real estate : A short sale is when the list price of a home falls short of the amount owed against the home (mortgages, liens…). The property owner cannot afford to repay the full amount owned on the home and the debt holders agree to release their lien on the home and accept less than the amount owed on the debt.

I co-host a Sunday real estate radio show on 104.1fm and an angry buyer called in saying he placed a full price offer on a short sale and after months of waiting the lenders rejected his offer….  How can this be? It’s likely because the short sale and the list price was not “pre-approved” by the lenders.

Buyers if you are interested in purchasing a short sale, make sure the sale and the list price is “pre-approved” by the lenders. Your Realtor can provide you with this information. That way you can be sure the lenders, of the home you are interested in, approve of both the home’s sale and list price. If the lenders are unaware of, or don’t approve of either, the chances of the home actually selling significantly declines.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro valley and Marana home sales.  Contact Lisa for all your Tucson real estate needs.

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Tucson real estate : Lots of lots for sale in Stone Canyon

Posted on October 10, 2011 by Lisa Bayless

Tucson Real Estate : The super luxury gated subdivision of Stone Canyon (located in Oro Valley) sure has lots of lots for sale. Ninety-five, to be exact; all with different acreage.

Here is a link to all the lots currently for sale in Stone Canyon. While there may be ninety-five lots for sale in Stone Canyon, only five have sold in the past 6 months…. At the current rate of sales, that’s almost eight years of inventory.

Buyers: If you want to build your dream luxury home, you can find great deals on lots in Stone Canyon.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all your Tucson real estate needs.

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Tucson Real Estate : Pima Canyon home has an asking price below $800,000

Posted on October 9, 2011 by Lisa Bayless

Tucson Real Estate : Pima Canyon Estates (located in the Catalina Foothills), now has a home with an asking price under $800,000. Over the past 5 years, there has not been a home sale, in Pima Canyon, for less than $800,000.

7373 Mystic Canyon Dr has a list price of $799,900. That’s $229/sqft. I’ve seen the home. It’s a home that belongs in Pima Canyon….

Here is a comparable market analysis on Pima Canyon, going back six months. Over the past six months, homes have sold for a medium price of $1,075,000 in Pima Canyon. That’s $288/sqft.

For all you luxury buyers out there waiting for a deal; HERE IS ONE.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all you Tucson real estate needs.

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