Tucson real estate : Catalina Foothills short sale under contract twice and unable to close

Posted on August 31, 2011 by Lisa Bayless

Tucson real estate : This Catalina Foothills home is a short sales, listed at $549,000 and has been under contract twice this year; in March and June. Of course, it is back on the market and seems unable to close.

The home has two mortgages from two separate lenders.

Buyers be warned. It is challenging to close a short sale, especially when more then one lender is involved. Before you put in an offer on a short sale, and invest your time and money, make sure the lenders have pre-approved the home’s sale and list price.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson real estate : Should buyers be pre-qualified by a lender before making an offer?

Posted on August 30, 2011 by Lisa Bayless

Tucson real estate : Should buyers be pre-qualified by a lender before making an offer?  If they need to get financing —– YES!

Here is a sample pre-qualification form.

Most seller will insist that a buyer is pre-qualified, by a lender, if their offer is contingent on the buyer’s ability to obtain financing. Note to sellers: DO NOT take you home off the market if you are not sure your buyers can qualify for the financing required to purchase your home.

Note to buyers: To make the best use of your time, you should be pre-qualified by a lender BEFORE you start looking at homes. That way, you will  not waste your time looking at homes you can not obtain financing for.

If a buyer plans on paying cash for a home, sellers usually require “proof of funds”.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.

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Tucson real estate : Catalina Foothills home has a $3million price reduction!!

Posted on August 30, 2011 by Lisa Bayless

This lovely luxury home located in Ventana Canyon Mountain Estates has had a $3 million price reduction!!! The home, originally listed in 8/09 for $8.25 million has been reduced to $5.2million. 

The home is listed for $802/sqft. Here is a competitive market analysis for Ventana Canyon Mountain Estates.  You will see only one home has sold, over the past 6 months for $408/sqft. I heard this sale included an additional lot which is not reflected in the comps.

Warning to sellers! If your buyer is going to obtain financing your home MUST be appraised. If the home does not pass the appraisal the buyer can not obtain financing. Currently, it is well known that appraisers are conservative and tend to low-ball the value of homes. Sellers, even if you do find a buyer who is willing to over-pay (trust me they really don’t exist in this market) lenders will not give them financing… Keep this in mind when pricing your home. Repeated price reductions usually signals weakness to buyers.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson real estate : Great deal! Pima Canyon foreclosure

Posted on August 29, 2011 by Lisa Bayless

Below find a link to a GREAT DEAL in Pima Canyon!!! This home at 1682 Sahuaro Blossom listed for $1,075,000 came back on the market today as a foreclosure.

1682 Sahuaro Blossom (foreclosure)

This home was first listed for $4.2million in 2006 and it has been on and off the market since. While it needs some repair work, it is beautiful inside and a deal at $182.sqft.

Here are the Pima Canyon comps You will see the average sold price is $249/sqft. That makes 1682 Sahuaro Blossom priced well below market and a steal for buyers! 1682 Sahuaro Blossom does not appear in the comps. because the listing agent mis-spelled the subdivision name….

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson real estate : Months of inventory by zip code

Posted on August 29, 2011 by Lisa Bayless

Months of Inventory (MOI), is the amount of current inventory (homes currently for sale) divided by average monthly sales. This is a good indicator of market health since it measures the amount of time it will take to elimate current inventory. In general, a market is considered “balanced” when MOI is 6 months.

Below find the months of inventory of various zip codes in the Tucson area

Zip Code              Months of Inventory

85718                  7.3

85750                6.3

85749                13.7

85715               6.9

85712             4.5

85716             6.5

85719            3.3

85705          3.7

85741          2.6

85704        5.9

85737        7.3

85742        3.2

85755       5.1

85658        9.6

85739       7

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro valley and Marana real estate home sales.

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Tucson Real Estate : Catalina Foothills Estate 10 (Catalina Foothills subdivision) market overview

Posted on August 28, 2011 by Lisa Bayless

Tucson real estate : Catalina Foothills Estate 10, is a gated  Tucson Catalina Foothills subdivision located off of Hacienda Del Sol between River & Sunrise. This subdivision has had fantastic sales over the past 6 months. Below find a link to a competitive market analysis, going back 6 months, for Catalina Foothills Estate 10.

Catalina Foothills Estates 10 competitive market analysis

Over the past 6 months, 2 homes have sold in Catalina Foothills Estates 10 for over $1million. In total 6 homes have sold for an medium price of $224/sqft. The medium sale price was $935,000. Currently there are 6 homes for sale in this subdivision with a medium price of $230 /sqft. The medium asking price is $1,032,500. There are some good deals in this subdivision for buyers now!

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson real estate : Pinnacle Ridge (Catalina Foothills subdivision) update

Posted on August 28, 2011 by Lisa Bayless

Tucson real estate : Pinnacle Ridge is a lovely gated community just north of Swan & Sunrise. The homes in the subdivision were all built in 2001 and after. Below find a link to a competitive market analysis, going back 6 months, for Pinnacle Ridge.

Pinnacle Ridge Competitive market analysis

Over the past 6 months, 3 homes have sold in Pinnacle Ridge for an average $/sqft of $211. The average sold price is $750,000. The 6 homes (1 is a foreclosure) currently for sale have an average asking price of $211/sqft. Based on the comps. they are priced to sell. Given the number of homes for sale in this subdivision, there is value for buyers here! If anyone would like to view one of these homes, just let me know.

Realtor, Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley, Marana real estate home sales.

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Billionaire Woes.. Malibu Mansion To Be Auctioned Off For $22million (66% off 2007 purchase price!)

Posted on August 26, 2011 by Lisa Bayless

Ouch!  Even billionaires have been hit by the declining housing market.

If anyone wants to buy a $22 million mansion in Malibu, there is a auction occurring on Sept 18th. This 10,500 sqft home, with  sandy beach frontage, located on “Billionaire Beach” in Malibu is up for auction and said to be a steal at only $22 million. The current owners bought the home in 2007 for a mere $65 million.

The Wall St. Journal estimates it costs approximately $200,000 a month to maintain the home.

If an serious buyers want to purchase this home PLEASE let me know.  I’d be happy to attend the auction with you:) I think Malibu would make a lovely summer home for any Tucson resident….

Realtor, Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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August 2011 Foreclosure Update : List of all foreclosures in the Catalina Foothills, Oro Valley and Marana

Posted on August 25, 2011 by Lisa Bayless

Foreclosure update! In general, foreclosures are priced below market and sell for 98-99% of the list price. Foreclosures offer buyers great value. Below find links to all foreclosures as of 8/25 in the Catalina Foothills, Oro Valley and Marana

In the Catalina Foothills there are currently 28 foreclosures for sale. These homes are priced between $43,900 – 669,000.  Click here to view a Competitive Market Analysis of all foreclosures in the Foothills.

In Oro Valley and Marana there are currently 152 foreclosures for sale. These homes are priced between $24,900 – 2,199,000.  Click here to view a Competitive Market Analysis of all foreclosures in the Foothills.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro valley and Marana real estate home sales.

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Tucson real estate : home values in Pima County decline 34% compared to 5 years ago

Posted on August 25, 2011 by Lisa Bayless

Tucson real estate : The Federal Housing Finance Agency recently released data showing the average home in Pima County is now selling for only 66% of what it did 5 years ago.

Furthermore, compared to the same time last year home values in Pima County declined 11.3%. In 2011, values dropped 4.6% between the 1st and 2nd quarter. Reason for the decline include: weak consumer confidence, excess supply of homes for sale, high proportion of distressed sales, economic instability and low job growth among others.

Not the best news for sellers. For qualified buyers, there are many buying opportunities!

Realtor Lisa Bayless specializes in Catalina Foothills, Oro Valley and Marana real estate home sales.

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