There is definitely a significant increase in “Closed” transactions in the price range over $700,000. Hopefully this is a new and sustainable trend.

When I called J.P.King – an organization which ran the Condo Auction, I was told that only 18 Units out of 58 had been sold. 16 of them due to the Developer’s commitment and only 2 more after that. The price ranged from $72,500 to $120,000, but Buyers had to pay extra 10%. In the adjusted numbers it become: $79,750 – $132,000.

Due to the outcome of the Auction, Developer is selling 10 Condos post-auction at $89,900+10% or $98,999 total.

Tucson MLS has it now as Listing #20909843:
7255 E SNYDER Rd, Tucson, AZ 85750 Active (03/05/09)
Beds: 3 Baths: 2
Sq Ft: 1209 Lot Sz: 7500sqft
Area: North Tucson
Year Built: 1995
Price/SqFt: 81.89
ONLY 10 UNITS AVAILABLE AT LOW POST-AUCTION PRICING OF $98,999/UNIT. THE AUCTION HELD ON APRIL 28 SAW VALUES AS HIGH AS $132,000/UNIT. Features: 2 & 3 bedroom floorplans * Quality, affordable living * Many units leased offering income potential * Excellent permanent residence, vacation home or rental investment opportunity! DEVELOPER WILL ONLY SELL 10 MORE UNITS. BUYER CAN PICK FROM REMAINING INVENTORY.
——————————————————————————–
The terms of sale include: 10% non-refundable down payment, 30 days closing time, Sold AS-IS and no financing available (except for private financing, if you can arrange one). The reason for no financing – the development doesn’t meet the guidelines of Fannie Mae and Freddie Mac.

If you are interested in buying a Luxury Condo in Tucson and have cash for a low price tag of “Villas at Sabino Canyon” or interested in Tucson Foreclosures / Short Sales you can finance – give me a call at (520) 370-0700 Anjelina. I am licensed in Arizona Real Estate agent and I specialize in the Catalina Foothills area.

This is quite different compare to the previous Auction. Most of the Condos auctioned last year were nicely renovated with granite counters, tile and carpet flooring, stainless-steel appliances.
This however is not the ONLY difference with the last year Auction. It looks like J.P.King has a different style than Real Estate Disposition Corporation. Instead of Auctioning separate units from a certain base price, “16 Absolute sales” would mean the following to the Buyers:

• First 16 lots are comprised of ALL THE AVAILABLE CONDOS on the list.
• The highest bidder of the first lot WILL CHOOSE which Condo he likes to pick. This Condo is taken of the list.
• The same for the next 15 lots.
• The seller is committed to sell those Condos for the final bid price.
• For the rest of the Auction – 42 Condo Conversions left on the Auction list will be bid separately and it will be up to the Seller to Accept or Reject final bid price.

Nevertheless, the place seemed to be quite crowded with prospective Buyers and Investors and a brief interaction with one of them revealed the following:

The bids at the Auction are expected to be quite less than last year. The main reason of course is the overall Real Estate market deterioration. However, significant role will play Buyers’ increased difficulty in getting financing for Condo Conversions.

Most likely banks will require at least 40%-50% down payment, so everyone who is pre-qualified at 20% down doesn’t stand a chance. Lately, banks put Luxury Condo Conversions into HIGH RISK category. This statement didn’t sound as a specific to this particular development, Tucson or Arizona, but rather as a general observation or insider’s knowledge. After all, how much Real Estate market in Tucson is different than in Phoenix, San Diego, Las Vegas, and Miami? Each market has its own specifics, but all of them got overbuild, over-converted, overpriced… Now they are full of short sales, foreclosures, auctions. Though, some might rightfully argue that Tucson is in better situation than other mentioned places.

Nevertheless, banks are especially cautious right now about lending money to the troubled areas. And Catalina Foothills’ Luxury Condominiums community – Villas at Sabino Canyon – is definitely one of them. At the first auction Condos were selling at about 50% discount… Most of the current owners are “upside down” on the property… Over 50% of the units are rentals… Special Assessment might be needed to boost HOA funding…

If all this doesn’t scare you and you are well capitalized to take a gamble, do your due diligence and come to the Auction. Bare in mind that the last few paragraphs are based on what we heard from the investor who already owns a few Condos in the Villas at Sabino Canyon and will probably acquire more.

Some of the largest models are:

4558 Sq. Ft., 5BR /4.75 BA, 1+ Acre and 3-car garage – $599,990 (down from $766,346) – MLS # 20810682 in The Preserve at Sycamore Canyon (Sahuarita & Harrison).

4350 Sq. Ft., 6BR /4 BA and 3-car garage – $499,990 (Former Model) – MLS # 20900646 in Sycamore Canyon (Sahuarita & Harrison).

3500 Sq. Ft., 5BR /3.75 BA and 3-car garage – $449,990 (Former Model) – MLS # 20838107 in Sycamore Canyon (Sahuarita & Harrison).

3500 Sq. Ft., 5BR /3.5 BA and 3-car garage – $399,990 (down from $490,025) – MLS # 20841640 in Sycamore Canyon (Sahuarita & Harrison).

3002 Sq. Ft., 5BR /3 BA and 3-car garage – $449,990 (Former Model) – MLS # 20900780 in Tierra Linda (Emigh west of Sandario).

2722 Sq. Ft., 5BR /3 BA and 2-car garage – $399,990 (down from $513,559) – MLS # 20841635 in River’s Edge (Lambert Lane & Pusch View Lane).

For more information on these and smaller models, please give me a call:
Anjelina Belakovskaia -Tucson Real Estate Agent
520-370-0700.

AF STERLING – PALOMA RIDGE from only $429,900 (New Construction).

OFFER (until April 30, 2009):

• No Principal,
• No Interest,
• Np Taxes,
• No Insurance,

FOR SIX MONTH!!!

Conventional Loan – 20% Minimum Down.

The community is located on the North side of Sunrise in between Campbell and Swan, next to La Paloma Golf Course. It is gated with community pool; 2, 3 & 4-bedroom models; single & two story designs; custom features throughout & Energy Star® rated with 2″x6″ construction.

To my taste, the houses are too close to each other, but you know what… not everyone can afford the privacy of the Catalina Foothills’ established neighborhoods. Meanwhile, houses are New, 1808-3091 sq. ft., with gorgeous Mountain views and only a few minutes away from premier Million+ dollars neighborhoods: Pima Canyon, Sin Vacas, Cobblestone, La Paloma…

Way to go, AF Sterling – make an offer Buyers can’t refuse.

Less than a year ago I wrote about 40-luxury-condo (Villas at Sabino Canyon) Public Home Auction that took place on May 10, 2008.

Now, mark your calendars: 58 Condominiums in Tucson, Arizona will be auctioned on Tuesday, April 28, 2009 at 6:00 PM by J.P.King Auction Company.

Located in the Catalina Foothills of Tucson, Arizona “Villas at Sabino Canyon” is offering 58 luxury condominiums at the new Auction, with 16 selling absolute.

Many of these luxury condo units are currently rented, offering excellent investment or income producing opportunity. Do your math in advance or get a consultation with your Tax / Financial adviser. You have a chance to get these luxury condominiums at 50% or more discount (versus 2007 prices in the same community). My estimate is based on the 2008 Public Home Auction results, when many Condos were sold in $122,500 – $145,000 price range.

Villas at Sabino Canyon
58 Condominiums; 16 Selling Absolute
Located at 7255 E. Snyder Rd. Tucson, AZ 85750

• 2 and 3 bedroom floorplans
• Unique views of the Catalina Mountain Range
• Exceptional amenities include:

- tile flooring,
- custom cabinetry,
- granite countertops,
- and more.

• Gated community with private individual entries
• Covered parking
• Pool and spa
• Beautiful landscaping
• Convenient location close to new upscale shopping centers, restaurants and golf.

To explore this opportunity further – give me a call at (520)370-0700 Anjelina. I’d be happy to give you more details and share my experience and knowledge.

If you believe that Tucson Real Estate market is going to take off now or in the near future and you want to participate in the upside, it might be a very reasonable investment. After all, with a natural setting and relaxing environment, just a few minutes away from Sabino Canyon, “Villas at Sabino Canyon” is one of Tucson’s only luxury condominium developments that is offered its Condos through the Public Home Auction.