Public Auction of The Villas at Sabino Canyon – Luxury Condos in the Catalina Foothills, put up for liquidation sale by the developer, was held in the Doubletree hotel in Tucson, AZ on May 10, 2008. I didn’t count the people who showed up, but it was less than a few hundred.
Out of 40 Condos presented, first two were bid up the most – both to $160,000. This however was the highest point of the auction. Steadily, the activity was drying up, with a few investors picking up handful of units that nobody else really wanted. The price ranged in between $122,500 and $145,000, though it is hard to pinpoint what was affecting the difference. Out of the five 3 BR Units (1,209 square feet each), the only upgraded one was sold for $160,000 (one of the above mentioned first two), the rest end up with the following prices: $140,000, $140,000, $135,000, $130,000 in the auction’s order.
During the auction, nine of the units came back (one of them twice), probably due to bidders’ inability to qualify or lack of the necessary paperwork / money. Overall, that cost the developer extra $52,500, as the consequent bids were lower in eight instances. For example, 2 BR/2 BA Unit 9-105 (1,017 square feet), described as “upgraded, private location, corner unit, fireplace” (auction sequence #22) was at first sold for $140,000. Yet, after it was re-auctioned, the final bid was $125,000.
Most of the vacant units were already completely renovated and upgraded by the developer and included granite counter tops, tiles in the kitchen, bathrooms and living area, new carpet in the bedrooms, new stainless steel appliances, bathtubs, sinks, etc… Two models even included flat screen plasma TV attached to the wall.
Overall, the auction was an amazing experience, worth even just to hear 120-125-120-125-125-125-120-125-120-125… with the speed of 120 words per minute or faster. It was though surprising for me to see starting bids of $89,000-$109,000 going up to $120,000-$125,000 almost immediately and then abruptly stop right there. Why wouldn’t the bidders get up there slowly? It might have saved them “a few bucks” at least in a few cases. However, looking at the face of the person opening the auction, one can strongly suspect that results didn’t meet Seller’s / Auctioneers’ expectations. Only time will show if this auction was a great buy for the investors or a timely escape for the Seller.
One thing is obvious. Those who were buying Condos to live in it have definitely won. They paid half of what was paid by their future neighbors just a few months prior. The location is definitely superior, considering proximity to Sabino Canyon, Ventana Golf and Racquet Club, Canyon Ranch Resort, etc… Moreover, those upgraded luxury condos are in the desirable by many School District 16, yet the new auction prices were still slightly better than many recently sold older non-upgraded condos in the TUSD school district. It was also much easier and safer process than buying short sales and foreclosures.
Good luck to those who won. Enjoy your new home!
Filed under Catalina Foothills Real Estate, Tucson News by 
Here’s a fascinating look back at life in Tucson and the Catalina Foothills, nearly thirty years ago. Though it’s not mentioned in the article, the Alta Vista neighborhood, (where I’m a present day resident) is the 17-mile tract of land sold by Howard Hughes’ Estate. It’s undoubtedly worth a good deal more now than the $50 million valuation of 1979.
"Tucson: A Boomtown Becomes a Desert Metropolis"
by Robert Lindsey, special for the New York Times
Copyright, The New York Times
Tucson, Arizona, December 14, 1979
At the fringes of this city, housing developments are edging close to the Titan II missile silos built by the Air Force 15 years ago, seemingly in the wilderness; traffic jams and air pollution have begun to bedevil the vaunted desert lifestyle; city dwellers are at war with ranchers because of fears there will not be enough water for all the people who want to move here. And soon, as if from the grave, the late Howard R. Hughes will begin encouraging even more growth for, a classic boomtown of the American Southwest that is growing rapidly these days, partly because of newcomers’ disenchantment with other Sunbelt boomtowns that grew too much.
In the 1950s, Mr. Hughes, who operated an aircraft manufacturing plant here that is still the city’s largest industrial employer, bought more than 13,000 acres of land in and near the city, and left most of it to lie vacant, while houses, shopping centers, and factories sprouted up around and beside it.
Filed under Catalina Foothills Real Estate, Tucson News by
In the tough times, when many Realtors® are dropping out of Real Estate and others are barely hanging to it, it is essential to develop and stick to a promising business strategy. Long Realty’s recommendation for its agents is to use free time to attend continuing education classes. This week Long Realty suggests:
May 19th TAX BENEFITS for the Realtors®.
May 20th MARKETING YOURSELF AND YOUR LISTINGS ONLINE, 2:00-4:00, Home office–In this market you really need a way to differentiate yourself from the competition and reach the online population. — Please check my www.FoothillsInsider.com and tell me how I am doing in that area.
May 21st CODE OF ETHICS 2008, TAR, 9:00-11:50.
Here are the properties on Long Realty tour:
MLS #:20805390: 9230 E Springwater Ct, Tucson, AZ 85749. Lakes at Castle Rock. $469,000.
MLS #:20813441: 10080 E Prairie Dog Ln, Tucson, AZ 85749. Powder Horn Ranch. $849,000.
MLS #:20813619: 12851 E Nighthawk Ranch Pl, Tucson, AZ 85749. $875,000 – $899,000.
MLS #:20807595: 12321 E Barry Baker Pl, Tucson, AZ 85749. Sneller Hills. $595,000 – $625,000.
MLS #:20809610: 3114 N Spirit Dancer, Tucson, AZ 85749. $849,900.
MLS #:20811696: 3820 N Whiptail Wash Pl, Tucson, AZ 85749. Canada Verde Estates. $1,799,000.
MLS #:20806298: 2111 S Magnolia Ave, Tucson, AZ 85711. Ferry. $165,000 – $175,000.
MLS #:20810979: 3229 E 3rd St, Tucson, AZ 85716. $599,000.
MLS #:20810984: 3221 E 3rd St, Tucson, AZ 85716. $635,000.
The trend that began a few weeks ago continues. There are definitely some buyers on the market. Number of properties that were staying on the market “forever” received two offers on the same day. Of course, nobody expects this to be the beginning of another crazy buyers’ market, but any change is definitely welcomed.
Meanwhile, Tucson Multiple Listing Service is implementing some changes. On Monday, May 5th Tucson MLS will add “Cumulative Days on Market” in a new field showing DOM/CDOM. This will help agents to see total number of days the property has been listed without a 30 days break (regardless of any change of agent or brokerage). This information, however, will not be available on the public MLS site.
Long Realty agent’s tour:
MLS #:20816312: 5436 N Highpoint Ct, Tucson, AZ 85718. Promontory. $595,000.
MLS #:20811320: 4699 N Placita Ventana Del Rio, Tucson, AZ 85750. Ventana Del Rio. $649,900.
MLS #:20816130: 7365 E Autumn Dusk Pl, Tucson, AZ 85750. Ventana Reserve. $1,049,000.
MLS #:20813276: 7317 E Calle Alba Serena, Tucson, AZ 85750. Ventana Serena. $469,000.
MLS #:20815337: 5540 E Silver Mine Pl, Tucson, AZ 85750. Silverton. $749,000.
MLS #:20816763: 3614 E Kingler Spring Pl, Tucson, AZ 85718. Foothills Clusters. $499,000. Active contingent as of 05/08/08.
MLS #:20814755: 5651 N Paseo Niguel, Tucson, AZ 85718. Shadow Hills. $449,000.
MLS #:20814750: 5200 N Via Condesa, Tucson, AZ 85718. Catalina Foothills Estates. $749,000.
Filed under Catalina Foothills Real Estate, Foothills Insider News by
A 40-luxury-condo unit Public Home Auction will be taking place on May 10th in the Villas at
One would think that any home in this neighborhood would cost a fortune and not so long ago, these condos were selling for up to $255,000. Now the situation has drastically shifted and the squeezed developer is unloading his inventory, so the same two-and- three-bedroom condo units have a starting bid range of $89,000 to $109,000.
More on Public Home Auction / Liquidation Sale in the Catalina Foothills | Tucson, AZ
Filed under Catalina Foothills Real Estate, Luxury Life Style, Tucson News by
One way or another, but home buyers and home sellers seem to always have problems with the appraisers, and so do real estate agents. In the midst of real estate boom, when Tucson home prices were literally going up every day, appraisers used 6 months and even 1 year old (in some cases) data. This created a lot of controversial situations, with some homes appraised at 90% or less of the contract price. One might argue that this was done to protect both buyers and lenders from overpaying for the property. In reality, many buyers still went ahead with the purchase of the appraised property, taking 90% or even 100% loans. Some of the buyers ended up using private financing, lines of credit, maxing their credit cards or bringing to the escrow table all their life savings. As such, low appraisals have rather forced them into trouble, instead of protecting from it.
At today’s Long Realty meeting there was an announcement that from now on the appraisers will be allowed to use only 3 months sales history and not 6, as before (why didn’t they do it back in 2005?). In my opinion, this creates a serious hazard. In the current real estate market environment, any foreclosure in the neighborhood will have an immediate strong negative impact on all other homes in the area. This in turn will erode homeowners equity in the house and increase the number of short sales and foreclosures. The vicious circle will continue spinning, affecting more and more homes… It is easy to see who will suffer from the upcoming change and much harder to see who will benefit from it. Probably the appraisers themselves, charging multiple buyers for a low-ball appraisals of the same homes.
This post represents the opinion of the author and do not necessarily reflect the opinion of other Long Realty’s real estate agents, brokers and management.
Here are the properties on tour:
MLS #:20802712: 2230 N Wentworth Rd, Tucson, AZ 85749. La Cebadilla Estates. $1,750,000.
MLS #:20807052: 10252 E Shady Rock Ln, Tucson, AZ 85749. Tanque Verde Trails. $635,000.
MLS #:20805889: 9970 E Mount Pleasant Dr, Tucson, AZ 85749. Catalina Del Sol. $520,000.
MLS #:20808412: 6114 E San Cristobal, Tucson, AZ 85715. Country Club Estates. $799,900.
MLS #:20806716: 2920 N Cardell Cir, Tucson, AZ 85712. Monte Vista. $239,500.
MLS #:20803167: 4137 E Bermuda St, Tucson, AZ 85712. Catalina Farms. $160,000 – $180,000.
MLS #:20806177: 2827 E Monte Vista Dr, Tucson, AZ 85716. Miramonte. $300,000.
MLS #:20809161: 1824 E Spring St, Tucson, AZ 85719. $299,000.
Filed under Catalina Foothills Real Estate by
Home improvements are always a popular topic, regardless of gender or age (as long as the individuals are mature enough to own the house).
However, in the current environment of uncertainty in the real estate market, home projects and remodeling are getting increasingly popular.
I you are interested in remodeling of your presents home, instead of selling and buying a new one, you shall keep in mind the following dates: March 7, 8, 9 of 2008. Tucson Expo Center at 3750 E. Irvington Road, Tucson, AZ will held the Home Show presenting multitude of products and services for home and landscaping needs.
Filed under Catalina Foothills Real Estate, Things To Do, Tucson Contractors, Tucson News, Tucson Shopping by
First and foremost we had Breakfast and Celebration, as our Long Realty Foothills Office was the best in Tucson in 2007. Moreover, many agents had higher production value in 2007 than in 2006, which is a huge achievement, considering real estate market trend in the last few years. Of course, there are now so many awesome high end homes in Tucson – especially those recently built or remodeled – that it is easier to get production numbers with value than with volume. Still, it is not easy to be best in any market.
North Tucson – Catalina Foothills are catching up with the rest of the market, as the line of homes for Foothills Office tour got extended well into May. This even necessitated a revision of schedule to accommodate North listings on priority basis.
Here are the properties on tour:
MLS #:20807348: 5407 N Camino De Las Brisas, Tucson, AZ 85750. Sunrise Presidio Townhomes. $399,900.
MLS #:20800918: 5476 N Camino Del Penoso, Tucson, AZ 85750. Sunrise Presidio Townhomes. $355,000.
MLS #:20806721: 7568 E Placita De La Poesia, Tucson, AZ 85750. Village of Ventana. $534,900.
MLS #:20807291: 6273 N Desert Moon Lp, Tucson, AZ 85750. Ventana Canyon Estates. $1,795,000.
MLS #:20804034: 6301 N Placita Arista, Tucson, AZ 85718. La Paloma Ridge Estates. $1,595,000.
MLS #:20805030: 4730 N Camino Sumo, Tucson, AZ 85718. Catalina Foothills Estates. $899,000.
MLS #:20806346: 3451 E Calle Puerta De Acero, Tucson, AZ 85718. La Puerta on Hacienda Del Sol. $2,195,000.
MLS #:20803571: 4840 N Hasienda Del Sol, Tucson, AZ 85718. La Puerta on Hacienda Del Sol. $1,099,000.
Filed under Catalina Foothills Real Estate by
Famous Tucson Rodeo and Parade are among the events that attract huge crowds from around the country into sunny Arizona state.
Weather is usually perfect in February, somewhere between 60 and 80 degrees – just right to walk one-half mile parade and relax at the end of the day in one of the downtown’s outside sitting cafes.
If you are planning to participate in the Parade or Rodeo and are looking for detailed information – Tucson Rodeo and Parade Schedule is for you.
Filed under Things To Do, Tucson News by
A few years ago I was visiting my native country Ukraine and stopped by a local art market. I saw some artfully designed jewelry from the gem stones and got involved into chat with the artists. As soon as they heard that I live in Tucson, a few voices simultaneously said "You are lucky! You can attend the Gem show there!" That was rather shocking, as I didn’t think they would even know where Tucson is, less could I imagine that the fame of the Tucson’s annual Gem, Mineral & Fossil Showcase is spread all around the world.
This year the showcase is comprised by more than 40 shows all over Tucson. Some of them are wholesale only, but many are open to public.
Here are a few places you’d not want to miss:
54th ANNUAL TUCSON GEM & MINERAL SHOW – February 14-17 – Tucson Convention Center, 260 S. Church Ave (Granada Ave & Congress St.).
TUCSON WESTWARD LOOK MINERAL SHOW – February 8-11 – Westward Look Resort, 245 E. Ina Rd. (East of Oracle Rd.).
THE WHOLE BEAD SHOW – February 4-9 – The Windmill Inn, St. Phillip’s Plaza, 4250 N. Campbell Ave. (Campbell Ave. & River Rd.).
TUCSON SOUTHWEST JEWELRY, GEM AND BEAD SHOW – February 1-10 – 1702 S. Euclid Ave.
ARIZONA MINERAL & FOSSIL SHOW – February 2-16 – at 4 locations: Quality Inn Benson Hwy, I-10, exit 262; InnSuites Hotel Downtown 474 N. Granada Ave at St. Marys; Ramada Ltd Downtown 665 N. Freeway, at St. Marys; Mineral & Fossil Marketplace 1333 N. Oracle, at Drachman.
For more information, locations and schedule please visit http://www.visittucson.org/.
Filed under Luxury Life Style, Things To Do, Tucson News, Tucson Shopping by
