Ironwood Reserve Foreclosure Deal

Ironwood Reserve On Tucson’s Northwest side just northwest of the intersection at Cortaro and Silverbell represents a well developed newer home neighborhood off of Pima Farms road just north of Continental Reserve. Currently homes in Ironwood Reserve are selling for much less then they sold for during the boom of 2004-2005 prices are down in some situations over 50%! One of the best foreclosure deals on the NW side and one I personally went to was this listing at 7812 W Sage Creek Marana, AZ 85743. This home was built by Meritage Homes in 2006 and features many upgrades including 6 bedrooms, 3 baths, large kitchen island, pool, contemporary floor plan, etc.

This home is within Ironwood Reserve which was one of the last mid range neighborhoods to sell out during the real estate run-up. Ironwood Reserve has roughly 500 homes within it ranging from smaller 1800sf homes to estate homes that are over 4500 square feet in size. The two builders that built homes within Ironwood Reserve were Pulte Homes and Meritage Homes both homebuilders placed their upper end home designers and options as the Ironwood Reserve neighborhood was supposed to be developed as an “step-up” from the older Continental Ranch neighborhood.

This foreclosure deal is one on of the best in the city for the reason that it sits at the end of a Cul-de-sac, and only needs some small touch-ups such as paint and some light fixtures. The fact the home is 2839sf with a pool within Ironwood Reserve and is listed at $91.55/sf should be reason enough for someone looking in this price range to seriously consider this home. The home’s full list price right now is $259,900 down from it’s original list price of $274,900 when it hit the market on December 9th, 2009. With some negotiation this home most likely could be purchased in the $225k-$235k price range as any home listed over $250k is short on buyer demand right now.

To give those unaware of the type of price declines Ironwood Reserve has experienced looking it up in the tax records show this foreclosure home was bought new in 2006 for what would seem an unbelievable (seems unbelievable today anyway) sales price of $458,446! Today SAME HOME IS LISTED FOR $259,900, or basically a $200,000 discount in 3.5 short years!

Additional Pictures:

Continental Ranch (located north of Cortaro, west of Silverbell to the Santa Cruz River and as north as Twin Peaks Road) was started with monies lent from Charles Keating who was eventually was caught up in the S&L crisis. Even with that being all discovered Continental Ranch was a natural area for growth as it was on the NW which is made it closer to Phoenix and on land that was reasonably easy to develop and had direct access to I-10 and interior NW Tucson. Development was started in the 1980’s and just in the past 6 months or so reached about maximum build out with the completion of Richmond American’s community within Continental Ranch. Homes in Continental Ranch number roughly 3100 homes and sized range from as small as 900sf to in excess of 3000sf one and two story homes alike.

Continental Reserve is essentially the second phase of Continental Ranch smaller in size but polished with a more “high end” feel Continental Reserve has a much more prevalent contemporary style and design then the homes in Continental Ranch. Continental Reserve has roughly 1000 homes within it and most of the homes are less then 5 years old as Continental Reserve was started in the early 2000’s. Most homes were developed during the Arizona real estate boom and on the most part are larger in size and higher in features and upgrades as the boom allowed for home builders to offer more included features to satisfy the demand for higher end properties that were built during the boom.

So now that we have covered that what’s actually going on in the Continental Ranch/ Reserve market?

Here’s the breakdown:

-135 Homes on the market

-Average Home Price of a home on the market: $242,859

-Average dollar per square foot for a home listed for sale: $127.66/sf

-Average Days on market: 109

Here’s the SOLD Home stats (These are the ones that actually matter in my mind)

-Since 10/1/08 there have been 83 sales

-Average Sale Price: $204,898

-Average sold dollar per square foot: $112.45

-Average days on market for a sold home: 80

-Ask to Bid Price differential: 96.53% Or on average a Continental Ranch home sells for 3.47% less then the list price.

Ok so what does that mean as far as a market recap? Well to me it means that there is a lot of inventory within the Continental Ranch and Reserve area. The demand is there but only for the mostly “bargains” in the market. The majority of Continental Ranch and almost all of Continental Reserve would be called a move up market meaning first time buyers sell their starter home and then move to Continental Ranch/Reserve for a little bit bigger nicer home. That “move-up market” right now (has been for the past 24 months) is struggling the most, as those first time sellers are having a hard time competing with the foreclosure homes. So to sum it up I think the demand is currently very slow for Continental Ranch and Reserve however if a seller wants to sell they can (there still is a market) but sellers will need to price very accordingly (leaving emotion at the door) and hiring a Realtor who understand the Continental Ranch and Reserve market and can get your home the “marketing push” it will need to produce buyers ready, willing, and able to make the purchase.

Category: Over $1 Million: Cobblestone

In the “In excess of $1,000,000” Tucson neighborhoods I think there is one neighborhood that represents the top of the Tucson real estate market and that neighborhood would be Cobblestone. Cobblestone sits at the very north end of Campbell Avenue in The Catalina Foothills on the north side of Tucson. Within Cobblestone sits some of the most expensive, expansive, and dynamic homes in all of the west coast. The premier property that Cobblestone is famed for is the personal residence of Carry Marmis who’s company Empire Company actually developed the entire Cobblestone vision and neighborhood. His property named Campbell Cliffs is the most expensive and highest of high end luxury real estate in Tucson. When it was on the market Campbell Cliffs had an asking price of $22,000,000 easily making it the most expensive single family residence in Tucson and one of the most elite properties in all of the United States. If you have a multi-million dollar budget for a home in Tucson Cobblestone is as agreed by many in the real estate profession one of the best places in Tucson to reside. In this price range it’s less about “value” and more about buying into the “it” place to live. Cobblestone would fit that bill as in my mind (and many others) Cobblestone retains the highest “value” of any neighborhood in Tucson. (If your budget allows for $1,000,000++ property) Runner Up: Pima Canyon Estates

Category: $500,000- $1 Million: Cimarron Foothills Estates

Although this neighborhood is an older one very few neighborhoods offer views of Tucson like Cimarron Foothills Estates does. Many of the homes are older mainly being built in the 70’s but for those that own a property in Cimarron the views alone are almost priceless. Most homes in this neighborhood are perched high up in the Catalina Foothills on an acre and are single story. Since these homes were mostly build during the 70’s most are constructed of “slump block” and have a “territorial” style. (Lower ceilings not a lot of flair for the exterior but very livable.) In today’s Tucson Foothills properties as high up as where Cimarron sits are about impossible to buy for less then $1,000,000. This in my mind makes Cimarron Foothills Estates the best value in this price range because the foothills is essentially built out and to be able to have the views most of these homes have just isn’t possible for less then $1M. Now you maybe saying “For a million dollars I want an incredible home and these just don’t fit that bill.” Well that’s kind of true, a lot of the homes in Cimarron are not what you would consider “million dollar homes” BUT you would be wrong because the views are very desired and that’s the essence of “value”. The value of these home sites and the fact that you already get a finished and livable home with an incredible view is a great place to start. If you want to make changes and update the home or make additions that’s up to you but I believe the value of this neighborhood will only continue to raise as The Foothills will most likely always be the most “in demand” area in Tucson and to be as high up as Cimarron puts it at the top of my list for “value”. Runner Up: La Paloma

Category: $250,000-$500,000: Canada Hills

Canada Hills offers residents to get all the benefits of being located within walking distance of The El Conquistador its golf course along with great views, and a superb location within Oro Valley. Homes here in Canada Hills range in price but most fall within the $250k-$400k price. Located just beyond the NW corner of La Canada and Lambert lies the Canada Hills master planned neighborhood. Canada Hills was developed in the late 80’s and early 90’s as the Town of Oro Valley was expanding and affordable housing was in demand. (Oro Valley is always in demand) The homes in Canada Hills are both one and two story starting at about 1400sf to in excess of 3500sf. All of Canada Hills has been built out and quite a few of the homes offer golf course views and “on the course” golf property. If you’re looking for a great value in the 250k-500k price range I would give Canada Hills a serious look as it does offer estate sized Oro Valley golf course homes for under $500k. Residents can also get membership to The El Conquistador Golf Club and all the privileges membership offers. Runner Up: Sam Hughes

Category: $175,000-$250,000: Rancho Sahuarita

Rancho Sahuarita in the $175k-$250k price range in my mind CANNOT BE BEAT for overall value! Now you as reader may say “it’s too far away” or “there’s nothing out there” (If you think that you should take a ride out and physically see it because in the past even 2 years a LOT has changed.) For this value argument were just looking at what you get for the money and Rancho Sahuarita is at the top of my list for the $175k-$250k category. The entire neighborhood is essentially brand new, new homes, new schools, new shopping, new parks, new public buildings (I think you get the point). Rancho Sahuarita was a creation straight out of Bob Sharp’s mind (the developer of this neighborhood) from 2001 when it was opened until today it remains one of the Tucson valley’s most desired neighborhoods and best selling master-planned community BY FAR! I believe it still ranks as one of the top 25 best selling master planned communities in America. (No small feat considering the number of projects and quality of a lot of them across the entire United States.) This neighborhood has parks, splash parks, pools, basketball courts, soccer, baseball, walking trails, a LAKE (stocked with fish), I could go on but for the person who wants family amenities this neighborhood simply cannot be beat on a value basis. The homes range in price. Some foreclosure homes can be bought for a little as $125k while the “high end” of Rancho Sahuarita offers homes in the $400k’s most homes can be purchased in the $175k-$250k range. If you’re at all looking in this price range and can afford to live in Sahuarita (about 20-25 minutes south of Downtown Tucson) it is surly worth taking a look at and seeing if this neighborhood could work for you. Runner Up: Continental Ranch/ Reserve

Category: Under $175,000: Heritage Hills

Heritage Hills is a mega neighborhood on the NW side of Tucson and for buyers looking for a lot of value Heritage Hills should be seriously considered. All of the homes are single story and all made out of slump block but the fact you can purchase a nice home on a decent lot for under $175k makes a lot of sense. Heritage Hills is large in size taking up the general area/ boundaries from La Cholla (west) to Cortaro (North) to Orange Grove (South)and as far east as Old Father (east). Now not all this area is “Heritage Hills” but a good majority of this area is or has homes just like Heritage Hills and at prices very close. This neighborhood gives you close access to everything in Northwest Tucson and allows you to own your own home for what today can easily be less then rent in a nice apartment complex. Furthermore if you’re looking for it Heritage Hills has no HOA meaning owners are free to do what they want with their homes. You would think chaos would rein however the vast majority of the owners take good care of their properties and the neighborhood is pretty well maintained. Give Heritage Hills a chance if you’re looking for maximum value on the NW side. Runner Up: Rita Ranch

What This Foreclosure home needs in repairs: New Carpeting and interior paint through out would be a must. Also the kitchen counter is detached from the kitchen island and needs to be reattached. As a side note home could use a though cleaning. (It’s not bad but…)

What this home should have done to it: The home is a little outdated and could use new bath fixtures and maybe new sinks and tubs as well. A buyer can easily live with the ones present, but they are original to the home and show the age of the home. Plus bath fixtures (even tubs/ sinks/ counters) are relatively inexpensive to replace over time. Beyond that maybe a little rehab of the front yard landscape would help curb appeal but it’s not bad as it is either.

Keep in mind if you’re looking to make a foreclosure home purchase in the Tucson area look to us to assist you with it and represent your buying interests not the banks. The listing agents represent the banks interests 100% and it’s their entire job to get you to pay more for a property then maybe you otherwise would if you had enough information and expertise to show you what would be in YOUR best interest to offer and ask for in purchase incentives. Also it’s worth pointing out that all these pictures AND notes CANNOT BE FOUND ANYWHERE ELSE OTHER THEN THIS BLOG/ WEBSITE. I personally go to these foreclosure homes get pictures take notes and assess how this home stacks up with others in the market and what a buyer can expect to (or should expect) enable them to get the best home for the best price in today’s volatile and unpredictable marketplace. If you have questions about this home or would like additional information/ guidance about a property that you have an interest in give us a call or send us an email and we’ll be glad to assist you in your future real estate transaction.

Rancho Sahuarita: Rancho Sahuarita due to its location just south (In the City Of Sahuarita) of Tucson and its affordability next to essentially all of Tucson’s major employers makes for a natural fit BEFORE you even see the neighborhood which somewhat feels more like a destination/attraction then a neighborhood (I’m sure that’s the actual idea.) Rancho Sahuarita offers new homes (and resale ones as well) from 150’s up to the mid 300’s. Many employees of Raytheon, IBM, Davis Monathan (DMAFB),and Citibank, live here due to the close commute that Rancho Sahuarita offers. Rancho Sahuarita is located off of exit 75 on I-19 Sahuarita exit. If relocating to Tucson I would highly recommend you look into Rancho Sahuarita.

Continental Ranch: Continental Ranch was in many people’s minds the first of the mega master planned neighborhoods in the Tucson area. Continental Ranch homes are seen as very contemporary and very affordable for homes on the NW (Northwest) side of Tucson. The Continental Ranch area was begun in the 1980’s by Charles Keating (well financing was arranged by him) and over the past 20 years has been 100% developed. The total number of homes in Continental Reserve number roughly 3500 plus there is an extension of Continental Ranch called Continental Reserve. (Technically they are different communities) In Continental Reserve there are roughly 1100 homes making for a grand total of 4400-4500 single family homes within Continental Ranch and Continental Reserve. Homes for sale in Continental Ranch, Continental Reserve range in size and price, homes are from 900sf through 3000sf, and home prices within Continental Ranch and Continental Reserve average $175,000-$400,000’s (low 400’s) The area has also grown significantly with lots of shopping, stores, and other commercial development. For those unaware relocating to Tucson, NW Tucson is by far the most demanded and popular side of town in which to live. I have heard figures that 6 out of 10 home buyers start their search for a home of Tucson’s NW (Northwest) side. The Continental Ranch, Continental Reserve corridor of homes is located essentially from I-10 west to Silverbell a mile north on Silverbell. If you’re relocating to Tucson and would like to live on the NW side of Tucson I would recommend relocating to Continental Ranch, Continental Reserve as one of Tucson’s most popular large neighborhoods its obvious many people think the same way about this neighborhood.

Rita Ranch/ Houghton Corridor: Rita Ranch (the land) was once owned by billionaire extraordinaire Howard Hughes. In fact at one point in time Hughes owned something like 10% of all the residential land within city limits! Rita Ranch (Named after Rita Hayworth) was a large piece of land on Tucson’s southeast side. After Hughes death his trustees sold almost all of his land holdings in Tucson to help pay the bill for his hefty estate tax due upon his death. Later on as Tucson’s growth pushed outward the land just off of Houghton with good access to I-10 become a viable place to have a large neighborhood for new housing. Rita Ranch was born as a very affordable new housing alternative for those people that lived wanted to live on the southeast side of town. Like Rancho Sahuarita Rita Ranch is very close to the major employment hubs of Tucson. Employees of Davis Monathan, IBM, Raytheon, and the other large employers for the most part are located within southeast Tucson. Rita Ranch homes range in size from 1100sf-3500sf and in price from $130,000-$325,000. I would be willing to go out on a limb and say Rita Ranch is Tucson’s most relocation dependant neighborhood, meaning that more people move in and out of Rita Ranch due to relocations then any other neighborhood in the Tucson region. I can say that because a great many soldiers in the Air Force choose Rita Ranch to live within and with all the relocation they do it’s a safe assumption. Rita Ranch while not as big as the NW’s Continental Ranch/ Continental Reserve is still one (maybe second largest) of the large neighborhoods within Tucson.

As an addition it is worth noting that the Houghton Corridor is being developed to become one of the most desirable places to call home in the Tucson Valley. The Houghton Corridor while for years ridiculed as “never going to happen” is happening. The idea is that along Houghton Road there was going to be a real nature feel and conservation movement, within all homes and new home development is actually occurring in a real way. If your relocating to Tucson and you would like to live within a “green” area of town along the Houghton Corridor is the medium sized community of Civano. Civano pushed the notion and convinced many developers of the validity of building “green” homes. The idea was always there but developers never thought people would pay the large sums of money to live in an extremely eco-conservative way. Well they did Civano, has some of the hardest building codes for what is allowed and all homes must meet a very rigid set of guidelines that ensures they are not wasting electricity, water, or any other natural resource that can be conserved.

Rancho Vistoso: Rancho Vistoso in the city of Oro Valley often gets forgotten because it is at the very northern part of the Tucson Valley. Oro Valley is just north (maybe more NW of the City of Tucson) Ranch Vistoso is Oro Valley’s largest neighborhood and with Rancho Vistoso there is also an 18 hole golf course that cuts through the neighborhood allowing many homes to have golf course views and property. If your into golf the actual Rancho Vistoso Golf Club is a very good course every year it ranks highly in Golf Digest’s “Top Public Courses in America” I have played it many times and I have to say that I like it better then a lot of the even “World Class” golf course destinations Tucson offers. The course itself is always in mint condition and its also very challenging with incredible views. The Rancho Vistoso Neighborhood also lives up to this same standard. Homes here are on the upper end; ranging in size from 1400sf-5000sf and in price from $225,000-$1,000,000 however most homes fall in the 275k-400k range. For residents relocating to work for employers such as Honeywell, and the NW Medical Center Rancho Vistoso should be highly considered. The community is impeccable and Oro Valley is a top destination for retirees and those that can afford the area due to its many high end golf clubs and resort style living. Every year thousands of residents from Tucson and worldwide relocate to Oro Valley (and a lot of those end up in Rancho Vistoso) due to the unique lifestyle and world class destination that Oro Valley has become over the past 25 years.

Dove Mountain: Dove Mountian located in Marana Arizona on Tucson’s NW side would not have been on my list of “Top Large Neighborhoods To Relocate To” a couple of years ago, however the neighborhood has grown a lot and the entire area has become the “IT” place to be. Don Diamond a world class real estate developer, developed Dove Mountain at least a decade ago to become a high end destination for people wanting to relocate to Tucson for the “rugged Arizona experience”, having built Dove Mountain at the base of the Tortolita Mountains gives the neighborhood a very inspirational and “implausible” feel. Homes here range in size from 1100sf-6000sf, home prices within Dove Mountain are also across the board starting in the low $200k’s to in excess of $3 million. At the top of Dove Mountain sits “The Gallery” this course has hosted the World Match Play Championship for the past 2 years. The entire Dove Mountain area is ongoing an ultra high end feel and I predict that this area will in time become the “New Foothills” and become along with The Foothills the high end living place to own a home. So for those wanting to relocate to the Tucson area Dove Mountain should be considered due to its current affordability and prospect to become the “Place” to live within the Tucson region.

The Catalina Foothills: The Catalina Foothills long revered as the “high end home local” is just that. For residents who are relocating or want to be in the middle of it all The Foothills is exactly that. The Catalina Foothills sit at the base of The Santa Catalina Mountain Range, the homes in this area are the most expensive in Southern Arizona (on the whole) the average sale price for a home in The Foothills is roughly $575,000 so while the homes are not cheap the value you receive for lining in this location I think is a great deal. Residents can get to and from Downtown Tucson is 15-25 minutes and also within The Foothills there are several world class destination resorts Ventana Canyon, Caynon Ranch, and La Paloma to name a couple of them. This gives residents access to lots of world class golf, spas, restaurants, and all the additional benefits that world class resorts bring to an area. The Foothills has always carried with it certain “cache”, and many relocation residents to Tucson soon catch on to The Foothills as being the place to live within. Assuming you can afford this area there is no doubt that living within the district will allow you to be located close to about everything going on in Tucson or Oro Valley.

Most of the homes within these communities range in price from $150,000-$500,000. Active Adult Communities are in high demand even with the general real estate market being sluggish. In Tucson we are still seeing a lot of retirees or those that are about to retire within the 5 years and looking to make a purchase now while prices are much lower then years past. Some homebuilders either specialize in Active Adult Neighborhoods or have a large percentage of their business involved with it. Robson Homes is a Active Adult Community specialist they primarily only build Active Adult Communities within the Tucson region,. Robson Homes are responsible for building the very popular Saddlebrooke on the NW side of Tucson in Catalina Arizona, and Quail Creek in Sahuarita. Two other builders that have a foot in the Active Adult Development business is Meritage Homes and Pulte Homes, both have built several large scale communities for Active Adults in the past. Del Webb which is the largest Active Adult homebuilder/ developer in the nation is owned 100% by Pulte Homes making Pulte Homes the default leader in the Active Adult Community developments across the nation.

Continental Ranch and Reserve comprise over 4000 homes and 2 large apartment complexes. The outlying areas around Continental Ranch/Reserve offer many custom homes as well as horse properties remaining from before the area was heavily developed. Continental Ranch, with over 3000 homes, has been being developed for the past 15 years and is nearly completely built out. Continental Reserve is smaller, with just over 1000 homes. Development began on Reserve in 2001 and it is now also built out. Ironwood Reserve is an extension of Continental Reserve and still offers new homes, although these, too, are also almost completely built out since the demand for homes and commercial services has grown considerably in the past 5 years.

What makes the area so appealing and pushes both commercial and residential expansion is that Cortaro Road is one of the northernmost streets in the Tucson area. It is the last I-10 freeway exit (when driving towards Phoenix from Tucson) and the first exit (when arriving in Tucson from Phoenix). Since the natural tendency for travelers is to eat, sleep, and shop when just arriving in a large city or after passing through a city, Cortaro Road is where they stop. Furthermore, being so close to I-10 saves residents hours of additional drive time. Urban sprawl and a fast rate of population growth has made drive times significantly increase over the past 10 years, making the use of the I-10 freeway that runs straight through Tucson a major time saver when you can access it quickly.

Everyone who has lived in the vicinity of Continental Ranch/Reserve has noticed a spectacular increase in population, traffic, and services now accessible to them. The northwest side of Tucson will continue this growth over the next 25 years. The population of Tucson is predicted to increase from just over 1,000,000 residents in 2006 to in excess of 1,500,000 residents by 2030. It would most likely be wise — from both a lifestyle standpoint and as an investment — for those looking to purchase a home on the northwest side to take a look at the Continental Ranch/Reserve area. The need to be located close to the freeway will be of utmost importance in Tucson, just as it is across California. Since this locale is virtually built out, values should only continue to ascend as more services come to the vicinity. With services increasing, demand to live in the area will mount, thereby increasing home prices.