November 21st, 2008 by Michael Oliver
Recently watching the real estate market in the Rancho Sahuarita master-planned community I have seen several relatively new homes in Rancho Sahuarita that are foreclosed homes, (Bank Owned, REO) that have sold for very low prices. Some of these homes are selling for as little as $81/ sf. Now these homes just closed within the past couple days so there obviously are deals still to be had, but when I see foreclosure (foreclosed. bank owned, reo) homes in Rancho Sahuarita at these prices it is incredible to see how affordable Rancho Sahuarita can be for those willing to do some work and put a little money into their new home. Here’s an example of a home that just closed escrow this week it was a 1900sf single story home in KB Home’s subdivision of Rancho Sahuarita named Presidio Del Cielo. Presidio Del Cielo is one of Rancho Sahuarita’s best neighborhoods and this 1900sf home with some upgrades sold for total sale price of $154,900! This same home when new sold for $243,175 in 2006 today that home could be bought for $88,000 OFF of what it once sold for only less then 3 years ago. I have personally seen this home and it was a great deal for that price.
That’s luckily not the only deal available in Rancho Sahuarita that can be purchased. Currently there are dozens of foreclosed, bank owned, reo homes available for sale in Rancho Sahuarita and for the most part many are in pretty good condition. Furthermore a lot of these relatively new homes are STILL UNDER BUILDER WARRANTY. Personally I’m not surprised to see prices so low in Rancho Sahuarita, the area had a lot of new construction and overbuilding and rampant speculation had occurred for a while before the bubble burst, however to see 1900sf nice newer home available for purchase in the mid 150’s…..that’s getting a little ridiculous if you ask me (EVEN for this market.). For anyone that has not been down to Rancho Sahuarita and not seen the water park, lake, fitness center, clubhouse, and all the other amenities Rancho Sahuarita offers you should take a trip it is the best master planned community in Southern Arizona. Like anything there are downsides to it IE: The homes are close together and if you or the people living in your home are not going to be using all the facilities the HOA fees can be on the high side. (Namely the community enhancement fee which costs 1% of the gross sales price of your home when you sell plus $55/month while you own.) However if you do take advantage of the facilities even in a small way the price for value is a real bargain.
Either way it should be noted that currently in Rancho Sahuarita foreclosure, foreclosed, bank owned, reo homes can be picked up for bargain prices. I cannot assume prices are going to stay this low forever the zip code that Rancho Sahuarita lies within (zip code 85629) only has an absorption rate of 5.3/months which indicates a decently healthy marketplace. Just for some additional info here are some of the details of the latest sales to close escrow in Rancho Sahuarita as foreclosure, foreclosed, bank owned, reo homes/properties.
333 W Calle La Bolita, Sahuarita, AZ 85629 1900sf/ built in 2006 sold for $154,900
250 E Calle Puente Azul, Sahuarita, AZ 85629 1865sf/built in 2004 sold for $168,900
161 E Camino Del Abedul, Sahuarita, AZ 85629 1951sf/ built in 2006 sold for $175,400
95 W Camino Rancho Lucido, Sahuarita, AZ 85629 1996sf/ built in 2002 sold for $170,000
Of these last couple homes to close escrow the best deals of the bunch were 333 W Calle La Bolita and 95 W Camino Rancho Lucido both of these homes were relatively new inside with prices that I don’t think could be beat even in the current marketplace. If you are looking to make a purchase of a home in Rancho Sahuarita let me know I am extremely familiar with it, and have represented at least 50 clients on home purchases within the community.