February 6th, 2009 by Michael Oliver

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With a headline like “The Best Home Deal/ Value In Tucson AZ! Bar None!” you would think this must be good…..Well it is.

How do you know if there is an amazing price on a property and it is WAY, WAY too low?

The answer to that would be:
“Huge crowds of real estate agents and people hovering around a home as if “this is the one”.”

I went and showed this foreclosure home in Oracle Heights Estates yesterday to a client and came back this morning to get pictures for the blog. Oracle Heights Estates (just Northwest of the La Canada and Orange Grove Intersection)  is within what’s called Casas Adobes and has estate sized homes all built in the 1960’s, 70’s and 80’s the lots are close to an acre in size. Homes sized run 1500-4000sf and they all have an “estate feel” to them. Many homes in the area are gated in or in other circumstances have walls around the entire property line.

So on this house I say it is the best deal in Tucson real estate right now because it is. When I showed it to a client yesterday afternoon there were two other showings going on. One when we arrived and one when we were leaving. The sign in sheet had shown at least 15 Realtor showings keep in mind as of yesterday the home had only been on the market 72 hours! Ok so today I go back to get pictures for the blog so that you can sit in comfort and see the best deal on the market from the comforts of your own home and there is a “mass congregation” of cars outside the home I like I have never seen before. There were people of the roof inspecting this foreclosure home several sets of Realtors showing the home, just an utter festival of activity. All this “tips” me off that this is “the best” (without a lot of doubt) value in the Tucson market. Here are the stats on this amazing property deal:

-Listed at $176,900 that works out to a mind numbing $66.06/sf for Casas Adobes a highly prized area of NW Tucson to say the least!

-2678sf

-4 beds and 4 full baths

-Pool (large one)

-Large lot at least 1/2 of an acre

-BBQ area outside in rear yard with electrical, plumbing, and covering, plus brick patio

-HUGE Saguaro’s in back yard including a 20ft tall, and also Huge Ocotillo’s and a gigantic Barrel Cactus

-Master bedroom suite with a HUGE Jacuzzi tub separate shower. His and Hers walk in closets and a Cedar lined closet for shoes.

To give those an idea of how unrealistically low the listed price is on this house is the tax assessor has the property valued at over $370,000! Now that doesn’t mean a lot to me but its worth noting. Sold comps support a list price of AT LEAST $275,000! This home needs a lot of work and I’m noting that, however lets take a look at some of the sold comps in this same neighborhood that have closed escrow recently.

-1721 W Montebella Dr (on same street as “the deal” house) 1625sf closed escrow for $305,000 In August 2008!

- 1430 W San Lucas Dr 1558sf closed escrow at $292,000 in October of 2008!

-Another home that’s currently on the market in this neighborhood is a 2384sf home listed at $360,000!

Sold comps for homes in this neighborhood average $165.78 per square foot! That means “if” someone bought this amazing deal and fixed it up (not a small job but could be done for $50k) it “should” be worth at least $443,958!!!! Maybe more since you would be offering a completely new rehabbed property in an area where the average home will not have that new feeling and features.

Now this home will sell for far in excess of its listed price of $176,900. How much in excess is the real question after running comps and assessing the condition of the home being able to buy the home for anything under $275k-$290k would still be low enough to make the necessary $35,000-$50,000 in repairs and still be in at less then this home’s “fixed up” market price which I rate at roughly (on the conservative side) $400,000-$425,000 when totally rehabbed! Deals like this are those “once in a lifetime” people always talk about but rarely ever (if ever) truly find.

Pictures of “The Best Real Estate Value/ Deal In Tucson Right Now”:

Kitchen:

Master Bath:

Master Bedroom:

His and Her Walk-In Closets:

Cedar Lined Closet:

Additional Bedrooms (2 of the 3 extra beds):

Rear Yard/ Pool Area:

Street Views (Notice All The Cars!):