9 new GV homes go on auction block

The nationwide slump in the housing market has made its mark in Green Valley.

Nine brand new homes are being sold at auction Saturday, March 29, three with no minimum bidding price.

The homes are in the age-restricted Las Campanas Village, just west of La Canada Drive and 1 mile north of Esperanza Boulevard on Desert Bell Road.

A total of 20 unsold homes have been on the market since June of 2007, said Mark Hughes, owner of Mesa-based Hughes Development, which began construction on the 219-home community in 2001.

“Las Campanas Village has been a very successful community for us, but we would rather sell these remaining homes now than wait for the market to improve,” he said.

Up for auction are the 1,680-square-foot “Casa Bella” and 1,757-square-foot “Casa Cristal” models, originally listed from $250,000 to $280,000. Three of the homes will be sold “absolute” with no minimum bidding price, said Hughes, “so we can find out exactly where the market is.”

Auctioneer Stewart Larsen said: “What this should mean to you is that the seller is confident in his product, and is very serious about selling.”

The other six homes will require the approval of Hughes, who will be signing contracts the day of the auction. Terms of the sales will require 10 percent down on the day of the sale and the balance due in 30 days, Larsen said.

Hughes says the housing market “slowed” in 2006 and “stopped” in 2007, and he’s curious to see what will happen at the auction.

“I’ve built 12,000 homes over 15 years in the Phoenix Valley and Tucson-area, and this is the first time I’ve had to start auctioning,” Hughes said.

“Obviously, we’re seeing falling prices in a falling market. We know what these homes are worth, but if the public’s not willing to buy at that price, it doesn’t matter.”

Open house dates are Saturday, Monday and Friday, March 28, from 1 p.m. to 4 p.m. The auction will be held on-site Saturday, Mar. 29, at 1 p.m. Contact Stewart Larsen at 1-800-697-2615 or visit www.thelarsencompany.com for more details.

jrichardson@gvnews.com | 547-9726