GV real estate steady, Sahuarita a leader

Rancho Sahuarita is showing what could be signs of a turn-around in Arizona’s dismal housing industry, while Green Valley continues to do what it does best: Turn in stable results, even in a downturn.

Long Realty agent Teresa Sullivan said the housing market in Green Valley is different than in Sahuarita “because of age-restricted communities... most homeowners in Green Valley don’t have to sell.”

But Green Valley is seeing people take advantage of low interest rates to buy second homes.

“I feel the market is stronger here than in other areas,” Sullivan said.

According to The Housing Report by Long Realty Co., Green Valley inventory in July 2009 was 807, down 13 percent from July 2008, which is good news. The median price of a home was $161,500.

Of 195 resale homes on the market in the $120,000 to $199,999 range in Green Valley, 31 sold or closed in July, which is

good not only because of the bad economy, but because it’s summer. The information is deemed “reliable, but not guaranteed,” according to the report.

Sullivan said homes in the $100,000 to $200,000 are continuing to sell, but the process takes patience.

“Homebuyers applying for a mortgage should plan on 45 to 60 days for a loan to be approved,” she said. “For cash buyers, closing can happen in a week.”

Teresa Doughty, a Realtor with Coldwell Banker in Green Valley, said the year has been “a bumpy ride for all of us,” but said this tends to be a solid market because of retirees.

She said more buyers are taking out loans, with her agency recording 38 percent cash buyers this year, down from about 43 percent last year.

SAHUARITA

Rancho Sahuarita, meanwhile, isn’t doing the incredible sales it did at the height of the market but it had more housing starts than any other planned community in Arizona in the past year.

Rancho Sahuarita had 366 starts in the year ending June 30, or one a day, according to Metrostudy, a national provider of market information to the housing industry.

Rancho’s community director Tom Murphy said there have been 4,222 home sales since the community opened in 2001.

As of Monday, Murphy said 164 homes are under construction and sold, while 30 more are under construction as “spec” homes, not yet sold. He said the average home price over the past year was $189,164, and that 35 new homes closed in Rancho Sahuarita in July.

Developer Bob Sharpe’s vision in creating Rancho Sahuarita was “to create an affordable, highly amenitized community that enhances the lifestyle of its residents,” Murphy said.

The news is good for construction workers, too.

Art Ortiz, who works for Segunda Corp., drives down from his home in northwest Tucson to work in Sahuarita.

“I drive here every morning from Picture Rocks because this is where the work is — in Rancho Sahuarita,” he said as he placed forms for concrete.

RESALE HOMES

Jane McDonald of the Green Valley/Sahuarita Association of Realtors said there were 77 closings on resale homes in July — 56 in Green Valley, 16 in Sahuarita, one in Tubac and four in outlying areas.

Ben White, branch manager of Long Realty in Sahuarita, said 50 percent to 65 percent of homes sold since the fourth quarter of 2008 are traditional sales, 10 percent to 15 percent are short sales, meaning the house is selling for less than the amount owed, and 25 percent to 35 percent are bank-owned or foreclosures.

“I look at these numbers very closely,” he said. “It’s not as bad as it sounds.”

$8,000 TAX CREDIT

Part of the American Recovery and Reinvestment Act of 2009 includes a tax credit of up to $8,000 for “first-time home buyers” — those who have not owned a principal residence during the three-year period prior to the purchase. The tax credit is equal to 10 percent of the home’s purchase price, up to $8,000.

According to a survey released by the National Association of Realtors, Derrick Polder of Nova Home Loans said nearly 50 percent of all homebuyers were unaware of the tax credit.

A workshop on the tax credit program is set for 7 p.m. Aug. 20, at the Rancho Sahuarita Community Center.

RSVPs are preferred; call Polder at 202-5215 or e-mail dp@novahomeloans.com.

Ellen Sussman is a freelance writer in Green Valley. Contact her at ellen2414@cox.net.

TOPS IN STARTS

Housing starts at Arizona planned communities for the year ending June 30:

Rancho Sahuarita, 366 starts

Vistancia, Peoria, 283

Merrill Ranch, Anthem, 279

Stetson Valley, Phoenix, 204

Move-ins: Rancho Sahuarita rates second among planned communities for move-ins in 2009, with 440. Vistancia had 462; Rancho is expected to lead by year’s end based on houses under construction.