Brad Price, Home Buyer in Tucson, AZ

We are looking for a winter town home and have narrowed our search to La Reserve in Oro valley. We have seen

Asked by Brad Price, Tucson, AZ Sun Mar 30, 2008

that price/sq ft is averaging around $175 in the area. I would like to make an offer but want to bring the price down to approx $160. Is that reasonable considering the current market and outlook?

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Answers

7
Price per square foot is not an accurate opinion of value as David stated.
Different areas within a community can have different price points.
I would look at the specific neighborhood within the community that you are interested in to get an estimate of value. Some homes in La Reserve have no views, and others have great views.
Upgrades and views sell homes and increase value.
However, in this market, I would write an offer and see if the owner takes it as there are considerable variables and it can depend on the individual seller's situation too.

Warm regards,

Anne
2 votes Thank Flag Link Mon Apr 14, 2008
Brad: The square footage cost is a big variable, but once you start to narrow it down to specific properties and subdivisions, same models, views etc. a clearer ( or more accurate) sq foot range does emerge. In addition, there is a range of list price to sales price percentage delta as well. In todays market that range overall is 90-95 % again depending upon the area etc. Therefore as a range you might well be in the ball park. As always this is a high level view without a specific property. If you would like to contact me regarding your winter home I can be reached at 520-609-8789 of visit my web site.

Brian DeBrie
Web Reference: http://www.tucsonnw.com
1 vote Thank Flag Link Sat Apr 12, 2008
Hi Brad,

As David mentioned the price/sq ft is never a rigid number to go by, but if the window of inspection is narrow enough it certainly does help.

I have some knowledge of the La Reserve community and prices tend to average a bit higher than $175/sq ft and there are a few homes currently on the market (for single-family homes).

If you would like more detailed information on La Reserve homes/townhomes/condos, please feel free to shoot me an email and I'll provide it for you (no obligation of course).

- Michael
1 vote Thank Flag Link Thu Apr 3, 2008
Price per square foot is not a good indication of value of a property or values in any specific market area. There are too many variables and specifics of individual properties and the market area that need to be considered. The average price per square foot in an area is derived from ALL real estate transactions from ALL types of properties within the area, for a time period normally running around 2 to 5 years. Even if the data was filtered to a specific property type, and a specific time period, the different types of transactions would also need to be filtered to to arrive at vague estimate of price per square foot if that is what you want to base your offer on.

If you have a couple of properties you are interested in, and are considering an offer, it would be wiser to consult with an appraiser to help determine an offer price. Since a state licensed appraiser does not have a vested interest in the outcome (commissions), you would get an unbiased opinion. You would not necessarily need to order an appraisal, a consulting assignment would be more appropriate and would fall in line more with the appraised value, than an agents estimate, when your lender orders the appraisal.
1 vote Thank Flag Link Sun Mar 30, 2008
Brad:
You certainly picked an interesting area to consider buying in. Price per sq. ft. is one of the considerations as is the direction your yard faces. in many cases a north or east facing back yard will add to the value, views are another factor and of course the condition of the property. How is the curb appeal, does it require attention? First impression when you enter the home, appliances and other factors. Have you has report on recent sales of similar properties in the immediate area.These are all areas that your Realtor can help you with. I suggest it is important to work with a Realtor whose service can be very valuable.
0 votes Thank Flag Link Fri Apr 8, 2011
Dear Brad, Your question is a good one. How many sq.ft is the town home? The larger the square footage, the lower the price per square foot is. Best advise? Reach out to an agent that you feel comfortable working with, ask them to do a Comparative Market Analysis for you. You said price/sq ft is averaging around $175. Is that for Active, Pending, or Sold listings? Once you see what the solds are for the last 3 months, you and your agent will have a good idea weather your offer of $160,000.00 is fair. Good luck. If I can help, Ill be happy to. 520-342-6642 Chris Hudena
0 votes Thank Flag Link Thu Feb 3, 2011
Hi Brad,

As you probably know, La Reserve is a gated community nestled up against the Pusch Ridge of the Catalina Mountain range. Ironically, my office is right across the street.

There are several communities (various builders) within La Reserve, and various price ranges for each community. Homes in these communities tend to sell, on average, 5-6% off list price.

A professional REALTOR would be able to provide you with all the comparable data for you to make a well-informed decision. Please feel free to contact me if you haven't already committed to another REATOR. I'd be happy to help.

Tom Lois, Associate Broker
Long Realty
Tom@TomLois.com
(520) 271-2716
Web Reference: http://www.TomLois.com
0 votes Thank Flag Link Tue Feb 1, 2011
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