Tucson Association of Realtors released their stats for July 2013. Here are the highlights from the July Residential Sales Report:

Roughly 21 percent more residential properties changed hands in the Tucson area last month vs. a year ago, extending the streak of year-over-year gains in monthly home sales to two years.

Observers see the 1,263 home closings reported for July a very slight decrease of .06 percent in median price for a single family median home price from June.

At the end of July, about a 3-month overall inventory of residential properties in the Tucson area, or 3,933 properties were available, up 11.59 percent vs. a year ago. But concerns remain about the low inventory, which declined by 1.54 percent in July — a level Tucson Realtors haven’t seen since before the recession.

On average, residential properties spent 53 days on the market here, the shortest time since November 2012. With 2,226 sales pending at the end of July, down 20 percent from a year ago.

The median price for a single-family home in the Tucson market was up 12.45 percent at $159,900 in July, up from $140,000 a year ago.

Year-to-date, there have been 8,586 home closings in the greater Tucson area, a 3 percent increase from the 8,321 closings reported through July 2012.

Conventional loan sales accounted for 40 percent of the sales, continuing to exceed cash sales of 29 percent, according to TAR’s tracking.

FULL JULY SALES REPORT >>   https://tucsonrealtors.org/tar-v2/statsJuly2013.pdf

FULL JULY RENTAL REPORT >>  https://tucsonrealtors.org/tar-v2/statsRentJuly2013.pdf

Vast Real Estate Solutions in Tucson has announced the addition of a new Sales and Leasing Associate, Aubrey Finkelstein, to the company. A Tucson native coming from a ‘real estate family’, Finkelstein is a University of Arizona graduate and yes of course an avid Wildcat fan. Finkelstein completed her real estate licensing with Hogan School of Real Estate in Tucson.

Finkelstein will report directly to Jon O’Shea, Principal of Vast Real Estate Solutions, Specialized in Investment Sales and Leasing, and looks forward to representing owners, investors and tenants in this capacity. Finkelstein is technologically knowledgeable and ready to use her skills to create state of the art marketing programs and secure the best deals for her clients.

Prior to working in real estate, Finkelstein ran theater lighting for UA Presents, and was selected to tour with the Up With People theater troupe.

When not working, Finkelstein can often be found climbing at ‘Rocks and Ropes’, cycling or playing board games with family and friends.

Finkelstein should be contacted at (520) 250-1204.

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Saguaro Ranch has been a struggling luxury community in northwest Tucson for a number of years. The original developer filed Chapter 11 in February 2009 and the property was returned to the largest secured creditor, Kennedy Funding of Englewood Cliffs, NJ, holding claim to $23.9 million in 2011. Kennedy’s intent was to find a buyer for the assets for resale.

Before being caught in the maelstrom that hit Arizona especially hard, Saguaro Ranch luxury community suffered setbacks in its plan to develop 180 single family homes tucked away on 1,035-acres in the Tortolita Mountains. Before filing bankruptcy some of the vacant lots there were selling for $1 million each.

Over the past 30 days, Kennedy Funding has sold over $50 million in assets. Northlight Financial LLC (“Northlight”), is an established corporate lender and asset-based investor of private equity debt and real estate assets. Northlight acquired 115-lots at Saguaro Ranch for $8.08 million, falling on the heels of their acquisition of a majority stake in Seven Canyons, a Sedona, Arizona 18-hole golf resort designed by Tom Weiskopf; both were distressed properties.

Northlight currently manages over $500 million in corporate loans, real estate loans and REO properties. Founded in November 2002, Northlight has been registered as an Investment Advisor with the US Securities Commission since 2006.

Head of Northlight’s real estate investments, Ben Gerig, told us that their goal at Saguaro Ranch “is to start building homes as soon as possible”. Gerig says, “In order to reach that goal we are moving carefully and speaking with land planners as to what makes the most sense for the community. Today’s market interest may not be the same as it was when Saguaro Ranch was first planned, so we want to first finish the infrastructure there, while evaluating all options for the community.”

Northlight plans to joint venture the project with a developer. According to Gerig the firm found there was a synergy with Saguaro Ranch and the rest of their investment portfolio that focuses primarily on high-end luxury communities and resorts.

Northlight has recently invested in a number of resort properties across the western United States, including two other in Arizona, Seven Canyons in Sedona and Quintero Golf and Country Club outside of Phoenix; Wyoming’s Snake River Sporting Club near Jackson, WY; and The Residence Club at PGA West in La Quinta, CA.

“We see substantial value in Saguaro Ranch,” said Gerig, “It’s a beautiful property in a spectacular setting. The potential is enormous.” The setting — surrounded by the Tortolitas and natural desert beauty– has consistently won praise for its visually dazzling uniqueness.

Northlight brings the required capital and experience needed to complete the infrastructure and move Saguaro Ranch forward.

Jeff Raymond of Strategic Real Estate Partners (SREP) in Scottsdale was with Land Advisors Organization when he handled the transaction for the investor. Will White with Land Advisors Organization of Tucson represented the seller.

Additional information on Northlight may be obtained by visiting www.adviserinfo.sec.gov . Raymond can be contacted at (480) 225-3999. White should be reached at (520) 514-7454.

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[ismember]Sale Date was 7/25/2013. Exact Sale Price:$8,075,000 all cash. The buyer acquired approximately 768 acres in this transaction. Lots were platted from 4 acres to 40 acres for a reported total of 115 SFR lots by buyer. Of the 70 tax parcels some are roads, some have multiple addresses for homes. Block 2 alone is 201 acres unplatted. [/ismember]