ARIZONA DAILY STAR:  Sun., Oct. 21, 2007

New-home market flooded on outskirts as builders, owners compete

By Christie Smythe and Lourdes Medrano

 

In the boom of 2005, homeowners like Sue and Dave Broberg and Lisa and Robert Hall felt lucky to nab houses in new subdivisions on the outskirts of Tucson.  But now, the Brobergs say there are many for-sale signs throughout their Northwest Side neighborhood. One is in front of their home.

The Halls, who recently moved from one Sahuarita neighborhood to another, encountered the pleasant shock of finding themselves in a buyer's market, with numerous spec homes to choose from and deeply discounted prices.

When the market was at its peak, some of the hottest areas were northwest, southeast and southwest of the city. But now, buyers no longer line up to buy homes in outlying subdivisions. Instead, builders slash prices, pack on incentives and still are left with unsold spec homes and empty lots.  In many cases, homeowners trying to sell properties in newer developments are finding they can't compete with builders' rock-bottom prices.

Art Flagg, senior vice president in KB Home's Tucson division, said his company is already "retooling" some of its developments to provide "more affordable products.  We'll come back as strong or stronger than we were previously," he said.

FULL STORY:   http://www.azstarnet.com/allheadlines/207396