A new house at the AF Sterling development on Sunrise sold today for $475,895, or just $158/sf, a new low in there, I believe. At the time of the sale it was listed for 541,711, down from it's original 624,500 list from April 08.
The 4 other MLS reported sales for Paloma Ridge were all in the
$181 to $189/sf range. So a good deal for these buyers and, maybe, a sign of things to come.
Despite the fact that AF Sterling has built some very popular communities in the Foothills, and has a great reputation, I never understood who the target customer was supposed to be for Paloma Ridge.
The homes are of a size and in an area that would be attractive to 2nd home owners and retirees, except, they're 2 story homes, and that's not an attractive configuration with the 50+ set. Though now, late in the game, they are offering to build single story homes in there.
And the yards are really tiny so, for someone with kids, that didn't seem ideal either. So maybe young, childless, urban professionals, who didn't really want urban, or who couldn't find it here in Tucson.
One thing's for sure, good deals and big discounts are attractive to one and all, so that'll be the hook.
see thefoothillsToday.com
to search for Tucson Foothills Homes
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