Monday, Monday

Let’s see, what’s worth mentioning in Tucson Foothills real estate

6271 N Whaleback Pl, in Ventana CC, first listed in March 2007 for $1,449,000, went to contract today at $999,000. You scoff, but still, that’s nearly $286/sf.

7240 N Camino Sin Vacas, in, yep, Sin Vacas, sold today. It was first listed in January 2009 for $995,000 and sold today for $550,000. Of course, during that time, it was reduced umpteen times to it’s most recent list price of $648,500.

When it was listed at $995, kicking and screaming, and at the insistence of one or two buyers, I showed Cmo Sin Vacas. Never to return. $550 may be a tad low for this house, but, given that they hung on at $995 & $895 for so long, it’s hardly surprising.

And another Sin Vacas house, 2691 E Calle Sin Pecado, has a new owner today, the 3rd in 4 years and the only one who may not lose their shirt on this house.

Sin Pecado sold in 05 for $650 and was promptly renovated- new kitchen, baths, floors, etc, - and put back on the market for $950. Eventually, 440 days later, it sold for $720. Oh well. 

And exactly one year later, and tired of it already, the new owners put it on the market for the sacrifice price of $719. A whole $1000 less than they paid. And after 302 days, it sold today for $600. $50k less than in 05, and with a nice renovation thrown in, gratis.

And for fans of Alta Vista, it looks like they’re getting serious over at 6050 N Paseo Valdear. Today they cut the price $100,000 – from $895 to $795. And that’s down from the $1,050,000 they started at a little more than a year ago. Aren’t you glad you waited,

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Comments

[john schneider]

Rick, if you only knew.
The rubble of overpriced homes that have, as a result of overpricing, gone to foreclosure and ruined lives, is deplorable, but also often preventable.
In my experience, owners are at fault at least as much as agents for run-of-the-mill overpricing. They all think their home is special.
And worse yet, for refusing to accept what they consider low-ball offers that, in time, prove to be the best offer to ever come along. That happens every day.

And I find that it's not the agents with 50 listings, but the silver tongued new comers, or just plain nit-wits, looking to make a name for themselves but with not a speck of know-how, who bring us the most egregiously, ridiculously, overpriced homes.
Homes that don't have a chance in hell of selling and do end up in foreclosure.

I also think, as with any investment or financial decision, it's encumbent on the seller to do their homework and not rely solely on the predictions of the agent making the pitch. caveat emptor! Just like home buyers do.

[Rick Bandee]

Two Sin Vacas homes sell for ~190/sqft. Yet one more continues to be listed at 268/sqft. One buyers agent thought it was a fair home for 500K, but was very surprised to learn that the LP was actually ~700K. Now you can blame sellers for insisting on a higher list price, but when you see the records of some agents, most of their listings will be well above what most would consider a fair market value. And when the agent has 50 or so listings (probably because of propensity to list high), it contributes to creating a bubble (and destroying a few lives in the process when the bubble bursts). I guess when an agent has a lot of listings, the fact that many of them have been on market for months and months really does not bother the agent (wish sellers could have easy access to that data). Hail local David Lereahs!!