3 mini spec homes (1764 sf) cheek to jowl with Sabino Canyon Rd failed to sell and were withdrawn today.
They’re at 4251, 4271 and 4291 N Red Sun Pl and priced at $285,000 each. (Listed by Tierra Antigua Realty)
Road kill, once again. Because builders, either obstinately or without bothering to do any research, keep putting up spec homes by the side of the road in the face of overwhelming evidence that they don’t sell. Not at anything close to normal market prices anyway. If and when they do sell, they sell for pennies on the $$. I wrote about this one before> swimming against the tide
the red dots, that’s it. What now?
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This hurts. 6226 N Via Paloma Rosa is back on the market today after falling out of escrow, that’s after being in escrow for 30 days.
Worse yet, Paloma Rosa was on the market from Dec 08, starting at $643,000 and finally went to contract last month at $479,000 ($210/sf). And since it fell through this late in the game, I’m guessing that it was the financing that fell apart at the last minute. Just a guess though. (Listed by Long Realty)
Homes like this in La Paloma - 1800 to 2300 sf, with mountain/golf course views – used to fly off the shelf. They were immensely popular as second homes. In late 2007 I represented the buyers of the house just next door to this one. And we looked at it 3 times on the day we wrote the offer, and each time it was swarming with eager looking agents and buyers chomping at the bit. But we beat them to it and got, what was at the time, a good deal. That was then.
On the other hand 6414 N Desert Wind Cir sold today for $980,000 ($294/sf) off a $989,000 list price. That’s in Ventana Country Club Estates. Originally listed for $1,150,000 in Oct 08. So it took a while but they made out OK. (Listed by Long Realty)
4530 N Paseo Pitiquito left the market last September, over-priced and range priced, - Seller will accept/counter offers between $350,000-$390,000 – and returned today as a foreclosure for $314,500 ($172/sf). They may have to do better than that.
(Listed by RealEstate.com)
And 3742 N Camino Sinuoso, after selling for $450,000 in July 04, is back today for $384,000 ($124/sf), also as a foreclosure.
Property sold as is. No warranties/CLUE/SPDS. Buyer to verify all info.Allow 3-5 business days for offer review. (Listed by Realty Executives Southern Arizona)
And why hasn’t this one sold?
I mean, right in the listing info they admit that they rejected offers that maybe they should have taken, and presumably will take now -Reduced and priced to sell!!! Seller now more motivated than when offers near this price were rejected.
That’s refreshing, get it out in the open.Then again, they’ve had lots of time to think things over. First clue, they paid $991,500 in June 05.
And about a year later, in Sept 06, they listed it for $1,595,000.
But it didn’t sell and left the market in September 07 at $1,375,000. But it was back in February 08 for $1,795,000 (yes $1,795,000, after failing to sell in a better market for less moola) and has been for sale ever since, now asking $1,395,000 ($335/sf).
And who knows when it was done, but the current listing says Extensive & total remodel. See it here> 6273 N Desert Moon Lp
(Listed by RE/MAX All Executives)
And though it did sell today, 7598 N Mystic Canyon Dr definitely did not do much for the comps in Pima Canyon. A spec home, and a nice one, but with a triple handicap – somewhat awkward access, some road noise, and a nearby electric booster station – all in Pima Canyon, imagine. Well it’s just barely in PC, kind of on the ropes of the southwest perimeter. (Listed by Long Realty)
It sold for $875,000 ($246/sf) off a $974,000 list price. Originally listed in Nov 06 at $1,400,000. And let me get this dig in. The MLS reports it as having sold for 89.84% of list price. And technically, I guess, and if you ignore the $1,400,000 original list price, you could say that’s true.
But practically it’s nonsense. Particularly when you compile a bunch of sales and present it as market data, it ends up offering a very distorted picture of what’s really happening out there. To what purpose I wonder.
see thefoothillsToday.com
to find your Tucson Foothills home
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