3771 E Sumo Octavo sold yesterday for $1,200,000 ($191/sf) off a list price that started at $2,195,000 in Jan 08 and ended at $1,350,000 a couple of months ago.
The sale of Sumo Octavo makes it 21 homes sold in the Catalina Foothills this year at a million $$ or more.
For comparison here’s a look at mil+ sales last year and a few years before, that’s from Jan 1 – May 28, the season.
2010 – 21 sold
2009 – 14
2008 – 24
2007 – 40
2006 – 61
2005 – 40
And 107 still for sale.
With so many high-end homes sitting on the market for one, two or more years and, with the arrival of summer, sluggish sales about to slow to a crawl, I think we’re going to see some fallout, the likes of which we have not seen before.
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