That’s at 7203 N Cloud Canyon Place, on the market since 2007 when it was listed for $3,250,000 and reduced and reduced until it reached $1.5 and sold today for the aforementioned $1,400,000 ($252/sf) - in the Canyons.
And while the sellers did pay $2.2 ($407/sf) for it in July 2001 it’s hard to believe that that was fair market value. The sellers who sold it them for $2.2 had purchased it exactly one year earlier, in July 2000, for $1,595,000 ($295/sf) – when it was brand new.
Can anyone make a case for it appreciating 38% from July 2000 to July 2001 –
if so I’d love to hear it.
You’ve heard the old saying, you make (or lose) your money in real estate when you buy (not when you sell),
Today’s buyers, getting it for less than the 2000 price, they did well.
7203 N Cloud Canyon Place Tucson, AZ 85718
(listed by Long Realty)
Also worth noting, this is only the second sale in the Canyons since July 2008 -
and it’s also the first “normal” non-distress sale since 2008 - Cheers to that!
the one and only other sale was a foreclosure earlier this year.
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