I see it every day and I was reminded of it again this morning when I saw that 5238 E Mission Hill Drive was in contract. It’s been for sale for more than two years at pretty much the same price. It started at $795,000 for the first year and then for $749 since then. And then today, out of the blue, it goes to contract. And I wouldn’t be surprised if there were other buyers interested in it, but taking their time and figuring, hey, it’s been around for 2 years, what’s the rush.
We’re just now eking our way out of the worst real estate slump in decades, and during these last 4 or 5 years we’ve grown accustomed to having all the time in the world to shop for and make offers on the many homes that had been languishing on the market.
But the market’s changing and many of the homes that have been sitting there for extended periods are now going to contract and selling. And a lot of it is due to sharply reduced prices. Prices that have gotten buyers off the sidelines and into the marketplace. But I’m also seeing homes that have been on the market for a year or more - without much of a price cut- also going to contract – like Mission Hill up above. And every day new listings come on at prices that are attracting buyers a lot sooner than we’ve been accustomed to.
Here’s just a few examples.
6540 N PLACITA DE TIA RO, a new spec home was listed on March 1st for $1,249,000 ($309/sf) and today it’s in contract.
4625 N Placita Roca Blanca came on on March 6 for $1,595,000 and by March 8 it was in contract. And it closed on March 26 for $1,575,000.
2321 E Calle Lustre, listed since Jan 2011 was at $987,000 and then $949 and after more than a year it went to contract this March.
Similar story for 4803 E Placita Provida. Listed Jan 2011 for $1,095,000 and on the market ever since, it went to contract and sold last month for $1,010,000.
But mostly it's big price cuts that are spurring sales. Like 7707 N Ancient Indian Drive which dropped from $2.250 to $1.495 in the past two years and still it didn’t move. Then two weeks ago it did.
And 1308 E DESERT GARDEN Drive which started at $1.280 two years ago and ended up at $840k last week.
There’s pent up demand from buyers who’ve been waiting for just the right deal to come along but are now finding that there’s very little to choose from. The market is changing.
to find your Catalina Foothills home