I don't have all the details yet, but word is that 40 condo units at The Villas at Sabino Canyon here in the Tucson Foothills are going to auction on May 10.
I don't know if these are all the same units, but when they were listed for sale in the MLS recently, they ranged from 1004 to 1209 sf,
2 to 3 bedrooms and 2 baths, and were listed from $169,900 to $220,000.
And according to the MLS, 36 others have sold in there over the last year or so, from $155,000 to $255,000. These owners are not going to be happy. Unconfirmed information tells me that bidding will start at $89,000 or $99,000 depending on the unit, and there is an undisclosed reserve price that must be met.
But you could see this coming from a long way off.
The condo craze got started here in 2005 with the zippity-quick 6 hour sale of all the units at Tierra Catalina, the first new condo development to open in some years in the Foothills.
Soon word got out that there was fast money to be made in Tucson, and out of town developers quickly bought up all the apartment complexes in the Tucson Foothills, and waved their wands and turned them into condos. But they all did it at about the same time, and in the blink of an eye we went from 40 or 50 condos for sale at any one time, to more than 1000 and growing. OOPS!
The Villas at Sabino Canyon were one of the last to open their doors, and by that time, the market for condos in the Tucson Foothills was suffering from a severely bloated supply amidst trickling demand.
I'll post the auction details when I get them tomorrow.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
