Two years ago, in late summer of 2006 my wife and I were kind of interested in buying this house in the Tucson Foothills.
We weren't in love with it, but we thought it had some possibilities. But at $850,000 and just 2600 square feet, etc, etc,
I thought it was high by $75,000 or more.
But we were at a big disadvantage because it was a brand new listing that had just come on the market that day. And along with a good location and nice city and mountain views, it had charm and a nicely renovated kitchen, and baths, etc. Updated charm, cha-ching!
So rather than waste everybody's time, because I didn't expect to get very far, I decided to try a verbal negotiation and see if we could get close enough to warrant a written offer. No way, and that didn't surprise me. The listing agent let me know that they expected to get
full price. And I agreed with her they'd probably get it.
But not from me.
Sure enough, somebody had to have it no matter what, and a short time later it sold for $850,000. Cha-ching!
And then about nine months later something must of happened, because these new owners put it back on the market for $899,999. Oops! No way. By then it was July of 07 and everything had changed. The price needed to go down, not up.
So after six months and a couple of small price reductions and still no sale, the bank stepped in and took over. Now, after six more months, and a couple of more price reductions, that house was reduced again today to $625,000. It doesn't show nearly as well as it did before the last sale when it was in perfect condition and beautifully furnished and decorated. It's been vacant for a while and shows some signs of abuse, but nothing that $4 or $5000 won't fix, and all the important stuff is still intact. But there it sits.
In 06, at $625k, there would have been pandemonium and vicious bidding wars.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
