Today a very beautiful and very expensive home sold in the Tucson Foothills. A home that had been on the market for 2048 days, that is, since November of 2002.
It was listed for $2,775,000 and sold today for $2,600,000, or $489/sq. ft., after 2048 days. I showed this home almost three years ago, and it was gorgeous, gorgeous-gorgeous. And I couldn't understand why it hadn't sold, but felt certain that if my buyers didn't buy it, which they didn't, that it would sell very soon.
And I didn't think it was over-priced. On the contrary, I felt that it had it all, primo location, stunning yet low-key design, and beautiful, timeless materials. Expensive, and worth it. It was my top pick.
But it didn't sell, until now, which is perhaps the most unlikely and unexpected time for such a sale in the last five years. And it's been on the market for all of those 5 years. So why now, and not two or three years ago.
For months I've written about the very high inventory levels at the $1,000,000++ end of the market, 24 months of inventory and more. But more recently, in just the last two weeks, I've also written about the sudden and unexpected spike in activity at that same high-end. And I attributed it to the fact that there are some good deals to be made. Because of the high inventory and slower sales, some sellers were cutting to the bottom line in order to unload now.
But this house didn't fall into the make a killer deal category, no one made a killer deal here. I'm just not sure what to chalk this sale up to. After all this time there's got to be more to it than just 'the right buyer finally came along'. I just don't know what it is.
In any case, congratulations to those sellers, for the sale, and their patience and resolve. And to the buyers of one of the few houses that I've really and hopelessly lusted after. It's gone, so I can finally stop thinking that maybe, somehow...
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