Recently I've talked about the opportunities for making a good deal that exist at the million+ end of the market here in the Tucson Foothills. And also noted that because of the recent spike in activity at that end, it's apparent that some people are jumping in to take advantage of these opportunities.
In the last two days two of those opportunity homes have closed escrow, and sure enough, for a very substantial discount off the list price.
The first one is a classic example of a situation that had the markings of a good deal written all over it.
Listed for $1,645,000,(reduced from $1,795,000) New spec home, vacant, on the market a long time (479 days), multiple price reductions, and a buyer who comes along in the heat of summer.
It's a formula for success, with all the cards stacked in the buyers favor. It sold for $1,350,000, a measly 82% of the list price,
or just 75% of the original list price.
Meanwhile last year, in April of 07, a house that is virtually identical to this one, that was designed and built by the same architect/builder and built on the same street, same design, same size, same everything, that was listed for $1,795,000, sold for $1,715,000, or 95.5% of the original list price. My, how things have changed.
**For perspective, since My 1st this year the average % of Sale price/List price for all homes sold in the Foothills is 93.75%.
The second one is a house that served as the former sales center in Pima Canyon. And though technically not a new spec home, it was, after having served it's useful life as the sales center, basically dead weight to the owners. At the time of the sale it was listed for $1,950,000 - after having been reduced over the last two+ years from the dizzying height of $2,500,000. It too was vacant, had been on the market a long time, 2 1/2 years, and had had multiple price reductions. And along comes a buyer in the heat of this slow summer who nabs it for $1,640,000, also a measly 84% of list price.
And just 65% of the original $2.5m wish list price. Such a deal!
They're out there.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
