In the last few months I've given a lot of coverage (some would say too much) to the million$+ spec home market here in the Tucson Foothills. I did it because there are unmistakable signs of vulnerability in this category. And along with that, there's opportunity.
And now unfortunately, though it was inevitable - two of these million$+ spec homes have been listed as short sales.
From the same builder, 5543 and 5527 N. Camino Real, priced at $1,295,000 and $1,495,000, are now short. Another home that's part of this trio, priced at $1,195,000, went under contract on July 17, also listed as a short sale. See the two for sale here> Camino Real
This project began with the purchase of a large Joesler estate on 4.5 acres here in the Tucson Foothills, which was then split up to make room for the three new spec homes. I wrote about it in going through changes with a Joesler in the Tucson Foothills
As with many others, this project was the victim of unfortunate timing. Planned, committed to and begun in the Ra-Ra days, but not completed until we were in the doldrums of a declining market, the chances for success dwindled.
I count 27 new vacant million$$+ spec homes for sale in the Tucson Foothills. And amongst them, I see opportunities to make some very good deals. New, old and in between, there are 128 homes for sale in the Tucson Foothills priced at $1,000,000 and UP.
*click Foothills Spec homes under CATEGORIES in the left column to see all my recent posts on Foothills Spec homes
and see my web site thefoothillsToday.com
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