A house on Cerrada Nopal in the old Foothills area of the Tucson Foothills popped into the Tucson MLS this morning as a new listing, for $445,000, or $163.66/sq ft.
The house is 2719 sq. ft., 4 bedrooms/3 baths, burnt adobe construction, built 1976, a pool, 2 car garage on .80 acres, for $445,000. It's been foreclosed and is being sold by the lender.
See it here> Cerrada Nopal
I've seen and shown this house a few times over the years.
It sold in July 2004 for $440,000. Those buyers did a little renovating- new kitchen, new travertine floors, some new doors, etc, and sold it six months later for $523,000. But I don't think they did as well as they'd hoped.
Then it came back on the market last October for the pipe dream price of $829,000, and was reduced and reduced down to $769,000. Word was that it was a possible short sale or foreclosure, though it wasn't listed as one. And the online records indicate the outstanding mortgage amount is $701,250. Well it didn't sell, so now the lender owns it, and is taking a big hit selling it for what it sold for in 2004, before the renovations.
The listing says, Seller will review any and all offers on 9.15.08
They've priced it to incite a little bidding war, and I'd be surprised if they didn't get one. The pictures above are from the previous listing, and right now the house doesn't look quite that pristine.
It needs some work, a facelift, this n' that. But at $445
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