On Valentines Day in 2007 I was at the florist and bumped into a real estate agent I knew. And because he'd moved to a different brokerage we hadn't seen each other in a while, so we spent a few minutes catching up while we compared bouquets.
I remember how proud he was telling me about the investment properties he and his wife had just bought, and how they were going to make a quick buck flipping them. I thought they might have been a little late to the party, but I also thought this guy was pretty savvy, so I wondered if I was the one missing out. And according to him, they'd gotten in on the ground floor of a great new development called Miramonte by the River. In the Foothills he said. I'd never heard of it, and turns out it's on the very southwestern edge of the Foothills behind the Tucson Mall. Technically in the Foothills maybe, but just.
Anyway, having now heard about Miramonte by the River, and wanting to keep an eye on what I'd missed out on, I took notice of it when it popped up from time to time in the MLS. But after a while, when they weren't selling, it started popping up all the time with lots of little price cuts on the different units in there.
And that got tedious, so I stopped noticing.
And then yesterday, almost two years after our Valentine's Day meeting, the two units they'd bought finally showed up in the MLS as under contract. Yeah!
In January of 07 they paid $456,468 for one, and $605,858 for the other. And of course, they put them up for sale for more than they'd paid, but they didn't sell. And they cut and cut, and still no sale. And eventually they were foreclosed and the lender took them back.
And having no illusions about the current market and wanting to cut their losses and get it over with, the lender listed the unit my agent pal paid $456,468 for, for $270,000, and the one he paid $605,858 for is listed at $375,000. I don't know what they'll close for, but at $129/sf list price, these are the least expensive units to sell in Miramonte by the River. So maybe now, finally, they're a good investment.
And the lender, they're on the hook for the $433,600 in mortgage money for one, and $575,000 for the other.
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