On the market for 2+ years and listed for $1,075,000, $995,000 and $799,000, 6347 N Pinnacle Ridge Dr failed to sell.
Then it stumbled into foreclosure and was listed for $690,000 on 11/02/09, and went to contract on 11/17/09 and closed escrow on 12/08/09 for $635,000 ($179/sf). A quick cash sale and a very good deal for the buyer.
6347 N Pinnacle Ridge Dr is in the Pinnacle Ridge subdivision, aka Paloma Canyon, where there are 4 other homes for sale – priced from $675,000 ($235/sf) to $895,950 ($253/sf) – and 3 of the 4 have been on the market for nearly a year or more. And 3 of the 4 have been reduced- reduced-reduced, but still no sale.
In the last 6 months just one other home has sold and it went for $850,000 ($240/sf), reduced, over time, from $1,075,000 ($304/sf).
Back in the day, when credit was free and easy, homes in Pinnacle Ridge sold like hot dogs at a ball game. And prices skyrocketed.
Because Pinnacle Ridge has a lot going for it. A super convenient central foothills location, it’s a newer gated community built in 2001 to 2004 or so with nicely built AF Sterling homes, district 16 schools and one of those rare places in the foothills where kids are out riding bikes and playing at the end of cul-de-sacs. It’s very popular with families with school age kids. Or it was anyway, until prices rose to the point where young families, the core market, were priced out. And now, when you have to actually qualify for a loan, forget about it.
But this sale, at $635,000 $179/sf, is going to put a big dent in the comps in Pinnacle Ridge and may help pave the way to a return to more affordable prices. PS- this house last sold in July 2002 for $640,000.
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