Here’s a look at what is for sale and sold in some of our more esteemed foothills communities. As you’ll see, we’re long on supply and very short on sales. And I see no indication or reason whatsoever for this to change appreciably anytime soon.
If you do, I’d love to hear all about it.
(prices shown are average/median, list or sold prices) & do notice, in those communities where homes have sold, the rather large gap between list and sold prices. This can’t last last.
19 for sale in Pima Canyon – $2,556,911/$2,395,000, 10 of them spec homes. 4 sold in the last 3 months – $1,171,250/$1,005,000
8 for sale in the Canyons – $5,326,250/$4,225,000
At least 4 of those are specs and nothing has sold in there since July 2008.
4 for sale in La Paloma Estates – $1,608,750/$1,345,000.
None sold in the last 3.
16 for sale in Skyline Country Club Estates - $1,454,125/$1,247,500
5 sold in the last 3 months - $1,008,900/$1,100,000
15 for sale at Ventana Country Club - $1,441,327/$1,399,000
1 sold in the last 3 months for $980,000.
And for my fav, Catalina Foothills Estates 10, 18 for sale - $1,607,000/$1,499,500.
3 sold in the last 3 months - $820,567/$850,000
3 in Cobblestone - $1,865,667/$1,949,000
2 sold - $1,025,000/$1,025,000
With all those homes for sale and so few selling, you’d think you’d be able to find a good deal in there somewhere. And you can, but you have to put in some time and some effort. First, you have to really figure out the kind of home you want – the size, style, location, amenities, etc, and then you’ll have to learn the market well enough that when a good deal does come along you’re able to recognize it and move on it. Quickly. Because if it’s truly a good deal, if you don’t jump on it, someone else will. And yes, even in this crappy market, there are lots of buyers waiting in the bushes for the right one to come along. As a matter of fact, that’s where all the buyers are, waiting for the right deal.
Ok, so you should have learned the market well enough that you don’t even need no stinkin’ comps. That’s right, you know it well enough that when you see it, you know it, no question. Just like that.
In the last year or so I don’t think any of my buyer clients looked at comps for the house they ended up buying. They didn’t need to. By then, they knew the market better than what comps could have told them.
