There’s an article in today’s AZ Daily Star about Saguaro Ranch, the ultra-luxe home community on the northwest side that went belly up before it got off the ground.
according to the article,
In June, Kennedy Funding and Anglo-American took over Saguaro Ranch (for $14 million) after filing a foreclosure notice on the property earlier this year.
Developers of the property in Marana, led by Stephen Phinny, had defaulted on a $50 million loan recorded in December 2005, documents filed with the Pima County Recorder's Office show.
Read all about it, from The Arizona Daily Star > Real estate: New Saguaro Ranch owners turn to Tucson developer <
The article goes on to state that lots sold for about $1 million when the market was at its peak and that they are now selling for $300,000. That’s bad enough, but the truth is that lots sold for much more than that. The mls shows 15 lots sold from $1.1 to $1.9, with multiple sales at $1.3, a couple at $1.5ish, a couple at $1.6+ at $1.7+ and the king of the hill at $1.9. That was in 2004 to 2007. And then the music stopped.
Saguaro Ranch was an extraordinary development that promised the peak of luxury. And even though it is nowhere near the foothills, because it was so extraordinary, I’d mentioned it > here > here & finally here.
thefoothillsToday.com
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