When it was first listed in January 2008, 1347 E Desert Garden was listed for $2,600,000 ($530/sf). And for the next 18 months it was reduced and reduced until it was pulled from the market, unsold, in September 09 at $1,800,000.
1347 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)
A huge improvement, it was relisted this May at $1,500,000 and is now $1,375,000($298/sf).
Will that do it. I don’t know, but with so little activity at the upper end of the foothills real estate market I wouldn’t be surprised to see a slew of high end price reductions. Actually, I’ll be surprised if we don’t. With so much uncertainty in the economy and so little confidence in government, I can’t imagine that even the most hopelessly optimistic of high-end home sellers can continue to believe that a buyer is going to come along anytime soon to pay yesterday’s prices.
And as I mentioned yesterday, there are cash buyers out there, but they’re looking for good deals,
We’ve had a grand total of three homes listed at a million or more (at $1.095, $1.190, $1.250) go to contract in the foothills since the first days of August. And two of them are short sales.
Meanwhile, there are 17 homes for sale in Pima Canyon (alone) – and at $1.375 this one on Desert Garden is the median priced home of the bunch, the average/median is $1,850,171/$1,375,000
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