The good news is that 6151 E Finisterra, a mega spec home, sold today for $2,500,000 ($280/sf).
But that’s off a $3,500,000 ($392/sf) list price that was reduced from a long held $4,200,000 ($470/sf) list price. It was at $4.2 from Feb 2010 until May of this year when it dropped to $3.5, and that did the trick. It went to contract 30 days later. And while $2.5 may not have been the magic number they were dreaming of, with no comparable sales to lean on and no hope of a return to yesterdays prices, what alternative was there.
When 6151 was conceived and planned for, probably in 07 – 08, high-end homes were still selling at $2.5 to $3.5 and in the mid $400’s/sf and up. But by the time it hit the market in 2010 those numbers were history. And the only other sales at $2.0 or more this year were two other mega specs, both of which also sold at reductions of 40% – 50% from where they started.
see > bets on high-end spec homes have not paid off
And of course every low-ball sale just makes it even more farfetched for those still holding out at yesterdays prices.
On the bright side 6151 is the highest priced home sale in the foothills since late 2009.
6151 E Finisterra Tucson, AZ 85750
(listed by Long Realty)
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