7788 E Tumbling Rock Drive was listed for $1,195,000 last October and sold for $1,040,000 ($241/sf) yesterday. The sellers paid $1,375,000 in 2006. (listed by Long Realty)
Nevertheless, this, and one other sale this March, at $1,075,000 ($260/sf) (they paid $955K in 2003), may be a vote of confidence for the high-end market on Sabino Mountain. In 2006
9 homes sold from $1,060,000 to $1,900,000, but by 2007 it had dropped to 2 sales and by 2010 $Million+ sales had dried up completely. So nothing sold for $Million+ from 2010 to 2012 and then one sale in 2013. And now 2 so far this year, and it’s only June.
But right now there are no prospects for another Million+ sale because there’s nothing for sale at $Million+. There are 17 homes for sale, but they top out at $899,000.
And while these two sales are a step in the right direction, and may be a vote of confidence from buyers, I don’t doubt that other potential high-end sellers are less than ecstatic. Because while they too may want to sell, the low sale prices of today, relative to what they paid in the glory days, just don’t cut it.
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