Step 1. buy the cheapest house in there
Step 2. sink about $100k into it so it doesn’t look like the cheapest house in there
Step 3. put it on the market for $400,000 more than you paid
Step 4. sell it for $315,000 more than you paid and net about $150,000 in 18 months.
That’s what they did at 7373 N Mystic Canyon Drive. They paid $670,000 in 2013 and, guessing generously, put about $100k into it. They got rid of the gee-gaws and funky finishes, and then the big money went into transforming the drab looking backyard, which was a blank slate. They added a beautiful pool, a fireplace + some simple but striking landscaping.
Then they put it on the market for $1,099,000 and sold it 4 months later for $985,000.
It closed on 10/30/2014, and I meant to write about it back then, but I was up my eyeballs in alligators.
I showed this house to a few different buyers before the 2013 sale, and extolled the virtues of buying the cheapest house in there. And there wasn’t anything wrong with it, it just needed some cosmetic fixes here and there. And then tackle the backyard. But none of my buyers went for it.
Here’s a sample of what it looked like with and without gee-gaws and funky finishes.
The backyard is on the small side and the pool is not nearly as big as it looks thru this wide angle lens
7373 N Mystic Canyon Drive Tucson, AZ 85718 (BEFORE)
7373 N Mystic Canyon Drive Tucson, AZ 85718 (AFTER) (links expire 2/7/2015)
In 2014, 12 homes sold in Pima Canyon from $890,000 to $1,999,500 at an average/median of $1,235,292/$1,260,000. So at $670,000 there was plenty of room to move up.
see TheFoothillsToday.com
to find your Catalina Foothills Home
