We’re hearing lots of talk about the market recovery, improving markets, prices are up, blah, blah, blah, hurry, buy before rates go up. Well, I have news for you, that’s just talk, the reality is much less rosy. Just ask these sellers about the market recovery.
A house in Ventana was listed for $1.1 and sold the other day for $975,000, yeah!
but the sellers paid $1,575,000 for it in 2008
and prior to that it sold for $1,325,000 in 05.
and talk about appreciation
a house in Alta Vista just sold for $750,000
better, but not by much, than its last sale 14 years ago for $700,000.
a house in Pinnacle Ridge did better
the sellers paid $660,000 in 2004 and recently sold it for $770,000. There’s always been high demand for Pinnacle , and there’s never much for sale, so supply & demand rules.
Another house in Pinnacle sold in 2010 for $610,000 and for $630,000 last month.
In Cat 9 a Tyson was listed for $1,090,000 and sold for $1,090,000 two weeks ago
The sellers paid $1,200,000 in 2005
A Pima Canyon home sold for $1,126,664 in 2006 and for $975,00 a few weeks ago.
So at that, I’d figure they didn’t do too bad, but the listing states that it was exquisitely remodeled, and it looks like it was – cha-ching!
After trying for $995,000 then $949,000, a home at Miramist at Ventana sold for $875,000, the sellers paid $930,000 in 2003.
In Skyline CC a home sold for $1,875,000 in 2006. And in 2013 the owners listed it for $1,895,000, then dropped to $1,599,000, then $1,500,000 and eventually $1,300,000 before giving up after about 9 months. Listed again 31 days ago at $1,290,000 it is now in contract.
I may have mentioned this one before, but I can’t find it. On Sabino Mountain a home sold for $1,060,000 in 2006 and for $695,000 two weeks ago. Sabino Mountain was all the rage back then, because it was new, had dramatic views and all the homes were brand new - a rare thing in the foothills. And buyers just went bonkers for it.
In Las Alturas a home sold in 2008 for $610,000 and sold again last month for $610,000.
Some homes have done better than others, and some buyers did better than others when they bought back then. And, for sure, upper priced homes are feeling the pinch more than lower priced.
In Shadow Hills a homes sold for $575,000 in 2008 and $515,000 last week.
A very popular Golf Villa in Ventana does a pretty good job of tracking the arc of prices over the years. It sold for $350,000 in 99, $415,000 in 2001, then it sold again in 2001 for $418,000, for $475,000 in 2003, for $440,000 in 2014, and for $440,000 two weeks ago – even though everyone wants it it’s still up just 5% since 2001.
And those sales aren’t exceptions, they’re real life examples of the trend in prices as seen in this chart. (including sale prices for the first 3 1/2 months of 2015)
Home sales have improved a great deal since they bottomed out in 08 – 09, but they’re still much lower than they were even in the years long before the boom – and with a sizeable drop last year after 4 years of increasing sales.
For 2014 sales are down about 30% from their peak in 04. Bad enough, while sales at $1,000,000+ are down 62% from their peak in 2006 – 126 sold in 06, 47 sold in 2014.
So what else is new, with demand down - prices are down.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
