Spec homes were wildly popular in the Catalina Foothills during the good old days of the real estate boom. Sunday open houses were big events and literally jam packed with lookers and buyers. But especially in Pima Canyon, which was a mad house, because it had many more specs than anywhere else in the foothills. But of course it all came tumbling down with the market crash of 2008 and over the next few years spec building ground to a halt.
But it now appears that specs are making a bit of a comeback, and that’s a good thing. Because it shows confidence in the market and because buyers like new homes, and right now there are very few no new spec homes available – because they’ve all sold.
So this would be a good time for you builders to start building. And while you’re at it you may want to consider building a contemporary. Not a sw contemporary, but a simple, modern, contemporary – like these.
Recent spec home history, such as it is;
In 2012 - 4 specs sold from $1,010,000 to $2,500,000
2013 - 3 specs sold from $779,000 to $1,680,000
2014 – 4 specs sold from $825,000 to $1,370,000
During 1st 6 months of this year – 7 specs sold from $428,000 to $1,600,000
So more specs sold in the first 6 months of this year than during the entire years of 2012 – 2014. But with no new spec homes available, that may be it for the year.
And just to reminisce, in 2006 - 35 specs sold in the foothills from $565,000 to $3,100,000 – 28 of them went for $1million+ – and 13 of them sold in Pima Canyon, from $1,090,000 to $3,100,000 – at a median sold price of $2,150,000 @ $437/sf – a feeding frenzy. Those were the days.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
