6755 N Hole in the Wall Way, a 2002 built, 6400sf, 2 story soft contemporary on approx 1 acre, sold for $2,495,000 in 2006, $2,200,000 in 2010 and for $1,700,000 today.
And they didn’t let it go easily either; it was listed for $2,200,000 in October 2013 but didn’t draw a buyer until it dropped to $1,799,000 this April.
Yet median sold prices in the foothills are virtually the same today as they were in 2010. So going by the numbers it should have sold for about $2,200,000, which is what it sold for in 2010. But it sold for half a mil less. Why?
I touched on this in an earlier post, asking;
Why are upper-end homes selling for less today than they did in earlier years, even though foothills average/median sold prices are higher today than they were back then.
And I answered - the market for homes listed at $1million+ has been bumping along the bottom since 2009 and so far this year has the lowest sales since 2008. So in order to sell (aside from pulling their hair out) many sellers of upper-end homes must be willing to price their homes to sell in today’s upper-end market, such as it is, (big supply – little demand). And ignore the fact that average/median sold prices are UP from when they bought 4 or 5 or even 10 or 12 years ago. Because the rise in prices has everything to do with price increases for homes listed and sold in the $100,00 to $900,000 range – which is about 96% of all sales – and nothing to do with $$million+ sales. Sad, but true.
FYI - Zillow was in at $1,982,201
The buyers did quite well and the sellers did the best they could.
see thefoothillsToday.com
to find your Catalina Foothills home
