After years of the drawn out tug-of-wars over prices between buyers and sellers, increasingly we’re seeing list prices that are more closely aligned with current market values rather than being based on what the seller paid, how much they have in it or what they wish it was worth. The result is that more homes are selling and, when priced right, they’re selling quicker.
A couple of recent examples;
5980 N Placita Del Lagarto, Tucson, AZ 85718 in Shadow Hills.
The sellers paid $1,100,000 in May 2008 – just months before it all hit the fan
And last September they listed it for $917,995, soon dropped it to $885,000 and about 30 days later it went to contract and sold the other day for $873,000, after a total of 50 days on the market. And by the way, $873,000 is big buck$$$$ in Shadow Hills, real big. Since Jan 1, 2010 146 homes have sold in SH, and just one, this one, sold for $800,000 or more.
5610 E Territory Drive, Tucson, AZ 85750 in Sunrise Presidio
The sellers paid $469,000 in March 2005
And last July (not the most opportune time to sell) they listed it for $445,000, soon dropped it to $425,000 and it sold the other day for $412,000 after 113 days.
And now, 3+ years after prices hit bottom, we’re also seeing a bit of price appreciation in homes that were purchased since 2011 - 2012.
1940 E Calle La Brinca, Tucson, AZ 85718 in Cat 8 (Catalina Foothills Estates 8)
sold in 2013 for $575,000. It was then listed this past October for $625,000, went to contract in 14 days and sold for $610,000. After all was said and done the sellers didn’t make a nickel, but they didn’t lose their shirt either.
And in case you’ve forgotten how it used to go, and too often still does;
5965 N Sabino Shadow Lane, Tucson, AZ 85750
Sold in March 2006 for $760,000.
Was listed in October 2012 for $800,000 – When you wish upon a star ….
Dropped to $775 then to $720 and held on to $720 until August 2015.
Finally, in October 2015, they threw in the towel and listed it for $589,900 and it went to contract shortly thereafter and sold the other day for $580,000.
My sense is that the tide is turning and that many of those involved in buying and selling homes in the foothills have had it with the unrealistic expectations and stubbornness of the old days. And are now looking forward to, and working both sides of the aisle, to achieve a more rational and normal market. It’s about time.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
