Unfortunately, if you bought during the boom years, 2005 – 2008 and are selling now, there’s a good chance that you will be selling at a loss. It’s not you, it’s the market. Overall median sold prices in the foothills are down 21% from their peak in 2006. Needless to say, many home owners are selling at a loss this year.
Hoping the market would improve, I believe that many homeowners held off for years listing their homes, or listed them at totally unrealistic prices and got nowhere. And many of them have now thrown in towel or are just tired of waiting and have accepted the realities of the market and are listing their homes at more realistic prices. And the market has improved and, I hope, will continue to do so, but so far not enough to compete with sky high 2005 – 2007 sold prices.
The following is not a complete list, not nearly, it’s a small sample of selling prices then and now for homes in different subdivisions across the foothills.
- Click any highlighted subdivision name to see all the homes currently for sale.
In Alta Vista - 6153 E Avenida De Kira, Tucson, AZ 85750
sold for $1,050,000 in 2004 and for $1,275,000 in 2005 (a 21% jump in 13 months, those were the days) and for $950,000 last month - a 25% drop in 12 years.
In Coronado Foothills Estates - 6696 N Cocopas Road, Tucson, AZ 85718
sold for $950,000 in 2006 and for $700,000 this March, a 26% drop.
In Bellas Catalinas - 4239 N Placita De Sandra, Tucson, AZ 85718
sold for $650,000 in 2006 and for $640,000 this January, a 1.5% drop.
Yes, it’s true. The bigger they are the harder they fall. In general, there are exceptions, lower priced homes are not seeing the big price drops that are rampant at the upper-end.
In Sunrise Territory Village - 4998 N Fort Verde Trail, Tucson, AZ 85750
sold for $625,000 in August 2008 and for $625,000 this February
On Sabino Mountain - 4081 N Quail Canyon Drive, Tucson, AZ 85750
sold for $875,000 in 2005 and they added about $100,000 in improvements whereupon in 2009 they tried for $1,349,000 then $1,299,000 then $1,195,000 with more cut, cut, cuts over the years, and sold for $845,000 2 weeks ago. down just 3% not counting the $100thou for improvements.
On un-subdivided land - 3950 N River Bluff Place, Tucson, AZ 85750
sold for $947,500 in 2008, for $432,000 in 2014 and for $620,000 last month.
- 54% in 2014 & up 43% in 2017.
In Cobblestone - 7421 N Moon Spirit Lane, Tucson, AZ 85718
sold for $1,600,000 in 2007 and for $1,296,500 this March, -19%.
In Catalina Foothills Estates NO. 2 - 4905 N Camino Antonio, Tucson, AZ 85718 got off easy. It sold for $1,350,000 on July 30, 2008, (the 11th hour for the boom years) and for $1,325,000 this March, down barely 2%,
In Cimarron - 6057 E Paseo Ventoso, Tucson, AZ 85750
sold for $912,000 in 2007 and for $779,000 two weeks ago, –14%
In Montanas De Paz - 4865 E Placita Provida, Tucson, AZ 85718
sold for $1,400,000 in 2007, for $1,136,500 in 2013 and for $1,250,000 last month. Down 19% in 2013 and up 10 in 2017.
In Pima Canyon - 1608 E Desert Garden Drive, Tucson, AZ 85718
sold for $1,177,500 in 2007 and for $840,000 this April - down almost 29%.
In Sin Vacas - 7660 N Camino Sin Vacas, Tucson, AZ 85718
sold for $1,285,000 in 2005 and for $899,000 last May – down 30%.
Almost all of the homes listed above tried for months, or even years, to sell at higher and often much higher prices and eventually gave in to the reality of the market place.
On the other hand, if you bought at the bottom of the market in 2012 or thereabouts you should be golden, overall median sold prices are up 20% since then. And rising.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
