Many spec builders got hammered badly when the market tanked in 2008. And in the years that followed a slew spec homes sold for a fraction of their original asking prices and often fell to short sale or foreclosure. By the time the smoke began to clear around 2011 – 2012 spec home building was at a standstill and for the most part remained at a standstill, or at best a crawl, until 2 or 3 years ago.
But now, with the market on the upswing, builders are once again swinging their hammers in earnest. So far this year 14 new spec homes have been completed or are under construction.
Of the 14, 3 have sold at $345,000, $915,000 and $1,995,000, 3 are in contract at $479,900, $985,000 and $1,249,000, and 8 remain for sale at $799,000, $1,995,000, $589,900, $895,000, $795,000, $1,895,000 and two at $1,595,000. See the 2017 Spec Homes here (link expires 11/12/17)
And there are 3 specs for sale that are leftover from last year priced at $800,000 $1,095,000 & $1,795,000. In 2016 4 spec homes sold at $721,701, $1,600,000, $1,610,000 & $2,197,500.
This is more specs than we’ve seen in years, though not quite the tsunami of spec homes that appeared and sold in 2006 when 35 sold.
7 sold from $565,186 to $995,000 and the remaining 28 sold from $1,052,000 to $3,100,000 – median sold price $1,375,000.
See the 35 Spec Homes Sold in 2006 (link expires 11/12/17)
Many buyers prefer new homes and there is, and has been for years, a shortage of new homes in the Catalina Foothills. And with hardly any bargains to be found amongst the many older homes that are in need of large scale and expensive renovations I think the new specs have a better than even chance of finding buyers.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
