From Monday January 15th thru Sunday January 28th 42 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link will expire on 2/28/18)
26 are priced from $244,900 to $550,000
13 from $615,000 to $950,000
3 from $1,049,000 to $2,399,000
A few comments on a few contracts;
A foreclosure with 4 acres on Sabino Canyon Rd listed for $245,000 went to contract in 36 days. Prior to this current listing it had been on and off the market from 2008, when it was listed for $1,200,000 (seriously,$1.2mil), until 2013 when it left the market listed at $324,500. During that time it was listed for $950,000, $900,000, $850,000, $820,000, $749,000 $450,000 and so on. But no one went for it until the bank came along and priced it to sell. It doesn’t always happen that way. Occasionally, when a property is listed way high and the price is reduced and reduced again it can be tempting to think that because of the drastic price cuts that the property is now a really good deal. And it may be, but often it’s not. It’s just a drastically overpriced property that has had a few big price cuts but still has a way to go.
The slow rise in Catalina Foothills home prices is vividly illustrated by a home in Shadow Hills, one of the most popular subdivisions in the foothills. It sold for $350,000 in 2009 and one year ago it was listed for sale again, this time for $429,900. But no takers and after a few price cuts it got down to $365,000, and finally went to contract listed at $365,000. Essentially its 2009 price.
On the other hand; a luxury home in Skyline CC that had been on and off the market for about 6 years before it sold in 2016 for $2,100,000, was listed this January for $2,399,000 and went to contract in 14 days.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home