In September 2010, I posted a piece titled if you’re a high-end buyer, time is on your side.
A piece that went on to note that "prices for high-end homes are down about 30% from where they were ..... And because there is a big supply and a small demand, prices are going down every day etc.blahblah At the same time, foreclosures and short sales are going up every day". And so on, along those lines ....
Then I listed the 14 homes that had been for sale in 2010 at $1.5mil or more and that sold that year up until late September.
A sad story of ravaged dreams and homes selling for around 30% to 60% below their original list price after, in many cases, eons on the market and, in many cases, umpteen price cuts. A tale of woe with heaps more woe to come for the then high-end home market. If you are interested in the gory details Read all about it HERE.
And then compare it to sales of the 19 homes listed for $1.5mil or more and sold so far this year in the Catalina Foothills - not quite a walk in the park but definitely a more positive market than 10 years ago.
1. 6632 N Los Leones Drive, Tucson, AZ 85718, a contemporary resulting from a top to bottom rebuild of an older home in Skyline CC, was listed for $1,500,000 - went to contract 11 days later and sold for $1,450,000 ($437/sf) 3.3% under list price - and the highest $/sf sold price of any home sold in Skyline CC in maybe forever, though I only checked back to 1990.
2. 8451 E Cloud Road, Tucson, AZ 85750, a mammoth home, 6,939 sq ft, on a mammoth lot, 18.57 acres, was first listed in 2011 for $3,977,000 and was on and off the market for the next 8 years until this year when it was listed for $1,500,000 and sold for $1,475,000 from that much reduced list price - 63% under Original List Price, OLP, 1.6% under final list price.
3. 3163 E Vía Palomita, Tucson, AZ 85718, was listed for $1,549,000 - went to contract on its first day listed and sold for $1,525,000 - 1.5% under list.
4. 7203 E Stone Canyon Drive, Tucson, AZ 85750, Ouch! after selling for $2,100,000 in 2010 it was listed for $2,250,000 in 2017 and after eventually dropping to $1,750,000 it sold for $1,453,000 this year - 35% under OLP and 17% under final list price.
5. 1734 E Sanctuary Cove Way, Tucson, AZ 85718, was first listed in 2014 for $3,250,000 and was on and off the market with many price cuts since then until dropping to $1,575,000 this year whereupon it sold for $1,512,000 - 53% under OLP and 4% under final list.
6. 7767 N Ancient Indian Drive, Tucson, AZ 85718, Ouch! again. after selling for $2,150,000 in 2006 it was listed for $1,795,000 in late 2017 and after almost a year on the market it dropped to $1,595,000 - went to contract 5 days later and sold for $1,550,000 in Feb of this year - 28% under original list and almost 3% under final list.
7. 2167 E Desert Garden Drive, Tucson, AZ 85718, listed for $1,935,000 in Jan 2018 and within 4 months dropped to $1,835,000 then $1,670,000 then $1,599,000 and sat there for 9 months before selling for $1,480,000 ($317/sf) - 24% under OLP and a more reasonable 7% under final list.
8. 1902 E Sahuaro Blossom Place, Tucson, AZ 85718, sold for $2,100,000 in 2009 (in 2009 I represented the buyers) - and was listed for $2,000,000 in the spring of 2017. But that didn't fly so it was reduced to $1,875,000 then $1,750,000 then $1,675,000 and sold for $1,630,000 last month ($313/sf) - 18% under OLP and not quite 3% under final list.
9. 4747 N Camino Antonio, Tucson, AZ 85718, was listed for $1,700,000 on May 1st this year - went to contract 8 days later and sold for $1,900,000 ($378/sf) - 12% over list. You never know.
10. 5090 N Marlin Canyon Place, Tucson, AZ 85750, listed for $1,895,000, it quickly dropped to $1,739,000 and went to contract in 48 days and sold for $1,595,000 ($230/sf) - 16% under OLP and 8% under final.
11. 7743 N Ancient Indian Drive, Tucson, AZ 85718, sold for $1,314,000 in 2014 and was listed for $1,750,000 this February - it went to contract 30 days later and sold for $1,690,000 ($354/sf) - 3.4% under list.
12. 7474 N Cobblestone Road, Tucson, AZ 85718, listed for $2,225,000 in late 2017 and after 457 days on market it dropped to $1,975,000 and about 5 months later it went to contract and sold for $1,825,000 ($245/sf) - 18% under OLP and almost 7% under final.
13. 2094 E Desert Garden Drive, Tucson, AZ 85718, a snazzy contemporary, listed in Jan 2018 for $2,195,000 and one year later dropped to $1,975,000 - went to contract 30 days after that and closed for $1,860,000 ($323/sf) - 15% under OLP and 6% under final list.
14. 4718 N Camino Corto, Tucson, AZ 85718, listed in April 2018 for $1,995,000 it went to contract 223 days later and closed for $1,800,000 - almost 10% under list.
15. 3646 E Placita Lindura, Tucson, AZ 85718, a new modern masterpiece in Cat 10 - listed for $1,995,000 went to contract 7 days later and closed for a cool $1,950,000 ($414/sf) - about 2% under list.
16. 1456 E Canyon Spring Court, Tucson, AZ 85718, a Pima Cyn Mediterranean - listed for $2,350,000 it went to contract less than 30 days later and sold for $2,110,000 ($295/sf) - 10% under list.
17. 7211 N Secret Canyon Drive, Tucson, AZ 85718, up in the Canyons - listed for $2,500,000 this past January, went to contract in July and sold for $2,100,000 ($364/sf) - 16% under list.
18. 6262 E Vista Del Canon, Tucson, AZ 85750, a new Mediterranean in Finisterra - listed for $2,500,000 in April 2018 it went to contract in June 2019 and sold for $2,350,000 ($386/sf) - and just 6% under list.
19. 4615 N Placita Roca Blanca, Tucson, AZ 85718, another Mediterranean in Cat 10 - listed for $2,695,000 in October 2018 it went to contract in July 2019 and sold for $2,550,000 ($314/sf) - 5% under list.
Click HERE TO See the sold listings for the 19 homes sold this year
(link expires 10/30/2019)
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