Tucson real estate : 1682 Sahuaro Blossom Place , a foreclosure property located in the luxury gated community of Pima Canyon, has closed for $229,000 above the asking price! The home’s latest asking price was $1,075,000 and it sold for $1,304,000. And some people say pricing isn’t flexible in the luxury housing market…..
1682 Sahuaro Blossom is a prime example of the saga of the declining Tucson luxury housing market. The home was first listed for $4,200,000 in 2005. At that time it was in pristine condition. Over the next few years it had repeated price reduction and finally in September 2011 it went into foreclosure and the condition of the property declined…..
This sale shows there is demand for aggressively priced luxury homes in Tucson. When the home became a foreclosure, and was listed for $1,075,000 it went under contract in less than 25 days and ultimately sold for $229,000 above the asking price. This is likely because more than one buyer wanted to purchase the home…. It was an incredible deal.
The downfall of 1682 Sahuaro Blossom Place is a sad story but offers an important lesson. When selling a home, better to price it correctly from the start to prevent further problems down the road. There is an old saying in real estate “the market may not be kind, but it is never wrong”.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.