This lovely luxury home located in Ventana Canyon Mountain Estates has had a $3 million price reduction!!! The home, originally listed in 8/09 for $8.25 million has been reduced to $5.2million.
The home is listed for $802/sqft. Here is a competitive market analysis for Ventana Canyon Mountain Estates. You will see only one home has sold, over the past 6 months for $408/sqft. I heard this sale included an additional lot which is not reflected in the comps.
Warning to sellers! If your buyer is going to obtain financing your home MUST be appraised. If the home does not pass the appraisal the buyer can not obtain financing. Currently, it is well known that appraisers are conservative and tend to low-ball the value of homes. Sellers, even if you do find a buyer who is willing to over-pay (trust me they really don’t exist in this market) lenders will not give them financing… Keep this in mind when pricing your home. Repeated price reductions usually signals weakness to buyers.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.
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