Tucson real estate : The Canyons is a super luxury subdivision located in the Catalina Foothills (very top of Swan Rd). While it boasts some of the most luxurious homes in all of Tucson, is has had few sales over the past year and repeated price reductions. Many homes in The Canyons have sat on the market for years and are now close to 50% off their original list price. Great buying opportunity….
For example:
7431 Secret Canyon Dr was first listed for $5,950,000 in 7/09. Yesterday is was reduced from $5,000,000 to $3,950,000.
7417 Secret Canyon Dr was first listed for $4,500,000 in 7/09 (same builder as the above home). Yesterday it was reduced from $3,495,000 to $2,995,000.
There has actually only been one sale, in The Canyons, over the past year and it was a foreclosure… 7454 Secret Canyon Dr sold in 5/11 for $1,850,000. It was first listed in 1/10 for $4,500,000.
Here is a comparable market analysis for The Canyons. This analysis examines all homes currently for sale and all home sold over the past six months. Here is part of the problem… The medium asking price in The Canyons is $449/sqft, while the medium selling price is $267/sqft. Buyer and seller expectations appear to not be aligned in this luxury subdivision!!!
Sellers remember: if your buyers are getting financing, your home must pass the appraisal. Lenders will not give buyers financing if the purchase price is greater than the appraised amount.
Realtor Lisa Bayless, specializes in Tucson Catalina, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.
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