Last week I was amazed when I saw a property in Sabino Mountain come back on the market at the same price it was a few months back, after another house with the same floorplan and located on the same street had just sold for approximately $50,000+ less then this listing. There is no doubt the appraiser is going to use the comparable of the house that sold for much less, especially since it had similar upgrades as the house that just sold in December. I keep wondering what are they thinking? Did the agent advise the Sellers properly? I would not have taken this listing at this price, since even if they get lucky and it sells much higher than the last house sold, which is very unlikely in this market, it won’t appraise. Two-story houses are unlike one-story houses that attract many buyers who put a lot of cash down and as a result, the appraiser is not as strict. Most two-story buyers put 20% or less down and the appraisers are very, very conservative these days, so this house has little chance of appraising for much more than the last one that sold.
There are a few resale Pepper-Viner one-story homes that have reduced their prices near the low $400s. Both are over 2,000 square feet and one has a pool which is a rare find in the non-custom homes in Sabino Mountain. Both back to the Sonoran Desert open space. What a great time to buy or invest in the Tucson Foothills which is now very affordable again! Sabino Mountain has such rare beauty and majesty; I am so glad I call it home!
Did you notice some of the guardrails have been painted? The area going down North Boulder Canyon is completed! Hurray!
After having looked at almost all the housing inventory on Sabino Mountain, I must say there are more than a few luxury custom and semi-custom homes that seem over-priced in my opinion. It amazes me since the real estate market is a very strong “Buyers’ Market”, coupled with the fact that this is when many snowbirds are visiting and some will buy. Most snowbirds leave by the end of next month, so unless the Sellers price their homes more reasonably, it is likely they will not sell anytime soon. I can only guess that some of these Sellers are just fishing to see if someone will pay their high price and that is very unlikely.