Two homes have been reduced:
4129 N Ocotillo Canyon that was originally way overpriced at 518K when it was listed six months ago has a price drop to $439,000. This 2,604 square foot Pepper-Viner built home is one story and is located close to the semi-custom home section on Ocotillo Canyon. It has no homes across the street and has pretty front views of the Rincons and some Catalina Mt views in the rear. This one may need another price reduction before it sells. Had it been priced where it should have been in the beginning it likely would have sold at a higher price.
4035 N Boulder Canyon is reduced to a range price of $775,000 – $799,000. This 3,324 square foot home is likely to need another price reduction before it sells. It is a semi-custom Outpost Builders home at the end of the street on a cul-de-sac. The price seems too high because it does not have a pool and there are other homes in the Foothills that are priced the same and offer more.
It never makes sense to chase the market behind prices that have been declining. In the price range between 500K- 1 million, it is very challenging and in order to sell the price has to be aggressive. The homes priced over a million are usually only selling if the list price represents a bargain compared to the prices of the past few years.
It seems like deja-vu. A few years ago there were many homes listed for sale at Sabino Mountain that were overpriced and they never sold. It is happening again. The Sellers need to get real or rent the houses or wait at least a few years until the sales prices for homes over 400K increase their value.
At the present time the only appreciation we are seeing is in homes priced 350K or less and this is likely due to the increased buyer participation because of the federal tax credits.
The Catalina Foothills zip codes of 85750 and 85718 are amongst the slowest to sell since these zips have the highest priced homes in Tucson.