Sabino Mountain Sales in 2010

Sold 2010:
$620,000 (short sale)

Those under contract (final sales prices are very likely lower):
$361,500 (foreclosure)

It is obvious that homes priced over 500K are very challenged, since there have been many sales in the lower price ranges. There has only been one home sold over 500K that was not a short sale, and it went under contract in January and finally sold for 900K. The other home that sold for 620K was a gorgeous Monterey semi-custom home with negetive edge pool that was a short sale.

What is apparent to me is that the many homes in Sabino Mountain that are priced over 500K, must be priced very aggressively to sell, and from what I can see most are not aggressively priced and many are well above fair market value. Sabino Mountain is gorgeous and I hope to spend the rest of my life here, however, buyers very seldom pay above the market. I recommend that Sellers with homes priced in this price- range seriously re-think their selling strategy, and either, reduce the price, rent it, or take it off the market. Real estate is so much a supply and demand thing, that with so many listings in Sabino Mountain priced over 500K, there is an over-supply. When homes are listed for a long time, they become stale.

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