This place sold in 2003 for $1,325,000 with 7 acres of land.
Six days later (so they didn't have time for much in the way of renovations) the new owners put it right back on the market for $1,599,000. Huh!
But here's the incredibly insane part- they put it back on with just one acre. So they raised the price $274,000, meanwhile stripping off almost 6 acres. Which is where the value really was. How do you figure that. After 3 months or so they gave up and took it off the market.
But then sensing I suppose that the time was ripe for a killing, they listed it again in March 06, this time for $1,750,000 - still with just one acre. (the other six had by now been turned into spec homes that crowded in on all sides)
And guess what.
Today it's still for sale, but now for $779,900 with one acre, and the lucky owners are you and me and Washington Mutual. But didn't WaMU get lucky and go belly up.
See it here> 5775 Campbell Ave
** at the risk of sounding critical, you may find the pictures in the current listing leave something to be desired.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
kate, you're right I did misunderstand, thanks for getting back to me. when I dug into the history of that listing -
I thought 'wait, no way, this can't be' but after triple checking it, ta-da, truth IS stranger than fiction.
these foolish pricing scenarios (and there are many here in the foothills) could have easily been avoided - along with the eventual financial wreckage that we all end up paying for.
Posted by: John | October 12, 2008 at 08:29 AM
John,
I think you misunderstood. What I mean it, it's unbelievable -but I know it's true.
What's preposterous is that so many sellers think their property is somehow different, or do they really think their pricing is "in the market".
-Kate
Posted by: Kate | October 11, 2008 at 09:40 PM
kate, tell me, how, why, is it proposterous.
& by the way, it's a true 'story'
Posted by: John Schneider | October 09, 2008 at 08:16 PM
John,
This, I think, is the most preposterous "story" you've told here lately -and I thought some of the previous ones were amazing.
Posted by: Kate | October 09, 2008 at 07:07 PM