a big dose of reality

It started in June of 2005 when this house on Calle Ladero in the old Foothills area sold for $2,200,000.
It's quite the estate, with 8100 sf on 5.5 acres and it's own gated entry. Very posh, very private. It feels more like a celebrity home in Beverly Hills than your typical Foothills mega-buck McMansion.

Then this past August the house came back on the market, but now for $2,590,000, with just one acre. The other 4 acres had been split off, and though they weren't actually listed for sale, they were available, first-come-first-served, for an additional $1,400,000 to whoever bought the house. So get in line, because for a mere $3,990,000, you'll have the privilege of owning this property that sold for $2,200,000 three years ago. And because of where the additional acreage is in relation to the house, in my opinion, the only way to buy this place is with the additional acreage.

And I had a client who was interested, and liked the house and the property, but not at $3,990,000. So that was that.

And so after it sat for a while with no takers, the house with one acre was recently reduced to $1,750,000. But again, I think it only makes sense with all 5.5 acres. And now it's beginning to make even more sense. Because today it showed up in the MLS listed for $2,250,000 with all the acreage. So it's within $50k asking price of the 05 sale price, along with a whopping $1,740,000 dose of reality.

I don't think it's too little, I just wonder if it's too late.

See it here> Calle Ladero

see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes

Comments

[John Schneider]

yes rebecca, that's a big drop in expectations, but their expectations were, in my opinion, way out of wack with reality. and the acreage, well the property's being offered with all 5 acres, but the 4 that were split are still split into 4 separate parcels, and could be developed individually,

[rebecca]

wow, so they came around on that! glad to see that acreage back together. it's a shame what's already happened on that block. hopefully we won't see any of that for a loooong time.