Right from the start Pima Canyon captured everyone's imagination. When it first opened it's doors, I think it was in 2000, everyone wanted to get in there to ooh n' aah. And when things really got going with spec houses over the next few years, people literally swarmed to Pima Canyon in a Million $+ spec home feeding frenzy.
20 homes sold in Pima Canyon in 2006 with an average list price of $1,948,450, and an average sold price of $1,849,533.
But my how things have changed, and today there are 24 homes for sale in Pima Canyon, and none have sold in the last 3 1/2 months, and none are under contract. Now you'd think that, with a lot of supply and no demand, prices would have come down. Not so. Instead they've gone up.
The 24 homes for sale are listed for an average of $2,362,458, or 21% more than they were listed for in that long-ago banner year that was 2006. And on a $/sf basis, they averaged $403/sf in 06, and today they're at $453/sf.
Now I don't think people have lost their taste for the charms of Pima Canyon. But I do think that the few Pima Canyon buyers who are out there, have no interest in bailing out those owners who bought and builders who built, at sky high prices, and now want buyers to cover their bad bets. That won't happen.
And of course that last bit about buyers not covering sellers bad bets is true everywhere, not just in the rare air of Pima Canyon.
I've been working with a lot of buyers and showing a lot homes in the last month, and I often hear from the listing agent that the owners paid such n' such for the house and then put X$$ in it, and that's why it's listed where it is.
So what you're telling me is, you want my buyers to make up for your sellers mistake of timing, of judgement, of whatever. Yeah sure, and while we're at it, maybe they've got some GM stock they'd like to unload.
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