once in a blue moon

Two weeks ago a home in the Reserve section of Pima Canyon came up for sale as a foreclosure. And within 30 minutes of it popping into the MLS I was over there and on the phone with some clients about it. And because of their interest in it I never mentioned it here.
But they’ve now taken a pass, so, if you haven’t already seen it, here it is;  

A real Contemporary, 2007 built on 1.9 acres/industrial steel, masonry & glass construction/7000 sf/5 Beds/5.5 Baths + Exercise Rm + Rec Rm + Office, including 1 Bed Guest House/4 Car/Pool, complete outdoor kitchen & large grassy yard -all north facing with big mountain views + south side wrap around covered patios with glittering city views/$1,999,000 ($286/sf)

You see very few contemporaries in the Foothills and fewer still that are well done. This one is also on a spectacular lot in the Reserve (2nd gate) section of PC.

In Feb 08 it was listed for $5.9, ha-ha-ha. Then $4.999, $4.499 etc, until the owners walked away. Then the lender stepped in.

If you like contemporaries and you can handle 7000 sf, at $1,999,000 ($286/sf), this, to me, is awfully close to a no-brainer.
Other, similarly priced homes in PC are running $339, $451, $490, $471 & $502/sf. And this one, in my opinion, has it head and shoulders over them. Custom designed by Kevin Howard & built by Tara-Sun.

more here> 2112 E Sentry Ridge Court Tucson, AZ 85718
(listed by Long Realty)

 thefoothillsToday.com
to find your Tucson Foothills home

Comments

[john schneider]

No, I'm pretty sure we never looked at this,

[Margot]

Didn't we go and look at this house in person? I remember something like this, so pretty!!

[Ginger]

Thank you for your input and not hassling me about my typing skills. I have been right around the 15% and still a little high as I see them close a few months later. I think one of my clients is a little more aggresive to get these one's off their books though and they are tired of losing ground when they view the full listing history that has spanned a 24+ month periord that I am required include.

[john schneider]

oh, Ginger, the only formula I know of to sell these is to price them BELOW the market. maybe 15% - 20% to start and keep dropping until someone bites,

[john schneider]

Ginger, I'd say the house itself is $400+/sf, + the lot & site prep on the lot + pool & hardscape & landscape.
And this house is not like others. It has huge steel curved I-beams and everything is custom. No off-the rack stuff in this house.

[Ginger]

Mr Schneider,

What would be your estimate on cost to construct? Just Curious. I have appraised two upper end reo's (not in the foothills) on what I would consider a true contemporary with a 60 to 90 day marketing period. Do you have any insight or words of wisdom on how much more these type of proeprties have to be marked down to sale in that kind fo them frame?

[john schneider]

Thanks Caroline. You know, it's really nice to help someone find a special house that they love. But when it's a great deal too, it's even better. I haven't given up.

[caroline]

I also tried with my clients but they also took a pass!!
It is an amzing property but only for a specific few, I guess!
As the days passed I was hoping that you would have it under contract!

[Stuart]

a beauty and fairly priced...but, again, how many buyers are looking for a mini estate ( 7,000 sq feet ) to maintain. It isn't just the initial cost factor that "scares" some buyers away, but also the thought of what it takes to maintain a home that large.

You automatically eliminate the snow birds who opt for paying over $300 sq ft for a 4,000 sq ft home in Ventana or La Paloma...but who would rarely give a 7,000 sq ft home a glance. So that leaves you with a full time residence in Tucson with a large family and a large income...ie, doctor, lawyer, indian chief. A very small pool of potential prospects.

Sometimes it is not the price ...but other factors, in this case the size that deters buyers.