in the Mountain estates at Ventana Canyon

After 3 months on the market 7051 E EAGLE POINT expired yesterday, listed at $2,499,000 ($498/sf), and was re-listed today at $1,495,000 ($298/sf) as a short sale. This is a deal. (Listed by Long Realty)

Compared to recent activity in the Mountain Estates so far this year;

-6609 N Eagle Ridge Drive - listed $1.749/sold $1.7 ($384/sf) in March
-6755 N Hole In The Wall Way - listed $2.495/sold $2.2 ($344/sf), also in March
- and 7203 E Stone Canyon - listed $2.495 ($486/sf) went to contract the other day after just 51 days on the market

there are two other homes for sale up there -  
-7311 E Thimble View Way @ $1.295 ($273/sf) and
-6921 E Rock Ledge Place @ $2.595 ($482/sf)

This is the first distress sale that I’m aware of in the Mountain estates.

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Comments

[Stuart]

The bank might do better at auction...sometimes people get "carried away" in the bidding process. A short sale
will probably be a bid around $1.4 million.

This would be a "steal" for the buyer...even in today's market.

I would think at auction it would end up going closer to $1.6 million...but then there are some costs involved to the bank. In Chicago the auction house takes 10% of the purchase price as their commission. While i don't know what the costs are down in Tucson no doubt they will be at least $50,000 for the auction house, unless the bank handles it themselves.

[ffxiv gil]

Two months is short for a short sale

[john schneider]

Thanks Jent,
then the clock is ticking - two months is short for a short sale. But I'm betting that it does receive an offer that the sellers accept.
The big IF, is if the lender is willing to accept it and able to pull it all together.
JS

[Jent]

Looks Like this one will be at auction on 11/08/10 if it doesn't sell first.

Original Principal Balance: $1,700,000.00. Purported Property Address: 7051 E EAGLE PT DR, TUCSON. Tax Parcel No.: 114 03 1060. Auction Date & Time: 11/08/10 at 11:30AM. Trustee: FIDELITY NATL TITLE. Pg. 2479.

DOCKET/BOOK #13866

FILED AUGUST 5, 2010

http://www.azbiz.com/articles/2010/08/20/daily_territorial/trustee_sales/doc4c6ea55be6d78030241393.txt

[Stuart]

At this price the house should move rather quickly...it is, as you pointed out, JS, "this is a deal" at this number.

Whoever buys it though must allow for major
upkeep issues of this 5,000 plus foot estate...and be willing to pay annual taxes now over $14,000 / year.

Like buying a Bentley, even if you can afford it you have to think about the cost of keeping it up.

This home's current owner, thought that would not be a problem...but, obviously, he was mistaken.