A house on Sabino Mountain did just that and expired recently after almost 3 years on the market.
When it was a brand new house, in June 04, it sold for $1,030,543. That’s when Sabino Mountain itself was new, and was hitting the market just as the real estate boom was gathering steam.
But then the new owners put in a pool and spa, and it must’ve been a helluva pool, because three years later they put it on the market for $2,195,000. A 113% bump. And that was in October 07, more than a year into the real estate bust and right after the mortgage meltdown.
So at that point, aside from the much weaker RE market and the $2.195 price tag, getting a mortgage was extremely tough and getting a jumbo mortgage was virtually impossible. But they forged on.
And with little breaks here and there and little price cuts now and then it stayed on the market, and didn’t sell, and expired today at $1,695,000. Just 64% more than what it sold for in 04.
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