an uphill battle on Sabino Mountain

4041 N Quail Canyon Drive on Sabino Mountain was first listed in Feb 09 for $1,199,000 and, after a $5000 price cut, expired six months later at $1,194,000 ($318/sf). (Listed by Coldwell Banker Residential)

It was re-listed in October 09 for the same $1,194,000 and, after another $5000 price cut, expired seven months later at $1,189,000.

And now after a four month hiatus, Quail Canyon is back on the market today, trying a little harder, with a $39,000 price cut at $1,150,000 ($307/sf).

And though contracts and sales have been quite brisk on Sabino Mountain, all the activity has been below $500K.

Five homes for sale  up there @ $299,900, $379,900, $590,000, $1,150,000 & $1,249,000.

Three in contract @ $334,900, $354,900, $450,000

Nine homes sold in the last six months – but all nine sold from $289,900 to $410,000.

Coincidentally, during the same period in 06, there were also nine homes sold on Sabino Mountain. But four sold from $475 to $525 and five sold from $1.1 to $1.9. The good old days. But face it, they’re long gone.

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Comments

[john schneider]

Stuart, I'll bet they're looking for a long term - year or 2 year - rental.
JS

[Stuart]

At that rental, Donna, they will lose money.

It will cost them about $60,000 / year to keep the house...which includes the cost of the money, taxes, utilities, insurance,landscaping, etc.

Assuming that they can rent it out at the number they are asking...and not pay an agency fee, they will gross around $23,000 for the 5 month winter season. So they will end up losing about $40,000 / year to keep the house as a rental.

If it were me i would just drop my price and try and sell it and not have to worry about trying to rent it out and still lose money in the process.

[Donna Anderson]

The rental list price is $4,750. a month.

[Donna Anderson]

I noticed it is up for rent at over 4K a month, as well.

[Stuart]

A lovely home....and well deserving in today's market to be realistically price for sale at $250 sq ft...or $940,000. At the present price of over $1 million the seller must still be dreaming of living in the Land of Oz.