not good news for the Canyons

Thanks to a tip from bigdaddy, a reader, I find out there’s a new short sale listing up in the Canyons. But why didn’t I know that. Well because it’s not listed in the Tucson MLS, but IS listed in the Phoenix MLS. And by a Phoenix broker. But the house is in Tucson, not Phoenix.  So something’s fishy.

The house, at 7487 N SECRET CANYON DR – which expired just one month ago at $3,495,000 ($477/sf) reduced from $4,700,000 ($642/sf)  – is now listed for $1,650,000 ($225/sf) – as a short sale. That’s for a 7320 sf/2009 built/5 bed/6 bath/pool-spa/3 car/2 story/on 3.3 acres, way up in the Canyons.

Seems like a good deal, eh. The trouble is that it’s not an approved short sale.
I called the Phoenix agent and checked. And the owners have yet to submit the stacks of paperwork required and go through the rigamarole necessary to try and get it approved as a short sale. And once they do submit everything there’s no guarantee the lender will approve it. And this may or may not be accurate, but the online records show an outstanding mortgage to Citi Mortgage for $3,062,343 – so short sale or not, Citi is going to eat it big time on this one.

And who’d a thunk it, but another distress sale in the Canyons – which won’t be any help to the other 7 homes for sale in there. Except for the foreclosure on Secret Canyon, they’re priced in nosebleed territory, from $1,990,000 to $9,995,000 which works out to an average list of $4,183,592 @ $556/sf.

see thefoothillsToday.com
to find your Foothills home

Comments

[Martha Briggs]

Deal looks solid. Don't know final price or closing date yet.

[caroline]

Any more information on this??

[Martha Briggs]

Under contract!

[bigdaddyj]

Noting that the Realtor.com listing mentions something along the lines of "choose your appliances", whereas I remember older MLS pictures of a beautifully equipped kitchen, along with the lack of any interior pictures, I'm wondering it both the "what's fishy?" and possible reason for the super-low price (hell, they'll hardly clear what they paid for the land, let alone the construction) means the interior has been stripped of quality fixtures and or is in a damaged or dilapidated state...