The grandest of the grand ultra luxe boom time real estate developments has been foreclosed. It’s official, Saguaro Ranch, where lots were routinely listed and sold for upwards of $1,500,000, has been taken back by its two principal lenders.
And lately those same 4 to 5 acres lots that were selling at around $1.5 back in 04 and 05, are selling this year in the $180,000 to $275,000 range.
Same thing with the few houses that were built in there. One buyer, one of the very few to buy a completed house, paid $4,950,000 ($934/sf) back in 06. While a recent foreclosure sale went for a much more modest $2.1 ($289/sf) after failing to sell for $5.4.
So if you believe in the future of Saguaro Ranch, yes the lenders are promising to move forward with it, there are some drastically reduced properties to be had in there.
Read all about it> Developers lose luxury Saguaro Ranch
and I mentioned Saguaro Ranch back when it was a promising venture> Record Price for Tucson Home > and then later > my how things change <
And, oddly, the Saguaro Ranch web site is still up and running > http://saguaroranch.net/
see thefoothillsToday.com
to find your Tucson Foothills home
