November 17th, 2009 by Michael Oliver

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Share on Facebook High end foreclosures seem to just be hitting the market in Oro Valley in the past couple days several have shown up. This one is on the lower end of the new Oro Valley foreclosure homes that have hit the market recently but it’s also one of the best values as it was sold in mid 2006 for $1,950,000 and today can be purchased for a fraction of the price at its listed price of $825,000. I’m thinking with the right buyer (cash offer) and some negotiating a low $700’s final price is very possible for this home seeing how the banks are trying to move their luxury homes right now. Even at its full listed price of $825k this represents about a 55% discount over the “top of the market” price. That’s pretty extreme, even for high end luxury real estate in Oro Valley and the greater Tucson area. It’s safe to say luxury home prices in Tucson have fallen 30-%40% from 2005-2006 highs but to see a property listed with a 55% discount and assuming the bank will discount further equates to a 60%-70% final sales price from 2005-2006 highs!

This listing being offered was built in 2005 and is located within the posh neighborhood of Stone Canyon. Stone Canyon (As well as Dove Mountain) has had a rough time with foreclosures as many high end homes were sold right at the top of the market. This bank owned property is a 2855 square foot, 4 bed, 4 bath, home on over 3 acres. The home offers a contemporary design with exterior slate, high ceilings, and a modern kitchen. Then home does need some minor work but for the listed price would in my mind (even at full price) be well worth the effort since homes under $1 million I didn’t think existed in Stone Canyon but obviously do to market conditions indeed do exist.

This home will most likely sell fast but for the sophisticated buyer and/ or a professional investor a home of this level in an ultra luxury neighborhood should represent one of the best values in the Tucson Arizona marketplace. This home is listed by Tierra Antigua and was just placed on the market this week. If you would like additional info about this property feel free to leave a comment or contact me directly as I think it should be of interest to anyone looking for a home in the Tucson area in the 700k plus price range.

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