January 25th, 2010 by Michael Oliver

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Ironwood Reserve Foreclosure Deal

Ironwood Reserve On Tucson’s Northwest side just northwest of the intersection at Cortaro and Silverbell represents a well developed newer home neighborhood off of Pima Farms road just north of Continental Reserve. Currently homes in Ironwood Reserve are selling for much less then they sold for during the boom of 2004-2005 prices are down in some situations over 50%! One of the best foreclosure deals on the NW side and one I personally went to was this listing at 7812 W Sage Creek Marana, AZ 85743. This home was built by Meritage Homes in 2006 and features many upgrades including 6 bedrooms, 3 baths, large kitchen island, pool, contemporary floor plan, etc.

This home is within Ironwood Reserve which was one of the last mid range neighborhoods to sell out during the real estate run-up. Ironwood Reserve has roughly 500 homes within it ranging from smaller 1800sf homes to estate homes that are over 4500 square feet in size. The two builders that built homes within Ironwood Reserve were Pulte Homes and Meritage Homes both homebuilders placed their upper end home designers and options as the Ironwood Reserve neighborhood was supposed to be developed as an “step-up” from the older Continental Ranch neighborhood.

This foreclosure deal is one on of the best in the city for the reason that it sits at the end of a Cul-de-sac, and only needs some small touch-ups such as paint and some light fixtures. The fact the home is 2839sf with a pool within Ironwood Reserve and is listed at $91.55/sf should be reason enough for someone looking in this price range to seriously consider this home. The home’s full list price right now is $259,900 down from it’s original list price of $274,900 when it hit the market on December 9th, 2009. With some negotiation this home most likely could be purchased in the $225k-$235k price range as any home listed over $250k is short on buyer demand right now.

To give those unaware of the type of price declines Ironwood Reserve has experienced looking it up in the tax records show this foreclosure home was bought new in 2006 for what would seem an unbelievable (seems unbelievable today anyway) sales price of $458,446! Today SAME HOME IS LISTED FOR $259,900, or basically a $200,000 discount in 3.5 short years!

Additional Pictures:

Continental Ranch, Continental Reserve, Ironwood Reserve, NW Tucson Neighborhoods