June 11th, 2009 by Michael Oliver

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On June 10th a foreclosure in Tucson’s very popular mega neighborhood Continental Ranch closed for $87.09/sf! That’s really cheap for a highly upgraded home that resides in one of the newer and higher end subdivisions within Continental Ranch. This home is a 4 bedroom plus den with 2.5 baths, loft, 3 car tandem garage, granite slab counters, cherry cabinets, stainless steel appliances, high ceilings, extensive tile floors, full length patio, backing a green space. This home sold for $402,842 in 2006 just 3 years ago! That’s a full 32.50% decline and in real dollar terms $130,842 discount from a couple years ago. This home looks to be in good shape and only lasted 7 days on the market until it went under contract. That’s extremely fast most homes (even bank owned homes) over $250k take a little more time to sell as those buyers have many more options then buyers in the under $150k price range.

To give those unaware the neighborhood of Continental Ranch on average sells for $109.52/sf! This home sold for $87.09/sf or a 20.1% DISCOUNT to the market! Here’s the statistics for the current Continental Ranch real estate market:

Continental Ranch Current Real Estate Stats:

Average Sales Price: $190,096

Median Sale Price: $179,900

Average SOLD Dollar Per Square Foot: $109.52/sf

Average Days on Market: 83

Average List Price: $220,343

Average Listed Dollar Per Square Foot: $125.50/sf

Average Discount from List to Sale Price (List to Sale Ratio): 12.7% NEGOTATION DISCOUNT! (Pretty High)

Number of Active Listings Currently: 60

Absorption Rate For Continental Ranch: 4.04/Months Seems Low For the DOM and Negotiation discount present.

Pictures of Foreclosure deal in Continental Ranch that just closed: