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!

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