November 11th, 2009 by Michael Oliver

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Share on Facebook The most expensive foreclosure property in the Catalina Foothills right now on the market for sale is a 5,428sf 4bed, 5bath, ultra luxury home in the prestigious gated neighborhood of Pima Canyon Estates. This home has it all including a 1.88acre parcel of land, tumbled brick driveway, soaring 24ft beamed and planked ceiling, 24×24 travertine tile floors, 8ft alder doors throughout, Fisher and Paykel appliances, large courtyard with fountain, amazing mountain and city views.

How much does a home like that cost in the Foothills? Currently the home is listed at $1,995,000 reduced from the original $2,250,000 when the home was placed on the market in August of ‘09. For a home of this caliber the price seems fair yet the fact it is an ultra high end foreclosure home means it should be selling close to 15%-20% under market for a willing buyer to step up. Buyers in this price range are hard to find, and when they do decide to buy they are going to want the bank to reduce the price significantly in order to make a sale. Home right now in the Pima Canyon Estates neighborhood are selling on average for $323.86/sf.

Within the gated Pima Canyon Estates there are 18 luxury properties for sale ranging from $1.075M all the way to $3.75M. All of the homes within this luxury enclave are newer, mostly built after 2005. Homes sold in Pima Canyon as already mentioned sell for an average of $323.86/sf. Sold homes range in price from an 80% done foreclosure property that sold for $803k to a 7,065sf mansion that closed escrow for $2.1M in August of 2009. For the most part only properties at are under $2M are actually selling in Pima Canyon currently as over the last year that has been the highest priced home sale. For homes in the right price range they sell relatively fast in an average of only 90 days! This shows the demand for the under $2M properties in one of Tucson’s most prestigious neighborhood is still very high regardless of the economy or real estate market.

Listing courtesy of Russell Long of Long Realty

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