Public Home Auction / Liquidation Sale in the Catalina Foothills | Tucson, AZ

A 40-luxury-condo unit Public Home Auction will be taking place on May 10th in the Villas at Sabino Canyon. The Villas at Sabino Canyon are located on East Snyder Road just off of Kolb Road. This is a choice Catalina Foothills location, just minutes away from Sabino Canyon. The world renowned Canyon Ranch Health Resort is located nearby, along with Ventana Canyon Golf and Racquet Club, Loews Ventana Canyon Resort, and numerous restaurants, shops and spas clustered around the Sunrise Drive and Kolb Road Intersections.

One would think that any home in this neighborhood would cost a fortune and not so long ago, these condos were selling for up to $255,000. Now the situation has drastically shifted and the squeezed developer is unloading his inventory, so the same two-and- three-bedroom condo units have a starting bid range of $89,000 to $109,000.

Due to the uncertainty embedded in the auction process, it’s hard to tell what would be the final price for those condos. There could be plenty of out-of-state buyers, looking for a winter haven, that find this opportunity extremely attractive. There might be some real estate investors, looking to buy properties at deep discount. Alternatively just a handful of people may show up at auction and these luxury condos will be snagged for half-price or less. Whatever the outcome, it’s definitely an interesting event happening in our backyard and it will be indicative of the future direction of the Tucson’s real estate market.

One thing to note is there is a mandatory 5% buyer’s fee added to the final auction price.

If you are interested to find out more about the auction or preview these condos, feel free to give me, Anjelina, a call at (520) 370-0700. Otherwise, I am planning to review the results of the auction in one of my future blog posts, after May 10th, 2008.