Tucson: Five of last year’s Parade of Homes properties have gone back to the bank- and there were only seven of them: [Hat tip M.R.!]
Five custom homes featured in last year’s Parade of Homes have now gone back to the Bank of Oklahoma after several months of negotiations.
Their failure to sell reflects the sharp decline in the high-end housing market where there are soft prices, a limited number of buyers and plenty of properties to choose from.
Of the seven featured properties in the Sonoran Preserve on the Bajada, near Dove Mountain in Marana, only one home ever sold in the traditional sense. Another one sold earlier in the year, but as part of a trade.
I suspect that future Parade of Homes properties around the nation are liable to be a bit more modest in the next few years.
Markets need to adapt. In the future, they can do a Parade of Foreclosures. The publicity alone will drive up the asking price at the foreclosure auction.
And on a side note.. is twist a guest Dilbert artist ?
Linenoise-
Did you read the third comment after that cartoon?
The cartoon is almost as funny as remembering the folks who told me three years ago “But you’re not building equity.”