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Tucson home sells for more than $1M over asking price, in cash

From the Arizona Daily Star reporter Gabriela Rico's top 5 stories of 2022 series

Home at 4920 N. Hidden Valley Road sold for more than $1 million over the asking price.

 Courtesy of Logan Harding / Shadowpoint Media

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Everyone knows the housing market in Tucson — and across the country — is red hot, but one recent local home sale made some eyes pop.

Listed for $1.9 million, the house near Sabino Canyon received more than 15 offers in 24 hours, all above asking price.

The successful bidder offered $3 million, all cash, no contingencies, no appraisal, no inspection.

“No one in real estate in the last 20 years can remember a sale that exceeded $1 million over ask,” said Jim Storey with Tierra Antigua Realty, who represented the sellers.

Home at 4920 N. Hidden Valley Road sold for more than $1 million over the asking price.

“What was amazing was the top five offers were from people who live out of state and looking for a second home,” he said. “They were all cash buyers and all offered more than the listing price.”

Storey said the selling strategy was to price the home “fairly” in order to draw a large pool of offers, knowing it would get more than the asking price.

“We were anticipating getting $200,000 or $300,000 over listing prices,” he said. “I’ve never seen anything remotely close to this.”

The home even got one offer from a buyer who bid $2.9 million without ever seeing the home in person .

Built in 2007, the 4,636-square-foot home has four bedrooms and five bathrooms on 2 acres, bordering Sabino Creek.

Home at 4920 N. Hidden Valley Road sold for more than $1 million over the asking price.

The guest house is 576 square feet and the property is surrounded by water features.

Designed by architect Robert Bacon, the home’s design is contemporary, Storey said.

“That type of product is not readily available,” he said.

The home was a second home for the sellers who also have a home in Madison, Wisconsin.

They are relocating to Maui.

“When I called the sellers and told them over speaker phone the highest bid,” Storey said, “the wife said, ‘My heart just skipped a beat.’”

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Contact reporter Gabriela Rico at grico@tucson.com