Phoenix 85037 3-bed townhouse: price cut $15k after 60 days
There's a 3-bed, 2-bath townhouse in Phoenix's 85037 zip code that's been sitting for 60 days. Listed at $325,000 on May 28, now dropped to $310,000. That's 4.6% off in two months.
The seller is offering a 3.5% interest rate buydown — meaning they'll pay points to lower the buyer's rate for the first two years. That's worth about $4,200 in savings on a $310k loan at current rates (6.875%).
27 showings, zero offers. The listing agent told me the feedback is consistent: "Nice unit, but I can get a similar one for $299k in 85042." That's a 5-minute drive south, same square footage, just older construction.
My take: if this doesn't sell by August 15, expect another cut to $299k. The comps in 85037 support $300-305k for end-units. This is an interior unit. The buydown is creative but not enough to close the gap.