6151 N Piedra Seca,  a 3,000+ square foot, 1997-built Mediterranean, sited on 1.25 acres, in the Catalina Foothills sold today for $680,000. This same house sold for $875,000 in April 2006. (Click on the address to see the listing information).

What is typical about this transaction is that it sold for 22 percent less than it sold for at the peak of the market in April 2006. Although it is in excellent condition, and it is located in the coveted Catalina Foothills School District with exceptional views, it still took a loss.

It only took three and one-half months to sell it because it was list-priced to sell ($699,900).