TheTucsonFoothills

Record Price for Tucson Home

A new home in Saguaro Ranch that was listed for $5,950,000 sold last week for $4,950,000. And while $1,000,000 is quite a discount off the list price, and probably a record in it's own right, the sale set a new price record for a home sold through the Tucson Association of Realtors Multiple Listing Service. Although 14 lots in Saguaro Ranch have sold through the Tucson MLS, this is the first home that has been sold through the Tucson MLS.
Saguaro Ranch, on the far Northwest side of Tucson, is a unique ultra-luxury home community that's been in development since 2003. On 1035 acres of breathtakingly beautiful desert in the Tortolita Mountains, when completed, Saguaro Ranch will have a total of 180 homes on 4 acre (approximately) lots.
Last year I had a client who was interested in buying some lots in Saguaro Ranch as an investment, so I spent quite a bit of time looking around in there. I was very impressed.
While they're developing the land as an ultra-luxury home community with all the amenities and services you'd expect- and some you wouldn't- the developers of Saguaro Ranch have taken great pains to minimize the visual impact of the development on this pristine desert environment. And they've been very successful at it.   
Visit the Saguaro Ranch web site for the Saguaro Ranch story.

Tucson Foothills Luxury Homes

Today on Yahoo Real Estate there's a story from Realty Times about the Luxury end of the real estate market and how well it is doing, despite the downturn in the rest of the market. Luxury Housing the Silver Lining in a Stormy Market? "The fundamentals are still strong for affluent buyers. They have a strong economy, strong GDP growth, low unemployment, and a booming stock market."
Ditto for the Tucson Foothills. I wrote about this a couple of times recently "Seeming to defy the slow-down in the rest of the market, the luxury home market in the Tucson Foothills is doing better than ever... , and then again in a summary of 2006 Foothills homes sales broken down by price range "here are the actual sales results for 2006 vs 2005 for single family homes in the Tucson Foothills... As we get into the new year, high-end sales continue to do very well in the Tucson Foothills, and I'm betting that once again the luxury market here will break all previous sales records.

Luxury Homes in Tucson

Seeming to defy the slow-down in the rest of the market, the luxury home market in the Tucson Foothills is doing better than ever, it's doing even better than last year, with more homes selling at $1,000,000 and UP than ever before.
And this is a market that has emerged in just the last few years.
In the year 2000, 24 homes sold for $1,000,000 or more, then 25 sold in 2001, 30 in 2002, and just 27 in 2003. Then sales started to take off, with 60 homes selling at $1,000,000+ in 2004, and jumping to 97 in 2005.
So far this year 113 homes have sold for $1,000,000+ in the Tucson Foothills. And there are 16 more $1,000,000+ homes currently under contract and scheduled to close escrow in the next 30 days or so.