Tucson’s higher priced homes have experienced a lag in sales during the last few years as the economy struggles to gain solid footing. However, the upper echelon market may just be starting to percolate a bit. While based solely on anecdotal evidence, there does seem renewed interest from prospective buyers in this marketplace again. About half of the properties moving are value properties that are either distressed in the traditional sense or with owners that just want to move on and can afford to price the home well. Within Stone Canyon this past week there were two homes that closed escrow and a custom lot as well (Stephen Woodall represented the buyer for one home sold over $1,000,000 and the seller of the lot). This week another Stone Canyon residence also went under contract, again being represented on the selling side by Stephen and priced comfortably over $1,000,000. Combine this recent activity with the quality foot traffic that’s interested in this upper end market, and the signs are pointing to some renewed energy this winter season. Given the inventory on the market there still won’t likely be any gain in prices, but it’s quite probable the volume will increase. Another important milestone will be the upcoming presidential election which is an event watched closely by many luxury market participants. While it’s too early to truly call the bottom of the luxury market pricing on homes, it’s great to see some positive signs showing up.
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