With most of the action happening on the lower end of the market in Tucson - the luxury market is still in a slump.
This fact leads to opportunities for buyers looking to take advantage of their strong position and pick up the home of their dreams or make an investment in resort property.
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Luxury homes make up about 25% of the active listings in the Tucson MLS today - but only 5% of the sales this summer. Foreclosures are part of the resort home market, too. Smart real estate buyers are looking at the power they have in the marketplace to buy luxury homes while the prices and interest rates are low. They are getting the home they always wanted at a huge discount. Not every foreclosure is a bargain, nor is every bargain a foreclosed home - but one of these is discounted a cool $1 million from its original price. A big key to making a wise decision when purchasing a golf course home, resort property or investment at any level is strong, thorough analysis of the market conditions. That is my strength. Your heart will tell you the rest. Joseph Kennedy once said: "when I heard my shoeshine boy giving stock tips, I knew it was time to get out of the market." Whether you like the man or not - he knew markets. Hear any real estate tips from the convenience store clerk lately? |
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Specializing in Buyer Representation in the Tucson, Arizona real estate market.
"Never forget - Real Estate Is About People"
oooohhhh had no idea the prices were that high in Arizona - or specifically in your area - it varies so much from state to state doesn't it :-)
Liz - the vast majority of our market is in the $250,000 and under segment. Golf course properties are usually in the high $200's to the mid $500's - you pay to play!
Median home price in Tucson is under $200,000.
Kent, we are seeing the same situation occurring in the Arizona West Valley retirement market. Homes listed under $250,000 are selling quickly. Homes over $400,000 are languishing much longer.
Howdy there Kent
It seem-es the convenience store clerks, in these parts are keep-en all Real Estate info they know. To them selves. LOL
Have been seen the same kind of things go-en on around here also.
Leolinda - I was up in Maricopa & Queen Creek recently...the bidding wars are really going strong there!
Dale - the focus on lending programs & incentives for first-time homebuyers is really having an effect on homes in the "Affordable Range." I'd be surprised if this were limited to those states hardest hit by the bubble bursting.