Watch Million Dollar Listing?
If you are like me, you probably have spent some wasted time watching television.. and undoubtedly, you may have seen the show “Million Dollar Listing” on the Bravo Network. If you have ever seen some of the more OUTRAGEOUS homes… you know that can’t possibly happen here in Tucson.. or could it?
As a licensed Broker with Engel & Voelkers Tucson, I’ve had over 23 years experience in both the good, bad, and ugly in this market! However.. shows like Million Dollar Listing bring up questions about our own market locally.
For example, I am often confronted by local home sellers who will make statemtents like; “The market for the low end is great, but for the Tucson million dollar homes, the market is soft.” Other people might say “Well, sure, you can sell your million dollar Tucson home, but you practically have to give it away, or wait a long time to sell.”
I thought it might be helpful to give Tucson residents an accurate representation of what Tucson million dollar homes are actually doing.
Three questions came to my mind.. First, how many homes are actually for sale over 1 million dollars, then where are they, and ultimately, how long do they take to sell?
To answer these questions, I looked at the Tucson Multiple Listing service and reviewed the history of what has sold in the past 12 months, and to be honest, what I discovered was shocking.
The Best Kept Secret
As an experienced investor, as well as Broker in town, its not often I am surprised by the results of my research, but even I must admit, that the “numbers” were striking.
Take for example, in Tucson alone, there are currently over 178 homes for sale in the Greater Tucson area that are over 1 million dollars. For a metropolitan area with approximately 1 million residents, this is surprisingly a small number of available “high end” luxury homes.
The most expensive home in Tucson currently for sale is nearly $10,000,000 in cost. Contrast that with the highest recorded sale price in the past 12 months with $3,250,000 and you can quickly get a perspective of the diversity of the Tucson Million Dollar Home market.
Like beautiful, luxury estates from around the World?
Where Are The Best Million Dollar Homes in Tucson?
If you were to look at a map of Tucson, you would see these luxury homes scattered about the Tucson Valley and mountains. In this larger view of Tucson, we can see that the
“green dots” reflect the homes that are currently for sale, and the “blue” dots represent homes that have recently sold.
From the map, one can see that the most “in demand” homes tend to be in the Catalina Foothills area, followed by Oro Valley, Saddlebrooke, as well as areas of northern Tucson.
Conversely, one doesn’t need to be a Realtor to see that there have not been many million dollar Tucson homes for sale on Tucson’s west side that have sold in the past 12 months.
For those who are familiar with Tucson, it isn’t any surprise at all to learn these areas have had a strong showing in the market.
Many Tucson million dollar homes feature beautiful mountain vistas.. amazing sunsets, and privacy. In the Sonoran Desert, where there isnt’ any “Ocean Front Property” and so these are the features that many luxury buyers are seeking.
Yeah.. But It Takes FOREVER to Sell!
I can’t tell you how many times I have heard this!
Unbelievably, when you look at the statistics from the Tucson Multiple Listing Service ; one quickly discovers how untrue this statement really is.
Currently, for all homes across the entire Tucson valley, the average Days On Market is 62 days. For homes over $1,000,000 the Days on Market is merely 100 days for the average sold property. This is significant because many people feel as though it will take a considerably longer time to sell a luxury Tucson home.
To put this in perspective, a homeowner who is looking to sell their million dollar Tucson home, they would statistically have their home sold, and money transferred to their account within 4 to 5 months.
This is dramatically different that what many people feel is possible.
There are many reasons for this, but one primary reason why Arizona, and Tucson in particular are good places for the wealthy to relax and buy property is our weather. With over 300 days of sunshine a year, a luxury home buyer and seller are drawn many times to our amenities, and yet, small town feel.
One good note to remember.. of the over 110 properties that sold in the past 12 months, they received on average 95% of the asking price.
For the Tucson home owner, this is good news in the sense that there is not typically a lot of “wiggle room” when putting your home on the market. For a buyer, it is also good news, because this typically reflects a healthy market, where neither the Seller, nor the Buyer have an unfair advantage.
Not Just Tucson Million Dollar Homes…
Chances are, if you liked “Million Dollar Listing” then you might also enjoy looking at beautiful homes from around the world.. without the drama!
If that’s you, and you like the finer things in life; including luxury homes from around the globe, as well as expanding your horizons about what is actually available in the world today, then may I offer you a free, no obligation copy of “GG Magazine” ? It is Engel and Voelker’s global publication showing the absolute finest in homes, as well as luxury living.
Feel free to download your free copy of GG here!