Who says there is a slowdown in the residential real estate market?

Last week a home in Ventana Canyon Mountain Estates in the Catalina Foothills sold for $8 million, setting a record for the highest price paid for a home in the Tucson market. That’s just seven months since the record had previously been set when a $4.95 million home sold in Saguaro Ranch in the Tortolita Mountains.

Print this story Email this story Post a Comment The backyard has a pool and spa, various artwork, and a glass bridge walkway from one end of the house to the other. ADVERTISEMENT

The most recent sale was for a home that had not been on the Multiple Listing Service but Janell Jellison, an agent with Long Realty, knew of the property and had a buyer so she approached the owners for a possible deal.

The buyer, identified as Michael E. Henry, a local resident looking to move to the foothills, made a cash offer for the residence.

"This is exciting for Tucson," Jellison said. "It really takes Tucson to a new level that we really haven’t seen before."

The property is a 7,200 square-foot home northeast of Sunrise Drive and Kolb Road. It has a glass bridge that doubles as a water feature outside that connects one end of the home to the other. It has between 1,500 and 2,000 square feet of living space outside. The entrance is surrounded with a garden of rare cacti. Among its features is a tiled pool, a wine cellar and a view from above to the golf course at Ventana Canyon.

The home was sold with all of its furnishings, which accounted for $1 million of the $8 million price tag. Former owners, David and Trudy Connor, had traveled the world and brought the furnishings to their home.

The sale excites local real estate agents about what is to follow.

"This is a strategic alliance for the good of Tucson," said Nikki Mehalic-Halle of Windemere Distinctive Homes and Land. "We have finally hit the big leagues."

Mehalic-Halle, whose team sold the Saguaro Ranch record-setter in March, said Tucson needed a sale like the one in Ventana Canyon.

"A lot of the time no one wants to be the first in a market to pay this much for a home," she said. "This takes away the fear from being the maverick. And it opens us up to the rest of the country now."

The problem has been that there were no comparable properties to some of these custom homes that have already been built. They just have never been put on the market.

"A couple appraisers have contacted me already and they love that I have this comp on the market," said Jellison. "Until yesterday most appraisers wouldn’t go out on the limb over what the most expensive sale was."

So far this year, 11 homes in the Tucson market have sold for more than $2.5 million. Jellison expects three to five more could sell before the end of the year.

While there is much anticipation of people from outside the market buying these homes, the last few homes in this category sold by Jellison, were to local buyers.

"So there is this thought that people selling these homes need an out-of-town buyer, but that is just not so," she said. "We are seeing locals buy these properties because they want to stay in Tucson."