Despite all the talk of housing slowdown, the luxury segment of the market took a leap the other direction in 2007, with the indication that it could see a bigger boost in 2008.
First, in March, a new record $4.95 million home was sold in Marana’s Saguaro Ranch. Nikki Mehalic-Halle’s office of Windermere Distinctive Homes and Land – now part of RealEstate.com- sold the property.
  
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Then, in October, Janelle Jellison of Long Realty, topped that with an $8 million home sold in the Ventana Canyon area of the Catalina Foothills.
"This is exciting for Tucson," Jellison said at the time. "It really takes Tucson to a new level that we really haven’t seen before."
Many local real estate agents agreed, including Mehalic-Halle.
"I think it changes what we are going to be viewing at as luxury in town," Mehalic-Halle said. "What we used to consider luxury – $1 million and up – now is more like $2 (million) to $2.5 million and up."
Martha Briggs of Long Realty says the market was strong for luxury homes through 2007.
"All the things that have contributed in the past to making Tucson a great housing market are still true," she said. "That segment of the market is not affected by mortgage rates."
In 2007, there were 22 properties on the Multiple Listing Service sold for $2 million or more sold, up from 21 homes in that category in 2006. (This does not include homes that were never listed on the MLS, including the $8 million record-setter.) As of Dec. 27, another six properties were under contract and could close by today (Dec. 31) to be counted among 2007 sales.
"The real problem with going by sales on the Multiple Listing Service is that the number of custom homes or spec homes that builders don’t put on the market aren’t known," Briggs said.
Going into 2008, Multiple Listing Service has 349 homes listed in the Tucson area above $1 million
ân¶ 96 are priced $2 million or more.
ân¶ 53 are listed at $2.5 million or more.
ân¶ 27 at $3 million or more.
ân¶ 10 are at $4 million or more.
ân¶ Six at $4 million or more.
ân¶ Four at $5 million or more.
ân¶ Two at $7 million or more.
ân¶ One that should break the record,
at $22 million.
Briggs has that last one.
"Every Realtor tells you that you haven’t seen anything like this home, but this is a promise," Briggs said.
She was even willing to bet a dinner at Sullivan’s on it.
The 25,000 square-foot, seven-bedroom, 11-bathroom home known as Campbell Cliffs is on 20 acres in Cobblestone at the north end of Campbell Avenue in the Catalina Foothills. It was designed by Les Wallach of Line & Space Architects, 627 E. Speedway, It was built by Empire West Companies, 6700 N. Oracle Road, Suite 100.
Details about the listing are online at http://www.campbellcliffs.com
It took 2½ years to design the home, seven years total in development. Among its features are: ân¶ ân¶ kitchen ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ ân¶ communications systems Briggs said the home has been featured in several architectural books. A major portion of her marketing efforts are done outside of Arizona, some of it outside the United States. "Why limit yourself?" she said. "As the dollar weakens against other currency more and more outside investors are buying homes in the states." Worth noting ân¶ Boegemann Law Firm ân¶ Susan Schaefer Kliman ân¶ Larry Zukowski & Associates ân¶ Long Realty Company ân¶ Harbor Freight Tools ân¶ Karate For Kids E-mail items for this feature to news@azbiz.com. Real Estate & Construction appears weekly.
for a formal dinner
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