TUCSON, Ariz. (13 News) – Is Tucson turning into a luxury housing market?
New data shows homes priced at a million dollars and upsell lower-priced homes.
In fact, Tucson’s luxury market is outperforming Phoenix.
13 News toured the most expensive property for sale in Tucson.
It’s called Campbell Cliffs and it’s priced at $12.95 million dollars. It’s made of concrete and steel and sits on 10 acres in the Catalina Foothills.
“It took two and a half years to design the house, seven and a half to build it,” said Russell Long with Long Realty in Tucson. “It is clearly a wow house.”
Long and Martha Briggs are the listing agents.
“Everything floats, there’s no baseboards, no crown moldings,” said Briggs.
The house was built in 2004.
It has seven bedrooms and 11 baths, an indoor/outdoor kitchen with seven sinks and four ovens. There’s a two-story gym with a rock climbing wall, elevators, a movie theater, an indoor shooting range, a dog bath with a window, and a swimming pool.
Perhaps most impressive? The view.
“To the South, you have the city. At night, it’s like jewels laid out on black velvet,” said Briggs. “To the North is the national forest. Which means nothing ever gets built there.”
“If people want privacy, this is a great place to be,” said Long.
Not only is Campbell Cliffs the most expensive home for sale in Tucson, Briggs says it’s the largest at 25,000 square feet.
Considering today’s economy and high interest rates, monthly payments would be over $85,000 for this home. Is there any risk?
“Actually, I would say for most folks buying luxury, it’s not. If you look at the appreciation that’s happened in homes over the past couple years, and is continuing to happen,” said Kevin Kaplan, chief operating officer with Long Realty.
“And quite frankly, most of the homes that were purchased over a million dollars and up, especially at the higher end, were not financed. Those are purchased with cash.”
Kaplan says luxury home sales in Tucson have tripled since 2019.
“In Tucson, overall, the housing market is down about 20% in sales partly due to mortgage rates and things like that. The million and up segment is only down seven. So it’s the strongest segment on the market,” said Kaplan.
“Some years ago, if we had a two or three-million dollar sale, that was a big deal for Tucson. And now that’s more of an everyday occurrence.”
Kaplan recently invited top luxury realtors to tour Campbell Cliffs.
Briggs says so far, a couple of billionaires have shown interest, “It’s not necessarily just for a billionaire, it’s for someone who wants a home that’s unique.”
“Superior quality and timeless design,” adds Long. “50 years from now, this house will look up to date.”
Kaplan says there’s a growing number of people under the age of 35 who are affluent and buying luxury homes in Tucson.
Of that 35 and under group, Kaplan says 54% are women who are buying luxury real estate.
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