If you’re interested in purchasing Tucson Luxury Real Estate, either for a new home or an investment, now is the time to buy. The latest statistics on the Tucson luxury real estate market show that buyers are confident and banks are lending.
According to Long Realty’s luxury housing report:
1) November 2013 luxury active inventory was up 14% from November 2012
2) Tucson luxury real estate closings were up 67% year over year
3) Months of inventory was down approximately 29% from November 2012
However, we’re not completely out of the water yet. The following statistics show that we still have some improvement to make in the Tucson luxury real estate market:
4) In 2013, approximately 10% of Tucson luxury home sales were distressed (bank owned or short sales), up from 5% in 2012.
5) Median price of sold homes was $872,000 for the month of November 2013, down 18% from November 2012.
6) The number of luxury properties under contract in November 2013 was virtually unchanged from November 2012.
All this shows that interest of people coming back in luxury Arizona real estate market and as economic outlook becomes positive, kicks will kick off suddenly. As an investor you won’t like to miss the buzz and regret later on. Additionally, mortgage rates have remained consistent with very little fluctuations over the past several months, and lenders are being more lenient with buyer down-payments and credit scores. Again this indicates that the market is much improved than last year overall. With time, analysts predict the market will continue to improve and lenders will continue to play nice with buyers.
There are many options to choose from when considering Luxury Arizona Real Estate. With many luxury communities and neighbourhoods located in the foothills of the surrounding mountains, it’s easy to find a home with nearby hiking and biking trails as well as privacy and beautiful desert landscapes. However, it’s not easy to find a piece of Tucson luxury real estate that also comes with added perks like golf club membership and access to Ritz-Carlton hotel amenities including a world-class spa. The Residences at The Ritz-Carlton, Dove Mountain is the only luxury community in Tucson where homeowners get these fabulous perks, plus they can build a custom home on their very own estate-sized home-site or choose from 8 beautifully designed floor plans. So it is entirely up to your choices as well as budget which will decide choices you are going to make but the best time is now when things are again gathering steam.
You may be thinking, why not choose Scottsdale luxury real estate instead? Tucson has cooler weather and more rainfall than Scottsdale, but still sees more than 350 days of sunshine each year. The city has just as many upscale shops and fine dining options, with less crowds than Scottsdale. All these things make it an ideal and warm place to live. You will never regret your decision of making an investment in luxury Arizona real estate market if you love bright and sunny days.