It wasn't so long ago that it looked as if the Foothills were becoming a community of mostly high-end homes. After years of chugging along at 20 to 30 sales per year, in 2004 luxury home sales swung into high gear.
Pima Canyon had a lot to do with it. With almost 300 home sites in a new luxury gated community, and a big PR blitz, it popularized the notion and broadened the appeal of luxury living in the Tucson Foothills. And this was just in time for the wave of well-off baby boomers starting to look for their place in the sun.
And pretty soon everyone who could swing a hammer got into the act, and so-called luxury homes started popping up wherever one could be squeezed in.
And of course it got out of hand, and along with poor timing, the mortgage meltdown, the economic crisis, and denial that the party would ever end, the million $ market is now limping along with lots of inventory and few sales.
Where do we go from here. Are people going to give up on finding their place in the sun, stop looking for a spot to retire or buy a second home. The mood of the moment notwithstanding, will they lose their taste for luxury or the easy southwest lifestyle that the Foothills affords them.
We'll see. January is right around the corner, and it'll be the first test, because that's the beginning of the high season for home sales in the Foothills, particularly luxury sales. And because there's a lot at stake, I'm sure that every Realtor® and every home seller is waiting on pins and needles to see how this one shakes out. I know I am.
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