Central Phoenix the 'in' place
Buyers
rediscover lure of older homes
Lush
lawns. Shady trees. Historic homes and streets
filled with children at play.
With
these amenities defining many of its neighborhoods,
central Phoenix is looking very alluring these days
for home buyers.
Since
1996, median resale home prices in the heart of the
Valley increased more than in any other area,
according to The Arizona Republic's annual
survey of home buying. Although sales of new homes
on the outskirts of the Valley are attracting plenty
of buyers, many people looking for an older home are
venturing to the city's core and paying for the
privilege.
Barbara McLoone, who teaches elementary special
education and who lives on Third Avenue north of
Glendale Avenue, watched median home sales in her
85021 ZIP code increase nearly 40 percent during the
past five years. Median home values jumped from
$96,000 to $133,000. The median represents the
midpoint of all sales, meaning half of the homes
were priced higher and half lower.
Homes
in McLoone's neighborhood often sell for much more
than $133,000. Prices have increased, some say, due
to the interest not only in the aesthetics of the
area, but also due to what it offers for the family.
The neighborhood falls within the Madison Elementary
School District, considered by many to be a top
Valley district.
It
took only one day for McLoone to sell her home last
month. She sold it for about $330,000 to buyers who
instantly took to the charm of the roughly
2,100-square-foot house. The ranch-style house
reminded McLoone of those often found in the
Midwest.
McLoone, who lives with her teenage son and young
adult daughter, said they hate to move but need
something with less maintenance. She's planning to
buy a townhouse nearby.
Resale
homes in the heart of Phoenix and along the Central
Avenue corridor from Van Buren Street to Glendale
Avenue have jumped in value by at least 50 percent
since 1996, according to The Republic's
survey. Resale prices in the 85003 ZIP code, which
runs from Thomas Road south to the Salt River and
includes the Willo and Roosevelt historic
neighborhoods, registered a 75.2 percent median
increase, jumping to $205,000 from $117,000. Even
resale prices in more modest homes like those in the
85009 ZIP code near Van Buren Street and 35th Avenue
increased by 77.8 percent, with median prices
increasing to $80,000 from $45,000 during the past
five years.
Central Phoenix also showed one of the strongest
changes in the resale median price from 2000 to
2001, with many ZIP codes showing 10 to 14.9 percent
increases, some of the highest across the Valley
except for the outlying areas. The standout for
central Phoenix was the 85003 ZIP code, where the
median resale price increased to $205,000 from
$175,000. The 17.1 percent increase ranked ninth
among 106 ZIP codes.
Central Phoenix, with its designated historic
districts, such as Willo and Roosevelt, will
continue to attract buyers, said Jay Butler,
director of Arizona State University's Real Estate
Center.
"One
of reasons everybody likes the historical areas is
that the housing is very unique," Butler said.
Some
buyers like to snap up something to remodel with the
idea of selling it. The past five years have seen a
wave of such dreams, leaving fixer-uppers harder to
find.
Some
buyers looking at central Phoenix hark back to their
childhood, Butler said. There's recognition in
seeing the trees and grass, the bigger kitchens
where family members can pile in.
Tom
Bryant, an agent with Realty Executives who
specializes in central Phoenix, expects the
neighborhoods to continue to draw buyers.
"There's still tremendous interest. I've seen people
virtually willing to overpay to be in a certain
neighborhood," he said.
McLoone said central Phoenix has been a magnet for
many families wanting larger lots and the feeling of
a neighborhood that's settled.
"When
we moved in 1997, every neighbor came and gave me
their name," McLoone said.
The
friendliness of her neighborhood is one reason
Martha Baehr plans to stay put.
She's
lived in her home on North Fifth Avenue near Indian
School Road all her life. It was her parents' home.
Her
1,300-square-foot house is in the 85013 ZIP code,
which since 1996 has seen nearly a 60 percent
increase in resale median home prices, jumping to
$132,900 from $84,000.
Baehr,
who lovingly tends a garden of roses, daffodils and
daisies outside her house, said she's always happy
to meet new people who wander by and stop to chat.
"We
really like this location near the center of town,"
she said.
When
her daughter, Alicia, and her son, Lealand, were
younger, she and her husband, John, used to take
them on bikes and ride down Central Avenue to a
downtown event or over to Encanto Park.
She's
glad home buyers are taking note of central Phoenix.
"You
go out to the suburbs and see all new development
and the houses are beautiful, but they have a
similar look. It's more fun to be here."
Connie Cone Sexton
The Arizona Republic
Metro
Alliance
