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
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