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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