There are three things that matter in property: location, location, location.
Just like the stories about its possible origin, this popular phrase is changing to better reflect the rapidly evolving reality of the housing market. However, this ubiquitous aphorism no longer applies just to cities, zip codes, and neighborhoods. Now, it refers to streets as well. Case in point, the properties we analyzed might be on the same street, but they seem to belong to very different housing markets.
Less than two miles from each other, 5200 E. Arcadia Lane and 5515 E. Arcadia Lane offer incredible views of Camelback Mountain and were both sold in August of last year. But the similarities stop there. Because while one of them went for a little more than $2 million, the other one sold for almost $6 million.
These two Phoenix homes are just one example of the massive disparity between price tags of some properties sold on the same street, and in the same year. To further dig into this trend, Point2 analysts zoomed in on properties that were bought and sold not once, but twice within the same year — bringing their owners a substantial profit in the process.
- The properties that were on the same street but sold for incredibly different prices boasted price tag differences between $800,000 and nearly $4 million.
- At $5,950,000, the most expensive property we looked at was a gorgeous, “close-to-completion” six-bedroom, nine-bathroom home on E. Arcadia Lane, “a generational icon and an architectural masterpiece with unparalleled views of Camelback Mountain.”
- Less than two miles away, the four-bedroom, five-bathroom property at 5515 E. Arcadia Lane sold for $2,200,000. Like its more expensive counterpart, this home also comes with a pool and spa, and offers a “park-like back-yard with views of Camelback Mountain.”
- The smallest price difference between two homes sold on the same street was recorded on N. 47th Place, where the property at 2927 sold for $960,000, while the two-bedroom, two-bathroom home at 1251 sold for one-sixth of that price at $160,000.
Home at 5426 E. Pinchot Ave. Goes from $400,000 to $1 Million
Analyzing the homes that changed owners twice within last year, the five properties below are the most profitable. Bringing their former owners between $460,000 and $600,000 in just a few short months, these homes are also proof of Phoenix’s increasingly dynamic real estate market. Homes heredon’t seem to spend much time on the market, pointing to the city’s growing appeal.
What Does 2021 Have in Store for Phoenix?
Phoenix is poised to become one of the hottest and most dynamic housing markets in the nation in 2021. According to a recent experts survey,
Phoenix will be America’s second-hottest housing market in 2021, topping a list of mostly Sun Belt cities expected to continue heating up faster than the nation’s large coastal markets. […]
Surpassed only by Austin, TX and followed by Nashville, TN, Tampa, FL and Denver, CO, Phoenix has a lot going for it, better affordability and sunnier climate chief among them.
The top-five metros are all affordable options compared to expensive coastal areas that have led home appreciation ranks in recent years, providing relative value for Millennials looking to take advantage of low mortgage rates to buy their first home. The top five are also, for the most part, sunny locales. Four of the five counties holding the largest cities in these MSAs all rank in the top-third of counties in the contiguous U.S. for average daily sunlight.
- For this analysis, we looked at same-street transactions, focusing on the biggest differences between sale prices for the same type of property. All transactions were sourced from sister company PropertyShark.
- We started from the most expensive properties sold in 2020. For more relevant results, we only extended the search to a maximum distance of two miles on the same street.
- For the second ranking, we looked at homes with a minimum of two transactions in 2020. We then listed the top five properties that recorded the biggest difference between the first sale price and the second sale price.
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