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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

Bette Zerba
RE/MAXDesert Showcase
14155 N 83rd Ave
Ste. 120 Peoria AZ
602-791-1766
bettezerba@cox.net

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