Tuesday, July 22, 2008

What You Get for the Money ($2 Million Plus)

This blog is focused on North Central Phoenix, where I live, work, and grew up. So the What You Get for the Money series will include only the ZIP code areas of 85020, 85022, 85024, 85028, 85032, and 85050. You can see these on a ZIP code map here and here

Price Band $2,000,000 Plus

North Central Phoenix isn't hoity toity. As of this writing, there are a mere 88 properties currently for sale in the entire city of Phoenix that are listed at $2M and higher. Contrast that with Scottsdale where you'll find 632 homes to choose from in this price range or the geographically small town of Paradise Valley which boasts 292 homes above $2M.

In my ZIPs, 7 homes are listed at $2M or higher. Here, $2,000,000 buys you a big home. Of those for sale today, the average size is 5,800 square feet and most sit on about an acre of land. Pricing runs from $2.1M to $2.5M.


Four of the 7 homes on this For Sale map are located in the gated Tatum Foothills subdivision (numbers 1, 3, 4 & 6 on the map). This is a neighborhood of only 49 custom-built homes dating to the early 1990's. They have vaulted coffered ceilings, vast kitchens with luxury finishes like cherrywood & slab granite, and often marble or travertine flooring. Backyard pool areas are large and lavish and some homes have truly beautiful mountain views. Don't miss up the chance to click the link above to the Tatum Foothills HOA. It's is too much fun to pass up! The HOA website shows a satellite map of the neighborhood with clickable links to multiple exterior photos of each of the 49 homes. Wow! That's a proud HOA.

Beyond the luxury homes and beautiful views, a real drawing card of Tatum Foothills is that children here attend the "Three C's" schools - Cherokee Elementary, Cocopah Middle, and Chaparral High - widely viewed as some of the best in the city. They're actually in the Scottsdale School District, but these homes are situated to take advantage of the best views and the best schools, neatly wrapped up in sumptuous surroundings. You pay big bucks to live this life - between HOA dues ($3600/year, paid quarterly) and property taxes (avg $9000/yr) you're shelling out $1,000 per month.


The other interesting home in this price band is the former home of Senator John McCain and his wife Cindy. It's for sale (again!) for a whopping $12,000,000. Yikes! I hear Mike Myer's Dr. Evil in my head as I type that - Twelve Meeeelllliooon Dollars!


This price seems simply silly. The curent owner bought it in Decmeber 2006 for $3,200,000. So in a 2-year stretch of time in which property values dropped about 10% Valleywide (and much much more in outlying towns like Surprise and Queen Creek), the McCain's former home appreciated an astounding 400%!?  Hmmmmm.  Of course there's the celebrity factor. And it is 14,000 square feet of livable space situated on just over 2 acres at Central & Glendale.

The home has obviously been  remodeled extensively since it was built in 1951. But it's difficult to tell if the current owner did anything more than seal the patio pavers, because when Senator McCain's Realtor had it listed, there were no interior pictures. The descriptive text used by the current Realtor is a word-for-word copy of that used in 2006 by McCain's agent. Again, hmmmm.

Finally, it is worth noting that house #2 on this list is being sold for its land value. It's zoned PAD11 wth a potential for 16 multifamily units, per the listing agent. This is prime infill land located just south of Central & Butler and off the Arizona Canal. Will be interesting to see what goes there when the market recovers and small developers come back to our town. Luxury townhomes, anyone?

All in all though, $2,000,000 buys you a pretty nice pad in Phoenix. And of course it goes without saying that if you need help finding your $2M baby, I'm ready to step up. Call me for references.