Friday, March 25, 2016

What $300,000 buys in the East Valley

The Valley of the Sun is a big area - somewhere in the neighborhood of 900 square miles. (For comparison, Washington DC is about 75 square miles and the State of Rhode Island is about 1,500.) And as can be expected for an area of that size, there are significant differences between different neighborhoods - styles, communities, and yes - prices.

Today I thought I'd take a look at what a $300,000 house looks like in different parts of the East Valley.



Programming Note - upcoming change in format

Before we get started, I have a major announcement regarding my website and this newsletter.

Beginning next month, I will be separating this newsletter from my website, creating a true newsletter - whose content is distinct and unique, and will only be distributed via email. The name will change as well; it will no longer be called Viewpoint.

For the last several years I've published these articles on my website at ThePhoenixAgents.com, and the website has emailed them to you as the "Viewpoint" through the magic of rss technology.

In summary - you will still receive the same great newsletter you've come to expect, only it will have a different title and will only be available through email.

And now, back to the East Valley...



Before we look at the homes, let's discuss the parameters - how exactly did I choose these homes?
  • I pulled (from ARMLS) all the Single Family Detached homes that sold in February for each city.
  • If the city had more than one home which sold for exactly $300,000, I chose the home which sold the fastest as my example.
  • If the city did not have a home sell for exactly $300,000, I chose the home which sold closest to, but not above, $300,000.
  • If the home looked like a statistical outlier in some way and did not represent other homes from the same price range and area, I skipped it in favor of the next home which matched the above.

The Results - What does $300,000 buy in:

Scottsdale
  • 2,100 square feet on an 11,000 square foot lot
  • 3 bedrooms / 2 bathrooms
  • Built in 1968
  • Swimming pool
  • Bank-owned / Foreclosed property
  • 13 days on the market
  • Located west of Loop 101 between Indian Bend and McDonald






Mesa
  • 2,400 square feet on a 10,000 square foot lot
  • 3 bedrooms + den / 3 bathrooms
  • Built in 1995
  • 135 days on the market
  • Located southwest of Greenfield and Brown






Gilbert
  • 2,900 square feet on an 8,000 square foot lot
  • 4 bedrooms / 3.5 bathrooms
  • Built in 1988
  • Swimming pool
  • 45 days on the market
  • Located east of McQueen between Warner and Elliot






Queen Creek
  • 3,200 square feet on a 12,000 square foot lot
  • 4 bedrooms + den + loft / 3 bathrooms
  • Built in 2004
  • 35 days on the market
  • Located east of Ellsworth and Rittenhouse






Conclusion

These four homes are very different; so are the four neighborhoods. Year built, size of house (and yard), and the quality of appointments (cabinets, counter tops, fixtures, hardware, etc.) stand out the most. Using size as the most basic measurement, the homes get larger as you get further away from the center of the Valley: 2000 ft in Scottsdale, 2400 ft in Mesa, 2900 ft in Gilbert, and 3200 ft in Queen Creek.

I also see differences in the quality of the MLS photos - for example, the Mesa house's kitchen picture appears to be a large family-style kitchen, but if you look closely there are only 5 tiles between the edge of the picture and the kitchen island. The photo was taken with a camera lens that makes it look much larger.

Considering it can be upwards of a 2-hour drive from one corner of the Valley to the other (think Surprise to Queen Creek), where you buy can have a profound effect on what you think about the "Phoenix area."

Please give Cheryl or myself a call-email if you have any questions about different areas, or if you want to see more photos of certain neighborhoods. We can set up an MLS search for you to see all the listings of a specific area, based on whatever criteria you choose.

Thank you for reading,

Chris Butterworth

Note - All photos are copyright of ARMLS (Arizona Regional Multiple Listing Service). All data is believed to be accurate but not guaranteed. Home sizes and lot sizes may have been rounded.

.