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 the price disparity shows they belong to very different housing markets.
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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 price disparity that Point2 analysts saw between price tags of some properties sold on the same street.
• 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 disparity 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.
Here are the five same-street home sales with the most significant price difference:
1. East Arcadia Lane
• 5200 E. Arcadia Ln.
• 5 beds, 9 baths, 9,663 square feet
• unparalleled views of Camelback Mountain, guest house, pool, spa, garage
• Sale Price: $5,950,000
• 5515 E. Arcadia Ln.
• 4 beds, 5 baths, 4,292 square feet
• parklike back yard with views of Camelback Mountain, pool, spa
• Sale Price: $2,200,000
Price Difference: $3,750,000
2. East Exeter Boulevard.
• 5521 E. Exeter Blvd.
• 5 beds, 7 baths, 7,350 square feet
• separate newly built guest house, bocce ball court, pool with built-in spa, spacious grass area
• Sale Price: $4,450,000
• 4538 E. Exeter Blvd.
• – beds, 2 baths, 2,827 square feet
• details N/A
• Sale Price: $1,006,000
Price Difference: $3,444,000
3. North 49th Place
• 4536 N. 49th Pl.
• 5 beds, 5.5 baths, 6,205 square feet
• details N/A
• Sale Price: $3,650,000
• 3442 N. 49th Pl.
• – beds, 2 baths, 1,741 square feet
• details N/A
• Sale Price: $595,000
Price Difference: $3,055,000
4. East Lafayette Boulevard
• 5855 E. Lafayette Blvd.
• 5 beds, 6.5 baths, 5,500 square feet
• Camelback Mountain views, entertaining areas, negative edge pool, sport court
• Sale Price: $3,700,000
• 4971 E. Lafayette Blvd.
• 3 beds, 3 baths, 2,827 square feet
• pool, spa, misting system, outdoor kitchen for entertaining and relaxing
• Sale Price: $865,000
Price Difference: $2,835,000
5. North 21st Street
• 5108 N. 21st St.
• 5 beds, 8 baths, 7,997 square feet
• fruit orchards, exotic landscaping, fountains, courtyards and balconies, pool/spa
• Sale Price: $2,650,000
• 4127 N. 21st St.
• 3 beds, 2 bath, 1,438 square feet
• comfy fireplace, an additional 200 square feet bonus room
• Sale Price: $276,000