How much value does a mountain add to a home? Are some mountains, and their views, worth more than others? These are the questions The Hill Group of Coldwell Banker Residential Brokerage set out to answer in their new study – the first of its kind – called “What’s That Mountain Worth?”
Doug and Kirsten Hill and their team of realtors worked alongside Fidelity National Title to calculate average values of home sales based on various elevations among nine mountains in the greater Phoenix area, including Camelback Mountain, Mummy Mountain, Piestewa Peak, South Mountain, Red Mountain, Black Mountain, Scottsdale Mountain, McDowell Mountain and Pinnacle Peak.
“I learned very early on as an agent that mountains matter to both buyers and sellers, especially in the greater Phoenix area” said Kirsten Hill, co-founder of The Hill Group. “But the big question that has always remained is how much value does a mountain add to a home? Having a higher elevation (and better views) can make a big difference, as can the location of the mountain and what neighborhoods and attractions surround it. This study takes all of those factors into account and puts a number on the top nine mountains in the area.”
Their findings included the following:
Camelback Mountain (elevation: 2,707 ft)
On the mountain: $1,701,971
Off the mountain: $1,160,758
Mummy Mountain (elevation: 2,264 ft)
On the mountain: $1,881,901
Off the mountain: $1,670,106
Piestewa Peak (elevation: 2,612 ft)
On the mountain: $945,457
Off the mountain: $885,838
South Mountain (elevation 2,690 ft)
On the mountain: $316,684
Off the mountain: $252,188
Red Mountain (elevation: 2,832 ft)
On the mountain: $376,676
Off the mountain: $322,708
Black Mountain (elevation: 3,403 ft)
On the mountain: $736,605
Off the mountain: $493,415
Scottsdale Mountain (elevation: 4,057 ft)
On the mountain: $754,209
Off the mountain: $492,374
McDowell Mountain (elevation: 4,057 ft)
On the mountain: $1,368,790
Off the mountain: $747,203
Pinnacle Peak (elevation: 3,173 ft)
On the mountain: $1,591,693
Off the mountain: $1,152,191
“We found a lot of surprising data, including Mummy Mountain – by far a lesser known landmark than that of Camelback Mountain – being of the highest value, along with those like South Mountain where a large difference in home values on either side of the mountain brought down it’s overall average,” said Doug Hill, co-founder of The Hill Group. “Hopefully this study sheds some light on mountainside home values that can help buyers and sellers appropriately gauge their next transaction.”
To view the full study and findings from each mountain, visit www.WhatsThatMountainWorth.com. For more information on The Hill Group and their services, visit TheHillGroupAZ.com, call 480.756.6372 or connect with them on Facebook and Twitter.
