By Joseph Callaway
If you’ve always thought of 85254, the “Magic Zip Code,” as moderate to upper middle class homes, get ready for a new generation of luxury new builds and upscale remodels.
Consider this: only three homes sold for over a million dollars in 85254 during the first quarter of 2019. But for the first quarter of 2020, there were 13 sales over a million and three of those topped two million dollars. That’s a million dollar home every week!
What is driving this new luxury market? The most obvious answer is Paradise Valley spillover. Given the choice between spending two or three times the price for dirt or moving their project north, savvy builders are going north of Shea, north of Cactus, even north of Thunderbird to locate new enclaves for the luxury buyer.
Also, inviting luxury growth, is the stability of our magic zip code. Just look in any direction and all you see beyond the boundaries of 85254 are solid, mature neighborhoods appreciating in value. We do not border large tracts of vacant land with questionable future developments. 85254 is safely cocooned with predictable neighbors.
Another factor we have encountered working with clients are folks who grew up in 85254, and now that they have enjoyed success, they don’t want to go south or north to find a home that reflects their achievements. These luxury buyers are home grown.
We look for this luxury trend to continue well into the future, making our 85254 zip code more magic every day.
Joseph Callaway is co-owner of Those Callaways Real Estate, Arizona’s leading independent brokerage with offices in 85254. Learn more at ThoseCallaways.com or call 480-596-5751.