ALL NEIGHBORHOODS BY YEAR – ANNUAL AVERAGE SALES PRICE-PER-SQUARE FOOT
May 2011 to May 2015, Public Records, Detached Properties, No Trustee Sales
(Ancala, DC Ranch, Desert Highlands, Desert Mountain, Grayhawk, Silverleaf, Troon, and Troon North)
As you can see, the overall appreciation picture among all 8 communities combined illustrates that prices have been on the rise consistently for the last 4 years, and took the biggest appreciation leap between May 2013 and May 2014. In fact, according to the data, average price per square foot increased 29.8% over the 4 years, and 15.0% alone between May 2013 and May 2014.
However, what we are really interested in is the relative performance of each neighborhood: Which neighborhood appreciated the most over the 4-year time period?
NEIGHBORHOOD vs. NEIGHBORHOOD RESULTS
PERCENTAGE 3-YEAR**CHANGE IN ANNUAL AVERAGE SALES PRICE-
May 2012 to May 2015, Public Records, Detached Properties, No Trustee Sales
As you can see, we are not considering the relative price per square foot of each of the communities – our interest is simply in the percentage appreciation of these communities relative to each other. And, you can see the 3-year appreciation rate varies significantly among the 8 neighborhoods. While there is not a single reason why one neighborhood appreciates more than another, we do have some thoughts on why certain neighborhoods are performing differently than others, based on feedback from the buyers, sellers and other Realtors with whom we interact on a daily basis.
DC Ranch and Silverleaf: These two neighborhoods have appreciated faster than the other 6 neighborhoods over the past 3 years. Why? The answers may be found in the many reasons that buyers, Realtors and current residents love these two neighborhoods:
- Location – proximity to the 101 Freeway and the rest of Scottsdale. With just 5 miles or less to the 101, it’s easy to get anywhere in the Valley from DC Ranch and Silverleaf.
- Well-rounded buyer pool – these two communities appeal to a wide variety of buyers: families (many homes are within walking distance to Copper Ridge Elementary and Middle Schools), empty nesters, retirees, young professionals, primary home buyers and secondary home buyers, golfers (who want a private golf membership) and non-golfers.
- Wide range of pricing – regardless of your price range, there is something in DC Ranch and Silverleaf for everyone – from condos starting in the $200,000’s to custom estates at greater than $10 million.
- Amenities– DC Ranch and Silverleaf offer two community centers, 47 neighborhood pocket parks, 33 miles of walking paths and trails, 2 private country clubs, 3 retail developments, and an elementary school and middle school all within the boundaries of the two neighborhoods.
- Robust private membership sales–The Country Club at DC Ranch had its share of difficulties selling memberships during the economic downturn. However, since the introduction of market based pricing in November 2010, the Club has sold over 200 full golf memberships. There is currently a 3-year wait list for Sports Social memberships. Silverleaf Club hardly struggled during the downturn, and continues to be owned and operated by the developer, DMB. While membership to either club is not tied to homeownership in the community, robust membership sales certainly help real estate values as many members purposely choose to live in close proximity to their club (It should be noted that membership at either club is by separate application and approval).
Grayhawk: This community also performs very well for many of the same reasons as DC Ranch and Silverleaf. It has an equally good location with quick access to the 101 Freeway, and the great shopping and dining options offered in North Scottsdale. Buyers run the gamut from full time residents to snowbirds, from families (Grayhawk has both a public elementary school and a private elementary school within the community) to retirees. The range of pricing is also very broad.
Desert Mountain: Despite its location at the very north end of Scottsdale, which does not appeal to all buyers, Desert Mountain performs well for several reasons. If you are looking for a golf community, Desert Mountain is as good as it gets. With 6 Jack Nicklaus courses, 6 clubhouses, and more than a handful of dining options within the community, living in Desert Mountain is like living on a cruise ship. You almost don’t have to leave the neighborhood, except to get groceries. Speaking of which, the neighboring towns of Cave Creek and Carefree, just 5 minutes from Desert Mountain’s main gate, offer a variety of restaurants and grocery stores, as well as everyday necessities.