Luxurynomics- A Tale of Two Zip Codes
What makes a home Luxury? Is it Price? Age? Lot Size? Neighborhood? Is it the Zip Code?
85253 includes the Town of Paradise Valley and unless you are talking about one of the very old original homes, you are talking about luxury.
85254 is the Magic Zip Code, with Scottsdale mailing address and Phoenix taxes and utilities. Here, there are pockets of luxury and many homes on large lots are being torn down to build luxury homes.
Price certainly plays a role but there are Condo’s under a million dollars than can be called Luxury and there are Large Lot properties valued over two million that could never be called Luxury.
Age is, as they say, only a number. Many older homes have been remodeled to Luxury Standards and there are newer Large Size homes with more standard features.
Larger Lot Size helps to support Luxury construction but there are three-million-dollar Condo’s in Kierland.
Neighborhood can define Luxury if that was the goal when the developer created it. But there are many examples of overdevelopment in middle class neighborhood’s that meet Luxury Standards.
Ultimately Luxury is an individual judgment. It is The Finishes, The Countertops, The Appliances, The Fixtures, The Room Sizes, The Entry, The Grounds, and The Feel that set the bar.
Just a Thought- In Paradise Valley, a Luxury feature is the built-in ironing board in the laundry. Probably to make the help feel rich.
I branded 85254 as “The Magic Zip Code” many years ago, and have sold more than 20% of the homes in 85254, and none of have been luxury… yet. . My cell is 602-796-5751.