November 17, 2024 6:24 am
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Those looking to live in downtown Tucson feel sticker shock

View of Tucson from Sentinel Peak./:Image- John Diebolt

By Gabriela Rico | Arizona Daily Star  12 hrs ago

Prospective downtown dwellers are feeling sticker shock as home prices and rental rates in the city’s core continue to rise.

A limited inventory of homes for sale in the 85701 ZIP code has pushed prices up over 20 percent from last year. Rental rates in that ZIP code are the highest in the city and 13th highest in the state.

The Housing Report by Long Realty shows 85701 is the only ZIP code where home prices have increased by more than 20 percent from 2016.

Using a three-month trend, Long found the median price for a home downtown rose from $285,000 in 2016 to $357,000 this year, based on prices from April to June of both years, said Kevin Kaplan, Long’s vice president of marketing, technology and training.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.