Above: 5200 E. Arcadia Ln. in Phoenix sold for $5,950,000.
By Point2 | AZ Big Media
There are three things that matter in property: location, location, location. Just like the stories about its possible origin, this popular phrase is changing to better reflect the rapidly evolving reality of the housing market. However, this ubiquitous aphorism no longer applies just to cities, zip codes, and neighborhoods. Now, it refers to streets as well. Case in point, the properties we analyzed might be on the same street, but the price disparity shows they belong to very different housing markets.
Less than two miles from each other, 5200 E. Arcadia Lane and 5515 E. Arcadia Lane offer incredible views of Camelback Mountain and were both sold in August of last year. But the similarities stop there. Because while one of them went for a little more than $2 million, the other one sold for almost $6 million.
These two Phoenix homes are just one example of the massive price disparity that Point2 analysts saw between price tags of some properties sold on the same street.