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Historic Neighborhoods: The Spillover Effect
Last week, we saw how understanding relevant data is vital to how I inform my gut instincts as an agent.
This week, let’s look at how data on historic neighborhoods informs my gut and how what I’m seeing in several "overflow areas" plays into it. Homes in historic neighborhoods are getting more and more expensive, and they will continue to do so as people who value those homes will continue to buy just outside the historic areas. Why? Simply because there is a finite number of them and more people want homes with that character.
So, over-time more people have renovated historic neighborhoods that neighbor the original historic neighborhoods. The supply increases.
This “spillover” dynamic has given us our 35 historic neighborhoods. Specifically, neighborhoods that were seen as "not ready for prime time" are improving right next to the current neighborhoods.
The first historic neighborhood in Phoenix was Roosevelt. Garfield, FQ Story, Willow, Encanto, Palmcroft, and others followed. People around them started saying: