Earll Drive PHX valuation report July 2019
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Opinion of value and summary of sale strategy for
2244 E. Earll Dr. Phoenix AZ 85016
The total cost of the project including acquisitions, professionals, construction budget, carrying costs, sale and marketing and closing costs is $427,266.
One of our earlier Comparative Market Analyses (CMA) showed a sold price per square foot (ppsf) range of $200-$250 /Sqft, this was from March of 2019.
As you can see in the cromford graph below, the sold price in 85016 has increased steadily since the end of 2013. We expect the remodeled home will sell by the end of the year between $250-$255 (ppsf) using the data and comps provided on the following 2 pages
Looking at the Cromford data report for 85016, as of June 2019 there were 159 active listings which is average for the past 2 years ranging from 140 to 185 listings. Also the sales per month have decreased slightly from 49 last month to 47 sold listings.
Also important to the sale of the project are the days on market and the inventory supply. Looking at the cromford data for 85016 there is currently a 3.4 months supply with an average of 77 days on market.
In using this data to predict the future of the timing and strategies for the sale of the home, we would expect to start marketing the house by the end of August. Allowing us over 120 days to sell and close on the project by the end of the year.
The remodeled home will feature approximately 2089 square feet and at $250 per square foot equals $522,250. The compatibles that use higher grade features and are move in ready home may get over $265 per square foot, which is over a $550,000 resale value. As you can see from the data and comparables, this zip code is improving as homes are being upgraded and remodeled.
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