A 1920s-era home in Phoenix that was restored with historic preservation in mind is now the priciest listing in the Alvarado Historic District.
The home at 341 E. Monte Vista Road was listed in late October with an asking price of $5.7 million.
Home details such as a grand, "floating" glass staircase lean into the glitz of the surrounding artsy neighborhood, about a mile north of downtown Phoenix.
"I think it's a work of art," listing agent Frank Aazami of Compass said in an interview with Homes.com. He said he imagines someone "coming down from the lit-up staircase — just like one of those movies back in the day, like the star of the show has arrived."
The property sits on a 0.69-acre lot and features a main residence, guest house and a large backyard with a swimming pool, swim-up bar and outdoor kitchen. The 8,225-square-foot property has six bedrooms and nine bathrooms.
Aazami is listing the property alongside Bobby Lieb, also of Compass.
The owner, Oppenheimer Partners Properties LLP, purchased the property in 2018 for $750,000, according to Homes.com. It later embarked on a major renovation that went "down to the studs" and was completed in 2022.
The end result is updated elements that give a nod to the original home that include brick walls, teak floors, crystal chandeliers and a restored fireplace. The property also contrasts the traditional look with art deco finishes.
Historic home priced at neighborhood's most expensive listing
Aazami draws parallels with the renovation of 341 E. Monte Vista Road to the trend of buying "tear down" homes in upscale neighborhoods like Paradise Valley.
"The house could be worth $1 million, $2 million, but it sells for $3 million because the lot value is greater than the actual house that was built," Aazami said.
In this case, the value was updating the home, which is by far the most expensive listing within the Alvarado Historic District. The area is home to Roosevelt Row, a hub for local artists and other creativity-based businesses and the Phoenix Art Museum.
Homes in Phoenix's Alvarado Historic District carry an average value of just over $567,845 as of November. That figure is in line with the $569,230 average home value across Phoenix, according to Homes.com data.
Agent touts home's proximity to downtown
Aazami said he feels the owners can capitalize on the increased momentum of new investment and people living in downtown Phoenix through new high-rise apartments.
"All the events and all the most attended theaters and ballparks are downtown," he said.
He added that the right buyer for the home is someone who wants a single-family home and needs to be near the business district or wants to be near nightlife activity.
Aazami is promoting the listing through broker open houses and influencer events. Aazami took this approach shortly after getting a $20 million listing with a go-kart track in Gilbert.