Holbrook, Arizona is home to just over 5,000 people. Situated in Navajo County, the city was founded between 1881 and 1882. The town was formed when the main railroad was built. Holbrook got its name from the first chief engineer who helped design the Atlantic and Pacific Railroad. The railroad station was replaced in 1892 with the Santa Fe Depot. The city was officially incorporated in 1917, and was home to the Pleasant Valley War, which took place up until 1887 in and around the area.
One of the most important historical events in the city is dubbed the “Holbrook meteorite.” The meteorite was seen in the sky on July 19, 1912. The meteorite was estimated to be 419 pounds and exploded over the small town. An estimated 16,000 stones fell from the sky and landed in the area.
Life in Holbrook, Arizona
Holbrook, Arizona has a semi arid climate with hot summers and cold winters. There is no measurable snow most winters, but the low temperatures do allow for snowfall. In December, the average low is 20.9°F, while the average high is 51.5°F. This is slightly warmer than the month of January that has the same low as December but has an average high of 50.6°F.
Summer months can be very warm with temperatures in June through August having highs of over 92°F. Nighttime lows during these warm months are in the 50s. Averages for the entire year are lows of 38.6°F and highs of 73.6°F. The hottest recorded high to date was in the month of August where temperatures reached 109°F.
The city spans 328 mi.². The median income in the city is $31,746 for individuals, with family income being $36,349. As of 2000, there were 1,600 households in the city with roughly 1,200 families residing in the city.
A few historic points exist around the city and include:
* Petrified Forest National Park
* The Historic Navajo County Courthouse
* Wigwam Motel on Hopi Drive
* Historic Route 66
The city has three elementary schools, one junior high school and one high school for 2,300 students. While the city is small, it does contain one of the main campuses for Northwind Pioneer College.
Real Estate in Holbrook
The real estate market in Holbrook is one of great interest for investors. Homes could be purchased for variable prices in the city, with the median sale price being $69,000 in Q3 2015. We’re going to take an in-depth look at the current market in terms of real estate in the city. Note: The data provided derives from the months of July to October 2015 unless otherwise noted.
What we see is that the average listing price has gone down 2.9% in the past week, with an average price of $93,000. Median sale prices have declined year-on-year by 27.4%, down $26,000 with a median sale price of $69,000. Year-on-year, the average square foot price is $62, down 13.9% on the year. These low prices make it possible for investors to get in on a market that is currently struggling. There’s a lot of land in the area, and the connecting railroad makes this city the perfect choice for investments. But, we want to provide as much information as possible so that you can make a smart purchasing decision in Holbrook, Arizona.
Being a small city, not many homes are for sale. There was a time in 2007 when the average home price was over $1 million, but this was definitely not the norm. In a town of this size, one home could cause the market to increase drastically from approximately $100,000 a home to the median sale price of $1 million. This demonstrates that the prices are skewed and people that live in the city do not leave often.
When looking at homes in the area, the current listings are available:
* A 1,600 ft.² home on a 8700 ft.² lot that was built in 2002 and has four bedrooms is selling for $129,000.
* A smaller home that is 1500 ft.² and has two bedrooms is selling for $84,900, but this home is on a 37.6 acre lot.
* Another home is for sale by owner, and has two bedrooms and two bathrooms. This home is older, built in 1952, but it spans 2100 ft.² and is on 10,000 ft.² lot. This home is selling for only $100,000.
These are exceptional deals for great homes with a decent amount of land. But what about land availability in Holbrook?
As you’ve likely determined by the prices of homes, land prices are exceptionally low in the area. Much of the land is desert, so you’ll need to find new ways to make the land work for you. Going off of current prices, we have found the following properties available:
* 38.4 acres selling for $19,995. This property is zoned commercial with a special use permit and taxes are just $105 a year. This is just $526 an acre, and we almost forgot to mention that power is available.
* A 10 acre lot for just $7,495.
* A 181 acre lot right off of Interstate 40 is selling for $1 million. This property is the ideal choice for commercial activity due to its location.
Based off of just three amazing lots, we have three different averages for prices per acre of land: $526, $749.5 and $5524.
The majority of investors will pay between $500 and $750 per acre of land. Don’t forget, the one lot is zoned as commercial, which means that residential land will be even less costly. And, the 181 acre lot is in a prime location. This is the ideal location to build a hotel, resort, shopping mall or another massive development project that could bring in millions of dollars a year in revenue. As an added bonus, the city is small enough that it needs a smart investor to boost revenue in the town and attract more tourists.
Holbrook, Arizona also has a lot of residence that are willing to sell their land and finance it. If you’re smart investor, you’ll realize the great opportunity that exists in the small city of Holbrook.