Kingman Housing Drops (Mesa, Golden Valley: 2011, crime, new home)

[Trump]

Read recently in a couple of newspapers that home prices and demand for housing in Kingman has dropped over the past few months. Anyone know what's fueling this?

[CHEWY12]

Did the newspaper give any opinion. My best guess is it's like other parts of the U.S. the housing bubble has burst or is in the process of the same.
Out here in Fl. we are a little over a year into the slowdown. How is the housing market in your area doing?

CHEWY12

[rambrush]

Plus Rhodes Homes has withdrawn from the local market, which in my opinion is a good thing.

[shariv]

Prices doubled and even triple between 2004 and 2005, mainly because of speculators. There was never really much of a demand by anyone except speculators looking to flip. The same people bought properties across the US in lots of other small towns and are now in the same boat.

The salaries and amenities of the town do not support the prices. Prices have actually been kind of stuck for close to a year, lately there is more lowering being done, especially by builders and realtor owned properties. I've even seen a few on the market for less than they paid in 2005/2006. These are vacant and have never been lived in, in other words, owned by speculators. Before this run-up houses over 200k were a rarity, now, until the last couple of months, houses under 200k were the rarity. They keep building smaller and smaller houses for the same prices. And the locals are still priced out.

One of the new subdivisions near us had their grand opening over a year ago. They had about 10 houses pre-built, most in the 400k range. They have gradually lowered their prices into the mid 300's and still have only sold one house. At least I guess it's sold as someone lives in it, probably kind of lonely. There are hundreds more new homes already built and thousands of lots cleared and ready to build. There are 2 grand openings this weekend for new subdivisions and everyday I see another field being cleared and graded.

[shariv]

Originally Posted by rambrush

Plus Rhodes Homes has withdrawn from the local market, which in my opinion is a good thing.

In my opinion also. Do you think they have really pulled out? It seems to me that he may just be making idol threats to get his way, he seems to have everyone running scared. Between all the screaming, blaming and finger pointing, it is hard to tell what is happening. There are some good articles in the East Valley Tribune in Mesa, pointing out why people dislike him. They are not happy about the land that the state sold to him.

http://www.eastvalleytribune.com/story/87839
http://www.eastvalleytribune.com/story/87838
http://www.eastvalleytribune.com/story/87840

I cannot believe that he actually intends to build over 130,000 houses in Mohave county in his 4 subdivisions. He has no experience with such large subdivisions. And no one cares about where the water is coming from. His golf course in Golden Valley will use 1 million gallons of water per day, according to his testimony to the ACC. He also has two lakes on his GV master plan, several hundred acres of commercial and over 30,000 homes. He has proven he has 9000 acre feet of water per year and the water commission says that is enough. Even in Las Vegas they require at least one acre foot of water for every two houses, which would be 15,000 acre feet for the houses alone. Boggles my mind.

[rambrush]

Well the local contractors I deal with want nothing of doing work for them as they are very slow paying of subs.

Mohave county and the ACC has stood there ground city of kingman held out there well sites. So maybe they learned they could not shoulder there way in here.

[shariv]

Originally Posted by rambrush

Well the local contractors I deal with want nothing of doing work for them as they are very slow paying of subs.

Mohave county and the ACC has stood there ground city of kingman held out there well sites. So maybe they learned they could not shoulder there way in here.

I don't know if you read the "Rhodes Development" thread on the topix dot net Kingman forum. I post on there once in a while, but it just irritates them. When they started saying how far superior Rhodes was to any of the local builders, I had to jump in. We looked at his Kingman Villa's during and after construction. They think they are going to get the "mansions/palaces" as they call the models, with all the upgrades for the base price. They decided I work for another builder that is losing business to Rhodes and that I am a bitter anti-growth person. I can't say the "sky is blue" anymore without being called names. The board is full of delusional speculators, mostly from LV and Cali.

There have been about 300 posts since the 11th when someone said Rhodes had pulled out. They really screamed at him for his lies and rumors, even though others came in and confirmed it. Then when the papers came out, they went after the city with phone calls and emails. When they called Beecher names and he came on the board with a couple of posts, the very vocal realtors suddening became quiet. The board regulars now say they have been assured by Rhodes, that Pravada will be built soon. A pretty funny thread, if you have the time to read.

Right before this happened, one of the realtors posted this:
"Great news for pro-development people on here. Rhodes has bought more land near Kingman Crossing and has heavy equipment on the property right now East of I-40. The rumor is he's building an additional 120 homes in this area. "
I haven't seen this anywhere else.

Right after the "news", this was posted by someone else:
"The new codes implemented by the Kingman city officials require him to pave and put retaining walls on an entire phase before building anything. Jim wanted to put up a couple models and do the other stuff as he went. Meeting with the mayor pertained to this. By saturday morning Jim had removed everything including water pipe.Theres nothing left there but dirt and wood stakes."
I also haven't seen this anywhere either. If this is true, he doesn't like rules and when the city wouldn't bend them for him, he took his toys and went home.

I hope they hold the line and don't let him do as he pleases. However, there is a large contingent of realtors and out of state speculators who will do anything they can to make him happy. Keeping prices up is their only objective and they could care less about the locals.

[JustPassinThru]

Posted by shariv
"I don't know if you read the "Rhodes Development" thread on the topix dot net Kingman forum. I post on there once in a while, but it just irritates them. When they started saying how far superior Rhodes was to any of the local builders, I had to jump in. We looked at his Kingman Villa's during and after construction. They think they are going to get the "mansions/palaces" as they call the models, with all the upgrades for the base price."

Shariv, just finished reading the Rhodes thread. They sure get their shorts in a knot when you post factual info that lets some air out of the balloon.

Was tempted to confirm your posting about the cost of the furnishings and upgrades in the models, but Justin (the realtor) posted figures that were even higher than yours: $125,000 - $150,000.

Did inspect "my" Villas home during construction. Was actually the superintendent's place, and he was rightfully upset as the paint was still wet. Had first right of refusal on an Angle home, but they kept dragging their feet.

Can't add anything to your excellent response to the OP's queries.

[shariv]

[quote=JustPassinThru;609903
Shariv, just finished reading the Rhodes thread. They sure get their shorts in a knot when you post factual info that lets some air out of the balloon.

Was tempted to confirm your posting about the cost of the furnishings and upgrades in the models, but Justin (the realtor) posted figures that were even higher than yours: $125,000 - $150,000.

Did inspect "my" Villas home during construction. Was actually the superintendent's place, and he was rightfully upset as the paint was still wet. Had first right of refusal on an Angle home, but they kept dragging their feet.

Can't add anything to your excellent response to the OP's queries.[/QUOTE]

I said they added 120k-140k, I thought Justin said 50k-80k. He also said a lot of people weren't happy with the construction, but they ignored him and jumped on me as usual. They even ignored the guy who said his "Villas" house had no towel bars , toilet paper holders or ceiling fans.

Most of the people on that board have admitted that they are "investors". That is the problem right now in Mohave county, prices and building have been driven by a speculative frenzy. I don't know what will happen, my crystal ball seems to be malfunctioning.

The realtors are making me crazy. This is a quote from another topix thread on Kingman....

"Mohave county will be receiving the bulk of 80,000,000 baby boomers that are slated to retire. We have the best weather in the U.S.A. low cost of living. Relatively crime free communities. We are close to 3 major metropolitan areas. Prices are reasonable currently. In my professional opinion, it would be highly advantageous to buy now.... email me @..."

It's going to be a little tight with another 80 million people here

[JustPassinThru]

Posted by Shariv from Topix.net

"Mohave county will be receiving the bulk of 80,000,000 baby boomers that are slated to retire. We have the best weather in the U.S.A. low cost of living. Relatively crime free communities. We are close to 3 major metropolitan areas. Prices are reasonable currently. In my professional opinion, it would be highly advantageous to buy now.... email me @..."

I just chalk that up to your usual Chamber of Commerce hyperbole. I question the word "bulk" and also the phrase "the best weather". In the dark about the 3rd metropolitan area, unless it's Barstow.

Justin quoted those lower figures for upgrades, and later posted the higher figures (that I posted here at CD) which were the cost of upgrades and furnishings for the furnished models.When I inquired about the cost of one of the models here in the Villas, it was $122,000 over the base price.

Some of my neighbors are excited about the Lowes going in, but that probably won't happen until about 2011. We'll be long gone by then.