WHY SO MANY "new" HOUSES FOR SALE - JUST A COUPLE OF YEARS OLD (Phoenix: new home, neighborhoods)
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Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 8,543,570 times
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Quote:
Originally Posted by azloafer
I just talked to a realtor this AM and she said that the average person, country wide, used to move every 7 1/2 years. Now it is more like 5 1/2 years. I know many people will say that those figures are wrong because they have been in their house for 20 or 30 years, but this is the national average that the realtors are talking about.
You'd be hard pressed to find someone in the same house in the Phoenix area for 20 or 30 years. The Phoenix area is very transient. The longest we ever lived in one house in Phoenix was 5 years and that was a long time compared to some of my neighbors. I do know when we lived in an older neighborhood in Glendale those people seem to stay in their homes longer. That was until Arrowhead Ranch started going up and then my neighbors started bailing on us. That's when we moved to Gilbert.
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 8,543,570 times
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Quote:
Originally Posted by gregandvicky
Something to also consider. A lot of the builders in Arizona have been gouging buyers for a couple of years now. I just received a letter from Avatar in Rio Rico saying they have reduced their prices by $40,000. That means they over charged buyers by that much or more since building material and labor costs have not changed. I do not think I want to do business with people that use those practices. How would you like to be they guy that bought his house two months ago for $220,000 and they are selling new today for $180,000?
It's all about supply and demand. The demand was high and the supply was low. People were willing to camp out on the builders door step to pay those prices. I do agree the builders were getting greedy as hell. They were releasing a lot or 2 every weekend having lotteries and raising the price 10,000 every week. Not only that they reduced the Real Estate commission. Richmond American those greedy SOB's were giving a flat commission of like 3000. All the other builders were offering 2 percent except for a few here and there. I love reading the commissions now some are up to 10% makes me want to laugh.
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 8,543,570 times
Reputation: 728
Quote:
Originally Posted by gregandvicky
Something to also consider. A lot of the builders in Arizona have been gouging buyers for a couple of years now. I just received a letter from Avatar in Rio Rico saying they have reduced their prices by $40,000. That means they over charged buyers by that much or more since building material and labor costs have not changed. I do not think I want to do business with people that use those practices. How would you like to be they guy that bought his house two months ago for $220,000 and they are selling new today for $180,000?
It's all about supply and demand. The demand was high and the supply was low. People were willing to camp out on the builders door step to pay those prices. I do agree the builders were getting greedy as hell. They were releasing a lot or 2 every weekend having lotteries and raising the price 10,000 every week. Not only that they reduced the Real Estate commission. Richmond American those greedy SOB's were giving a flat commission of like 3000. All the other builders were offering 2 percent except for a few here and there. I love reading the commissions now some are up to 10% makes me want to laugh.
My brother in-law bought a house from an investor who bought the house for 420,000 he sold it to my brother in-law for 525,000 the same month he bought it for 420,000 the first deal hadn't even closed yet while he was making the deal with my brother in-law. Anyway his house is now worth maybe 450,000. He also took out an equity line of credit. Who knows what he really owes the bank now if he wanted to get out. I advised him against that but they didn't listen to me.
Well im in the outter edges of Casa Grande in an upscale subdivision and there are some 40 homes built in here all 400k-650k..... 20 are occupied... of which only 15 are owner occupied. The others are owned by flippers who though they woudl make a killing. But since the market is down and they cant sell they sit up for sale. Some are are huge..... 2900 Sq Ft with full 2900 Sq Ft finished basements that were listed at over 600K and can be had now for 400K...... yet they still sit empty. To many homes, to many flipper/investors, high mortgages payments / not enough buyers in the 400K plus market = lots of foreclosures, short sales and homes on the market.
Heck the home im leasing the owner (CA) has already dropped the price from 500K to 425... guess its a buyers market in most places. Not all..... as I see alot of smaller pockets in PHX metro still hot. Im waiting at least a year... maybe I can get lucky and buy this place for less than 400K. All I know is out here there building 150-250K homes so fast its a joke..... and selling them too.
A lot of the builders in Arizona have been gouging buyers for a couple of years now. I just received a letter from Avatar in Rio Rico saying they have reduced their prices by $40,000. That means they over charged buyers by that much or more since building material and labor costs have not changed.
Does anyone know why so many houses, that are only 1-5 years old are for sale? I'm wondering if they were never bought or leaving once the 5yr. termite contract up - or just wanted something different. Obviously there are various reasons people move, but so many of them are for sale it seems.
Investors, ARMS, and I think many people move here thinking one thing, only to discover it's another. It's transient. Good luck finding any natives here. Actually, my BF is a native, but that is somewhat unusual.
There are two kinds of houses here -- one that has had termites and one that will. It's not unusual. That's why I bought a termite warranty. Don't even get me started on the need for pest control for BIG sewer roaches.
For me, I thought I could get used to the lack of no water. Impossible, having grown up in the land of 10,000 lakes and having lived on the CA coast for 13 years. All of these things are reasons that make people leave.
All I know is out here there building 150-250K homes so fast its a joke..... and selling them too.
Yeah, and as long as one can keep sprawling, the value never really goes up. It's not like a limited supply of land, as in the San Francisco Bay Area. Here, one can just keep building out and out, but that is not a prescription for rising property values. A person has to be in a desirable location that is limited in its growth in order for it to hold its value.
Investors, ARMS, and I think many people move here thinking one thing, only to discover it's another. It's transient. Good luck finding any natives here. Actually, my BF is a native, but that is somewhat unusual.
There are two kinds of houses here -- one that has had termites and one that will. It's not unusual. That's why I bought a termite warranty. Don't even get me started on the need for pest control for BIG sewer roaches.
For me, I thought I could get used to the lack of no water. Impossible, having grown up in the land of 10,000 lakes and having lived on the CA coast for 13 years. All of these things are reasons that make people leave.
Though it is very transient, you won't have a problem finding natives here. I meet them almost everyday (all ages too). All my friends are natives and they still live here. So, it's not THAT rare to find one.
Though it is very transient, you won't have a problem finding natives here. I meet them almost everyday (all ages too). All my friends are natives and they still live here. So, it's not THAT rare to find one.
Won't have a problem? My first affiliation with this place was 10 years ago. As of now I know about three. What, do you hang out on an Indian Reservation? The truth of the matter is that most of the population is comprised of transplants.
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 8,543,570 times
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Quote:
Originally Posted by movin'on
Won't have a problem? My first affiliation with this place was 10 years ago. As of now I know about three. What, do you hang out on an Indian Reservation? The truth of the matter is that most of the population is comprised of transplants.
I've lived there a long time and I met a few. Two of my kids are natives and a girl I met at work was a native who now lives in Charlotte with me. I also met a Navajo girl and I truly can't think of another soul that I knew that was actually born in AZ.
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The truth of the matter is that most of the population is comprised of transplants.
