how would you say the economy is now in phoenix? (apartment complex, to buy)

[Ponderosa]

Originally Posted by _Charles_

Dude no offense but getting combative with anyone that says anything you don't want to hear will not change the fact the Valley UE is at an all time high and real estate prices continue to plummet.

I realise you want to sell houses in a terrible market but denying reality and launching ad homs on other posters here will not help.

Good grief! You are picking on the wrong guy here. In all the time I have spent on C-D, I don't think Enic or any of his many logins has posted one thing of value to anyone. It's one never-ending slew of falsehoods, exaggerations, and fabrications designed to get a rise out of quality contributors like the "dude" you just insulted.

BTW, UE rate is not at an all time high. It was higher here in the 1980 recession and is down from the peak of last year, too.

[observer53]

Originally Posted by Valley Native

Yes, but don't count on the 1% increase in sales tax as only "temporary". Once state coffers prosper with the extra money, and people get their nice little government programs reinstated as a result, the tax will be a permanent fixture. Remember the 1985 "temporary" half cent increase in sales taxes to pay for the freeways? It was extended by the voters in 2004 to pay for expansion of light rail, and for additional freeways. Actually, some of those "additional freeways" were reinstated from the old 1985 plan which ADOT severely mis managed along the way.

The news story I was referencing referred to figures that DID NOT COUNT the temporary increase, and I'm not talking about it, either, so whether it is temporary or not is irrelevant to my post. It will be a long time before the coffers "prosper" with or without the extra money, and I would not count on the voters keeping it, if it comes back to them to renew.

[phxgreenfire]

Here's an article on it... still a long time to go:
Arizona's middle class won't be helped by jobs alone

[azriverfan.]

The economy is improving and many could argue that is improving rapidly. For 6 consecutive months, more jobs were created than lost here.

There have been valid arguments questioning the type of jobs created. Many of them are low level. However, the state is making the right decisions to lure more high paying/white collar jobs by lowering the corporate income tax by 2%. And with a Republican led government, there will be more tax cuts which will spur the economy.

That being said, no one would argue the current state is strong. We have a long way to go. And I don't share the same optimism as some of the quoted pundits about the real estate market returning to pre-Boom levels by 2015 or that the 300,000 jobs that were lost during the recession will be recovered by 2015. I don't believe any of those predictions but I do think the general direction will be positive but it remains to be seen how much success will occur. Nonetheless, this is a really exciting time now and there hasn't been this much excitement about job growth and positive economic news in a long time.

[observer53]

With the huge deficit we have now, all those phased in cuts better work in the long run, but in the short run, there's still trouble brewing.

[annie7]

Originally Posted by Ritchie_az

Oh, Mr. Doom-And-Gloom, glass is half-empty and draining. You posted that old Forbes article once before, didn't you? And the U-6 data from September?

Again, Phoenix's U-3 Unemployment is 8.4% (below the national unemployment rate) and falling. Yahoo! Real Estate had a recent article predicitng Phoenix would have the fourth most job growth in the U.S. this winter.

Really, do you only have out-of-date articles and data to support your depressing opinions? Do you ever have anything positive to say?

I love your reply Ritchie_az.....When we moved here a couple of weeks ago, the moving company said that there was a huge boom of people moving to Phoenix. I think that's a hugely great sign. A lot of people work from home and their headquarters are somewhere else. This enables them to keep a great job while living in a great city. It also enables more people who are able to 'buy' things here...Just my opinion...

[azriverfan.]

Originally Posted by annie7

I love your reply Ritchie_az.....When we moved here a couple of weeks ago, the moving company said that there was a huge boom of people moving to Phoenix. I think that's a hugely great sign. A lot of people work from home and their headquarters are somewhere else. This enables them to keep a great job while living in a great city. It also enables more people who are able to 'buy' things here...Just my opinion...

Well said! One thing I'm noticing is the positive news. Prior to 2011, every time you read the newspaper, it was about some company laying off people or going under. Now you are starting to see news about companies expanding and hiring or a new company moving here.

[shiphead]

The Phoenix area is a great escape for the well experienced. What I mean by that is people with a degree and 4 to 5 or more years of experience typically don't have trouble finding a job. I am still seeing big construction jobs being done around the valley, for those people. As far as what im referencing is IT and medical. There is huge demand for developers and programmers around the valley. Really anywhere. Even in San Diego there is a demand for these.

But you can deal with out of control living costs and weird transit paths or out of control drivers and heat.

I would avoid apartments here like the plague. Our sales tax is higher then CA right now too.

[Potential_Landlord]

Originally Posted by azriverfan.

And I don't share the same optimism as some of the quoted pundits about the real estate market returning to pre-Boom levels by 2015 or that the 300,000 jobs that were lost during the recession will be recovered by 2015. I don't believe any of those predictions but I do think the general direction will be positive but it remains to be seen how much success will occur. Nonetheless, this is a really exciting time now and there hasn't been this much excitement about job growth and positive economic news in a long time.

I am not a conspiracy theory believer, but somehow the whole RE downturn also serves the "big and smart" money to accumulate at the bottom while the middle class is running for the hills.
The same happened in the stock market after the downturn 2007-2009 - no one participated in the breath-taking ascend but the smart money. 401k accounts sold stocks during the uptrend. I like to trade stocks and saw this all over the place - incredible. I don't remember a time when you could make money this easy and almost free of volatility - while everybody only talks about the next crash around the corner. This Paulson hedge fund which sold the mortgage derivates in 2006 or so and made a ton subsequently has been buying stocks since early 2009. Smart money makes it both ways around. All you need to do is follow.
There is a Lebanese-American billionaire in Michigan who bought up 600 parcels in Detroit (probably more now), among them in the really blighted areas there. Guess what - he buys for pennies on the dollar while the middle class sells out or stays on the sidelines. I would start selling real estate when he does - but accumulate now.
One thing I learned from any market is - always do what nobody else does and run away (or go short) when everybody talks about it or does it.

[ErikCortez]

Things ARE def gettin better. I work at a trade in Tempe and since before Thankgiving Ive seen an uptick in my work.