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Old 02-09-2012, 03:37 PM
 
3,872 posts, read 3,329,475 times
Reputation: 2789

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Quote:
Originally Posted by actinic View Post
It's still early. The flippers are simply starting to get active, gleeful that AZ didn't learn its lesson and pass some type of deficiency law to prevent the type of rampant, speculative gambling that pushed prices unsustainably high ... and flippers off the hook.

A perfect recipe for history repeating itself.
40% of the homes in the Valley are sold for cash. I'd bet a good chunk of the "flippers" are paying with cash.

Apples oranges.
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Old 02-09-2012, 03:38 PM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,483,316 times
Reputation: 3679
Quote:
Originally Posted by actinic View Post
It's still early. The flippers are simply starting to get active, gleeful that AZ didn't learn its lesson and pass some type of deficiency law to prevent the type of rampant, speculative gambling that pushed prices unsustainably high ... and flippers off the hook.

A perfect recipe for history repeating itself.
If history repeats itself, then those who are watching the trends posted here from the Cromford Report will be well ahead of the game. If they buy now while prices are still low, and there is another speculative runup, the trends will tell them when to sell, so as to get out near the top. bottom.

However, we are not seeing any indication of speculative flippers in the market at this time. They will come in "after" prices increase if they feel prices will increase fast enough for them to turn a profit without doing any work.

While the indications are that prices are going to increase, I don't see anything yet that indicates a speculative bubble happening. Remember we're still back at year 2000 prices.

The people buying today are rehabbers, landlord investors, and other astute buyers. The landlord investors are in it for 5-10 years minimum.
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Old 02-09-2012, 03:46 PM
 
3,872 posts, read 3,329,475 times
Reputation: 2789
What I learned from this board in November is that the appreciation could all be a farce. That's because the median price could be skewed from a few large home sales. I think I am going to send Mike Orr a commission check. His advice helped me Big Time!
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Old 02-09-2012, 04:05 PM
 
54 posts, read 76,538 times
Reputation: 25
Ehh, yeah. You guys are probably right, though I did look at a Lennar home who advertises "Everything included" homes. When I looked at a model yesterday, they made it sound like everything is included aside from painting the walls.
I may have to continue to go at the older homes and hope one of the offers I'm submitting goes through.
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Old 02-09-2012, 04:31 PM
 
202 posts, read 158,783 times
Reputation: 103
Quote:
Originally Posted by actinic View Post
It's still early. The flippers are simply starting to get active, gleeful that AZ didn't learn its lesson and pass some type of deficiency law to prevent the type of rampant, speculative gambling that pushed prices unsustainably high ... and flippers off the hook.

A perfect recipe for history repeating itself.
This is definitely true. EVERYTIME we go thru a hard recession there is more wealth built coming out. More millionaires come out of each recession than the previous ones while the rest keep thinking "damn, i shoulda bought when it was low". Not that I will be a millionaire from this but just saying. Yes this is also a piece of history that will repeat itself.
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Old 02-09-2012, 04:52 PM
 
1,232 posts, read 1,473,462 times
Reputation: 629
Quote:
Originally Posted by Friend of Sonic View Post
Ehh, yeah. You guys are probably right, though I did look at a Lennar home who advertises "Everything included" homes. When I looked at a model yesterday, they made it sound like everything is included aside from painting the walls.
I may have to continue to go at the older homes and hope one of the offers I'm submitting goes through.
They don't paint the walls?

Quote:
That's because the median price could be skewed from a few large home sales.
No, it's mean prices that can be skewed by outliers. Or were you joking?
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Old 02-09-2012, 05:00 PM
 
54 posts, read 76,538 times
Reputation: 25
Quote:
Originally Posted by ReadyFreddy View Post
They don't paint the walls?
Apparently so. I didn't really understand it myself. I suppose there's a possibility she misunderstood their policy (she's new to the company apparently)
There's a part of me that wonders if I should go back to join the rest of my 20 something peers and forget about home ownership for the time being. It's a bit jarring with so many investors in the market.

EDIT: One more question-- is there a better way to find new home listings? Checking the MLS listings doesn't seem efficent, neither does Google.

Last edited by Friend of Sonic; 02-09-2012 at 05:12 PM..
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Old 02-09-2012, 05:42 PM
 
Location: Tempe, Arizona
4,511 posts, read 7,507,291 times
Reputation: 2106
Quote:
Originally Posted by Friend of Sonic View Post
...EDIT: One more question-- is there a better way to find new home listings? Checking the MLS listings doesn't seem efficent, neither does Google.
If you are working with an agent, your agent should have access to a new home search feature. The agent can provide a list of new homes that may meet your criteria.
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Old 02-09-2012, 06:52 PM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,483,316 times
Reputation: 3679
Quote:
Originally Posted by Friend of Sonic View Post
Apparently so. I didn't really understand it myself. I suppose there's a possibility she misunderstood their policy (she's new to the company apparently)
There's a part of me that wonders if I should go back to join the rest of my 20 something peers and forget about home ownership for the time being. It's a bit jarring with so many investors in the market.

EDIT: One more question-- is there a better way to find new home listings? Checking the MLS listings doesn't seem efficent, neither does Google.
The investors actually saved the market. They kept it from tanking further and have held it up. We owe them a big thank you.

What she probably meant was that they only paint one color in the house (your choice of color) They do not paint any accent walls. To paint several walls in a different color for accent is an upgrade with the builder charging about $1,200 in a 2,000 sf home.
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Old 02-09-2012, 06:57 PM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,483,316 times
Reputation: 3679
Before, I've mentioned that other airlines will be coming into the Mesa airport. Well on the news tonight, it has happened. Spirit Airlines has started 2 flights per day to Las Vegas from Mesa.

Next they will start a flight to Dallas.

Who is next???
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