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Old 04-20-2012, 06:32 PM
 
Location: Sonoran Desert
16,994 posts, read 20,071,122 times
Reputation: 8906
Quote:
Originally Posted by Zippyman View Post
How many jobs are there within a 15-20 minute commute to that home that pay enough to support a $250k mortgage? When/if the answer is "lots!" is when you'll see monstrosities like that selling in earnest again. Location, location, location.
I don't think many who live here either have or expect a 15 minute commute. At least, they should not. The average is probably over 30 by now and many have 45 or more. I do think the house is a monstrosity if it is one of those two story boxes on a tiny lot that were built in the boom. If it is a single story on 15K square fool lot, that is another matter. To each his/her own.
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Old 04-20-2012, 06:33 PM
 
Location: Phoenix AZ
3,037 posts, read 3,867,566 times
Reputation: 3365
Quote:
Originally Posted by matyoka View Post
I am not going to get deep into this as I don't want any controversy, however if you can't afford a $250k mortgage than something is wrong. I migrated to the US 22 years ago, put myself through college while working my rear off... sometimes 3 jobs. If I can afford it why can't others?
Sorry if I offended, that wasn't the point- there might be lots of great jobs in Goodyear, I've only passed through there perhaps twice in the past five years. But, the median in price in the metro is what, perhaps $130k? That's the sweet spot now - if you're selling. If you're a buyer, going above that gives you much more choices.

I'm just flabbergasted at the response in the bottom end, I'd never have expected bidding wars for homes that are barely habitable, even if the neighborhood and schools are good.
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Old 04-20-2012, 06:38 PM
 
Location: Phoenix AZ
3,037 posts, read 3,867,566 times
Reputation: 3365
Quote:
Originally Posted by Ponderosa View Post
I don't think many who live here either have or expect a 15 minute commute. At least, they should not. The average is probably over 30 by now and many have 45 or more. I do think the house is a monstrosity if it is one of those two story boxes on a tiny lot that were built in the boom. If it is a single story on 15K square fool lot, that is another matter. To each his/her own.

Again, wasn't trying to offend, but I have friends who live/share a 4,000 sq ft house, and cutting an $800 check every month, just for power, strikes me as masochistic. Fwiw, I'm so cheap I squeak, and Im proud of it!
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Old 04-20-2012, 06:43 PM
 
Location: Sonoran Desert
16,994 posts, read 20,071,122 times
Reputation: 8906
Quote:
Originally Posted by Zippyman View Post
Sorry if I offended, that wasn't the point- there might be lots of great jobs in Goodyear, I've only passed through there perhaps twice in the past five years. But, the median in price in the metro is what, perhaps $130k? That's the sweet spot now - if you're selling. If you're a buyer, going above that gives you much more choices.

I'm just flabbergasted at the response in the bottom end, I'd never have expected bidding wars for homes that are barely habitable, even if the neighborhood and schools are good.
It is not the slums. The median family income in my area of Goodyear is over $100K according to the developer. In general, Goodyear has a higher income than Scottsdale or Chandler and most valley cities(source: City Data). I don't think most of the people work locally though.
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Old 04-21-2012, 08:41 AM
 
Location: In an alternate universe according to some, AKA Aspergers
10,575 posts, read 11,522,129 times
Reputation: 4980
Quote:
Originally Posted by bguar View Post
Wasn't it talking valley wide though? Or was it stating primarily for the $100k and under range?

My house was in the $300's when I bought it -- I just can't see a 25% increase on that. Granted, it is in the 85255 zip code and I do have really nice mountain views but still...

Hey... like I said -- if it happens, awesome! Then again, I don't plan on moving so I guess it doesn't really matter for me unless I re-finance for a much lower rate... which considering I'm already at 2.9% for a 10 year, I don't think it's going much lower.

Do you have any opinions on that market sector though? I don't subscribe to Cromford -- so I'm quite clueless when it comes to the whole picture. I wasn't buying for an investment.
We bought ours in June 2010 for $119k. The exact same house is now listed (and I hope sells) for $165k around the corner and new home comps are going for around $179k plus upgrades.
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Old 04-21-2012, 08:58 AM
 
202 posts, read 152,441 times
Reputation: 103
Quote:
Originally Posted by jimj View Post
We bought ours in June 2010 for $119k. The exact same house is now listed (and I hope sells) for $165k around the corner and new home comps are going for around $179k plus upgrades.
Which area did you buy in? Ours is up but not that much. Not saying yours isn't but just want to know.
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Old 04-21-2012, 09:03 AM
 
Location: In an alternate universe according to some, AKA Aspergers
10,575 posts, read 11,522,129 times
Reputation: 4980
Quote:
Originally Posted by whodiman View Post
Which area did you buy in? Ours is up but not that much. Not saying yours isn't but just want to know.
Waddell.. To be a bit more exacting we paid about $50 sqft and comps are now running from $81-$91 sqft (not short sales, new or regular sale).

Last edited by jimj; 04-21-2012 at 09:14 AM..
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Old 04-21-2012, 11:36 AM
 
Location: Dallas, Oregon & Sunsites Arizona
7,925 posts, read 6,148,883 times
Reputation: 2344
Agents, like stock brokers, take there share on both ends. Buying or selling. They have a bad habit of coloring the market. And those property descriptions. What a hoot. I had no idea my simple comment would create such a firestorm.
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Old 04-21-2012, 11:45 AM
 
2,879 posts, read 4,022,205 times
Reputation: 1088
Quote:
Originally Posted by Ponderosa View Post
It is not the slums. The median family income in my area of Goodyear is over $100K according to the developer. In general, Goodyear has a higher income than Scottsdale or Chandler and most valley cities(source: City Data). I don't think most of the people work locally though.
85338: median household income 58,300. And a whopping 19% of people over 25 graduated from college. That gets you subsidized housing in a lot of places......perhaps if you add it to the median income in FH, you will get over 100K.
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Old 04-21-2012, 11:49 AM
 
Location: Calgary, AB
671 posts, read 480,317 times
Reputation: 708
Quote:
Originally Posted by Steve Pickering View Post
Agents, like stock brokers, take there share on both ends. Buying or selling. They have a bad habit of coloring the market. And those property descriptions. What a hoot. I had no idea my simple comment would create such a firestorm.
Maybe your comment caused "a firestorm" because you have no idea what you are talking about.

Your comment above tells me that you have never actually worked with an agent or you would know that they don't take anything on the buying side. Quite the opposite - they give.

When we bought in Phoenix last July our agent drove us around (his gas), had replacement mail box keys ordered (his time), had a landscaper cut our grass TWICE before we could make it down (his money), Had extra keys to the house cut (his money), arranged for a property inspection and the follow-up to fix deficiencies (his time), Left a nice bouquet of flowers in a vase, wine and wine glasses in our kitchen as well as beer and water in our fridge (his money).
And all this was on a house that cost $130,000.

Obviously he did a pile of other work as well - but that is all par for the course - and it cost us absolutely nothing. Commission on a $130,000 house (which is provided from the selling side) is really not much relative to the amount of work involved.

You are entitled to your opinion - but don't confuse opinion with fact and try not to paint all realtors with the same brush. There are crappy realtors and a whole pile of great ones. The one that I worked with falls into the latter category, as do the ones on this forum (from what I can see from their posts).
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