Queen Creek - Why is housing so cheap there? or Why is there so many foreclosures in that community? (Phoenix: sales, 2009)

[ArizonaMother]

I live in apache junction... home bought 2005 for $203,000 (1500 sq) 3bd 2 bth-- now same houses is selling for $160,000 via comps for last 30 days now im looking to do short sale get out of it ( house is in my name) and buy in queen creek a bigger house ( my husband buy this one) the houses are going for about 150-170 for 2000- 2700 sq feet new builder great incentives-- i havent went to look yet waiting on hubby to get aprroved and go from there... any adivce---

[Greatday]

Originally Posted by ArizonaMother

I live in apache junction... home bought 2005 for $203,000 (1500 sq) 3bd 2 bth-- now same houses is selling for $160,000 via comps for last 30 days now im looking to do short sale get out of it ( house is in my name) and buy in queen creek a bigger house ( my husband buy this one) the houses are going for about 150-170 for 2000- 2700 sq feet new builder great incentives-- i havent went to look yet waiting on hubby to get aprroved and go from there... any adivce---

The first thing you are going to have to do is get a "short sale packet" from your lender and apply for approval. It is not automatic that the lender will approve you. You have to show you don't have the ability to pay for the "shorted" amount - and, the lender will look at HOUSEHOLD INCOME - yours an your husbands.

See what the lender says FIRST - before you go and make any other committments

[jorgitoz]

Originally Posted by ArizonaMother

I live in apache junction... home bought 2005 for $203,000 (1500 sq) 3bd 2 bth-- now same houses is selling for $160,000 via comps for last 30 days now im looking to do short sale get out of it ( house is in my name) and buy in queen creek a bigger house ( my husband buy this one) the houses are going for about 150-170 for 2000- 2700 sq feet new builder great incentives-- i havent went to look yet waiting on hubby to get aprroved and go from there... any adivce---

ArizonaMother,
There's a couple of things to consider regarding the short sale of your house. First and foremost, banks will allow you to do a short sale under certain circumstances and it doesn't appear to be that way according to your plans. Although there are some exceptions, banks will approve a short sale for people who are having trouble making house payments, and NEED to sell their home. A letter of hardship is required to prove why you can't make the payments and/or fullfil your commitment to pay back what you and the lender agreed to. If for some reason the bank was to approve a short sale, understand that you'll pay for taxes on the debt forgiven by the bank. So, if you sell your home for $160,000 and you owe the bank $200,000, the IRS is going to send you a bill to pay taxes on the difference ($40,000). This is known as phantom income. If I read this right, your husband is going to buy the house in Queen Creek? I strongly recommend that you consult you tax advisor regarding the consequences of a short sale, and also to consult a Realtor to help you achieve whatever it is you are trying to do. Oh and don't forget that a short sale will show up on your credit report and can bring it down by 200 points!!! Please do yourself a favor and get HELP from a profesional asap, and make sure they are genuinely willing to help you and not just try and make some money out of your situation.

Good Luck

[ArizonaMother]

i guess im just trying to figure out which ( both are going to affect me oneday) do i do this now or later .... i short sale my house or stay ( its in my name ) cuz wether i refi or stay im going to eventually have to pay payments ( im on interst only now) on princable which will bring my payment from $1400- to $1700 im sure... or i take the short sale if possible-- take the beating.... get in a cheaper house that i can afford that is a fixed rate and not have to worry about payment later

[Greatday]

Originally Posted by ArizonaMother

i guess im just trying to figure out which ( both are going to affect me oneday)

From what you are describing, and IMO, I don't think you will qualify for a "short sale"

[CheckM8]

Originally Posted by Kabfon

I have asked this question in order threads and saw others asking with no reply. My thought is that maybe the question about Queen Creek was burried in the other threads as someone has to know why the housing is so cheap in Queen Creek and why the number of foreclosures seems so much higher than for other communities.

If anyone has the answer to this question, please let us know, as I am not the only inquiring mind. The homes seem almost new and spacious and the prices are like low 100 000s. I first I thought that it was because the land was not included but after checking this out with an agent, she stated that the land is included but never answered my question as to why the properties are so cheap and why there are so many foreclosures.

If anyone can enlighten, please do so....

There is nothing wrong with Queen Creek, it is just far. In fact I think it might be in Pinal County. One of the guys at work bought house out there for 130k, then the boom hit and it soared to 300k. A year and a half ago it had sunk to 230k, and is probably below that now. The area is nice and rural. He commutes 52 miles each way to work everyday. The traffic driving on the US 60 east in morning is probably the worst commute in the state. I used to visit my friend that lived by Superstition Springs Mall in Mesa, and the traffic even on the weekend is awful!!!

People have bought out that far because they couldn't afford anything much closer in the East Valley and wanted a new house. Along with investors who didn't know much about Phoenix and was told it was a suburb of Phoenix. Now all of those investors are putting the houses up for sale along with people that bought more house than they can afford.

Unless you plan on working within 10 to 15 miles or telecommutting, I wouldn't live there. Surprise, Goodyear, and Laveen would be your best bets for new houses. Surprise and Goodyear can be a commute, but would still be far better than QC. Laveen is pretty good as it is centrally located, and has cheap homes.

Another thing about QC is that the schools are so overcrowded that they have to shift students around to their various schools and some are bussed 15 or 20 miles away. Even if there is a new school just around the block.

[Supercooper]

Just like to thank everyone for your candid conversations about Queen Creek, my wife and I have been thinking about moving in that direction from Nebraska. So keep talking...I guess we had the basic question of why such a drop in housing costs but I think you folks have shared enough that we huskers understand.

[cactus-1]

Queen Creek is a beautiful area that attracted alot of new home buyers.
And experienced unbelievable growth. When the economy gets back on its feet you will see the growth continue.

[awf82]

I just spent the afternoon in QC looking at homes. Very nice in some parts. There is shopping, Target, Kohls, Super Walmart etc. so it's not without basic businesses. The communities that were finished are nice. Many though are backed up against empty abandoned development projects surrounded by rusted chain link fences and full of bare dirt and weeds. Coming in and out of the area is horrendous there are maybe 2 basic roads in and out and even during off times they were PACKED. I waited through 4 cycles of the light at one intersection to get out to the unincorporated communities of Queen Creek. I work in Sun Lakes which is south of Chandler and about 25 miles from Queen Creek so I thought it might be a resonable commute, but the lack of basic roads in and out of the area really slow things down. It took me 52 minutes to drive from the edge of QC to the corner of Riggs & Alma School. If you work in Queen Creek and have no desire to travel into the city or up into the northern mountains it would be a good fit, otherwise wait until the rest of the sprawl catches up to that area. Hey! maybe we can take a few billion of the Obama stimulus money and run a light rail track down there. That should get things moving lol.

[Captain Bill]

Originally Posted by awf82

I just spent the afternoon in QC looking at homes. Very nice in some parts. There is shopping, Target, Kohls, Super Walmart etc. so it's not without basic businesses. The communities that were finished are nice. Many though are backed up against empty abandoned development projects surrounded by rusted chain link fences and full of bare dirt and weeds. Coming in and out of the area is horrendous there are maybe 2 basic roads in and out and even during off times they were PACKED. I waited through 4 cycles of the light at one intersection to get out to the unincorporated communities of Queen Creek. I work in Sun Lakes which is south of Chandler and about 25 miles from Queen Creek so I thought it might be a resonable commute, but the lack of basic roads in and out of the area really slow things down. It took me 52 minutes to drive from the edge of QC to the corner of Riggs & Alma School. If you work in Queen Creek and have no desire to travel into the city or up into the northern mountains it would be a good fit, otherwise wait until the rest of the sprawl catches up to that area. Hey! maybe we can take a few billion of the Obama stimulus money and run a light rail track down there. That should get things moving lol.

Another concern about QC is fissures.

More earth fissures plague Q.C., Pinal area | Queen Creek & Pinal County | eastvalleytribune.com