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Old 08-16-2014, 09:53 PM
 
2,563 posts, read 3,703,576 times
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Let's face it, the Phoenix real estate market should be slow. The prices have been artificially inflated, and are not sustainable. I've been looking at Phoenix area real estate, and what I see are many many properties that are overpriced.

 
Old 08-17-2014, 10:34 AM
 
428 posts, read 5,888,918 times
Reputation: 354
I think we are under-valued. We turned into highly desirable and sought after in 2012 and now with the super bowl coming next year, we will be even more sought after. Forget jobs, when people come to retire here, they are gonna pay whatever I want to get me to release my grip on my house . All of us homeowners are sitting on gold here, don't just give it away.
 
Old 08-17-2014, 12:27 PM
 
344 posts, read 816,460 times
Reputation: 375
Quote:
Originally Posted by vince3vince View Post
I think we are under-valued. We turned into highly desirable and sought after in 2012 and now with the super bowl coming next year, we will be even more sought after. Forget jobs, when people come to retire here, they are gonna pay whatever I want to get me to release my grip on my house . All of us homeowners are sitting on gold here, don't just give it away.
The superbowl was here in '08, and shortly thereafter there was a little recession you might've heard about. While it helps to some extent, it's not huge overall.

We're probably undervalued longer-term, 2-5 years down the road, and more, but we're actually in a good situation right now in that there's no bubble and prices are more or less stable. This is our current healthy equibrium level, at this point in the cycle.

Many sellers, not savvy, have gone overboard on current pricing relative to present levels of income/employment, and are finding out the limits to their greed. They'll be able to sell later, once they learn patience and wait for the market to start turning over in '15 and later.
 
Old 08-17-2014, 01:23 PM
 
10,719 posts, read 20,364,625 times
Reputation: 10021
With all of these real estate threads, my advice is the same. Stop looking at the Valley as a singular entity. Each community, and neighborhood has it's own rules regarding demand, values etc. The problem with all of these threads is people want to paint the Valley with one brush. You can't do that. I do think many communities are highly overvalued and will drop in value. I also think others are extremely undervalued and are a great deal right now. It depends entirely on the city, neighborhood, type of property etc. If you are an investor, specify the area you are interested in purchasing in. That will serve you better than asking about the Valley as a whole. If you are thinking about selling, specify where you live for the same reasons. Also, when getting a realtor, make certain you use one who has a lot of experience buying and selling homes in your interested area.
 
Old 08-19-2014, 11:57 PM
 
2,809 posts, read 3,200,531 times
Reputation: 2709
The numbers for new home sales and housing permits for July 2014 and the year-to-date numbers are quite weak. The national averages were much better. Unfortunately, the meme for the valley to lose its attractiveness for relocation seems to be more and more credible. Local job growth has been dismal this year, again much weaker than the national average. Limited population and job growths in Phoenix is a real problem, also cited in the article.
Phoenix housing permits, new home sales down double digits from 2013 - Phoenix Business Journal
 
Old 08-20-2014, 02:13 PM
 
2,809 posts, read 3,200,531 times
Reputation: 2709
Actually another article about Phoenix RE market, this time from WSJ. Quote:"Phoenix stands in contrast to other cities such as Houston, Dallas and San Francisco, where better job growth is fueling stronger demand." Again the hint at a local problem here.
In Phoenix, a Realty Check as Market Moderates - WSJ
 
Old 08-22-2014, 12:45 PM
 
268 posts, read 432,791 times
Reputation: 495
Quote:
Originally Posted by Potential_Landlord View Post
Actually another article about Phoenix RE market, this time from WSJ. Quote:"Phoenix stands in contrast to other cities such as Houston, Dallas and San Francisco, where better job growth is fueling stronger demand." Again the hint at a local problem here.
In Phoenix, a Realty Check as Market Moderates - WSJ
Thanks for posting that article. It was a good read.

Phoenix's job market does appear to be slower than others. I look at job postings all the time, just because I'm curious to see what's out there. In my field of communications, the jobs here just aren't that interesting. Mostly with construction, landscaping, or sales companies.

Other places have big brands, interesting publications, websites and advocacy groups to land jobs with. Dream jobs. There aren't any dream jobs in Phoenix, for my field anyway.

I'm hopeful that Apple will boost the area's economy as it gets going. Technology is a good sector to develop here, but I do wish that other sectors would grow, as well.
 
Old 08-22-2014, 02:36 PM
 
13 posts, read 13,606 times
Reputation: 10
Ok, I am not sure how to post a link, but i'll try, I have been reading this blog / article from the Phoenix Business Journal about one of their reports trying to sell his house in Phoenix in 2014.

There is one a month for 4 months (so far and he hasn't sold it yet so August 2014 should be soon.

[url="http://www.bizjournals.com/phoenix/blog/business/2014/07/stubborn-investors-and-falling-comps-why-selling.html?page=all"]

This link is the latest #4, (July) when you open it there are links to the previous 3 months so you need to start at the beginning and read those.

This would be really funny if it wasn't so sad !!!

http://www.bizjournals.com/phoenix/b....html?page=all
 
Old 08-22-2014, 02:58 PM
 
2,809 posts, read 3,200,531 times
Reputation: 2709
Quote:
Originally Posted by AlohaFriday View Post
Thanks for posting that article. It was a good read.

Phoenix's job market does appear to be slower than others. I look at job postings all the time, just because I'm curious to see what's out there. In my field of communications, the jobs here just aren't that interesting. Mostly with construction, landscaping, or sales companies.

Other places have big brands, interesting publications, websites and advocacy groups to land jobs with. Dream jobs. There aren't any dream jobs in Phoenix, for my field anyway.

I'm hopeful that Apple will boost the area's economy as it gets going. Technology is a good sector to develop here, but I do wish that other sectors would grow, as well.
Our lifeblood in Phoenix (in particular) and Arizona (in general) is relocations and RE. If that is not happening like it used to in other recoveries before then there is a problem, Houston. Particularly if other regions as different as San Fran (extremely high-priced, liberal) or Dallas (low-priced, conservative) still attract newcomers and jobs then why do we not?
 
Old 08-22-2014, 03:31 PM
 
3,819 posts, read 11,986,309 times
Reputation: 2749
A quick thought and this could be totally off base but didn't the Phoenix RE market have a mini-boom again about a year ago...multiple offers, buying sight unseen, etc? I recall readint articles talking about how RE in Phoenix is recovering while other parts of the country were not.

Going off that, is it possible that now the rest of the country is catching up while we are slowing down, something the other cities may experience in the future...as in Phoenix was ahead of the curve?
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