Surprise growth (Phoenix: mortgage, credit, loan)

[sablebaby]

Originally Posted by funyon

Thanks for all the info. I will keep those communties in mind when I come out there end of February. Does anybody have an opinion on Vistancia. I've read about it in other threads and sounds really nice. Let me know.

For me, and many others, Vistancia is just TOO FAR OUT THERE! Oh my, I took a ride out there one day and couldn't believe how far out it is. I think if you worked from home it could be an option. If I worked from home I still wouldn't consider it as it's too far from the other areas I hang out in. I'm so tired of driving everywhere these days.

But, there are lots of people who love it there.

[urszu7]

We have moved from New York to Cortessa and we did not know a lot about Arizona before we have moved in. Cortessa is the best choice we could have made. It is very quiet and safe. We are used to long commuting, so it is not as bad. It depends on what you are looking for. The job market is great, we were very suprised that we have found jobs very fast. We both work in finance markets, and the salaries are lower but the cost of living is lower as well. We were able to get jobs in much better firms that back home in New York, because there is much less competition here in Arizona among people with degrees.

[JDish2000]

Hi. I've been a Surprise resident since 1998. The area is up and coming - it will continue to grow.

Prasada and the auto boutique of car dealerships will be coming to the 303 LOOP.

The 303 LOOP will become a freeway, just like the current 101 Freeway that cuts through Peoria.

Peoria became even more popular as the 101 freeway gained the area easier access for folks passing through...

[Great Joy]

It's interesting to read through this thread because when you drive through Surprise you wouldn't think it was being hit hard by the housing market. I haven't driven through many neighborhoods recently there, but every time I'm there I'm amazed at how many new stores and restaurants are opening. And, they are going up fast! Each time I see a new ones they're constructing, the next time I'm in that area they are done and there are other new restaurants and stores being built. There are also plans for a new big mall to be built by the 303. I really like Surprise and think it will rebound well.

About Vistancia, we're one of them who live here and love it. And, we have lots of new stores and restaurants being built in and near our community. Another new store that will open soon inside Vistancia is Walgreens. We love Vistancia because it is a master planned community that has loads of amenities and focuses on bringing residents together to become friends through centrally organized activities and events. Our circle of friendship has grown so fast and still continues to grow. Our schools are "excelling", and have lots of parental involvement. We like the mountains and being close to Lake Pleasant too.

[ibarrio]

It is hard to tell their is a housing slump in Surprise. Stadium Village is coming up very quick (Bell and Bullard/Parkview Place)

[MotleyCrew]

We also live in Vistancia and wanted to be waaaay out there. It did not last very long. We have a huge 4 corner development that has a Super Target/ Home Depot, Pier One, Paradise Bakery, and the Lowes center just broke ground. We now have restaurants, dentists, veterinarians etc. I don't want to drive "there" anymore. I do not need to go into Phoenix or even Scottsdale, unless we are flying someplace and then it is a drive. I will soon not have to venture much further than my office in Glendale...which only takes us 15 to 20min to get to. Oooopa!

[SOON2BNSURPRISE]

I don't know about the other homes, I just want them to start and finish mine. LOL. We were told that we should be in before school starts and that works with our timeline. Besides that means one more summer at the beach house before we head to Surprise.

[jco]

To answer some of the questions asked in this thread, yes, most of the neighborhoods are cookie cutter. There are plenty of spots where estate homes with larger backyards (most distance between houses, too), or custom homes are large lots were built. You may not find them on your first visit because most of the homes are cookie cutter.

I lived directly on the flight path of Luke AFB, and I honestly can't understand what all the complaints are about. If you're sensitive to noise, I'd make sure you weren't right by the railroad tracks then. My house didn't shake or anything, and I had a baby there who was never disturbed by airplanes.

One thing Surprise has over many of the other suburbs is that its retail and commercial growth is already in progress; it's not just "someday they might" build this or that. A huge mall is coming, a movie theatre complex is going up right now and two more lots have been purchased for theaters. Bullard and Bell is in process of becoming a little "downtown" area of Surprise.

As far as all the deals mentioned, we found that yes, there were lots of short sales and foreclosures on the market in Surprise. We purchased our home in a neighborhood where every builder required the buyer to dwell in the resident, so there were few investment houses to begin with. Because of this, prices haven't dropped as drastically as some other neighborhoods. Sure, you can buy a house for 160k somewhere, but personally I'd pay more to invest in a neighborhood where residents didn't buy just to get a cheap house.

As far as variety, it's not really by community that the exterior varies, but by builder. Our builder offered eight different exteriors per plan and a variety of color options for each of those exteriors, but the builder right next to us in the same community has very, very little variety.

We rented out our house for a year to see how things go. Surprise is the safest city in AZ. The schools aren't fantastic, but they are improving every year, and there are some good charter school options for grades k-8 right now. The streets are clean, and the retail complexes are new and nice to shop around in. I think long term will be fine.

[ibarrio]

Surprise condos planned for gay retirees...I See nothing wrong with it. More money into the community.


Condos planned for gay retirees

[markas214]

Originally Posted by funyon

Captain Bill, thanks for all the great info. I'm wondering what happened to the housing market in Arizona--how did it fall so dramatically, so fast? .

It fell so fast because it went up even faster. 100% in 3 years! A 50% drop, we've seen 10%-20% so far, still leaves prices >25% higher than 2004. There is plenty of room for further declines but no way will there be any apreciation this year and possibly not till 2011 if you look at past trends. After a boom there is always a slow bleed back to historical norms. Following this mega-boom there are many predicting there will be a quick decline, already started, followed by the historical doldrums. Anyone wanting to buy into this market better be willing to stay put for 10 years or be willing to lose equity if you need to sell in a year or two. If the recession becomes a bad one things are going to get ugly.

Everyone has opinions and many are biased. I believe the words of realtors and developers must be viewed with scepticism. Sales are flat, besides bank sales. Short sales never go through. Do your homework. Check recent sales prices per square foot. Read the blogs. Read the news on Bloomberg's site. You can always refinance to a lower rate but if you overpay for a house you get stuck with negative equity for years.

Personally I would love to buy now in Surprise but see no loss in renting for a year or two until the economy and the giant financial dysfunction becomes more stable. When I buy I'll probably go new as many of the REOs and must sells are being trashed by angry debacle and people in over their heads.