Has the bottom hit? (Phoenix, Surprise: rent, buying a house, layoffs)

[Ponderosa]

Originally Posted by sheena

Thank you!!!! Lbear is buying exactly what I wanted....That is my favorite house. The one I'm buying is very nice as well and is loaded with all kinds of extras including a heated pool and spa to die for. I think when I add up the extras they cost more than the house It's s foreclosure that doesn't need a darn thing and barely a cleaning. It's like a model home.

Congratulations and your new home - and on being smart enough to realize that opportunities like we are seeing now don't come along that often. I almost (well actually) wish I did not own a home right now so I could be out there picking a dream home from these foreclosure deals.

[61scout80]

Originally Posted by markas214

I hope so. I'll buy a Prius to commute. While the price of fuel is high remember that it is relative. A more efficient vehicle will negate much of the higher price. Also when you're worth millions or earning high six figures gas prices aren't an issue. I'm not affluent but never paid attention to what it costs to fill my vehicles until now. At $3 a gallon I'd simply swipe my debit and fill the tank not even looking at the total. Now it doesn't cost substantially more but $4 a gallon definitely has my attention.

Off topic, but do a lot of research and test drive a few different types of fuel efficient vehicles. I prefer my diesel over a hybrid, it has more power, is a much simpler power train, the technology is proven, and it still gets 48 mpg @ 75 mph. looks like a lot of automakers will be bringing some new diesels here for 2010. Honda, Toyota, Mitsubishi are just a few of the rumors i heard.

[LBear]

Originally Posted by Ponderosa

Congratulations and your new home - and on being smart enough to realize that opportunities like we are seeing now don't come along that often. I almost (well actually) wish I did not own a home right now so I could be out there picking a dream home from these foreclosure deals.

I agree. The pessimists are looking to spread their doom and gloom in hopes that others will join them in their misery, as they say "misery loves company". Others just want to see the collapse of the USA, so they can attempt some type of socialist government takeover, but that is another topic for another thread.

I think in some cities, the time to buy is now. Don't pay attention to the SKY IS FALLING mentality of some of the posters here on this forum. Some have investments that will see high returns, the longer the market stays down, the more money they will make. So they spread their doom and gloom with the hopes that the people continue to fear buying a home. People make money on the fear of the masses. Many millionares were made because of fear mongering and in times of hardship. So take their comments with a grain of salt.

[CouponJack]

[quote=LBear;3985454]I agree. The pessimists are looking to spread their doom and gloom in hopes that others will join them in their misery, as they say "misery loves company". Others just want to see the collapse of the USA, so they can attempt some type of socialist government takeover, but that is another topic for another thread.
QUOTE]

Wow, and you thought I was bitter and angry?....

Look in the mirror.....

don't know where you're going on your tangent about socialist governments and all that......

[Ponderosa]

Originally Posted by LBear

I agree. The pessimists are looking to spread their doom and gloom in hopes that others will join them in their misery, as they say "misery loves company". Others just want to see the collapse of the USA, so they can attempt some type of socialist government takeover, but that is another topic for another thread.

I think in some cities, the time to buy is now. Don't pay attention to the SKY IS FALLING mentality of some of the posters here on this forum. Some have investments that will see high returns, the longer the market stays down, the more money they will make. So they spread their doom and gloom with the hopes that the people continue to fear buying a home. People make money on the fear of the masses. Many millionares were made because of fear mongering and in times of hardship. So take their comments with a grain of salt.

I'm not trying to make the point that the time to buy is now in the local housing market- though it may be. I am just saying there are some outstanding deals on near/below cost foreclosure and builder homes and if one is lucky enough in these times to be able to get one they love at these prices they better move and move fast.

[MotleyCrew]

I agree with Ponderosa regarding the good deals are getting snatched up. I have seen some very tempting homes in our development that I wished we could buy now. Oh well, someone will be enjoying that pool.

[azriverfan]

Originally Posted by 61scout80

Ya, Maricopa is going to fall off just like all those other cities that are, or were "far off". Ya know, Chandler, Gilbert, Queen Creek, Apache Junction, Surprise, Sun City, Sun City west, Avondale, Peoria, Buckeye, Cave Creek, Anthem, Casa Grande. Hell even Wickenburg, thats so far away from phoenix I bet people pay you to take their house


One of my coworkers was telling me how he bought his home in chandler many years ago when it was an out of the way area, and currently he is considering selling his place (still for double what he paid) so he can get further away from the rat race.


I think the bottom is near, or hit depending on where your looking. The best advice anyone can give you is buy at the price you feel is fair for the house that you like in an area you like. That's what I did and i couldn't be happier.

Personally I moved here two and a half years ago, and being in the engineering depart of construction companies I got a lot of "peer pressure" from coworkers who thought they knew something. They would all tell me i was crazy for throwing my money away on rent, and that I should buy immediately so i don't miss out on the "low" prices. I heard that "this market is going to be just like California, its just going to keep going up and up". My response was always the same, "I'll move back to Pa and buy 100 acres and a house for $250,000 before i spent that on a 1500 sq.ft house with a .15 acre lot.

I recently bought in Maricopa after renting here for a year. I feel the price is good and the timing for me was better. Will there be another boom? probably not in the near future.

I'm very excited to be a part of a new city and the development of it. My commute to I-10 and chandler blvd is still 20 minutes, the same amount of time it took me when i lived in chandler. I bought new and I'm fully expecting one or 2 more price drops, but even then I feel i got the best deal at the best time for me, I think renting for another year would have negated any value loss I may encounter.

According to Wikipedia:
Maricopa was the subject of a major article in the New York Times on April 6, 2008 (see "Boomtown Mirage,") and the town was featured on ABC's Nightline on May 7, 2008, during its "Realty Check" segment.[2] The story dealt with the drastic effect of the subprime mortgage crisis and housing market correction on the city. In the story, Maricopa was referred to as the "poster child of the housing crisis".

Maricopa, Arizona - Wikipedia, the free encyclopedia

The primary distinction between Maricopa and most of the other communities you mentioned involves distance. For example, Chandler is 10-15 miles from downtown. Maricopa is nearly 35-40 miles from downtown. All of the cities you mentioned are not necessarily successful so mentioning them proves nothing. Apache Junction, Casa Grande, Buckeye, Queen Creek, and Wickenburg have yet to prove themselves as successful developments. And your 22 minute commute to Chandler assumes there is no traffic or slowdowns which is unlikely on I-10 particularly going north in the morning. If there is a traffic, you have no other way of really getting into the city. Whereas if you live in Chandler, you can access several other streets or the 202. When Chandler and Gilbert were first being developed, people had concerns with them based on the fact they were farming communities and not because they lacked proximity to Phoenix. In Maricopa's case, the concern regards it's far distance from the metropolitan area. No one can say for sure that development will continue all the way to Maricopa or Casa Grande in the near future to raise home values the way this phenomenon affected communities like Chandler. The reason being is its simply a lot further away from the metropolitan area. Development doesn't continue for endless miles from the epicenter. At some point, it's possible to live too far from the epicenter and as a result, development will cease especially if it takes someone 1-2 hours to drive to work one way. I think the metro will eventually develop all the way down toward Casa Grande and Maricopa but I doubt it will be in the next 10 years and have the same infrastructure that Chandler has in regards to its freeway access and job growth.

I can't predict the future and I'm not going to try to do that now. I just think that anyone who choose to build or buy a huge house in a community like Queen Creek or Maricopa is taking a risk. That risk could be pay off and you could have the last laugh in 10 years, or you may not

[sheena]

Originally Posted by Ponderosa

Congratulations and your new home - and on being smart enough to realize that opportunities like we are seeing now don't come along that often. I almost (well actually) wish I did not own a home right now so I could be out there picking a dream home from these foreclosure deals.

Thank you Ponderosa.........

[61scout80]

Originally Posted by azriverfan

According to Wikipedia:
Maricopa was the subject of a major article in the New York Times on April 6, 2008 (see "Boomtown Mirage,") and the town was featured on ABC's Nightline on May 7, 2008, during its "Realty Check" segment.[2] The story dealt with the drastic effect of the subprime mortgage crisis and housing market correction on the city. In the story, Maricopa was referred to as the "poster child of the housing crisis".

Maricopa, Arizona - Wikipedia, the free encyclopedia

The primary distinction between Maricopa and most of the other communities you mentioned involves distance. For example, Chandler is 10-15 miles from downtown. Maricopa is nearly 35-40 miles from downtown. All of the cities you mentioned are not necessarily successful so mentioning them proves nothing. Apache Junction, Casa Grande, Buckeye, Queen Creek, and Wickenburg have yet to prove themselves as successful developments. And your 22 minute commute to Chandler assumes there is no traffic or slowdowns which is unlikely on I-10 particularly going north in the morning. If there is a traffic, you have no other way of really getting into the city. Whereas if you live in Chandler, you can access several other streets or the 202. When Chandler and Gilbert were first being developed, people had concerns with them based on the fact they were farming communities and not because they lacked proximity to Phoenix. In Maricopa's case, the concern regards it's far distance from the metropolitan area. No one can say for sure that development will continue all the way to Maricopa or Casa Grande in the near future to raise home values the way this phenomenon affected communities like Chandler. The reason being is its simply a lot further away from the metropolitan area. Development doesn't continue for endless miles from the epicenter. At some point, it's possible to live too far from the epicenter and as a result, development will cease especially if it takes someone 1-2 hours to drive to work one way. I think the metro will eventually develop all the way down toward Casa Grande and Maricopa but I doubt it will be in the next 10 years and have the same infrastructure that Chandler has in regards to its freeway access and job growth.

I can't predict the future and I'm not going to try to do that now. I just think that anyone who choose to build or buy a huge house in a community like Queen Creek or Maricopa is taking a risk. That risk could be pay off and you could have the last laugh in 10 years, or you may not

My commute is what it is. I leave my house between 6:25 am and 6:30am. i swipe my time card between 6:45 and 6:50 every morning. today i pulled out of my garage @ 6:28 and punched in at 6:44.
My fiance attends rio salado college, and that commute is usually a 35 minute trip, but that is not during rush hour.

What makes a city successful is NOT as much proximity to another city, but having smart development. Maricopa is in my opinion on its way to smart development and growth that will ensure a high standard of living for its residents. With the planned shopping centers, roadways, airport, parks and more the standard of living in Maricopa will be greatly improved in the next 3-5 years.

With the market correction it did flush the city of a lot of people who bought homes at inflated prices that were more than they could afford. Lately the housing market here is showing signs of rebounding, with home sales up at a rate of about 30% a month for the last 4 months, see my thread about the planned growth in Maricopa for the numbers. What I am seeing in maricopa lately are young families buying nice homes in a growing city with a lot of potential.

Buying anywhere is a gamble for the long run. No one knows what is going to happen after you close.

[azriverfan]

Originally Posted by sheena

Thank you Ponderosa.........

Congratulations on your home as well. Regardless of my concern regarding Maricopa, it sounds like you purchased a beautiful home. And I do hope Maricopa flourishes and does well as I do with any community in the valley. This is my home and so I consider the valley my home and not just Phoenix, Scottsdale, Tempe etc.