U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Arizona > Phoenix area
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-02-2008, 04:09 PM
 
609 posts, read 1,873,591 times
Reputation: 230

Advertisements

Just moved here. Morrison homes is selling off their remaining lots to another builder and leaving Maricopa. '
Shea is finishing their Tortosa and leaving Maricopa.'
Ryland is building their less expensive homne from one development in their more expensive development.

Whats going on?
Reply With Quote Quick reply to this message

 
Old 07-03-2008, 08:47 AM
 
Location: Surprise, Az
3,496 posts, read 8,341,703 times
Reputation: 1832
Did you research the market (Maricopa) before buying? All indicators have not been good. I think the situation in Maricopa has made national news.

here is one article on the area
The Boomtown Mirage

Reply With Quote Quick reply to this message
 
Old 07-03-2008, 09:28 AM
 
Location: Tampa Bay
1,587 posts, read 3,722,817 times
Reputation: 1318
Quote:
Originally Posted by gregandvicky View Post
Just moved here. Morrison homes is selling off their remaining lots to another builder and leaving Maricopa. '
Shea is finishing their Tortosa and leaving Maricopa.'
Ryland is building their less expensive homne from one development in their more expensive development.

Whats going on?

Its quite simple. A lot of people flocked to maricopa for its benefits, and the price of homes was artificially inflated. The inflated prices enticed builders into town to build new homes as fast as possible.

Now that the market has changed many of the people who overpaid for their homes are walking away, or can't afford them and getting thrown out. This caused a lot of nice, newer homes to be bank owned foreclosures. The banks want these houses sold as soon as possible, and there are less eligible buyers on the market. So now the banks are forced to compete with each other to entice the buyers to their properties, and the sellers can entice the buyers by offering lower prices.

So what do you think this means for the new home builders? It means they have to compete with the desperation of the banks, and the builders can't keep their profit margins high enough. So the new home builders are now pulling out of the saturated market, or putting a hold on their construction. There are a few that are still going strong, meritage is doing very well.

Don't fret too much though, things have been looking up. home sales have been going up since January, construction is underway on a large shopping center and I have been noticing a lot of people unloading Uhauls. Two of us from work recently bought in Maricopa, and there is a third looking. In the last few weeks he has called on several homes only to be told "we already have multiple bids on this property". Personally I think the bottom has been hit in Maricopa.

Last edited by Vinny536; 07-03-2008 at 10:05 AM..
Reply With Quote Quick reply to this message
 
Old 07-03-2008, 09:56 AM
 
930 posts, read 2,120,945 times
Reputation: 1000
Very nice analysis Scout! I tend to agree with you.

In July of 2006 I saw a 3900 sq ft brand new home advertised in Maricopa for 264,900, fully upgraded. I was amazed. Could it ever go lower? Just saw the same 3900 sq ft model advertised last weekend in Maricopa for 190,000. Wow. If that isn't bottom I am not sure what is.

But if you bought at 264,900 you are facing a pretty serious financial dilemna.
Reply With Quote Quick reply to this message
 
Old 07-03-2008, 03:57 PM
 
Location: Arizona
824 posts, read 2,019,157 times
Reputation: 603
Quote:
"In July of 2006 I saw a 3900 sq ft brand new home advertised in Maricopa for 264,900, fully upgraded. I was amazed. Could it ever go lower? Just saw the same 3900 sq ft model advertised last weekend in Maricopa for 190,000. Wow. If that isn't bottom I am not sure what is."
The house model asking price has dropped almost 30% in two years. My interpretation: this is a rapidly declining asset that will lower my net worth by purchasing it. Peak oil and recession can only further lower prices in Maricopa (and elsewhere).

I really would not fret about "multiple bidders." They are often fictional. Who would get in a bidding war with tons of foreclosures around?
Reply With Quote Quick reply to this message
 
Old 07-03-2008, 06:01 PM
 
609 posts, read 1,873,591 times
Reputation: 230
Quote:
Originally Posted by ibarrio View Post
Did you research the market (Maricopa) before buying? All indicators have not been good. I think the situation in Maricopa has made national news.

here is one article on the area
The Boomtown Mirage

What makes you think I bought??? I rented and will wait and see.

I only look stupid.
Reply With Quote Quick reply to this message
 
Old 07-03-2008, 06:05 PM
 
682 posts, read 2,274,297 times
Reputation: 342
Quote:
Originally Posted by azjack View Post

I really would not fret about "multiple bidders." They are often fictional. Who would get in a bidding war with tons of foreclosures around?
You got this right! Bidding wars-baloney.

altus2006
Reply With Quote Quick reply to this message
 
Old 07-05-2008, 11:21 PM
 
Location: Tampa Bay
1,587 posts, read 3,722,817 times
Reputation: 1318
Quote:
Originally Posted by altus2006 View Post
You got this right! Bidding wars-baloney.

altus2006
Quote:
Originally Posted by azjack View Post
The house model asking price has dropped almost 30% in two years. My interpretation: this is a rapidly declining asset that will lower my net worth by purchasing it. Peak oil and recession can only further lower prices in Maricopa (and elsewhere).

I really would not fret about "multiple bidders." They are often fictional. Who would get in a bidding war with tons of foreclosures around?

care to enlighten me on why a listing agent would tell a potential customer calling about a house that they will not show the house that is listed for sale because it has multiple offers? That doesn't sound like a very effective selling tactict to me.
Reply With Quote Quick reply to this message
 
Old 07-06-2008, 04:03 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,133,484 times
Reputation: 5685
Actually the really low priced REO's here do have bidding wars. Hard to believe, but we are watching a few here in this neighborhood. Bank just wants them off the books. The other homes are moving but they have to be fairly low priced.
Reply With Quote Quick reply to this message
 
Old 07-06-2008, 05:30 PM
 
682 posts, read 2,274,297 times
Reputation: 342
Quote:
Originally Posted by MotleyCrew View Post
Actually the really low priced REO's here do have bidding wars. Hard to believe, but we are watching a few here in this neighborhood. Bank just wants them off the books. The other homes are moving but they have to be fairly low priced.
Bidding wars in Vistancia I can understand. But bidding wars in Maricopa is almost Saturday Night Live material.

altus2006
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Arizona > Phoenix area
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top